Revolut is set to launch a streamlined version of its banking app in Sri Lanka, Chile, Ecuador, Azerbaijan, and Oman.
This will allow its customers to transfer money to over 50 countries using more than 30 currencies.
Revolut said there would be no fee for customers transferring to other Revolut customers, while transfers to non-Revolut accounts would incur a 1% fee, with a $1 minimum, in the five new countries.
Vlad Yatsenko, Revolut chief technology officer, comments: “Traditional transfers can sting customers with hidden fees, but we’re waiving all our transfer fees if you’re both on Revolut – no matter where you are.”
“Additionally, we’re always offering the best possible exchange rate that we can – something we’re extremely proud of,” he adds.
Revolut has more than 18 million customers and 500,000 businesses are using its products, said it aimed to be in up to 90 countries by the end of 2022.
Revolut has also increased its customers in Spain by more than 76 per cent in the last year to hit one million users.
Head of growth for Spain and Portugal Ignacio Zunzunegui says: “Reaching one million users is a very important milestone for the company, which supports the work of the solid local team we have built,”
“But it is undoubtedly in the spectacular increase in transactions where we can see that Spanish customers are significantly using us as their everyday bank, because they find in Revolut an app with all the services they need, concentrated in a single place.”