Revolut is opening its public beta to the Australian public, starting with a gradual roll-out to those on its wait list.

The London-based fintech will begin to gradually on-board a select number of customers on a daily basis to its Beta version of the app, with all new customers being placed on a temporary waiting list.

Revolut customers in the UK, Europe and Asutralia will now be able to send and receive money from each other instantly for free, providing that both parties are signed up to Revolut.

Nik Storonsky, Founder & CEO of Revolut, said: “Our mission has always been to build a global financial platform, and launching our public beta in Australia marks the first step in our journey.

“Over the last four years, we’ve built a product that has helped to improve the financial well-being of more than five million people in the UK and Europe, and we’re incredibly excited to begin doing the same in Australia.”

Melbourne will be the location for its Australian headquarters however the company will look to create smaller teams in other cities such as Sydney and Perth.

Will Mahon-Heap, APAC Expansion Manager at Revolut, added: “We are initially launching in Australia with a market leading product in the areas of foreign exchange and money management.

“However we will look to expand our core offering in the future to include business accounts, cryptocurrency exchange, commission-free stock trading and metal cards.

“Sending money between the UK, Europe and Australia has traditionally been costly and time-consuming, with transfers taking up to three business days to arrive.

“Making them instant and free between Revolut customers is a huge step towards us tearing down financial borders, and will keep money in the pockets of our customers.”

Revolut is set to be investing millions of dollars into the Australian economy as they expand their core product offering and services.