Revolut lands in the USA!


#1

Revolut has landed in the US


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Great news, Revolut is launching in the USA to clean up the American banking system and you can sign up for early access now!

:point_right: www.revolut.com/us


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#2

#3

#4

Great news. But what does this mean exactly? It could mean a number of different things:

  • US residents can sign up.
  • USD balances will get their own unique US bank account numbers.
  • Fee-free top-ups in USD will be possible.
  • ACH outgoing transfers will be possible.

I hope that Revolut properly shakes up the US banking system, unlike PayPal’s pathetic efforts for many years to do so. As a taste of how backward the US banking system is, when I use my US bank’s online banking to make a payee to a third party such as a friend, my bank does not ask me for the payee’s ABA routing transit number and account number, but instead for the payee’s postal address. My bank then sends a cheque in the post to the payee! This is common to most US banks.


#5

We’re expanding our services to Asia & North America by the end of the year. US residents can sign up and get early access!


#6

@AndreasK - How will US residents be able to top up in USD? There are currently no viable methods.


#7

We’re working on USD personal IBANs :slight_smile:


Any news/updates regarding personal USD IBANs?
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#8

@AndreasK - The United States doesn’t use IBANs. I suggest you look at https://en.wikipedia.org/wiki/International_Bank_Account_Number#Adoption where there’s a map of the world showing which countries use IBANs.

In any case, how would a US resident use an IBAN, personal or otherwise, to top up in USD?


#9

Correct, the US needs ACH if revolut wants thousands to jump on the bandwagon!

There has to be free deposits from start there as their creditcard fees are crazy.


#10

That’s right. My fault, I mean ACH and wire.


US bank account numbers for non-US residents
Any news/updates regarding personal USD IBANs?
Help/Advice General Discussion
#11

Therefore do you mean an ABA routing transit number and account number rather than an IBAN?


#12

I would, of course, welcome the enlargement to other countries, but I would welcome even more support for all EEA currencies. Still missing BGN, CZK and ISK. :slightly_frowning_face:


#13

And yet still no Apple Pay.


#14

I’ve been moving money from my USA debit cards to Revolut using Apple Pay. Works instantly without anyone taking a percentage (use Capital One 360 or Schwab Bank). Caution, I haven’t tried it in six months. My dream is for Revolut to enable the moving of money from USA debit cards to IBANs without taking a percentage (similar to IBAN interchanges). Even then Revolut can only be recommended to a slightly larger fraction of my friends.


#15

ACH pull is what TransferWise use to get cash from US accounts - it’s a great way of funding, especially as most banks don’t easily support wire transfers out (ACH push) online or on their apps.

@AndreasK could you take a look at this? I would think Currency Cloud implement it though I’m not 100% certain.


#16

:r: is still a startup and from time to time has problems, sometimes critical ones. I hope they have superb lawyers or otherwise when things go wrong in the US of A they could cease to exsist.


#17

Hi there,

I have a UK Premium account, but also have a US bank account, does this mean i can now send money to my US bank account free of costs without incurring wire transfer fees from my chase bank? Just like transfer wise?

Thanks


#18

Where are funds stored for USA customers? Are they in a foreign (outside the USA) bank account? If so, this may require these customers to file an FBAR with their taxes to declare foreign accounts to the IRS. This is a big deal that customers need to be informed of if its the case, as it could unwittingly put some in legal trouble.


#19

We are not live yet to the USA, but funds will be stored in a local US account.


Help/Advice General Discussion
#20