Challenger bank Revolut boosted trading fees for the second time in the past six months.
The new fees will concern people who use Revolut as a trading platform. One of the current rates will be replaced by the percentage of the transaction.
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This means the change will hit those who invest the most. So far, each program has had several free transactions per month depending on the plan they have:
Standard – 1 transaction for free, Plus – 3, Premium – 5, Metal – no limits.
Extra trades are until September charged with a fixed fee in the base currency of the user with UK users paying £1, EU users typically paying €1 and so on.
However, now Revolut is restructuring how its trading commission fees are calculated.
The company is about to introduce a variable fee structure where the customer is going to pay either the minimum country-specific fee (these amounts have not changed) or 0.25 percent (of the order amount in US dollars), whichever is greater.
Just before 6 months this year Revolut changed the rules of fees while also cutting the number of free trades it offers.
Just recently, after Softbank lead an $800 million investment into Revolut, the UK-based challenger bank came up with another feature – travel booking.
Revolut is clearly trying to become more profitable as the company still burns investors’ money. In 2020, fintech lost £ 168m, more than a year earlier (£ -107m). However, the monetization base is quite large. The number of users in June exceeded 15 million.