PanARMENIAN.Net - In an interview with PanARMENIAN.Net Dominik Zins, Head of Revolut Lite, explains what the app is for and how customers will benefit from it.
Revolut vs Revolut Lite
Revolut was born in 2015 as a multi-currency account offering money transfers and exchange at competitive rates and no hidden fees, unlike many traditional banks. Over the years, the app has been enriched with dozens of new features which go far beyond the initial scope: we now offer analytics and budgeting tools, Vaults, bills splitting tools, cashback on accommodations, experiences and shopping with many recognised brands, wealth and trading features and much more. Today, we have over 30 million customers in over 40 countries around the world. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
Revout Lite is a streamlined version of the Revolut app which can be used to send and receive money, enabling customers in Armenia to make fast, free and secure money transfers, domestically and internationally. Sending money between Revolut customers (peer-to-peer) is secure, quick and involves no transfer fees, making Revolut one of the first companies to make it possible to send and receive money instantly in over 40 countries across four continents.
Besides sending money through the fee-free peer-to-peer feature, customers will also be able to use Revolut’s global money transfer infrastructure, to send and receive money to and from non-Revolut bank accounts and cards.
A “taste” of Revolut in Armenia
Revolut launched Lite in Armenia as a ‘taste’ of Revolut, built on the original strong Revolut offering around international transfers.
Similar to people from Sri Lanka, Chile and other countries, many Armenians live outside of the country. Revolut responds to their needs for cross border transfers (and also domestically of course) easily and at very competitive rates. In addition, peer-to-peer transfers between Revolut users are almost instant and do not involve transfer fees. We think that the opportunity we offer is quite rare and a real benefit for people.
What transactions can one perform via the app?
Armenian customers can perform three different kinds of transactions:
- Peer-to-peer, which means from Revolut customer to Revolut customer: this is with no transfer fee. Money can be sent to Revolut customers in over 40 counties (where both Lite and full app are available)
- Transfer to/from non-Revolut bank accounts: we apply a transfer fee of 1%, subject to a minimum fee of USD 1
- Transfer to/from non-Revolut cards: we apply a transfer fee of 3%, subject to a minimum fee of USD 1
Any transfer fee will be displayed in the app before a customer taps the button and a competitive exchange rate is offered for international transfers. On occasion of the launch, the 1% and 3% fee on Lite App transfers to non-Revolut bank accounts and cards will be waived off till 30th August, 2023 and customers will be able to experience a free welcome into Revolut Lite.
Benefits to look for
I think that finding another app which allows customers to send and receive money peer-to-peer almost instantly and so easily, like we do, is not so common. We offer a solution for all those in need of getting financially connected with family and friends across the world - at affordable rates: it could be a parent who needs to send money to their son who lives abroad, somebody who wants to make a gift to a friend, or other occasions. We think that the opportunity we offer is quite rare and a real benefit for people. People living in Armenia can download the app and sign-up to access the streamlined version. Money can be sent across the globe in a flash, with the majority of transfers happening within one working day.
How to get started
To start using Revolut, it is necessary to download the app from either the Play Store or the App Store and sign up, following the instructions. Customers will be asked to verify their identity using a valid ID document. Once the account is created, it is possible to send money easily from the ‘Payments’ section.