Revolut Launches Express Elixir in Poland

Revolut has announced that it has made Express Elixir fast transfers available to its customers in Poland. They are to be free in all plans, regardless of the type of account held.

Since the beginning of this year, Revolut’s Polish customers have made about 3.7 million traditional local transfers. Now they will be able to transfer money much faster, without additional fees. Previously, local transfers were delivered on the same day or on the next business day. Now they will be delivered instantly, the British fintech bank informed in a press release.

“Revolut’s mission is to democratize financial services so that they are accessible to everyone, easily and at an attractive price. This time, we are putting an instant local transfer service in the hands of customers in Poland at no extra charge. We hope that this convenience will appeal to Poles who use Revolut for daily transfers and payments,” said Jason Pijnaker, managing director of Revolut’s payments department. He added that traditional banks in Poland impose a fee for Express Elixir instant transfers. – In our opinion, customers will benefit much more if these transfers are free, Jason Pijnaker stressed.

In March, the Express Elixir system availability table showed that Aion (which handles Revolut’s PLN accounts in Poland) could already process instant transfers. The completion of the integration work was also confirmed by the KIR press office at the time. After nearly three months, the fintech decided to make the service available to all customers.

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Revolut Express Elixir is an instant transfer system managed by KIR. Thanks to it, transferred funds can hit your account almost instantly, 24 hours a day, seven days a week

On the other hand, as Jason Pijnaker rightly pointed out, most Polish banks make customers pay extra for each instant transfer. Usually, it costs PLN 5. Sometimes instant transfers are free for premium account holders, but even there they are limited. For example, at mBank with an Intensive account, only the first three Express Elixirs per month are free. It seems that the only bank in Poland that currently offers Express Elixir for free to holders of regular accounts is Santander.

Will Revolut’s decision to make this service available free of charge in all plans cause Polish banks to revise their policies? One can hope so by looking at what has happened in the past with fees and commissions charged for currency exchange and for using cards abroad.

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(Featured image by Sophie Dupau via Unsplash)

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