A new bank launches in Australia, big four on notice

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Global fintech company Revolut has officially received an Australian banking licence, marking a major step in its expansion and increasing competition for the country's big four banks.

The approval allows Revolut to accept customer deposits in Australia under the Financial Claims Scheme, which protects eligible deposits of up to $250,000 per customer.

The digital bank is launching savings accounts with variable interest rates of up to 5.05%, with interest calculated and paid daily. It will also offer fee-free credit cards, competitive foreign exchange services and a range of digital money management tools.

Revolut already serves 1.2 million customers in Australia and more than 75 million users worldwide. The company describes its platform as a one-stop financial app, combining banking, payments, budgeting, currency exchange and investing.

Unlike many traditional banks, Revolut's accounts have no minimum deposit requirements, balance targets or withdrawal penalties, giving customers greater flexibility.

The Australian banking licence is Revolut's first in the Asia-Pacific region and is expected to support further expansion, including new products, more local jobs and additional banking features in the future.

Industry observers say the move could reshape Australia's banking sector by offering consumers more choice and increasing competition with the major banks.

Source : News.com

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