Revolut Is Now an Australian Bank: What Changes for Customers

Revolut is now an Australian bank after receiving an authorised deposit-taking institution licence from the Australian Prudential Regulation Authority on 21 July 2026. The change gives eligible Australian-dollar deposits government-backed protection, while Revolut has also launched savings accounts and credit cards for Australian customers.

For travellers and people sending money overseas, the licence changes Revolut's regulatory position but does not automatically make its exchange rates or international transfers cheaper. Those costs still need to be checked against the customer's plan, currency, transaction size and destination.

APRA Grants Revolut a Banking Licence

APRA granted Revolut Payments Australia Pty Ltd a licence to operate as an authorised deposit-taking institution under the Banking Act 1959. It also licensed Revolut Australia NOHC Pty Ltd as the group's Australian non-operating holding company.

Revolut now trades locally as Revolut Bank Australia. The company says existing Australian customers were transitioned automatically and that their cards, BSBs, account numbers, direct debits, salary payments and recurring transfers continue to work without interruption.

New Australian customers can now open an account with the licensed bank. This is a completed regulatory change, not an application or restricted banking authorisation.

Which Revolut Deposits Are Protected

The main customer consequence is access to Australia's Financial Claims Scheme. APRA says the scheme protects eligible deposits up to A$250,000 for each account holder at each Australian-incorporated ADI.

The limit applies to the combined protected deposits an account holder has with the same ADI, rather than providing a separate A$250,000 limit for every account. The scheme is intended for the unlikely event that the Australian Government activates it following an ADI failure.

There is an important multi-currency qualification. APRA says the scheme does not apply to deposit accounts holding funds in foreign currencies. Revolut's Australian disclosure similarly describes eligible deposits held in AUD as protected. Customers should therefore not assume that every currency balance or every product visible in the app receives the same protection.

What Changed for Existing Customers

Revolut says its Australian personal, joint and linked Kids & Teens accounts were transitioned to Revolut Bank Australia. Existing paid-plan fees and charges were not changed as part of the transition, according to the company's announcement.

The bank has also made Instant Access Savings available. Revolut advertises variable rates that differ by account type and paid plan, with interest paid daily. The highest headline rate is attached to the Ultra plan, which has a separate subscription fee, so customers should compare the interest earned after plan costs rather than look at the maximum rate alone.

Australian retail customers can also apply for a Revolut credit card, subject to assessment and eligibility. Revolut says the card has no additional annual card fee, but paid-plan fees can still apply. A card with no foreign transaction fee can still involve a card-network conversion rate when a purchase requires currency conversion, so it should not be described as guaranteeing the mid-market rate.

The Licence Does Not Set Revolut's Exchange Rate

A banking licence establishes the regulatory framework for taking deposits. It does not determine the exchange rate, conversion allowance or transfer fee shown to a customer.

Revolut's Australian pricing varies by plan. Depending on the transaction, costs can include a fair-usage fee above an exchange allowance, different pricing outside foreign-exchange market hours, an international-transfer fee or a charge deducted by an intermediary or recipient bank.

Australians converting money for a US trip should compare their provider quote with the live AUD to USD rate. The same principle applies to AUD to GBP and AUD to EUR transactions: compare the amount received after the exchange rate and all disclosed fees, rather than treating bank status as evidence of lower conversion costs.

BER's Revolut review explains the current Australian plan allowances and transfer checks. Customers comparing larger payments can also review quotes through the international money-transfer comparison.

What Travellers and Transfer Customers Should Check

• Confirm whether money held with Revolut is an eligible AUD deposit or a foreign-currency balance.
• Compare the complete in-app quote, including the exchange rate, conversion fee and transfer fee.
• Check the plan's exchange allowance and whether different pricing applies outside market hours.
• For card spending abroad, check the currency offered by the merchant or ATM and avoid assuming that a fee-free label removes every conversion cost.
• Compare the final amount expected to reach the recipient, especially when intermediary-bank charges may apply.

The banking licence may make Revolut a more direct alternative to Australian banks for customers who want domestic banking and multi-currency features in one app. Whether it is the most suitable or lowest-cost option still depends on the intended transaction and the competing quotes available at that time.

What to Watch Next

Savings rates are variable, while credit eligibility, limits and plan benefits depend on Revolut's current terms. Customers should recheck these details before opening or changing a product.

It will also be important to watch how Revolut develops its Australian bank offering beyond the initial savings and credit-card launch. Future products should be treated as available only when Revolut publishes final terms and confirms their rollout.

Methodology and Sources

This story was researched on 23 July 2026. The observation cutoff was 1:25am AEST. Product pricing, savings rates and availability can change after publication.

• Australian Prudential Regulation Authority — APRA grants ADI licence to Revolut
• Australian Prudential Regulation Authority — Financial Claims Scheme for banks, building societies and credit unions
• Revolut Australia — It's official: Revolut is a bank in Australia
• FinTech Futures — Revolut lands Australian banking licence

This article is general information, not personal financial advice.

Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.