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Revolut introduces new fees

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.

Read also: Revolut sees surge in flights spending

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.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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