Revolut launches in Australia! šŸ‡¦šŸ‡ŗ

Yes I have citizenship and residency. But I would still like to use my Australian phone number if possible. Currently I canā€™t reregister as my Australian number is attached to the waiting list.

Thereā€™s a difference between having residency and being a resident. To use Revolut you need to be a resident

@anon33247966 can you please remove me from the Australian wait list so I can reregister with my uk address?

Really cool news :slight_smile:

Hi @anon33247966 please kindly remove me off the waiting list. I forgot to tag your name a month ago
Best regards

If Iā€™m a holder of EEA revolut card and want to top up the account in AUD using my Australia debit card is it possible free of charge? or not yet? I know revolut will impose fees, but what about the banks? will they treat it as international and charge 3%?
Thanks

As far as I know top ups are only free in Australia if you have an Australian Revolut account. You would have to change your account from a EEA Revolut account to an Australian one.

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@anon33247966 when will Australian customers be able to transfer AED directly into to their revolt AED account. At the moment you I can only transfer in AUD. I would gladly sign up for the premium account for unlimited transfers had this option been available. For now Iā€™m stuck with using transferwise instead. Please please add this feature. If UK customers can have it why stop Australians?

Different currencies are available to different countries as accessibilty as well as regulation is different in the EEA as compared to USA/AUS

I have an EU account and when I try to top-up in AUD using my Australian debit card my bank (Citibank Australia) refuses the transaction. Is anybody else having problems with topping up in AUD on a non-AUD Revolut account?

Hello, I was wondering if someone can please expand more where the statement ā€œRevolut Australia is not a bank or authorised deposit taking institution.ā€ is on the footnote of the Australian website. I know this only applies in Australia. Does this just mean they donā€™t have all the features that you would expect from a bank?
Is there anything about buying and selling in crypto I need to be aware of specifically that might differ from AU to other divisions of Revolut?
Thank you

Having reviewed the Revolut product offering, Iā€™ve found several problems that need to be addressed before Revolut is a viable product offering for an Australian customer base:

  • Domestic Transfers: to/from BSB/AcctNoā€™s at a minimum, but realistically full implementation of the NPP (Oslo/PayID) is required.

  • Domestic ATM Withdrawal Fees: There isnā€™t a single Australian bank or neobank that would ever charge any kind of withdrawal fees for accessing your own money; these fees are not acceptable to Australian customers, they need to be removed in their entirety.

  • Financial Claims Scheme: storing any meaningful amount of money in ā€œvaultsā€ both without a return (eg interest/ETF) and without security (FCS/government backing) is ludicrous.

Your team needs to investigate the current Australian marketā€™s offerings (CommBank, ANZ, Westpac, NAB, Bendigo/Up, Hay, etc. at a minimum) and conduct a little research into the needs/expectations of the Australian market when it comes to the above.

Have you actually read the PDS, or investigated the Revolut offering?

Every Revolut Australia customer is issued a unique BSB and Account Number. In fact, ā€œRevolutā€ is an actual BSB-6 under ANZā€™s BSB-3. The lack of NPP Fast Settlement Service is annoying, but probably an ANZ limitation.

Canā€™t disagree with you on the ATM thing. Being charged to access your own money in the original currency is laughable, and Revolut needs to get with the times.

Financial Claims Scheme is irrelevant. Apart from the fact that ANZ itself is an ADI, the money is also ā€œin trustā€ so Revolut has no ability to spend your money anyway. Whether the individual Revolut accounts are covered under ANZā€™s ADI is also moot, as the PDS specifically refers to their Bank Guarantee in favour of customers via the trustee which at all times exceeds aggregate deposits.

For the most part, the offerings appear to parallel those overseas, though with some obvious shortfalls (no NPPFSS). I donā€™t think theyā€™re near as out of touch as youā€™re claiming though.