These accounts are designed to help businesses make international payments more easily. Revolut already offers services in Europe and Australia, allowing people to make regular payments and even trade cryptocurrencies like Bitcoin, Ripple, and Ether.
According to Matt Baxby, the CEO of Revolut's Australian branch, their main goal is to create a platform where people can manage all their finances in one place. To achieve this, they are working on obtaining a banking license, which would make their services more reliable and trustworthy for customers. It would also enable them to offer new products and services that people want.
The new business accounts allow users to exchange foreign currencies up to a certain limit each month. These accounts come with physical and digital cards, and users can see real-time reports of their spending. They can also have multiple users managing the account.
James Gibson, the general manager of Revolut Business, mentioned that many small and medium-sized Australian businesses are looking for better ways to make international payments. Revolut aims to meet this demand by providing efficient solutions. They have already seen interest from European businesses with subsidiaries in Australia, showing that there is a market for their services.
Apart from business accounts, Revolut also offers personal accounts in Australia. These accounts provide regular financial services like transferring money internationally. Additionally, they allow users to access cryptocurrencies and invest in stocks and commodities.
Revolut has partnered with Koinly, a company that helps with calculating taxes on cryptocurrency transactions. This partnership makes it easier for users to keep track of their transaction history and comply with tax regulations.
Revolut's expansion into Australia shows their commitment to creating a platform that covers all aspects of financial management. They want to provide reliable services by obtaining a banking license. The introduction of business accounts for international payments is aimed at meeting the needs of Australian businesses. With their existing personal accounts and access to cryptocurrencies and investments, Revolut is establishing a strong presence in the Australian market.
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