LONDON—Revolut, a global digital banking service, is planning to launch a multi-currency debit card in the United States by the end of the year.
The card can be used in over 150 currencies using the current interbank exchange rate.
Mastercard will be the network backing the U.S. Revolut card. Separately, Visa is backing the new Revolut card in Singapore. Revolut has been beta testing in Singapore for some time now, and already have 30,000 active users there, LowCards.com reported.
Mastercard is set to partner on a minimum of 50% of all existing and future cards Revolut issues in Europe. With this partnership, Revolut cards will be accepted in 210 countries, LowCards.com reported.
Revolut offers three types of accounts: Standard, Premium, and Metal. The Standard account is free, but it has limited features. The Premium account is $9.99 per month, and the Metal account is $19.99 per month.
How Card Works
Revolut cardholders can use their debit cards to withdraw money from countries around the world. Standard accounts have $300 in free ATM withdrawals each month, while Premium accounts come with $600 in free withdrawals. Metal accounts offer $900 in free ATM withdrawals. Any withdrawals beyond those limits come with a 2% fee.
Once Revolut launches in the United States, consumers will be able to apply for an account online. Once approved, the account can be used to transfer money abroad, or send and request money domestically. Revolut has an email waitlist for interested applicants, LowCards.com reported.