Revolut will launch its ATM network in Europe. The bank's customers will be able to withdraw cash free of charge.
Who would have thought it? While traditional banks are gradually dismantling their ATM networks, a neobank is bringing them back into fashion. Revolut announces the launch of its first ATMs, which allow its customers to withdraw money without any fees. We are also promised competitive exchange rates for travelers.
Revolut hopes to “reimagine one of the most neglected financial infrastructures” and begin expanding its physical presence to offer “greater convenience to users”. After the extreme dematerialization of the financial sector, to which it largely contributed, the London-based bank now intends to get closer to the public and put cash back in the spotlight.
Revolut puts cash back in the spotlight
The first 50 Revolut ATMs will be inaugurated in the coming weeks in Madrid and Barcelona, we learned. Other major Spanish cities will follow, such as Valencia and Malaga, with Revolut eventually planning to deploy 200 ATMs in our neighboring countries. “The machines will be strategically placed in major traffic areas, and Revolut users will always be able to find the nearest ATM in the app thanks to an integrated map, including opening hours, addresses, and directions,” it is specified.
Starting next year, the bank wants to expand its ATM network to other European countries. Germany, Italy, and Portugal are mentioned, but not yet France. Revolut explains that it chose Spain as a pilot market because it is one of the most cash-dependent European economies. According to data from the Bank of Spain, more than 60% of payments at physical points of sale are still made this way. In addition, Revolut already has five million customers on the other side of the Pyrenees.
The ATMs will have a sleeker design than those of traditional banks, and are expected to adopt a less complex interface and more features. Users who are not Revolut customers will also be able to withdraw money, at rates advertised as more competitive and transparent than the competition.
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