Revolut launched in Singapore

revolut singapore

Late 2019 saw the launch of the Revolut in Singapore. The development represented a landmark in the rapid development of Revolut, which was founded in 2015, and has since grown to cover mainland Europe and Australia.


Revolut Singapore Review

If you live in Singapore and was waiting for Revolut launch or just looking for a digital-only account, you can get it for free in minutes

  • Free Revolut debit card 
  • Option to choose Revolut Metal Card for S$19.99/m 
  • Travel without hidden fees (interbank exchange rate)
  • Send & request money globally (transfer money abroad in 28 currencies with the interbank exchange rate)

Singapore is recognized as one of the Asia-Pacific region’s key financial hubs. And Singaporeans have been quick to demonstrate their acceptance and understanding on this new digital personal finance offering – 30,000 members were already signed up when Revolut went live last October.

What does the milestone mean for Revolut as it bids to expand in the highly competitive digital bank market? Which are the services that have wooed Singapore’s citizens? And which offerings can we expect to become available in the future? Let’s discuss this.


Better with beta

Revolut conducted a beta period in advance of its planned Singapore launch, and this looks to have been sensible on several fronts. Revolut was able to learn what was required to launch successfully in a distinctive market. At the same time, prospective Revolut customers were able to familiarise themselves with the Revolut offering and weigh up whether to sign up before the digital bank went live.


An instant game-changer?

So what can the typical digital bank customer – with a profile of someone who has grown disillusioned with traditional banks’ constraints and ungenerous rates – expect from Revolut? Perhaps the primary function that will be of most interest to Revolut’s new Singapore customer base will be sending money for free, and instantly, to and from other Revolut customers based in Singapore, Europe, and Australia.


Getting smartphone savvy

Is your smartphone the key to savvier spending and saving? With the new generation of financial apps such as Revolut, your handset can offer so much thanks to the dedicated apps that members can take advantage of. Singaporeans signing up to Revolut will now have some of these features at their fingertips. They’ll be able to receive instant spending notifications which show them where they are spending money, when and how, allowing them to take a firmer grip on their outgoings.

Budgeting and analytics tools give you the controls to pinpoint where your money is going each month, as well as define and implement a spending strategy, dividing and devoting money for purposes such as utilities, groceries, and travel. Then there is the way you can round up payments to whole numbers, and ‘stash away’ your spare change for something unique. Who needs a penny jar in the age of digital finance?


An international flavor

True to Singapore’s history as a strategically important port and international trading post, and modern significance as a global financial hub, Revolut’s Singapore offering will allow its members to “hold and exchange 14 currencies”. These currencies include the Singapore dollar, British Pound, US dollar, Australian dollar, Thai baht, Euro, and others. There are more currencies expected to be announced.

There is a guarantee of “fairer overseas spending” with rates set at the “real exchange rate”. For a country that represents the gateway to South East Asia and the Pacific, this seems likely to be viewed as a perk, free international ATM withdrawals up to S$350 with the Standard package, and S$700 with the Premium deal.


Great for mates?

As well as being able to send and receive money for free, there are other advantages that come with having friends, family, and contacts with you on Revolut. The “convenient bill splitting” features can put an end to those frustrating moments at the end of a meal or a night out, when it can seem like paying your dues requires a degree in mathematics. You’ll be able to split bills on the app conveniently.


Immediate aims

Revolut has expressed its determination to continue learning the Singapore market’s nuances, including the “collective personality” of the nation. It has signaled a desire to find the best candidates to join its Singapore workforce, which currently numbers about 20. Features will be localised in keeping with local language and user preferences.


What does Revolut have on its side?

As one of the first digital-only account offerings in Singapore, Revolut has the advantage of being able to “lead the conversation”, as it says. South-East Asia is a region of the world where people are increasingly digitally-savvy, and never far from their smartphones! In this regard, the launch of Revolut Singapore certainly seems to be a case of; ‘right place, right time’. The challenge will be to convince traditional bank customers located away from financial centers such as Singapore, Hong Kong, and Kuala Lumpur, that their money is better off elsewhere. That will come down to the powers of persuasion possessed by Revolut’s marketing team. 

Opening Revolut account and getting a Standard Revolut Card is free. 

  • Free Revolut debit card 
  • Option to choose Revolut Metal Card for S$19.99/m 
  • Travel without hidden fees (interbank exchange rate)
  • Send & request money globally (transfer money abroad in 28 currencies with the interbank exchange rate)