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Complete Guide to Revolut in India: Upcoming Launch and Services
Revolut, the popular UK-based fintech company, has been making headlines in India. While not yet officially launched in the country, many are anticipating its arrival. This article provides an overview of Revolut, its planned launch for India and potential offerings. We'll also introduce Wise as an alternative for international money transfers that is available for users in India.
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What is Revolut?
Revolut is a financial technology company that offers a range of digital banking services, including multi-currency accounts, international money transfers, travel cards, and more.
Revolut Features in India
Although Revolut is not yet available to Indian residents, the company has announced its plans to launch in 2025. Based on recent reports, and their products available in other countries, Revolut would likely offer services, such as:
- App-based wallet: A user-friendly mobile app for managing finances.
- Domestic and multi-currency accounts: Accounts for holding and managing both Indian Rupees (INR) and foreign currencies.
- Prepaid cards: Physical and virtual cards for online and offline spending.
While the exact features and pricing remain to be seen, interested users from India can join the waitlist on the Revolut website to stay updated on their launch.
Using a Revolut Card in India
Currently, Indian residents cannot obtain a Revolut card. However, Revolut cards issued in other countries can be used in India as travel cards. These cards offer the convenience of spending in INR without the need for currency exchange.
Guide to using Revolut Card in India 👉
It's important to note that Revolut uses their own Revolut exchange rate card transactions in foreign currencies — which can be different from the mid-market rate you usually see on Google. This means you might not get the best possible value for your money.
As an alternative, we would like to introduce you to Wise Travel Card, available for residents of supported countries, and offers foreign currency conversions at mid-market exchange rate without any hidden markups.
Revolut Money Transfers to India
While Indian residents cannot yet send money through Revolut, users globally can send money to India.
Guide to using Revolut International Transfer👉
However, it's worth noting that Revolut uses it's own variable exchange rates for money transfers that could be higher than the mid-market exchange rate — used by alternatives such as Wise. We invite you to compare the transfer costs between the providers:
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
Revolut Money Transfers from India
Currently, Revolut does not offer money transfer services from India. If you need to send money abroad, Wise is a readily available option. Wise allows Indian residents to send money to various countries for overseas education, travel, and medical expenses — at the mid-market exchange rate with transparent pricing.
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
Revolut for Businesses in India
Revolut Business is not yet available in India, and we're not sure if business use case would be covered during their upcoming launch. As an alternative, we invite business and freelancers in India to check out Wise business that offers a convenient way to receive payments from abroad.
Get started with Wise Business in India
Wise business users in India receive account details in major foreign currencies, which makes enables your customers in those countries to transfer payments via a local transfer on their end. Your received payments are converted to INR at the mid market exchange rate, and transferred to your bank account in India, with an FIRC sent to you email.
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
Conclusion
Revolut's entry into the Indian market holds much promise, but we'll have to wait for launch to confirm their offerings in India.
In the meantime, Wise provides a robust and reliable platform for international money transfers and other financial needs. Whether you're an individual sending money abroad or a business receiving payments from overseas clients, Wise offers transparent pricing, competitive exchange rates, and user-friendly services.
Sources:
- Revolut India
- Financial Times > Revolut prepares for India launch next year
- Business Standard > British fintech Revolut set to enter India in 2025, eyes premium market
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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