Revolut, the British financial technology giant, is gearing up to shake up India’s foreign exchange (forex) market, promising to slash what it calls “criminal” bank fees and bring affordable, digital-first currency services to millions of Indians. With a planned launch in the second half of 2025, Revolut is positioning itself as a disruptor in a sector long dominated by traditional banks, aiming to attract India’s growing cohort of globally mobile, digitally savvy consumers[1][4][6].
## The High Cost of Forex in India
Today, Indian consumers and businesses spending money overse...
Today, Indian consumers and businesses spending money overseas face steep charges—typically a 3–5% markup on every transaction, whether loading a travel card or sending remittances abroad[4][6]. According to Revolut’s estimates, Indians spend about $30 billion overseas annually, losing around $600 million in bank fees alone[2]. “It has been the preserve of banks,” says Paroma Chatterjee, CEO of Revolut India. “You go to your bank to take currency, foreign exchange out from your bank, or you take a travel card that is issued by your bank when you’re traveling overseas… there have been humongous charges which have been levied on this”[2].
## Revolut’s India Strategy
Revolut’s entry into India is not just about undercutting fe...
Revolut’s entry into India is not just about undercutting fees. The company is bringing its full suite of digital banking products, adapted for the local market. Customers will be able to open a digital wallet, make forex transactions via card or direct remittance, and conduct domestic payments using prepaid cards and the government-backed Unified Payments Interface (UPI)—all through a single, unified platform[1][4][6]. The account setup process is fully digital and streamlined into just 12 steps[1][4].
To secure its foothold, Revolut acquired Arvog Forex in 2022...
To secure its foothold, Revolut acquired Arvog Forex in 2022 and, in April 2025, received in-principle approval from the Reserve Bank of India (RBI) for a Prepaid Payment Instrument (PPI) license—a rare achievement for a foreign fintech[2][4][6]. This regulatory green light allows Revolut to issue prepaid cards, operate digital wallets, and integrate with UPI, putting it on a competitive footing with both banks and local fintech players like Niyo, which already offers zero-forex-fee cards[4][6].
## Targeting India’s “Global” Consumers
Revolut is initially focusing on India’s premium segment—the...
Revolut is initially focusing on India’s premium segment—the top 10–15% of consumers who travel frequently, use international services, and have global financial needs[3]. This group, which Chatterjee describes as “global India,” represents tens of millions of potential users. Revolut aims to onboard about 20 million Indian customers by 2030 and process at least $7 billion in transactions[2]. The company’s confidence is buoyed by strong pre-launch demand, with over 350,000 people already on its waitlist[7].
## Localization and Competition
Unlike its approach in other markets, Revolut has invested h...
Unlike its approach in other markets, Revolut has invested heavily to localize its technology stack for India, working closely with the RBI to ensure compliance and seamless integration with domestic payment systems[7]. This hyper-localization is seen as critical to winning over Indian users accustomed to homegrown digital payment solutions.
However, the road ahead is not without challenges. India’s f...
However, the road ahead is not without challenges. India’s fintech space is crowded and competitive, with established players like Niyo already offering attractive forex products[4][6]. Moreover, prepaid payment instruments—including wallets and cards—still account for less than 5% of India’s total digital payments, indicating both the potential and the hurdles for growth in this segment[6].
## A Broader Ambition
Revolut’s India push is part of a larger global expansion st...
Revolut’s India push is part of a larger global expansion strategy. With over 90% of its 2023 revenue coming from Europe, the company is keen to diversify its geographic base and has set a bold target of 100 million global customers by 2027[3][9]. India, with its vast, tech-literate population and increasing outward remittances, is central to this ambition.
## The Promise of Disruption
Revolut’s pledge to be “the most affordable forex player in...
Revolut’s pledge to be “the most affordable forex player in the country” is a direct challenge to the status quo[4][6]. By leveraging its technology, regulatory approvals, and customer-centric approach, the company aims to redefine how Indians access and manage foreign currency—making international spending and remittances cheaper, faster, and more transparent.
As Chatterjee puts it, “We are going to de-mark [the high fe...
As Chatterjee puts it, “We are going to de-mark [the high fees]. We are going to be the most affordable forex player in the country, which has been our USP in UK and Europe”[4][6]. If successful, Revolut’s entry could not only save Indian consumers millions in fees but also accelerate the digitization and democratization of India’s financial services landscape.
