Not long after raising over $800m, and securing itself as the UK’s most valuable fintech, Revolut’s drive to boost revenues and cut costs continues apace.
Revolut, the digital banking challenger, has announced plans to hike fees for its trading customers.
Each month Revolut offers all customers at least one free trade (the buying or selling of a listed security, such as a share in a company or ETF) with more free trades for customers paying for a monthly package.
Plus users receive three commission-free trades per month. Premium users receive five commission-free trades per month. Metal users receive unlimited commission-free trading.
Extra trades are charged a fixed fee in the base currency of the user with UK users paying £1, EU users typically paying €1 and so on.
Now, however, Revolut says it will be restructuring how its trading commission fees are calculated. This means moving to a variable fee structure where you will pay either the minimum country-specific fee (these amounts have not changed) or 0.25 per cent (of the order amount in US dollars), whichever is greater.
Trading commission fee changes will take effect on 01 September 2021.