Revolut Launches Free, 30-Minute Money Transfer

Revolut, a fintech company leader in international transfers and borderless payments, improved its remittance services by introducing free, 30-minute money transfers to Mexico for its clients in the US.

“The financial superapp, always focused on offering the best user experience, has carefully designed its money transfer features to give its customers full visibility into where their money is going and when. Customers can sign up for an account in minutes and make transfers soon after. Using Revolut’s bank transfer tracking tool, customers can conveniently check the status of their transfers directly within the app,” reads Revolut’s press release.

Revolut had launched its Mexico-US remittances service in July 2021 to provide expats in the US an efficient service to send money to their families in Mexico. The company allows its clients to complete transactions in less than 30 minutes. In Oct. 2021, Revolut announced that it would offer up to 10 free international money transfers per month for its customers in the US.

“Historically, sending money to Mexico has been slow and expensive. We are tremendously proud to be able to put more money into the pockets of families in Mexico and the US. The average cost of sending money to Mexico is close to 5 percent and last year more than US$4.5 billion were sent. Had this money flowed through Revolut, more than US$2.25 billion would have been unlocked for consumers,” said Juan Miguel Guerra, CEO, Revolut.

The company already has 16 million clients across the world who perform 150 million monthly operations. But it plans to expand in Latin America during 2022. Revolut entered the Mexican market in Oct. 2021 offering cross-border payment solutions, including money transfer without hidden fees at real exchange rate, as reported by MBN.

“At Revolut, we believe sending peer-to-peer payments cross-border should be simple. In the context of today’s environment… we are committed to providing consumers with a simple way to send money to loved ones and communities…,” said Ron Oliveira, CEO, Revolut US.

Remittances to Mexico broke records during 2021. Latin America highly depends on remittances, as previously reported by MBN. In 2021, they represented over 26 percent of the GDP of Honduras and El Salvador, 23.6 percent of Jamaica’s GDP and over 15 percent of the GDP of Guatemala, Nicaragua and Haiti.