Revolut Premium review
Find out what you stand to gain with Revolut's Premium-tier account.
Revolut Premium is a digital bank account from Revolut, a fintech startup and online banking provider. Revolut is well-known for its versatile range of services, from multi-currency transactions at the inter-bank rate to helpful savings Vaults. With Revolut Premium, you can access higher spending and currency conversion limits as well as other perks and offers, all at a small fee.
Explore the fees and features of Revolut Premium to find out if it is the right account for you.
ATM fee for SGD withdrawals
Currency conversion fee
What's in this guide?
- How Revolut Premium works in Singapore
- How much does Revolut Premium cost?
- How does Revolut Premium work?
- Compare digital banks in Singapore
- Revolut Premium vs Revolut Metal
- Is Revolut safe?
- What are the benefits of a Revolut Premium plan?
- What should I watch out for?
- How do I sign up for a Revolut Premium account?
- Frequently asked questions
How Revolut Premium works in Singapore
Revolut is a digital banking app designed to disrupt the traditional banking industry. With Revolut Premium, you can enjoy the functionality of a multi-currency wallet, a competitive money changer, and a budgeting assistant all in one. To get started, simply download the Revolut app to your phone.
How much does Revolut Premium cost?
Here’s a list of costs you should be aware of before signing up for a Revolut Premium account.
- Additional card fees. Premium users may request additional cards (first one free) for $9 each.
- Monthly fee. S$ 9.99.
- International ATM withdrawal fee. 2% (after a limit of $700 per month in foreign ATM transactions).
- Weekend conversion fees. Expect a 0.5% to 1% markup on conversions made during the weekend.
How does Revolut Premium work?
Benefit from a wide array of features that come with a Revolut Premium account:
- Multi-currency account. Your Revolut Premium account can effectively function as a multi-currency account, enabling you to carry your balance in 28 different currencies.
- International money transfers. You can convert your balance into 28 different currencies and then transfer that money to any bank account for free. All currency exchange rates are pegged to interbank rates, which are the same rates used internally in a bank.
- International Payments. Revolut works with VISA to enable payments internationally (wherever VISA payments are allowed). This allows you to pay both online or in-person at retailers worldwide.
- Budget control. Revolut neatly categorises your expenditure according to various criteria, allowing you to make sure you know exactly what you are spending on. At the same time, their Vaults feature allows you to break your balance up for different goals, with monthly limits set to prevent you from going over-budget.
- Premium debit cards. The Revolut Premium card is available in three colours — Space Grey, Silver or Rose Gold.
- Higher ATM withdrawal limits. Free international ATM withdrawals are capped at $700 per month.
- SmartDelay. Enjoy complimentary lounge passes for you and one accompanying guest if your flight is delayed of more than an hour. With Revolut Premium, you also gain access to more than 1,000 airport lounges around the world. All you need is to get your boarding pass and present your QR code.
- Insurance. Revolut Premium offers complimentary insurance coverage for emergency medical or dental treatment. You’ll also be compensated you for any baggage delays or for lost or damaged items.
Compare digital banks in Singapore
Revolut Premium vs Revolut Metal
Besides Revolut Premium, Revolut also offers a second premium account — Revolut Metal. Here’s a brief comparison between Revolut Metal and Premium.
|Features and fees||Premium||Metal|
|Fee-free currency exchange transactions|
|Fee-free withdrawals at overseas ATMs|
|Card delivery fees|
|Additional physical cards|
|Disposable virtual card|
|Priority customer service|
Note: Information provided are accurate as of 17 September 2020 and may subject to change.
Is Revolut safe?
All Revolut funds in Singapore are held in the local branch of ANZ Banking Group. Furthermore, Revolut’s banking license is regulated by the European Central Bank, with additional regulations imposed by the Monetary Authority of Singapore. It is safe to say that there is limited risk of losing your money with Revolut Premium.
Revolut also provides various ways to ensure that you can protect access to your card. With the Revolut app, you can freeze and unfreeze your Revolut Premium card should you happen to lose it. You can also control how the Revolut card can be used, such as opting out of online payments and contactless payments if you wish.
What are the benefits of a Revolut Premium plan?
- Colour options. A range of modern and exclusive premium cards with 3 different colours for you to choose from
- Interbank exchange rates. Competitive exchange rates for currency conversion and international expenditure
- Fee-free withdrawals from overseas ATMs. Enjoy a high stipulated limit of $700 per month
- Exclusive features. Enjoy premium features including free travel insurance and airport lounge access for delayed flights.
What should I watch out for?
- No ATM withdrawals in Singapore. As of September 2020, withdrawals from local ATMs are still not permitted.
- No physical branches. Since there’s no brick-and-motar branches, there’ll be no in-person customer support for those who prefer face-to face interactions.
- ATM withdrawal fees. There’s a 2% fee on ATM withdrawals beyond the monthly limit.
- Weekend markup. Watch out for 0.5% markup on major currencies and 1% on exchanges over the weekend.
How do I sign up for a Revolut Premium account?
Download the Revolut app on your smartphone (available on both iOS and Android devices). Launch the app and begin the registration process:
- Download the Revolut app.
- Open the App and enter your phone number.
- Create a password.
- Enter the six-digit code you receive.
- Enter your first and last name, date of birth and address.
- Take a photo of your NRIC (front and back)
- Take a selfie
- Allow time for verification
Once verified, deposit at least $20 to your Revolut balance so you can proceed to request for a physical or virtual card.
You are eligible for a Revolut card in Singapore as long as you’re above the age of 18.
All you need is your NRIC or any other valid government ID on hand. Additionally, you will be asked to send a selfie for identity verification purposes.