Revolut Takes Aim at India's "Criminal" Forex Fees with Revolutionary New Model

Revolut Takes Aim at Indian Banks with Revolutionary Forex Fees Model In a major move to disrupt the Indian financial landscape, British fintech Revolut has launched its operations in India, targeting the country's "criminal" foreign exchange fees. According to estimates, Indians spend around $3.8 billion (Rs 30 billion) overseas every year, losing approximately $7.5 million (Rs 600 million) in bank charges. Key Developments: Revolut acquired Arvog Forex in 2022 to obtain a license and offer remittance and multi-currency account services. In April this year, the company secured a prepaid payment instrument (PPI) license from the Reserve Bank of India. With these regulatory approvals, Revolut aims to fill gaps in India's foreign exchange and traditional payments spaces. Immediate Impact: Revolut's entry into the Indian market is expected to shake up the existing financial services landscape. The company's CEO, Paroma Chatterjee, has described bank charges as "criminal" and vowed to provide a more cost-effective alternative for Indians traveling abroad. Background Context: India's foreign exchange market has long been dominated by traditional banks, which have imposed hefty fees on customers. This has resulted in significant losses for individuals and businesses alike. Revolut's arrival is seen as an opportunity to disrupt this status quo and bring about much-needed change. What Happens Next: As Revolut expands its operations in India, it will be interesting to see how the company's innovative approach to foreign exchange fees resonates with customers. With a strong regulatory framework in place, Revolut is well-positioned to make a significant impact on the Indian financial services market. *This story is developing. Information compiled from Techcrunch reporting.*