Money super app Revolut launches in New Zealand
● Financial super app Revolut launches in New Zealand today following successful testing over the last 12 months and with over 26,000 Kiwis on its waitlist
● From today, Kiwis can use Revolut to access instant and fee-free foreign currency exchange, peer-to-peer payments as well as split group bills. They can also send and spend in more than 200 currencies at bank-beating exchange rates with no hidden fees
● The launch follows the recent Consumer Commission inquiry into the major Australian banks’ profits that are a result of high consumer fees. Revolut has the potential to help Kiwis save millions of dollars on international money fees spent each year which is pertinent given they spent $1.4billion NZD in personal remittances in 2022
Revolut, the global financial super app with more than 30 million customers worldwide, has launched its services in New Zealand today, delivering Kiwis a first of its kind digital money experience. For the first time ever, New Zealand residents will get access to Revolut’s seamless, safe and secure money app that enables them to affordably hold, send and spend in multiple currencies locally and when travelling, as well as save, track and manage all of their finances in one digital location.
More than 26,000 Kiwis have already registered their interest in joining the Revolut platform by signing up to the waitlist over a 12-month test period. Revolut’s launch marks a momentous milestone for financial services technology in New Zealand.
Disrupting the financial sector
According to a recent survey by Consumer NZ , almost 40% of Kiwi consumers don’t trust their banks which is unsurprising considering that collectively the sector recorded profits after tax of $1.5 billion since the March 2023 quarter yet have continued to under index when it comes to their digital offerings. The continually high bank profits is demonstrative of the lack of competition available to consumers in New Zealand, and so by penetrating the financial services market in the country, Revolut hopes to both increase consumer choice and drive market competition.
Making FX affordable
On average, major banks charge between 3% and 4% on individual remittance transactions. In 2022, Kiwis spent $1.4 billion NZD on personal remittances, amounting to $43.2 million NZD in fees which could be saved by using Revolut.. From today, New Zealand residents can access Revolut's global account capabilities with no monthly fees, including low cost foreign exchange and international money transfers. Users can hold five major currencies (NZD, AUD, GBP, EUR, USD), and can instantly download and activate a digital payment card which they can use to transact in 200+ currencies. Additionally, users can make up to $350 NZD in free ATM withdrawals per month (ATMs may apply their own fees) and can carry out foreign currency exchange 24 hours a day, seven days a week at bank-beating rates (FX fair-usage limits and weekend fees may apply).
Investing in innovation
According to research conducted by Revolut 98% of everyday Kiwis want a money tool that gives them better visibility and control over their money . Revolut is answering this call by offering New Zealand residents tech that helps them to save more and spend better, easily tracking their spend through real-time budgeting and analytics tools. Using Revolut, New Zealanders can now access instant notifications and budgeting assistance to help them stay on top of their money, alleviating the financial strain and fostering a brighter future of financial well-being.
From tools like a round-up feature which automatically stashes away spare change made via card payment rounded up to the nearest dollar, to a functionality that enables users to send and
request money from each other instantly and for free, to a ‘split the bill’ feature that lets Kiwis split group bills such as utilities, housing costs and restaurant and bar bills at the tap of a button: the app is designed to help Kiwis stay in control of their money and reach their financial goals.
Enabling a safer way to pay
Revolut prioritises customer protection by employing robust safety and security measures to ensure peace of mind for Kiwis. With a seamless and multi-layered authentication process, Revolut accounts are safeguarded by two-factor authentication (2FA), device pairing, and biometric authentication.
As a registered Financial Services Provider and a member of Financial Service Complaints Limited, Revolut adheres to stringent regulatory requirements, including Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
In the lead up to its New Zealand launch, Revolut has worked with local industry bodies including Fintech New Zealand, Consumer New Zealand and Payments New Zealand as well as regulators to ensure the product meets the needs of Kiwis and satisfies all regulatory requirements.
For a limited time and to celebrate the launch, Revolut is giving 1000 lucky Kiwis the chance to win a rare Gold Metal Revolut card, simply by signing up. The exclusive cards normally cost NZD$88, are made with 18grams of solid reinforced steel and are held by less than 1.5% of Revolut users.
Revolut’s Australia & New Zealand CEO, Matt Baxby said: “We are incredibly excited to be launching Revolut in New Zealand to enable Kiwis a seamless and affordable global money management experience, secure budgeting and analytics features and advanced physical and digital card control capabilities, in one seamless location. We are excited to not only empower Kiwis with greater financial well-being, control, convenience, and transparency, but also increase consumer choice and drive competition across the financial services sector in New Zealand which has traditionally been underserved”.
Revolut’s Head of New Zealand, Georgia Grange said: “Revolut is thrilled to be launching in New Zealand to revolutionise the way Kiwis manage their money, and our waitlist of over 26,000 locals is a clear demonstration that Kiwis feel the same. From digitising the way they track their spending, to enhancing their global travel experience, Revolut will be a first of its kind for New Zealanders”.
Revolut has begun hiring a team on the ground in New Zealand which will support growing and expanding its product offerings, including wealth and trading.
About Revolut
Revolut is building the world’s first global financial super app to help people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 30 million customers around the world use dozens of Revolut’s innovative products to make more than 400 million transactions a month.
Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world.
