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.
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Revolut Singapore Review
Enjoy seamless payments and track your finances all in one place.
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.
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S$0
Monthly fee
0%
Domestic ATM fee
0.5%
Currency conversion fee
Details
| Product Name | Revolut Standard |
|---|---|
| Monthly fee | S$0 |
| Card delivery | Up to 9 working days |
| Supported Currencies | AUD, CAD, EUR, GBP, NOK, SEK, USD, CHF, PLN, DKK, CZK, AED, HUF, BGN, RON, SAR, RUB, MXN, ILS, HRK, QAR |
| Domestic ATM fee | S$0 |
| International ATM fee | 2% |
| Currency conversion fee | 0.5% |
| Free ATM withdrawal limit | $350 per month |
| Mobile payments | Apple Pay, Google Pay |
| Card type | Visa |
| Go to site More Info |
How Revolut works
Revolut is a digital banking app that lets you spend globally at a minimal cost. It comes with 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.
Revolut app key features
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 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.
- Instant balance top-up. Reload funds from your bank account to your Revolut account fast and conveniently.
- 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.
- 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.
Revolut account options
Revolut offers three account tiers, Standard, Premium and Metal, each with different features and costs:
Fees and limits
- 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.
- Standard account fee for foreign currency transfers. If you hold the Standard account you won’t be charged for currency transfers up to Up to S$5000 per month, after which you’ll pay 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 for all Revolut accounts.
- Card delivery fee. Standard account-holders are charged a fee for card delivery.
- Payment limits. In alignment with Singapore’s Payment Services Act, all Revolut Singapore accounts have a daily storage limit of $5,000 (or equivalent). If you choose to link an external bank account, Revolut will automatically transfer any balance in excess of $5,000 to this external account before the end of the day. Additionally, Singapore users can transact no more than $30,000 (or equivalent) each year.
Revolut review and verdict
Revolut is a great option to consider if you’re looking for a feature-packed alternative to your standard bank account. You can still benefit from a number of useful features with the free account, including budgeting tools and foreign currency. If you’re up for spending a bit more, Premium and Metal offer a number of features designed for travellers and those looking for an easy way to transfer between currencies.
Just make sure the features on offer are going to be beneficial to you before signing up. You should also take into consideration that you currently cannot withdraw cash from ATMs in Singapore. Additionally, while Revolut crypto trading is allowed in other markets, this feature has yet to be launched in Singapore.
How to sign up for Revolut
If you’re at least 18 years old, you can sign up for a Revolut account by clicking “Go to Site” and registering:
- Open the Revolut 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 $40 to your Revolut balance so you can proceed to request a physical or virtual card.
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November 28, 2020
When will Revolut allow companies in Singapore to establish a corporate account ?