By Teamspirit on Sunday, 26 March 2017
London based challenger bank Revolut is launching a subscription service that the company is labelling as “the banking sector’s equivalent to Amazon Prime” in the latest efforts to expand its offering.
The freemium business model will offer “Premium” accounts at a fixed price of £6.99 per month or £72 per year to customers who wish to make unlimited money transfers through the app at interbank rate without fees.
Subscribers will also be able to receive a Premium Mastercard with an ATM withdrawal limit twice the size of a basic account, overseas medical insurance and advanced customer service 24 hours a day.
The account describes itself as being tailored for a global lifestyle – and with current international transfer rates between 0.5% and 2.5% mark-up per transaction, Revolut are clearly hoping to entice customers who repeatedly transfer large sums of money globally.
With 550,000 users to date, the start-up is by no means the largest in the UK challenger bank space – but this latest effort to go “beyond banking” may help to expand their current customer base and fuel further ambitious funding.