International Students Embrace Fintech for Foreign Money Transfers: Revolut Reports Surging Trends

In a recent report, Revolut, a leading digital banking platform, has highlighted a remarkable surge in the number of international students between the ages of 18 and 24 who are utilizing fintech services to receive money from overseas, according to Finextra. This demographic has witnessed a staggering 91% growth over the past 12 months, accompanied by a striking 99% increase in the volume of funds transferred. This trend has been particularly pronounced since July 2021, with the number of users in this age group surging by more than 290%, while the corresponding volume of money transferred has climbed by over 390%.

Revolut, an innovator in the digital banking sphere, anticipates a substantial uptick in foreign money transfers to young individuals pursuing their studies in Britain. According to a press release by Akshat Mittal, the Head of Strategy for Revolut International Payments, the estimates suggest that an impressive £50 million could flow into the pockets of these students during the month of September 2023 alone.

Mittal emphasized, «The surge in international money transfers highlights the pivotal role of Revolut in enhancing the financial capabilities of international students and their families. We recognize the significance of these financial traditions, and our commitment to providing seamless and cost-effective international money transfer solutions is evident through our competitive exchange rates and minimal fees. In fact, the average cost of sending $100 for specific corridors stands at an average cost of just $0.23, underscoring our dedication to amplifying the impact of our customers’ hard-earned money.»

The top ten countries from which 18 to 24-year-old students in the UK are receiving money include France, the USA, Ireland, Belgium, Germany, China, Switzerland, the Netherlands, Italy, and India.

The trends observed in this report indicate a growing reliance on fintech solutions, particularly among young international students, who are increasingly turning to digital banking platforms like Revolut for their foreign money transfer needs. As the global financial landscape continues to evolve, these platforms play a crucial role in facilitating efficient and cost-effective cross-border transactions, benefiting both students and their families.