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Revolut Singapore Review
Enjoy seamless payments and track your finances all in one place.
Revolut is a global financial superapp 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.
Revolut is a global financial superapp and card that focuses on technology, low fees and premium features, allowing you to 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 digital banking account. Users can also apply for physical cards, virtual cards and disposable virtual cards. You can spend in over 150 currencies at the interbank exchange rate and exchange 25+ fiat currencies. As of 4 August 2022, you can also purchase and hold cryptocurrency tokens on the app.
There are a number of features that come with each account tier, such as free overseas 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 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 25+ 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 the 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 and Mastercard are 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 and Nike.
Instant balance top-up. Reload funds from your bank account to your Revolut account fast and conveniently. For users with a linked DBS/POSB account, top-ups can be completed instantly without the need to leave the Revolut app.
Customer service is available 24/7. Get in touch with customer service directly through Revolut’s app. Paid accounts are also entitled to 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.
Invest in cryptocurrency. You can buy, sell and hold cryptocurrency using 25+ fiat currencies (including USD and Euros), or use gold and silver.
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 include 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)
Free Revolut card (delivery fees apply)
Open 1 Revolut <18 account (formally Revolut Junior) for a child aged 7 to 17 years old
Foreign currency transaction markups (Premium plan customers). Revolut applies a markup for the following currencies:
THB: 1% during foreign exchange market hours, and 2% outside foreign exchange market hours.
No fee for the following during foreign exchange market hours: USD, UAH, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, CZK and all other currencies that are not listed.
1% for the following outside foreign exchange market hours: USD, UAH, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, CZK and all other currencies that are not listed.
Standard account fee for foreign currency transfers. If you hold the Standard account you won’t be charged a fee for currency transfers up to Up to S$5000 per month, while Premium gives you a S$15,000 allowance. However, after that, an exchange fair usage fee of applies. Metal users will continue to enjoy unlimited exchanges without a fair usage fee. Please note that cross-border exchange fee may apply.
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 not charged a fee for card delivery for the first card and replacement card.
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’ve linked an external bank account, Revolut will automatically transfer any balance in excess of $5,000 to this account before the end of the day. Additionally, Singapore users can transact no more than $30,000 (or equivalent) every 365 days. Do note that exceptions may apply, for instance, a transfer to local personal banks, or overseas banks in your own name.
Cryptocurrency transaction fees. Buy cryptocurrency with 25+ fiat currencies, gold, silver, platinum and palladium, without foreign exchange fees. For Standard users, it will be 1.99% of the value of your crypto transaction or the currency equivalent of SGD$1.49, whichever is greater. This ‘minimum fee’ amount is based on the currency of your residence. For Premium and Metal users: 1.49% of the value of your crypto transaction.
Withdrawing from local ATMs
At the time of writing, you cannot withdraw cash domestically within Singapore with the Revolut card from ATM due to regulations.
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 several features designed for travellers and those looking for an easy way to transfer between currencies. As of 4th August, cryptocurrency trading through the Revolut app is now available in Singapore. This makes crypto trading more accessible for Revolut card members.
Just make sure the features on offer are going to be beneficial to you before signing up. You should also consider 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
Compare Revolut with other digital banks in Singapore
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 safeguard 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 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. Your money will be exchanged when the conversion rate hits the value you’ve set.
If you’re a frequent traveller, you will benefit from the convenience offered by Revolut’s complimentary travel insurance, which saves you the hassle of purchasing per-trip or annual coverage for your trips. As for the additional increase in the free cash withdrawal, it’ll be useful if you often make cash withdrawals overseas.
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.
Currently, Revolut (banking) is available for legal residents of the following countries: Australia, Singapore, Switzerland, Japan, United States of America, 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, and the United Kingdom.
Revolut also has plans to expand globally soon, namely in Brazil and New Zealand, where a waiting list is already ongoing. More countries will certainly follow suit
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. 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 India, Indonesia, Philippines, and Malaysia bank accounts. Check Revolut’s website to confirm specific country coverage.
Yes, you can now trade and hold over 80 cryptocurrency tokens on the app. There is no foreign exchange fee for the 28 fiat currencies supported by Revolut. You can also use gold or silver. Take note that there is a flat transaction fee of 2.5% of the trade for Standard customers, while Premium and Metal customers are charged 1.5%.
Yes, you need the app installed on your Android or iOS device.
Zyane Tan is an 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.
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November 28, 2020
When will Revolut allow companies in Singapore to establish a corporate account ?