In this article, you'll discover whether Revolut operates in India, explore some potential drawbacks if it is available, and consider the possibilities for future expansion. Stay tuned for detailed insights.
Does Revolut Work In India?
Does Revolut Work In India? isn't available in India. While Revolut supports international money transfers to and from India, it does not offer its full range of services to residents within the country. This means that users in India cannot access Revolut's personal and business accounts, subscription plans, or other financial services directly.
However, Revolut does provide a travel money card for users traveling from the UK to India. This card allows travelers to spend in Indian Rupees and hold multiple currencies within the app. Despite this, the functionalities are limited to those visiting India rather than residents looking to use Revolut's services domestically.
Fees and Charges for Using Revolut in India
Here are some general costs that users might encounter when using Revolut in India:
- Currency exchange fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees are mentioned for spending in Indian Rupees. However, currency exchange fees may apply if the transaction involves a currency conversion.
- Currency conversion fees: Exchange fees above free conversion limits will apply for currency conversions.
- ATM access fees: ATM access fees may be charged by the ATM provider, which Revolut cannot prevent.
Is Revolut the Best Option in India?
Even if Revolut is available in India, it might not be the best option for users due to several limitations and restrictions that could impact the overall user experience.
- Limited service availability: Revolut's full range of services is not accessible to Indian residents.
- High ATM withdrawal fees: Exceeding the free limit incurs a 2% fee or a minimum of £1.
- Currency exchange fees: Fair-usage limits and weekend markups can increase costs for users.
- ATM access fees: Additional fees may be charged by ATM providers, which Revolut cannot control.
- Regulatory challenges: Potential regulatory issues may limit Revolut's operational capabilities in India.
Alternatives to Revolut in India
1) OneSafe
OneSafe is a leading alternative payment solution in India, offering a seamless blend of traditional and Web3 financial services. With features like simple onboarding, global payments, and multi-currency support, OneSafe stands out for its ease of use, lower fees, and exceptional customer support, making it a superior option.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the support for most businesses, describing OneSafe as the best bank they have used so far. The company is noted for its ease of use and exceptional customer support, making it a preferred choice among users.
2) Wise
Wise offers a multi-currency account, enabling users in India to send and receive money globally with competitive exchange rates and low fees. Key features include the Wise card for spending in multiple currencies, robust security measures, and the ability to manage money in over 40 currencies, making it a reliable option.
Wise Reviews
Wise has an average rating of 4.3 out of 5 based on 247,820 reviews. Users generally mention issues with the speed of transfers and customer support. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and smooth payment solution in India, supporting both individuals and businesses. Key features include global money transfers, secure payments, and buyer protection. Users can link multiple cards for easy checkout, and businesses benefit from fast invoice payments and fraud protection, making it a reliable option.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 stars. Users generally mention high transaction fees and issues with the length of the dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in India
Is Revolut available for residents in India?
No, Revolut is not available for residents in India. Only international transfers are supported.
Can I use Revolut's travel money card in India?
Yes, travelers from the UK can use Revolut's travel money card in India.
Are there any fees for using Revolut in India?
Yes, fees include currency exchange fees, ATM withdrawal fees, and potential ATM access fees.
Does Revolut offer business accounts in India?
No, Revolut does not offer business accounts to residents in India.
Can I hold Indian Rupees in my Revolut account?
Yes, you can hold Indian Rupees, but only if you are a traveler using the card.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in India is crucial for seamless financial operations. While Revolut has limitations, OneSafe offers comprehensive services tailored for modern needs. With features like global payments and multi-currency support, OneSafe stands out as a superior option. Sign up to OneSafe today and experience the difference.
