Fintech startup Revolut has reached a big milestone. The company now has over a million customers across Europe two years and a half after launch.
The company says that customers have saved $160 million in foreign exchange fees compared to a traditional bank account (£120 million). The startup tries to match the interbank rates as much as possible and charges 0.5 percent on your transaction if you don’t have a premium account and exchange more than £5,000/€5,000 per month.
Revolut also applies a small 0.5 percent to 1 percent markup when forex markets are closed during the weekend. This is still a lot cheaper than using your regular bank account to initiate an international transfer.
When you use Revolut’s card to pay abroad, the company also uses the same foreign exchange…