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.

From Travel Card to Primary Bank

Revolut entered the market as a travel card and foreign-exchange app, then expanded into payments, investing and lending. The Australian banking licence strengthens the next step of that strategy: competing for salary deposits, savings balances and everyday spending rather than remaining a secondary account funded from another bank.

That distinction matters more than the bank label alone. Revolut reported 68.3 million retail customers worldwide at the end of 2025 and now advertises more than 75 million. Its 2025 annual report also said the number of customers treating Revolut as their primary account increased by 45% during the year.

The Australian Financial Review cited Ipsos audience data estimating that Revolut had 1.2 million Australian customers, including 730,000 monthly active users. It found the strongest adoption among people aged 14 to 39 and estimated that about 5% of each major bank's customers also used Revolut. These are third-party audience estimates rather than APRA deposit data, but they help explain why established banks are watching whether the new licence leads customers to hold larger balances and use Revolut more frequently.

Paid Plans Are Central to Revolut's Model

Revolut offers a free Standard account in Australia alongside Plus, Premium, Metal and Ultra plans. At the observation cutoff, the monthly plan fees advertised by Revolut were A$5.99, A$11.99, A$28.99 and A$99.99 respectively.

The plans bundle different savings rates, exchange allowances, transfer-fee discounts, insurance and lifestyle benefits. This makes the subscription fee part of the product comparison, not a side issue. For example, the advertised savings rate ranged from up to 3.00% a year on Standard and Plus to up to 5.05% on Ultra, but accessing the highest rate required the A$99.99 monthly plan.

Subscriptions are also a significant part of Revolut's global business. The company reported subscription turnover of US$936 million in 2025, up 67% from the previous year. Card payments generated US$1.3 billion, foreign exchange US$800 million and interest income US$1.3 billion. That mix is different from a traditional Australian retail bank that relies heavily on lending margins, although the figures are global and should not be read as Australian market share.

For customers, the practical test is whether the benefits they will actually use are worth the recurring plan cost. A higher savings rate can be outweighed by subscription fees on a modest balance, while frequent travellers may place more value on exchange allowances, insurance or lounge access. Each feature has separate terms and eligibility requirements.

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.

The key competitive measure will be deeper use, not app downloads alone: salary deposits, average balances, everyday card spending and the number of customers choosing Revolut as their main account. Australian banks may respond with different account bundles or rewards, but announced changes should be assessed on final pricing and terms.

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 updated on 24 July 2026. Product pricing, savings rates and availability can change after publication. The Australian customer and usage estimates are from Ipsos data reported by the Australian Financial Review; the AFR article text was supplied by the editor for this update.

• 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
• Revolut — 2025 annual report and results
• Australian Financial Review — Revolut Australian banking licence analysis and Ipsos audience estimates, article text supplied by the editor

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.