Digital Banking Fintech Revolut to Streamline Cross-Border Funds between US and Mexico with Remittance Hall

Digital financial institution Revolut, which provides a monetary Tremendous App with 16 million purchasers globally, reveals that it has simplified cross-border transactions between the US and Mexico with the introduction of its US-Mexico remittance hall.

With this launch, Revolut purchasers within the US and Mexico are actually with the ability to switch funds between one another with out paying hidden costs, whereas settling transactions at the true change fee.

In Could 2021, remittance flows between Mexico and the U.S. elevated by 31%, reaching greater than $4.5 billion as migrants saved sending funds to family and friends to handle the influence of the COVID-19 disaster.

Revolut’s launch of this remittance hall will allow purchasers to simply perform cross-border transactions between the US and Mexico at a time when cross-border, peer-to-peer funds are reaching new highs.

With Revolut, purchasers are capable of spend and switch funds internationally, in addition to change 28 completely different currencies by way of the app, enabling clients to change funds overseas with out paying hefty charges – which may attain as excessive as 11% – charged by the vast majority of cash switch brokers.

Revolut says it has particularly designed its funds switch service with ease-of-use and transparency in thoughts to permit its purchasers to have full visibility into the place their funds are going and when they’re being transferred.

Purchasers are ready to enroll in an account inside a couple of minutes and earn cash transfers nearly instantly and utilizing the digital financial institution’s switch tracker, purchasers can simply view the standing of their transfers immediately by way of the app.

Along with enhancing cross-border transfers between the US and Mexico, Revolut is trying into increasing its operations in Latin American (LatAm) markets, significantly Mexico and Brazil.

Whereas nonetheless within the preliminary phases of its growth, the Fintech Unicorn has already employed a Head of Operations for Brazil, and continues to search for new expertise to drive its ongoing growth into the LatAm area.

Ron Oliveira, CEO at Revolut USA, acknowledged:

“At Revolut, we consider sending peer-to-peer funds cross-border ought to be easy. Within the context of as we speak’s surroundings, folks must lean on one another for assist now greater than ever, and we’re dedicated to offering shoppers with a easy strategy to ship cash to family members and communities, irrespective of the place on the earth they might be.”

Ron added:

“We all know what issues most to our clients, how to make sure the biggest quantity of their hard-earned cash being despatched residence makes it residence. The launch of this remittance hall is a significant milestone for Revolut – one which we’re assured will enhance the monetary lives of consumers within the US and in Mexico.”