Revolut, the digital banking alternative, will set up operations in Romania in May

Aurel Dragan 17/04/2018 | 13:47

Romanian consumers will soon be able to open an app-based current account in three minutes, send free domestic and international money transfers and spend abroad with no fees as fintech giant Revolut announces the launch of its service in Romania.

The service is well known for money transfer and it is used by over 25,000 Romanians, this being one of the reasons for opening a local service, not only international, according to Andrius Biceika, Head of Country Managers, on the stage of Emerging Fintech for the Real Economy conference.

The Romanian office will host a Country Manager and a small marketing team. The local office will be responsible for managing and growing the Romanian market and creating a banking revolution in Romania.

Revolut allows users to set up an app-based current account in minutes, send free domestic and international money transfers, hold and exchange 25 currencies in the app with the real (interbank) exchange rate and spend fee-free globally in 130 currencies with a contactless MasterCard.

”Over 25000 Romanians are currently using Revolut and trust us with their money. In 2017 alone, they have spent more than USD 3 million and saved  USD 150,000 by choosing Revolut at the expense of traditional banks. All these with no marketing investment on our side. We are confident that we can reach 100,000 Romanian people by the end of the year, with the support of our local team. While the big traditional banks charge currency exchange markups as high as 5%, our customers are able to spend and transfer money anywhere in the world using the real, interbank exchange rate. No hidden banking fees, no exchange rate markups! We are here to end the party for the big Romanian bankers that have been taking advantage of their customers for years with endless banking fees and crappy technology!”, said Andrius Biceika, Head of Country Managers, Revolut.

Launched in July 2015 in London by Nikolay Storonsky and Vlad Yatsenko, Revolut is confident that it can become an everyday account for managing your entire financial life, with services such as direct debits, spare change savings Vaults, geolocation powered travel insurance and exclusive exposure to cryptocurrency. Revolut users are even able to buy, hold and exchange Bitcoin, Litecoin and Ethereum instantly through the touch of a button.

The innovative fintech has attracted more than 1,800,000 users and processed over  USD 12 billion in 70 million transactions to date. Revolut is shaking up traditional financial services by putting technology at the heart of their service, with instant spending notifications, spending categorisation, budgeting tools and enhanced security measures such as the ability to use disposable virtual cards for free or enable location-based security.

Revolut launched with a punchy mission: to turn the financial banking sector on its head. With Revolut, customers can set up an app-based current account in 60 seconds, spend abroad in over 130 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate.

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