Revolut offers new service for greater financial inclusion in Latin America
Digital bank Revolut offers ‘Revolut Lite’ to make cross-border transactions and remittances accessible to the unbanked in Latin America.
As a preview, Revolut is offering users free transfers in the Lite version until August 30. It is currently already in operation in Chile. The online bank intends to further expand the LITE concept in the region (Argentina and Ecuador). Last May, it also launched a cryptocurrency platform in Brazil.
Outside of Latin America, the service is also available in countries like Saudi Arabia, Qatar, Sri Lanka, Bangladesh, Armenia and Azerbaijan.
The platform’s expansion in Latin America is also affecting expat communities in Spain and Portugal, who use the app to send money home. Revolut has almost three million customers in the Iberian Peninsula who use the service, making them an important and trusted group for the bank.
Another group interested in online banking are American citizens without a Social Security number, who often have trouble opening accounts. The site wants to help this large group (two and a half million people, of which 1 million are students) by providing bills.
These include features like international transfers, universal debit card and early access to pay cheques.
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