🔄 Updated: 10/8/2025, 6:00:32 AM
**Breaking News Update: October 8, 2025**
British fintech Revolut is set to disrupt India’s forex market with a public launch planned for the second half of 2025, directly targeting the “criminal” 3–5% markup Indian banks typically charge on international transactions—an estimated $600 million in fees lost by consumers annually[1][2]. Revolut India CEO Paroma Chatterjee told FE, “We are going to de-mark these charges and be the most affordable forex player in the country, which has been our USP in the UK and Europe,” promising seamless digital onboarding and unified domestic-foreign payment wallets via prepaid cards and UPI[2][4]. Despite no official launch yet,
🔄 Updated: 10/8/2025, 6:10:22 AM
Revolut is set to disrupt the Indian forex market by leveraging a prepaid wallet platform that integrates foreign exchange, remittances, and domestic payments via UPI, aiming to cut the typical 3-5% markup on forex transactions charged by banks[2][4]. With regulatory approvals secured, including a Prepaid Payment Instrument license, Revolut plans to offer the most affordable forex services in India, challenging established players like Niyo and traditional banks, while targeting 20 million users by 2030 and processing $7 billion in transactions annually[4][6]. CEO Paroma Chatterjee emphasized Revolut’s digital onboarding in just 12 steps and the unique one-stop solution as major competitive advantages shifting the landscape[1][5].
🔄 Updated: 10/8/2025, 6:20:19 AM
Revolut India CEO Paroma Chatterjee calls the prevailing 3-5% forex markups by banks "criminal," highlighting how Indians lose about $600 million annually in bank charges on the estimated $30 billion spent overseas[2]. Industry experts see Revolut’s entry, backed by RBI approvals including a prepaid payment instrument license, as a potential game-changer to disrupt this space by offering significantly lower-cost forex and remittance services via a fully digital wallet integrating forex and domestic payments through prepaid cards and UPI[1][4][6]. Chatterjee asserts the company’s ambition to be "the most affordable forex player" in India, leveraging its global expertise to onboard 20 million users by 2030 and process at least $
🔄 Updated: 10/8/2025, 6:30:21 AM
Revolut India CEO Paroma Chatterjee has called the existing forex fees charged by Indian banks “criminal,” highlighting that Indians lose around $600 million annually in exorbitant bank charges on $30 billion spent overseas every year. Revolut aims to undercut these costs by eliminating the typical 3-5% markup on forex transactions and launch digitally streamlined wallets and prepaid cards integrated with UPI, targeting 20 million users by 2030 while positioning itself as India’s most affordable forex player[2][4][6]. Industry analysts note Revolut’s hyper-localized tech stack and RBI-approved licenses as key competitive advantages against entrenched domestic players like Niyo, promising a significant disruption in the underserved cross-border payment segment[3][5][
🔄 Updated: 10/8/2025, 6:40:16 AM
Revolut is poised to enter India's forex market in the second half of 2025, aiming to significantly undercut high bank charges by offering more affordable forex transactions. According to Paroma Chatterjee, CEO of Revolut India, the company plans to eliminate the average 3-5% markup on transactions, positioning itself as the most affordable forex player in the country[2][4]. This move is part of Revolut's broader strategy to expand its services in India, where it has secured an in-principle approval for a Prepaid Payment Instrument license[1][6].
🔄 Updated: 10/8/2025, 6:50:18 AM
**UPDATE 1 (October 7, 2025):** Revolut officially confirmed its India launch plans, targeting 20 million users by 2030 and over $7 billion in annual transactions, directly challenging banks on what CEO Paroma Chatterjee calls “criminal” forex fees—emphasizing Indian consumers currently lose about $600 million yearly to high bank charges on $30 billion in overseas spend[1]. More than 350,000 Indians have already joined the waitlist, signaling strong early demand for a platform promising to combine forex and domestic payments via prepaid cards and UPI in a single app[5].
**UPDATE 2 (October 8, 2025):** Revolut’s India CEO Paroma Chatter
🔄 Updated: 10/8/2025, 7:00:51 AM
Revolut is set to disrupt the Indian forex market by undercutting the typical 3-5% transaction markups charged by banks, aiming to become the country's most affordable forex player, as stated by CEO Paroma Chatterjee. Entering with prepaid cards and wallets integrated with UPI, Revolut will compete against established fintechs like Niyo, which already offers zero-forex-charge cards. With over 350,000 Indians on its waitlist and plans to onboard 20 million users by 2030, Revolut targets a $7 billion transaction volume, challenging traditional banks’ dominance and their estimated $600 million in annual forex fees lost by Indian consumers[2][4][6].
🔄 Updated: 10/8/2025, 7:10:47 AM
Revolut's entry into the Indian forex market, with a promise to undercut high bank charges, has sparked significant interest among consumers. Revolut India CEO, Paroma Chatterjee, stated, "We are going to be the most affordable forex player in the country, which has been our USP in the UK and Europe”[2][4]. As Revolut prepares to launch its services in the second half of 2025, thousands of potential customers are already on the waitlist, indicating a strong public reaction to the company's affordable forex offerings[1][3].
