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
Last updated:
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 Name | Revolut Standard |
|---|---|
| Monthly fee | S$0 |
| Card delivery | Up to 9 working days |
| Supported currencies | GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR |
| ATM fee for SGD withdrawals | S$0 |
| International ATM Fee | 2% |
| Currency conversion fee | 0.5% |
| Fee-free ATM withdrawal limit | $350 per month |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Mastercard |
| More Info |
| Product Name | Revolut Premium |
|---|---|
| Monthly fee | S$9.99 |
| Card delivery | Up to 4 working days |
| Supported currencies | GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR |
| ATM fee for SGD withdrawals | S$0 |
| Currency conversion fee | 0% |
| Fee-free ATM withdrawal limit | $700 per month |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Visa |
| More Info |
| Product Name | Revolut Metal |
|---|---|
| Monthly fee | S$19.99 |
| Card delivery | Up to 4 working days |
| Supported currencies | GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR |
| ATM fee for SGD withdrawals | S$0 |
| International ATM Fee | 2% |
| Currency conversion fee | 0% |
| Fee-free ATM withdrawal limit | $1,050 per month |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Visa |
| More Info |
| Product Name | Revolut Metal Gold |
|---|---|
| Monthly fee | S$19.99 |
| Card delivery | Up to 4 working days |
| Supported currencies | GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,SAR,RUB,MXN,ILS,HRK,QAR |
| ATM fee for SGD withdrawals | S$0 |
| International ATM Fee | 2% |
| Currency conversion fee | 0% |
| Fee-free ATM withdrawal limit | $1,050 per month |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Mastercard |
| More Info |
| Product Name | Revolut Metal Rose Gold |
|---|---|
| Monthly fee | S$19.99 |
| Card delivery | Up to 4 working days |
| Supported currencies | GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,AED,HUF,BGN,RON,EUR,ZAR,RUB,MXN,ILS,HRK,QAR |
| ATM fee for SGD withdrawals | S$0 |
| International ATM Fee | 2% |
| Currency conversion fee | 0% |
| Fee-free ATM withdrawal limit | $1,050 per month |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Mastercard |
| More Info |
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 $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.
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 |
|
| Premium | S$9.99 |
|
| Metal | S$19.99 |
|
Compare Revolut with other digital banks in Singapore
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:
- 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.
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.