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Revolut Singapore review

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We take a closer look at the banking app that's breaking down borders.

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.

S$0

Monthly fee

S$0

ATM fee for SGD withdrawals

0.5%

Currency conversion fee

Details

Product NameRevolut Standard
Monthly feeS$0
Card deliveryUp to 9 working days
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR
ATM fee for SGD withdrawalsS$0
International ATM Fee2%
Currency conversion fee0.5%
Fee-free ATM withdrawal limit$350 per month
Mobile PaymentsApple Pay,Google Pay
Card typeMastercard
More Info
Product NameRevolut Premium
Monthly feeS$9.99
Card deliveryUp to 4 working days
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR
ATM fee for SGD withdrawalsS$0
Currency conversion fee0%
Fee-free ATM withdrawal limit$700 per month
Mobile PaymentsApple Pay,Google Pay
Card typeVisa
More Info
Product NameRevolut Metal
Monthly feeS$19.99
Card deliveryUp to 4 working days
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR
ATM fee for SGD withdrawalsS$0
International ATM Fee2%
Currency conversion fee0%
Fee-free ATM withdrawal limit$1,050 per month
Mobile PaymentsApple Pay,Google Pay
Card typeVisa
More Info
Product NameRevolut Metal Gold
Monthly feeS$19.99
Card deliveryUp to 4 working days
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR
ATM fee for SGD withdrawalsS$0
International ATM Fee2%
Currency conversion fee0%
Fee-free ATM withdrawal limit$1,050 per month
Mobile PaymentsApple Pay,Google Pay
Card typeMastercard
More Info
Product NameRevolut Metal Rose Gold
Monthly feeS$19.99
Card deliveryUp to 4 working days
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,ZAR,RUB,MXN,ILS,HRK,QAR
ATM fee for SGD withdrawalsS$0
International ATM Fee2%
Currency conversion fee0%
Fee-free ATM withdrawal limit$1,050 per month
Mobile PaymentsApple Pay,Google Pay
Card typeMastercard
More Info

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 $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 28 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 28 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.
  • Worldwide acceptance. Revolut cards can be used wherever Visa is accepted, whether in stores or online at over 61 million merchant locations around the world.
  • Rewards. Benefit from personalised cashback and discounts when you spend at Revolut’s partner merchants, including Amazon, Lazada, Nike and Zalora.

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.

How do the Revolut accounts work?

Revolut offers three account tiers, Standard, Premium and Metal — each with different features and cost:

Plan Monthly Price Features
Standard plan S$0
  • Basic Revolut features including domestic or overseas fund transfers, spend analytics and money management
  • Ability to spend in 150+ currencies at interbank exchange rates
  • Exchange in 28 fiat currencies — Up to S$9000 per month
  • Free overseas ATM withdrawals, up to $350 per month (after which there’ll be a 2% fee)
  • Free Revolut card (delivery fees apply)
Premium S$9.99
  • All basic Revolut features
  • Exchange in 28 fiat currencies, without any monthly limit
  • Ability to spend in 150+ currencies at interbank exchange rates
  • Link up to 3 active physical cards
  • Free global express delivery for the card
  • Premium card with exclusive designs
  • Priority customer support
  • Free overseas ATM withdrawals, up to $700 per month
  • Disposable virtual cards
  • Complimentary travel insurance
  • Free airport lounge passes when flights are delayed for more than 1 hour
Metal S$19.99
  • All basic and platinum plans features
  • Exclusive Metal contactless card
  • Spend in 150+ currencies at the interbank rate with no monthly limit
  • Free overseas ATM withdrawals, up to $1,050 per month
  • Free global express delivery for the card
  • Complimentary travel insurance
  • One free LoungeKey pass
  • Round-the-clock concierge service and priority customer support
  • 1% international and domestic cashback

Compare Revolut with other digital banks in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
YouTrip
S$0
5-8 business days

10

Use promo code FINDER5 to earn $5 on signup.

