Revolut has launched currency forward contracts – foreign exchange (FX) forwards - in the UK for its business customers.
This means customers will be able to get a fixed FX rate for a set amount and date in the future via their Revolut Business web app.
The challenger bank said FX forwards will enable business customers to better manage their cash flow, prepare for future eventualities, and minimise risk from market fluctuations.
A flat 0.8 per cent fee will be charged across all future exchanges by Revolut, across all company plans.
Revolut has launched a variety of new features for its users during 2021, launching a crypto tracking feature for retail customers earlier this month. LINK
The news comes after the London-based challenger bank hit a valuation of around $10 billion in April on news of a new funding round. LINK
“At Revolut Business we’re always looking to innovate to help our customers,” said James Gibson, head of product at Revolut Business. “Our multi-currency accounts and FX engine have helped thousands of businesses save on FX fees, and now we are helping businesses manage their FX risk too.”
He added: “Our FX Forwards are available for customers, big and small and give more security to any business operating in multiple currencies.”
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