rtmark
LearnBonds.com

Revoult launches UK direct debit payments

Revolut has launched a direct debit service in the UK, in a bid to get customers to use the digital bank as its primary account.

The feature allows UK customers to pay direct debit payments in pounds for gym memberships, phone contracts and utility bills. The service will also allow business customers to pay supplier bills or regular invoices.

The London-based app-only bank said the service is available to all European Economic Area customers with UK accounts. It added that retail and business customers were protected from fraud or errors by the UK Direct Debit Guarantee.

Revolut, launched in 2015, claims it has amassed eight million customers across more than 31 European markets. It launched in Singapore last month, and plans to begin trading in the US before the end of the year.

 

Challenger bank perks

However, in common with other mobile banks such as Monzo and N26, customers tend to use these firms as their secondary account, preferring to hold their salary in a traditional high-street lender.

Customers tend to use these challenger banks for perks such as access to cheaper travel money, and other lower fees and charges.

Revolut claims its average customer holds around $1,000 in their account, but the industry standard is around half that.

Revolut chief executive Nik Storonsky (pictured) said: “Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service. We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. [British pound] GBP direct debits are the latest integration, as we build towards becoming the bank of the future.”

Trusted & Regulated Stock & CFD Brokers

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Roger Baird

Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.