British neobank Revolut launches banking operations in Mexico with a special perk for US-Mexico transfers

British neobank Revolut has started afloat banking operations successful Mexico, introducing a novelty work for the Mexican market: escaped remittances from and to the United States.

“Today is simply a precise important day,” Revolut’s CEO successful Mexico Juan Miguel Guerra Dávila said connected a station successful his societal media channels. “Revolut is present live, helping Mexicans get much retired of their money.”

Founded successful 2015 successful London arsenic an app for travelers, Revolut present operates arsenic a integer slope successful 40 countries. In Mexico, it seeks to trim the outgo of remittances and adhd implicit 20 cardinal caller users to the fiscal strategy — a extremity supported by the United Kingdom’s ambassador to Mexico Susannah Goshko.

“[Revolut’s] beforehand is aligned with the Plan México to adjacent gaps, accelerate digitalization and fortify the household economy,” Goshko said astatine a property conference.

Revolut began offering services to prime users successful Mexico successful December under its caller banking license, arsenic portion of beta signifier testing.

Now disposable to the wide public, the licence allows Revolut to connection a full of 11 products straight done its app, including debit and recognition cards, planetary transfers and associated accounts for couples.

But Revolut’s astir anticipated work is escaped remittances. According to Guerra, this work volition perchance instrumentality US $3 cardinal a twelvemonth to its clients.

“If we person US $60 cardinal a twelvemonth from our chap citizens [in the U.S.] and the mean outgo of the cognition is 5%, and we are capable to migrate each of that to Revolut and determination it for escaped and instantly, we would beryllium returning US $3 cardinal a twelvemonth to the radical who request it astir successful the country,” Guerra stated.

In summation to this service, Guerra said they’ll beryllium releasing caller features to the app each 2 weeks, including accounts for children “very soon.”

The slope aims to scope immoderate 2 cardinal customers crossed the state successful their archetypal twelvemonth of operations. Globally, they person 70 million.

Guerra described Mexico arsenic a gateway to the remainder of Latin America, saying arsenic it volition service arsenic a level to trial idiosyncratic experiences successful the region.

To date, Revolut has invested immoderate US $100 cardinal successful Mexico, and Guerra anticipated they’ll put different US $100 cardinal successful the adjacent year.

With reports from La Jornada, GBM and El Universal