Introduction to Revolut
Revolut is a rapidly growing financial platform that originated in London in 2015, founded by Nikolay Storonsky, a former Credit Suisse trader, and Vlad Yatsenko, a former Deutsche Bank systems engineer. The company provides a range of digital banking and money management tools, from multi-currency accounts and budgeting apps to buying and selling cryptocurrencies and inexpensive international transfers. Used by more than 60 million individuals worldwide, Revolut seeks to make banking simpler by offering an all-in-one financial super app.
Revolut’s Launch in the UAE
Revolut expanded into the Middle East in September 2025 when it received in-principle approval from the Central Bank of the UAE. The approval extends to two significant licences — Stored Value Facilities (SVF), which enable Revolut to issue and operate digital wallets in dirhams, and Retail Payment Services (Category II), which provide the company with a licence to provide payment solutions and remittance services in the UAE. Although this is still not a complete licence, it is a good indication that Revolut is getting ready to officially enter the country. For expatriates and locals, this increased the access to low-cost, open, and digital-first banking products, particularly in the forms of international money transfers, multi-currency accounts, and daily spending. Revolut’s endorsement demonstrates both the company’s desire to expand in the region and the UAE’s commitment to financial technologies that enhance the country’s evolving cashless economy.
Features for UAE Users
- Multi-Currency Accounts: Users can manage multiple currencies, including AED, USD, and EUR, within a single account, making international payments.
- Competitive Exchange Rates: Revolut offers currency conversion rates minimal or no hidden fees, beneficial for travelers and expats.
- Instant Remittances: The app allows low-cost money transfers to over 200 countries, which could disrupt the region’s expensive remittance market.
- Integrated Financial Tools: Revolut provides cryptocurrency trading, budgeting tools, and spending analytics, empowering users to take full control of their finances.
Benefits for Residents and Expats
- Simplified Bank Access: New arrivals or those without access to traditional accounts can start banking digitally with Revolut, avoiding the hurdles of local bank onboarding.
- Remittance Revolution: Revolut’s entry may lower remittance costs and improve transparency in exchange rates and transfer fees, benefiting UAE’s large expat community.
- All-in-One Financial App: With international transfers, payments, budgeting, and investments under one roof, Revolut minimizes the need for multiple banking products.
How Revolut Differs from Traditional UAE Banks
| Feature | Revolut | Traditional UAE Banks |
| Account Opening | Online, app-based | Often in-person, paperwork |
| Currency Support | 25+ currencies, including AED | Primarily AED with limited forex accounts |
| Exchange Rate | Real-time, low-fee, transparent rates | Often less transparent, higher fees |
| Remittance Speed | Instant | 1-3 working days |
| Physical Branches | None | Extensive network |
Eligibility and Availability for UAE Residents
As of September 2025, Revolut is not yet officially available for UAE residents, but recent regulatory approvals pave the way for public launch in the near future. Previously, residents could not open Revolut accounts, but current customers from supported countries can:
- Hold AED balances
- Use their Revolut card to spend or withdraw in the UAE
- Enjoy competitive rates for foreign exchange and ATM withdrawals
Once fully operational, UAE residents should be able to open accounts locally, use Dirham as a base currency, and enjoy end to end payments.
A Founder’s Promise
Revolut was built on the idea of making money management simple and fair. The co-founder, Nikolay Storonsky, started the company out of his own frustration with hidden fees and bad exchange rates from traditional banks. That same spirit is what’s driving their expansion into the UAE. In 2025, the company appointed Ambareen Musa as CEO for the Middle East he said, their goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control. They’re not just bringing a product; they’re bringing a solution to real-world problems.
What Real People are Saying
Revolut is a global name with over 60 million customers, and the reviews often highlight the same key points:
- The app is so easy to use. I can see exactly where my money is going without a spreadsheet. – This is a common sentiment from customers who love the in-app budgeting tools and instant spending notifications.
- I save so much on international transfers. It’s a no-brainer for sending money home to my family. – This is the biggest draw for the expat community, who often cite the huge savings on exchange rates and fees.
- The single-use virtual cards for online shopping are a game-changer. I feel so much safer buying things from new websites
Imagine you’re a Dubai resident, planning a trip to Europe.
- Before Revolut: You’d go to an exchange house to get Euros, losing money on the exchange rate. Then you’d use your local bank card and get hit with international transaction fees every time you pay.
- With Revolut: You simply use the app to convert some of your AED to Euros at a great rate. You can then use your Revolut card—or even just your phone with Apple or Google Pay—to spend in Euros with no extra fees. The app sends you a notification for every purchase, so you can track your spending in real time. When you get back to Dubai, you just convert any leftover Euros back to AED. No fuss, no hidden costs.
Conclusion
Revolut’s launch in the UAE represents the nation’s financial sector. By integrating multi-currency accounts, cheap remittances, and digital-first banking products into a single super app, it has the potential to provide residents and expats with unprecedented control over their money. Yes, there are still hurdles to overcome from regulatory approval to winning customer trust but the company’s history and ambition indicate that it is well-placed to triumph. For customers, this translates into more transparency, fewer fees, and quicker access to the financial services they require in an increasingly connected world. As Revolut gears up to launch, it is not simply offering another banking choice in the Emirates; it is setting new standards for how money management must be done in the digital era.
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FAQs
- Is Revolut available in the UAE in 2025?
Revolut received in-principle approval from the Central Bank of the UAE in September 2025. A full public launch is expected soon.
- Can UAE residents open a Revolut account now?
Currently, UAE residents cannot open new local accounts, but existing Revolut users from supported countries can use their accounts in the UAE.
- What licences has Revolut received in the UAE?
Revolut has approval for Stored Value Facilities (SVF) and Retail Payment Services (Category II), allowing digital wallets and remittance services.
- Will Revolut support AED as a base currency?
Yes, once fully launched, Revolut will support AED accounts, enabling residents to spend, save, and transfer directly in dirhams.
- How does Revolut help expats in the UAE?
Revolut offers low-cost international remittances, competitive exchange rates, and multi-currency accounts—ideal for the UAE’s large expat community.
- Is Revolut cheaper than traditional UAE banks?
Yes. Revolut typically provides real-time exchange rates with minimal fees, compared to higher charges at traditional banks and exchange houses.
- Can I send money abroad with Revolut from the UAE?
Yes, Revolut enables instant or near-instant transfers to over 200 countries, making it a competitive option for remittances.
- Does Revolut offer cryptocurrency trading in the UAE?
Yes, cryptocurrency trading is part of Revolut’s global app features. Availability in the UAE will depend on regulatory approvals at launch.
- Who is leading Revolut’s UAE operations?
In 2025, Revolut appointed Ambareen Musa as CEO for the Middle East. She is also the founder of Souqalmal, a well-known UAE fintech platform.
- How does Revolut compare to UAE digital banks like Wio or Liv?
Unlike local digital banks, Revolut offers global reach, 25+ currencies, and international remittances, making it ideal for travelers and expats.
