Revolut Extends Fee-Free Currency Exchange to Weekends for Premium Customers

Revolut has removed additional weekend currency exchange fees for customers on its Premium, Metal, and Ultra plans.

Already benefitting from no extra currency exchange fees on weekdays, these customers will now be able to travel across the globe without additional currency exchange fees, seven days a week. This change comes in anticipation of the summer travel season, with May bank holidays and summer travel on the horizon.

“We’re making travel even better for our Premium, Metal and Ultra customers”

Tara Massoudi, Head of Premium Products, said: “Hidden, confusing and costly currency exchange fees often trip people up when travelling abroad. That’s not the way Revolut does things, we’ve always aimed for a clear and transparent approach, that lets you always pay like a local. We’re making travel even better for our Premium, Metal and Ultra customers who can say goodbye to all additional exchange fees. This is the latest in a long string of paid plan benefits for Revolut customers who love to travel, including global data with eSIMs, airport lounge access and RevPoints that can be redeemed on air miles and travel booking discounts (depending on plan T&Cs)”

Revolut is also reducing additional weekend currency exchange fees on its Plus plan to 0.5% and maintaining its 1% fee for Standard plan users, ensuring a competitive offer to its customers.

Revolut’s extensive lifestyle and travel offering includes everything modern travellers need to make money matters easy and cost-effective when abroad. Revolut customers can book over 2M+ hotels, homes and guesthouses and 300K+ experiences in a matter of seconds through their Revolut app (Stays and Experiences T&Cs apply). They can also benefit from no withdrawal fees charged by Revolut within plan limits for ATM withdrawals, stay connected in 100+ countries with eSIM (eSIM T&Cs apply) and enjoy unlimited lounge access, depending on plan type (Airport Lounges T&Cs apply).

Moreover, all Revolut customers can earn RevPoints on daily spending throughout the year and use them to book travel for less – either as discounts on Stays or Experiences or redeeming for airline miles.

Lithuania Fined Revolut €3.5 Million for AML Failures

Earlier this month, Lithuania’s central bank has fined British fintech giant Revolut €3.5 million ($3.83 million) for failing to meet anti-money laundering (AML) standards, the largest penalty ever issued by the regulator.

Revolut, which operates in the European Union under a Lithuanian banking license, came under scrutiny following a routine inspection that uncovered weaknesses in the monitoring of customer activity and transactions. According to a statement released on Monday, these shortcomings led to the company failing to detect or investigate suspicious transactions.

The central bank did not detail specific cases but said the violations related to Revolut’s handling of business relationships and operations. Revolut signed a settlement agreement with the Lithuanian central bank and has since implemented measures to address the identified deficiencies. The fine was calculated based on the seriousness of the violations and the revenue of Revolut Holdings Europe, the regulator said.

Despite the penalty, Revolut remains one of Europe’s most valuable financial technology companies. Investors in the fintech giant were reportedly pushing for a secondary share sale at a $60 billion valuation, a sharp increase from the $45 billion valuation in a similar sale just six months ago.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko as a financial travel app, Revolut has since expanded into business banking, insurance, savings, and stock trading. The latest push for a higher valuation comes as existing shareholders are interested in offloading some of their shares.

Revolut also prepares for a potential public listing, which is more likely to take place in New York rather than London. However, Bloomberg reported that an IPO is unlikely before 2026, with company leadership leaning towards a U.S. listing.

Additionally, Revolut obtained a UK trading license from the Financial Conduct Authority (FCA), allowing it to trade UK and European stocks and exchange-traded funds (ETFs). The move broadens the London-based fintech company’s services, which previously focused on U.S.-listed shares available through its app since 2019.

Revolut seeks to expand its offerings for its 650,000 UK trading customers. The company plans to update its app to support the new services and compete with established names in the UK trading market, including Hargreaves Lansdown, AJ Bell, Trading 212, and Freetrade.