Revolut launches B2B USD payment transfers to the UK
FinTech app Revolut has announced that it will enable its business customers to make free US dollar (USD) transfers to the UK, IBS Intelligence reported on Friday (June 10).
The new feature allows Revolut corporate customers to receive payments in USD through the Automated Clearing House (ACH) network for payments of up to $1 million. Users will still be able to use International Bank Account Number (IBAN) details to obtain USD payments through the SWIFT network.
“With so many UK-based companies doing business in the US, we are delighted to be getting closer to Accounts Without Borders,” James Gibson, chief commercial officer of Revolut, said in the report. “Allowing our customers to receive payments from a foreign country without requiring the sender to use SWIFT saves them time and money.”
Customers can access their US account in the app by going to the “Home” menu, choosing the USD pocket, tapping the US flag, and then selecting “Local”, according to the report. From there, they will see the account details that senders can use to deposit money into their accounts.
Based in London and founded in 2015, Revolut started out as a prepaid card offering low-cost foreign exchange (FX) fees, but quickly expanded its product and service offerings and branched out into other countries.
The company received a European banking license in 2021 and has banking activities in Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, the Netherlands, Spain and Sweden. The company has applied for UK and US banking licenses
Read more: Lack of UK banking license thwarts Revolut’s super app ambition
Research by PYMNTS and Visa found that at least half of UK and US businesses considering cross-border payments innovations expect them to deliver three key benefits: lower costs, better management cash flow and reduced fraud.
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