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Revolut extends transfer fee waiver and celebrates the first 100 million Armenian Drams exchanged by Armenians

In a significant move to empower its customers and foster financial inclusivity, Revolut is thrilled to announce the extension of its transfer fee waiver to 30th Sept, 2023, which will allow customers to make bank and card transfers using the Revolut Lite app without any transfer fees.

From October 1st, 1% fee to non-Revolut bank accounts and the 3% on cards will apply, while transfers between Revolut customers (peer-to-peer) will remain free of transfer commissions.

The decision to extend the fee waiver comes as a response to the positive reception from the growing customer base in Armenia that has reached several thousands people, with a double-digit growth rate every week. The extension has the goal to enhance customer satisfaction and also act as a catalyst for attracting a diverse range of individuals seeking reliable and transparent money transfers. The fee waiver extension will enable customers to experience the full spectrum of benefits that Revolut offers. This extension aligns seamlessly with the company’s values of accessibility, innovation, and customer-centricity.

Armenians have performed thousands of money transfers using the Lite app, hitting 100 million AMD exchanged  within the first  few weeks of launch, which translates into a considerable amount saved in transfer fees. The main transfer corridors from Armenia are Cyprus, Australia and Great Britain and 95% of transfers are completed within 4 seconds.

Arsenii Dergachev – Head of Lite Product at Revolut commented, “We are excited to celebrate 100 million AMD exchanged in Armenia and extend our fee waiver program as a testament to our unwavering commitment to our customers. This initiative reflects our mission to provide financial services that are truly inclusive and empower individuals to take control of their financial futures. The substantial growth in our customer base is a testament to the trust our customers place in our services, and we remain dedicated to exceeding their expectations.”

Customers in Armenia have access to money transfers to other Revolut Lite countries including Azerbaijan, Chile, territory of Macao SAR – China, Moldova and Sri Lanka and other countries where Revolut is live with its full product offerings – UK, EEA, US, Japan, Singapore, Australia, Brazil and New Zealand.

Sending money between Revolut customers 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.

To start using Revolut Lite, it is necessary to download the app from either Google Play Store or the Apple App Store and sign up, following the instructions. Customers will be asked to verify their identity using a valid ID document.

*FX fair-usage, and weekend fees apply for full-app users, and will apply for Lite-app users after 30th September

Doing Digital Fintech
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