via Facebook / Revolut

Launched in July 2015, the Revolut project imagines a world with free international money transfers, no-fee global ATM withdrawals, and free currency exchanges at fixed interbank rates.

Sound too good to be true?

Revolut is an app-based alternative to a traditional banking account that works in a deceptively simple manner. Users can download the app (available via Google Play and iTunes Store), and add funds into their Revolut account via a debit card payment.

From there, they can freely send and receive money from 26 currencies throughout Europe at fixed interbank rates, with no commissions or fees.

And with a Revolut MasterCard, which will ship to the Czech Republic for 6 Euro, Revolut users can make in-person payments and ATM withdrawals throughout Europe without worrying about transaction fees or exchange rates.

Currently, Revolut is available across Europe, but the company plans to expand coverage across the world. And the company is currently targeting clients in the Czech Republic.

“By the end of the year, we’re targeting ten thousand Czech clients,” said Revolut’s David de Picciotto, as reported by E15.cz. That would double the current number of around 5,000 Revolut users in the Czech Republic.

“Due to the proximity of the country within the Eurozone and economies that use the euro, the Czech Republic is an important region for us. We’re currently preparing several events for startup communities in Prague and other large cities.”

In total, Revolut has just shy of a million users, a tally that is growing by 2-3,000 new users per day across Europe. Since launching in 2015, the company has processed over six billion dollars.

Revolut was started by Nikolay Storonsky, a former trader who found himself losing money on unnecessary transaction fees and commissions.

“I was travelling a lot and wasting hundreds of pounds on foreign transaction fees and exchange rate commissions which just didn’t feel right,” he told Forbes.

“As someone with a financial background I knew exactly the rates I should be getting. As a solution, I tried to find a multi-currency card and was later told it wasn’t possible.”

“But I was determined to make it work.”

Find out more about Revolut via their official website.

Daniel Lee

Daniel Lee

The versatile Danny Lee has been living in Prague and writing about the Czech capital for the past 15 years. You've probably read his work in the past without even knowing it.
Daniel Lee