Revolut Aims To Take On Indian Banks And Their ‘Criminal’ Forex Fees
British fintech Revolut aims to take on Indian banks and their ‘criminal’ forex fees, marking a bold move into one of the world’s fastest-growing financial markets. As it officially launches in India, Revolut plans to disrupt how Indians send, spend, and manage money abroad — a market long dominated by traditional banks with hefty hidden charges.
India’s Costly Forex Problem
According to Revolut, Indians spend around $30 billion overseas each year and lose nearly $600 million in bank fees alone. These charges, Revolut India CEO Paroma Chatterjee says, are nothing short of “criminal.”
“It has been the preserve of banks,” Chatterjee told TechCrunch. “You go to your bank for foreign exchange, travel cards, or international payments — and you end up paying humongous fees.”
How Revolut Plans To Change The Game
Since 2021, the London-headquartered fintech has been working toward a full India rollout. Revolut acquired Arvog Forex in 2022 to secure a local license for offering remittance and multi-currency services. Earlier this year, it also obtained a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI), paving the way for prepaid cards, UPI integration, and digital wallets.
With these approvals, Revolut aims to take on Indian banks and their ‘criminal’ forex fees head-on by giving users an easier, cheaper, and more transparent way to manage money across borders.
Targeting India’s Young, Digital Generation
Revolut’s India launch focuses on 150 million globally minded, tech-savvy Indians aged 25 to 45. The company’s goal is to onboard 20 million users by 2030, processing over $7 billion in transactions.
Chatterjee emphasizes that these regulatory approvals allow Revolut to operate independently of traditional bank partnerships. “We can deliver the kind of customer experience that we want — seamless, intuitive, and truly global,” she said.
What Indian Users Can Expect
At launch, Revolut will introduce:
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Prepaid wallets with UPI support and branded UPI handles
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Domestic Visa cards for everyday use
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International multi-currency cards for global payments
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Kids and teens accounts linked to parents’ profiles
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Budgeting and analytics tools for smarter spending
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A subscription-based model with premium features
Unlike many existing fintechs, Revolut already holds the regulatory permissions to support both domestic and international transfers, giving users full control over their money — whether they’re shopping locally or spending abroad.
Why This Matters
For decades, India’s banking sector has relied on opaque fee structures for forex services. Revolut’s entry promises transparency, fair pricing, and financial inclusivity for a generation that demands global mobility.
By challenging outdated banking models, Revolut is positioning itself as a digital-first alternative — one that puts customers first, not transaction fees.
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