Revolut Business has launched its fee-free USD transfers to the UK, allowing companies based in the country to use US bank details to accept payments from North American customers.
Lauding the move as “one step closer to borderless accounts”, Revolut’s new transfers will enable UK business customers to accept USD transfers from US-based customers, payment apps and online marketplaces with no fees.
“We’re delighted to bring no fee USD transfers to the UK. With so many UK-based companies doing business in the US, we’re excited to move one step closer to borderless accounts,” explained James Gibson, Director of Revolut Business.
“Allowing our clients to receive payments from a foreign country without asking the sender to use SWIFT saves the sender both time and money.”
The new feature enables Revolut’s Business customers to receive USD payments via the Automated Clearing House (ACH) network, for payments up to $1m. Users will still be able to use IBAN details to receive USD payments via SWIFT.
In addition, Revolut Business customers will now be able to access their US account details in the company’s app by going to the ‘Home’ Menu, selecting the USD pocket, clicking the USA flag and then selecting ‘Local’.
Once done, this will show the account details that senders can use to pay money into their account. Moreover, all UK business customers will be offered access to the feature immediately.