In this article, you'll discover whether Revolut operates in India, explore some potential drawbacks if it is available, and consider the possibilities for its future presence in the country.
Does Revolut Work In India?
Revolut does not offer full banking services in India. However, it does support international money transfers to and from India, allowing users to send and receive money across borders. This indicates a limited but functional presence in the country.
Additionally, Revolut provides an Indian Rupee travel money card for users traveling from the UK to India. This card allows for spending in Indian Rupees and fee-free ATM withdrawals, subject to certain limits. While Revolut's services in India are not comprehensive, they do offer some useful functionalities for international transactions and travel.
Fees and Charges for Using Revolut in India
When using Revolut in India, there are several fees and charges to be aware of:
- Currency Exchange Fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM Withdrawal Fees: ATM withdrawals are free up to certain limits depending on the plan. After hitting these limits, a small fee is charged.
- Transaction Fees: No specific transaction fees are mentioned for spending in INR, but currency exchange fees may apply if spending in a currency not held in the wallet.
- Withdrawal Limits: Fee-free ATM withdrawals up to £200 for Standard and Plus plans, up to £400 for Premium plan, and up to £800 for Metal plan. Withdrawals beyond these limits are charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- ATM Access Fees: Users should be aware of potential ATM access fees charged by the ATM provider, which Revolut cannot prevent.
- Fair-Usage Fees: Fair-usage fees and weekend markups may apply to currency exchanges.
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 Local Services: Revolut is primarily designed for travelers, not local residents.
- ATM Access Fees: Local ATM providers may charge additional fees.
- Currency Exchange Limits: Exceeding free conversion limits incurs extra fees.
- Withdrawal Limits: Fee-free ATM withdrawals are capped based on the plan.
- Regulatory Compliance: Navigating India's financial regulations can be challenging.
Alternative Payment Solutions in India
1) OneSafe
OneSafe is a leading alternative payment solution in India, offering a seamless blend of traditional and Web3 financial services. Key features include simple onboarding, global payments, and multi-currency support. With lower fees and superior customer support, OneSafe stands out as a superior option for businesses.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its seamless onboarding process and efficient global payment solutions. Users have rated OneSafe with an average score of 4.5 out of 5, highlighting its user-friendly interface and excellent customer support. Check out more of our reviews here!
2) Wise
Wise is a reliable alternative payment solution in India, offering real exchange rates with no hidden fees. Key features include fast transfer times, robust security measures, and high customer satisfaction. With its transparent fee structure and extensive global reach, Wise provides a cost-effective and efficient way to manage international money transfers.
Wise Reviews
Wise has an overall rating of 4.3 out of 5. Users generally mention issues with the verification process and customer service. Check out more Wise reviews here.
3) Paypal
PayPal is a secure and convenient alternative payment solution in India, offering features like 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards. It supports global money transfers and provides customizable digital payment options for businesses, making it a versatile choice for both individuals and enterprises.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and delays in fund transfers to regional bank accounts. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in India
Can I open a Revolut account in India?
Currently, Revolut does not offer full banking services in India, so you cannot open an account.
Does Revolut support INR transactions?
Revolut supports INR transactions through its Indian Rupee travel money card for UK travelers.
Are there any fees for using Revolut in India?
Yes, fees include currency exchange fees, ATM withdrawal fees, and potential ATM access fees.
Can I use Revolut for international money transfers to India?
Yes, Revolut allows international money transfers to and from India, facilitating cross-border transactions.
Is Revolut a good option for local residents in India?
Revolut is primarily designed for travelers and may not be the best option for local residents.
Conclusion
Choosing the right payment solution in India is crucial for seamless financial transactions. While Revolut offers limited services, exploring alternatives like OneSafe can provide more comprehensive features. OneSafe stands out with its blend of traditional and Web3 financial services. Don't miss out—sign up today!