🔄 Updated: 10/8/2025, 7:20:47 AM
In a significant move to disrupt India's forex market, Revolut aims to undercut the high bank charges that currently range between 3 to 5% per transaction. Paroma Chatterjee, Revolut India's CEO, emphasized that the company will leverage its technology to offer more affordable forex services, capitalizing on the approximately $30 billion spent by Indians overseas annually, where they lose around $600 million in bank fees[9]. By launching later in 2025, Revolut plans to onboard 20 million users by 2030 and process over $7 billion in transactions, challenging traditional banks and fintech players[9][11].
🔄 Updated: 10/8/2025, 7:30:54 AM
Revolut is set to launch its digital wallet in India in the second half of 2025, directly targeting the $30 billion annual Indian overseas spend market—where banks currently levy an estimated 3–5% markup on every foreign exchange transaction, costing consumers around $600 million in fees each year[2][9]. “Our aim is to be the most affordable forex player in the country,” says Paroma Chatterjee, Revolut India CEO, pledging to “de-mark” these charges and mirror the low-cost approach that drove Revolut’s success in Europe[2][9]. Shares in leading Indian private banks dipped 0.5–1% in early Mumbai trading amid concerns over potential fee compression, while established fintech
🔄 Updated: 10/8/2025, 7:40:48 AM
In a bold move to disrupt India's forex market, Revolut aims to significantly undercut high bank charges that have long burdened consumers. Paroma Chatterjee, Revolut India's CEO, noted that Indians lose around $600 million annually to these "criminal" fees, which Revolut plans to reduce by offering more affordable forex transactions, aligning with its strategy in the UK and Europe[7]. As Revolut prepares to launch in India in the second half of 2025, experts predict a major shift in the market, with the fintech giant targeting 20 million users by 2030 and over $7 billion in transactions[7].
🔄 Updated: 10/8/2025, 7:50:49 AM
Revolut is set to launch its India operations in the second half of 2025, aiming to become the most affordable player in the Indian forex market by significantly undercutting the typical 3-5% markup banks charge on foreign exchange transactions. The London-based fintech, valued at $45 billion, secured an in-principle Prepaid Payment Instrument (PPI) license from the Reserve Bank of India earlier this year, making it one of only three foreign firms with this approval, and plans to offer multi-currency wallets, prepaid cards, and UPI payments through a fully digital process[1][2][4]. Paroma Chatterjee, CEO of Revolut India, emphasized their goal: “We are going to be the
🔄 Updated: 10/8/2025, 8:00:57 AM
UK fintech giant Revolut is gearing up to launch digital wallets and prepaid cards in India in late 2025, directly challenging banks over what its India CEO Paroma Chatterjee called “criminal” foreign exchange fees—currently costing Indians about $600 million annually on cross-border transactions, with banks typically charging a 3–5% markup per overseas payment[1][2]. More than 350,000 Indians are already on the Revolut waitlist even before its official launch, signaling strong consumer appetite for a cheaper, app-based alternative, Chatterjee told PTI, adding that “our vision is to be the most affordable forex player in the country, which has been our USP in the UK and Europe”[5][
🔄 Updated: 10/8/2025, 8:10:52 AM
Revolut's announcement to enter the Indian forex market with significantly lower charges sparked positive market reactions, highlighting expectations of disruption in a segment traditionally dominated by banks charging 3-5% fees per transaction. While Revolut India’s CEO Paroma Chatterjee emphasized their goal to be the most affordable forex player and to onboard 20 million users by 2030 processing over $7 billion in transactions, there has been no direct impact on Revolut's stock price reported yet as it remains a private company valued at $45 billion[2][9][15]. The fintech’s India plans have generated strong anticipation, reflected in over 350,000 pre-launch sign-ups, indicating high investor and customer enthusiasm ahead of the 2025 launch[3
🔄 Updated: 10/8/2025, 8:20:50 AM
The Reserve Bank of India (RBI) has granted Revolut crucial regulatory approvals including a prepaid payment instrument (PPI) license and permission for both domestic and international payments on a unified platform, making Revolut one of only three foreign companies with a PPI license in India[1][2][4][6]. Revolut invested over £40 million to localize its technology to comply with India’s data sovereignty rules, reflecting close collaboration with Indian regulators to meet stringent compliance requirements[5][7]. This regulatory support enables Revolut to offer integrated forex and domestic transaction services through prepaid cards and UPI, challenging traditional banks with lower fees on foreign exchange transactions typically marked up at 3-5% by incumbents[1][4][6