Polish banks say they match Revolut’s FX charges


WARSAW, April 12 (Reuters) – Some Polish banks are beginning to decrease their foreign-exchange charges below strain from Revolut, a UK-based financial-technology firm with famously low-cost FX charges.

Revolut, a digital financial institution which claims to have 4.6 million of shoppers in EU opened in Poland final yr. It stated it shortly acquired virtually 400,000 shoppers, elevating eyebrows at Poland’s comparatively fashionable and aggressive banks, who’re beginning to reply.

“We (already) supply mass-market shoppers even higher FX charges than the corporate whose identify begins with ‘R’,” stated Bartosz Zborowski, director at Pekao.

Really, it typically provides higher charges. And typically the charges are a bit larger, however the distinction is negligible.

“That is our secret weapon, and we use it now to accumulate new younger shoppers, for whom it is extremely vital,” Zborowski stated.

Pekao, Poland’s third-largest financial institution by belongings, provides FX charges which can be the equal of MasterCard’s common fee with no unfold. Revolut claims that it provides common interbank charges, and likewise makes no cash on them.

The Polish unit of BNP Paribas has additionally launched charges similar to Revolut’s.

“We aren’t within the euro zone, so low-cost FX charges are a mega story for shoppers … And it’s attainable to generate income on this service due to cross-selling,” stated Tomasz Dymowski, director at BNP Paribas Polska stated.

On Friday at 0813 GMT the euro was supplied at 4.2828 zloty, and the British pound at 4.9726 zloty at BNP Paribas. Revolut supplied respectively 4.2820 and 4.9538.

“We all know that a few of our options will probably be copied by banks, so we’ve to at all times be a number of steps forward, and we have to push for improvements,” stated Stefan Bogucki, communication officer at Revolut in Poland.

In response to Revolut, fintechs are competing on FX charges in each France and Britain, its largest markets, whereas banks haven’t entered the sport but. Analysts suppose Polish banks will now put strain on Revolut, by depriving it of a novel promoting level. (Reporting by Marcin Goclowski)

Our Requirements:The Thomson Reuters Belief Rules.


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