Withdrawing from local ATMs
At the time of writing, you cannot withdraw cash domestically within Singapore with the Revolut card. The company has stated that they are currently working on this feature, so stay tuned.
Revolut Singapore review
Find out what Revolut is offering and if it's right for you.
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Revolut is a digital banking app and card that focuses on technology, low fees and premium features. It’s designed for those who travel frequently and offers ways to spend abroad, including international money transfers with no hidden fees.
This review covers everything you can do with Revolut in Singapore, including how it works, what it costs and its pros and cons, to help you establish whether Revolut is right for you.
| Product Name | Revolut Standard |
|---|---|
| Monthly fee | S$0 |
| ATM fee for SGD withdrawals | S$0 |
| Currency conversion fee | 0% |
| Free currency conversion limit | up to S$9000 per month |
| Card delivery | Up to 9 working days |
| Supported Currencies | GBP, SEK, PLN, CHF, DKK, NOK, USD, CZK, CAD, AUD, RON, EUR |
| Product Name | Revolut Premium |
|---|---|
| Monthly fee | S$9.99 |
| ATM fee for SGD withdrawals | S$0 |
| Currency conversion fee | 0% |
| Free currency conversion limit | Unlimited |
| Card delivery | Up to 4 working days |
| Supported Currencies | GBP, SEK, PLN, CHF, DKK, NOK, USD, CZK, CAD, AUD, RON, EUR |
| Product Name | Revolut Metal |
|---|---|
| Monthly fee | S$19.99 |
| ATM fee for SGD withdrawals | S$0 |
| Currency conversion fee | 0% |
| Free currency conversion limit | Unlimited |
| Card delivery | Up to 4 working days |
| Supported Currencies | GBP, SEK, PLN, CHF, DKK, NOK, USD, CZK, CAD, AUD, RON, EUR |
What’s in this review?
How does Revolut work?
Revolut is a digital banking app that lets you spend globally at a minimal cost. When you sign up, you will need to choose between three account tiers, starting at S$0 per month for the Standard account.
For all membership tiers, Revolut gives you a free digital banking account, a physical card, a virtual card and a disposable virtual card so you can spend your money. You can spend in over 150 currencies at the interbank exchange rate and exchange 14 fiat currencies. There are a number of features that come with each account tier, such as free ATM withdrawals, as well as exclusive features that come with the Premium and Metal accounts.
What features are available with Revolut in Singapore?
The app is simple, easy to navigate and streamlined. With Revolut, you can do the following:
- Use it as a debiting account. You can set up recurring payments, transfer or request for funds and withdraw cash at international ATMs. You’ll be able to view your balance on a spending-visualisations screen.
- Make international payments. The app lets you transfer money to 150 countries, fee-free, at the interbank exchange rate (the same rates banks give each other).
- Spend globally fee-free. All spending abroad is also charged at the interbank rate.
- Hold different currencies in your account. You can hold a balance or make an exchange in the app in 14 currencies.
- Pay friends or request payments. You’re able to pay other people, request for payments, or use the split-bill feature to divide a group spend with ease.
- View spending habits. Using analytics, your spending will be categorised by type of transaction, by merchant or by country.
- Control your card and account. You can lock and unlock your card in the Revolut app as well as set monthly spending limits.
- Save money. Revolut’s Vault feature let you build up funds for a specific funding goal. Keep in mind it doesn’t pay any interest like a normal savings account, but it can be helpful for saving towards short-term goals.
How do the Revolut accounts work?
Revolut has three tiers: Standard, Premium and Metal. The Standard account is S$0 per month, the Premium account is S$9.99 per month and the Metal account is S$19.99 per month.
For the monthly fee, you’ll get the following features with each account:
Compare Revolut with other digital banks in Singapore
Updated November 21st, 2019
How do you use Revolut abroad?
Many financial institutions charge you additional fees to use your card abroad, or they transfer your money at non-competitive rates. One of Revolut’s most appealing features is that it lets you spend fee-free at the interbank rate in over 150 currencies.
Using it abroad is much like using it in Singapore. However, don’t forget that while there’s no spending limit for card payments, free overseas ATM withdrawals are limited to S$700 with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee.
What is Revolut’s auto-exchange?
Revolut lets you switch between currencies automatically at a rate that you set. This is a useful feature if you’re planning to travel abroad. You can set a value for when you want to convert your money. For example, you could set the app to convert 100 EUR into GBP when GBP costs less than 1.1 EUR. When the conversion rate hits the value you’ve set, your money will be exchanged.
Is Revolut safe?
Revolut secured its European banking licence from the European Central Bank in December 2018. In Singapore, Revolut is regulated as a remittance business by the Monetary Authority of Singapore (MAS). Its client funds are held at Australia and New Zealand Banking Group Limited, Singapore Branch. As an authorised institution, Revolut has obligations to safeguards your funds as per regulatory requirements. Should anything happen to Revolut, you will be able to claim your funds from this segregated account.
In terms of smartphone security, Revolut’s smartphone app is protected by a password, face or fingerprint ID. Immediately freeze or unfreeze your card in the app if it’s been misplaced, lost or stolen. You can take further control by turning online, ATM and contactless payments on or off.
Pros and cons of Revolut
Pros
- Hold up to 14 currencies in your account and exchange them instantly.
- Get multiple banking features in one app
- Free overseas ATM withdrawals
- Concierge service and priority customer support with paid accounts
- Spend in over 150 currencies at the interbank exchange rate
- Instant top-ups from your main account
Cons
- Revolut applies a markup of 0.5% on major currencies and 1% on other currencies over the weekend when markets are closed.
- You are charged at least a 1% markup for Thai baht and Ukrainian hryvnia. This rises to 2% on weekends.
- Foreign exchanges over S$9,000 a month incurs a 0.5% fee.
- Free overseas ATM withdrawals are capped each month.
- Revolut has no branches, which can put off those who prefer face-to-face customer service.
How do you sign up with Revolut in Singapore?
You sign up to Revolut by downloading the app to your smartphone and registering. You will need to verify your identity by providing a valid government-issued ID and taking a selfie. After you sign up, you can request a contactless Revolut card and begin using your account.
Take note that you’d need to make a minimum deposit of S$20 to your Revolut balance before you can request for a card, regardless if it’s a physical or virtual card.
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