The money remittance industry is changing rapidly with a many of the UK fintech businesses leading the charge. There seems to be a new provider popping up every couple of months offering consumers unrealistic offers. At these levels, one must question how sustainable these business models are.

A once major player in the International transactional industry, Revolut, a UK based international banking alternative, has seemed to have hit a slippery patch. Revolut may have more customers than others and at one stage was the hottest thing since sliced bread when it came to digital banking and money transfers, but it turns out they still don’t make any money.  ???? ???? 

Revolut shot to fame a couple of years ago, offering the market a slick digital banking solution with virtually no fees. The company took on millions of new accounts in a matter of months and they were valued at over $ 5.5 Billion USD. 

What do they say about all good things …? In this case it may just be true. The cracks are certainly showing. The company has just announced that its free services are coming to end. As of August 12, 2020 – Revolut, will be introducing new forex fees. In most cases the fees have doubled.

This is the sort of behaviour you’d expect from a traditional bank not a fintech.

In an idealistic world, free transactions sound great, but its not a sustainable model. We need to be realistic when selecting a transactional partner for your business. Traditional banks are stuck in the dark ages and charge ridiculously high fees for business essential transactions. Then, you have what seem to be robust and large FinTech’s offering services for next to nothing, but this offers you no security in the lifespan of the business.

Finding an expert in international transactions, that offer reasonable fees and sound advice may sound impossible but they’re out there!