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Revolut Singapore Review
Enjoy 20% cashback on public transport in Singapore when you pay with Revolut.
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.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
Limited offer
From now until 31 December 2021, all Revolut cardholders are entitled to 20% cashback on eligible public transport expenses.
To be eligible, simply:
Top-up at least S$100 through bank transfer every calendar month
Pay for bus or MRT fares with your Revolut card
Note:
You’ll only earn 2% cashback on public transport fares if you reload your card balance via debit/credit card, or for amounts less than S$100 through bank transfer.
Cashback for public transport is capped at S$10 per calender month.
You’re prohibited to pay for third parties’ public transport fares with your Revolut card.
Cashback being credited into your Revolut account within 10 working days after the end of each calendar month.
*This promotion is valid till 31 December 2021. Terms and conditions apply.
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.
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 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.
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:
S$0 monthly fee
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$5000 per month
Free overseas ATM withdrawals, up to $350 per month (after which there’ll be a 2% fee)
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.
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 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.
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.
Compare Revolut with other digital banks in Singapore
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Revolut secured its European banking license 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.
Many financial institutions charge you additional fees to use your card abroad or 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. You don’t have to load your account with a particular currency as Revolut automatically exchanges it for the currency you are being charged in. There is no spending limit for free card payments, but free overseas ATM withdrawals are limited to $350 per month with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee.
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.
If you’re a frequent traveller, you’d benefit from the convenience offered by Revolut’s complimentary travel insurance, which saves you the hassle of having to purchase per-trip or annual coverage for your trips. As for the additional increase of the free cash withdrawal, it’ll be useful if you tend to make cash withdrawals overseas often.
So before you sign up for these subscription-based accounts, consider if you’d be utilising and benefit from these bonus extras regularly to outweigh the extra costs.
Revolut currently only supports countries in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States. So, you can only get a card if you’re a legal resident from one of the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom for now.
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.
Revolut supports over 150 currencies, so you can travel and use the card around the globe. Europe, South America, North America, Africa, Asia and Australasia are all covered to some extent. Revolut has also recently supported sending payments in IDN, INR, PHP and MYR to bank accounts in India, Indonesia, Philippines, and Malaysia. Check Revolut’s website to confirm specific country coverage.
No, you can’t add and use your Revolut card with your PayPal account.
Yes, you need the app installed on your Android or iOS device.
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