Revolut is offering Revolut Lite in Latin American countries to make cross-border transactions and transfers more accessible to the unbanked.
In brief:
- Revolut Lite will provide users with free transfers as a taster of the online banking experience until 30th August. This is currently operational in Chile.
- Current users in Chile have transferred £1.2 million, with an average transaction amount of £800.
- In addition, Revolut has also announced that the company will offer accounts to lawful non-US citizens in the US without SSN/ITIN who often struggle to open accounts.
What does this mean?
The company’s LATAM expansion will also support the large expat communities that use the app in Spain and Portugal to send money home. Revolut has nearly three million customers in Spain and Portugal, and both have significant South American expat communities that require remittance services, , a substantial opportunity for Revolut.