A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Aspire Business Account
S$0
3-5 business days

1

A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
BigPay
S$0
5-7 business days

1

Transact globally at minimal cost plus earn rewards with this e-wallet app and prepaid Mastercard.
Wirex Visa Card
S$0
5 business days

12

A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
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Compare up to 4 providers

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 $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.

What are the benefits of a Revolut account?

Revolut offers a wide array of benefits, including:

  • All-in-one banking app. Take control of your finances with multiple banking features in a single app.
  • Instant balance top-up. Reload funds from your bank account to your Revolut account fast and conveniently.
  • Multi-currency wallet. Hold up to 28 currencies in your account and exchange them instantly.
  • Customer service available 24/7. Get in touch with customer service directly through Revolut’s app. Paid accounts are also entitled to concierge service and priority customer support.
  • Lower exchange rate. Unlike most banks that apply a margin on top of the interbank exchange rate, this one doesn’t.
  • No credit check. Unlike other banks, this one won’t check your credit.
  • Pay friends. You can pay friends through the app or use the split bill feature to divide a group spend.
  • ATM withdrawals. ATM withdrawals are free as long as you don’t surpass your withdrawal limit. Otherwise you’ll pay a 2% fee.
  • Discounts and cashback. Save on your shopping expenses or earn cashback when you make eligible transactions with Revolut’s partner merchants.

What should I look out for?

Although Revolut comes with a lot of benefits and features, it’s not without its disadvantages:

  • Foreign currency transaction markups. Revolut applies a markup of 0.5% on major currencies and 1% on other currencies over the weekend when markets are closed. But Thai Baht and Ukrainian hryvnia will always get a 1% markup even during open markets, which will rise to 2% on weekends.
  • Fee for foreign currency transfers. If you surpass the $9,000 monthly limit for fee-free transfers, you’ll incur a 0.5% fee.
  • Free overseas ATM withdrawals are capped each month. You’ll need to pay a 2% fee on withdrawal amounts exceeding the monthly cap.
  • Online only. There are no branches, which can put off those who prefer face-to-face customer service.
  • Additional fees. You’ll pay a a shipping fee to receive your card, unless you’re under the Premium or Metal plan.
  • Missing features. Some features are not yet available in Singapore. These include: cryptocurrency exchanges, high-yield savings accounts, youth account options, and more.

How do you sign up with Revolut in Singapore?

If you’re at least 18 years old, you can sign up for a Revolut account by downloading the app to your smartphone. Launch the app and begin the registration process:

  1. Download the Revolut app.
  2. Open the App and enter your phone number.
  3. Create a password.
  4. Enter the six-digit code you receive.
  5. Enter your first and last name, date of birth and address.
  6. Take a photo of your NRIC (front and back)
  7. Take a selfie
  8. 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.

How do I deposit or withdraw money?

Revolut offers two ways to reload your funds:

  • Debit or credit card. Load your account with any Mastercard and Visa cards in Singapore dollars (or the currency that your card is held in) to avoid incurring a conversion fee. Do note that transferring money by credit card may be recognised as a cash advance transaction.
  • Transfers. You can request a payment from or transfer to other Revolut account holders.

If you wish to withdraw your Revolut balance to your bank account, tap on the ‘Payments’ tab, followed by ‘+ Transfer’. Next, click on ‘Add bank account’ and you’ll be prompted to add the bank details. Input your bank account information, amount to transfer, currency, reference, and hit ‘Send’ to proceed.

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2 Comments

  1. Default Gravatar
    Ong
    November 28, 2020

    When will Revolut allow companies in Singapore to establish a corporate account ?

    • Avatarfinder Customer Care
      Zyane
      November 28, 2020

      Hi Kim Chuan,

      Thanks for contacting Finder Singapore.

      Unfortunately, Revolut Business is not available at the moment. However, you can sign up for the waitlist on Revolut Business website so that you’d be notified once it’s available. Simply select your account type and you’d be prompted to register for its waiting list.

      Feel free to contact us if you’ve any further enquiries.

      Cheers,
      Zyane Tan

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