Revolut introduces auto-exchange

The bank gives the ability to instantly exchange money into 24 different fiat and 5 cryptocurrencies

Revolut introduces auto-exchange. Source: shutterstock.com

Today, mobile-only bank Revolut announced the launch of Auto-exchanges to more than 4 million of its users.

Auto-exchange automatically exchanges users’ money from one currency into another based on a target rate they set.

For example, Revolut user can set an Auto-exchange to convert, 100 EUR into GBP whenever 1 GBP costs less than 1.1 EUR (or any other value they set).

To set up the feature, a user has to load up their Revolut app, navigate to any currency pair in the Rates page, or go to Rates, Actions, and tap on Auto-exchange. Then they’ll have to choose the two currencies they want to exchange between, the amount they want to convert and tap on ‘Set target’.

After that user will be offered to read and accept the risk disclaimer, set their target rates and tap the Auto-exchange button to set it live. The exchange will only trigger once the user’s target rate has been reached.

A user can auto-exchange all or part of their balance from any fiat or cryptocurrency, subject to some daily limits. This means a user can set an automatic exchange for GBP to EUR, USD to BTC, ETH to XRP and everything in between. If Cryptocurrencies like Bitcoin, Ether, and XRP don’t appear in their list of currencies to Auto-exchange, this means they need to unlock Cryptocurrencies in the app.

SEE ALSOTOP-10 mobile-only banks

Categories: All materials Fintech News
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