Revolut Singapore is not a bank but rather a regulated payment institution. You can use the mobile app to exchange money in virtually any currency. Additionally, Revolut Singapore offers a ton of different ways to save money on your various currency transactions. In our opinion, Revolut Singapore is one of the best institutions to know about and use.
About Revolut Singapore
Revolut Singapore is a global financial app that allows users a convenient and affordable way to exchange their money into over 150 different kinds of currencies; this comes at a fraction of the cost of traditional banks’ fees. The company initially started in 2015 in Great Britain and has now expanded to over 35 countries.
Revolut’s Asia-Pacific headquarters opened in Singapore in 2018, and their services have been available since October 2019. As a company, Revolut has 15 million personal account customers, 500,000 business account users, and over 28 different currencies offered in the app. Personal accounts have been around since 2015; business accounts started in 2017.
What is Special About Revolut Singapore?
- One of the first banking apps to offer cryptocurrencies
- Convert money using mid-market fees, which are more current than physical money changers’ fees and cheaper than banks’ fees
- Protect yourself against fraud with disposable virtual cards
- Withdraw cash from overseas ATMs for free
- Revolut card can be used at any shopping place in Singapore that accepts prepaid MasterCard and Visa cards
Pros and Cons
While it can be a pleasant experience using Revolut, there are always pros and cons to any good thing.
- Multiple plans for any currency needs
- Has a well-established client base
- Exchange rates based on market rates and no additional fees
- Free ATM withdrawals overseas up to a certain amount
- Has a money tracking and vault feature for saving
- Some currencies, like the Thai Baht, have a 1% markup
- You’ll be charged a 0.5% fee if you exceed a certain amount of exchanged money
- You can incur markup fees if you exchange on a Saturday or Sunday (in London time)
Our findings show that Revolut Singapore is a fantastic app to learn and use. It’s relatively safe and can save you a ton of money when exchanging money in different currencies. If you consistently do business in foreign currency and make frequent trips to Singapore, Revolut Singapore is a great institution to familiarize yourself with.
How Revolut is Regulated in Singapore
Revolut SG is not a bank but rather a regulated payment institution that allows customers to have a multi-currency account and mobile wallet. The company is regulated by the Monetary Authority of Singapore (MAS) to keep it secure and safe in its business practices.
Revolut Singapore can do business in regards to Account Issuance, Domestic and Cross-border Money Transfer, and E-money Issuance. Funds held in Revolut are safeguarded, so if something were to happen to your assets, you’ll likely get your money back.
How to Open a Revolut Account
Opening a Revolut account is very simple. After you input your phone number on the website, you’ll receive a text message prompting you to download the app. Once you’ve installed the Revolut app, you’ll need to fill in more personal information for identification purposes.
There are multiple kinds of Revolut account options, but the lowest is free. You’ll become eligible for the Revolut credit card as long as you keep a minimum balance of 20 SGD (Singapore Dollars) in your account. It’s about a 15 USD investment, but you’ll be able to apply for the card once the money is in your account.
After you’ve applied, the card should arrive in 9 workdays or less. The free Revolut card can be used overseas and in any retail shop in Singapore—as long as they accept prepaid Visa and MasterCards.
Revolut Singapore offers several different account options and affordable pricing plans for customers to choose from.
Revolut’s Standard account is their free account, and it comes with several great perks. It allows you to withdraw up to 300 USD worth from ATMs per month without any fees, to spend your money at the interbank exchange rate of over 150 different currencies, and to exchange up to 1000 USD per month of over 28 fiat currencies without any hidden fees.
With a Standard Revolut account, you will also receive a free Revolut card (delivery fees still apply), instant access to two cryptocurrencies, a Revolut Junior account for one child, and earn 0.15% APY on your savings.
Revolut’s Premium account is their middle-tier account, and it comes with more amazing perks than their Standard option. It costs 9.99 USD per month, allows you to withdraw up to 600 USD worth from ATMs per month without any fees, spend your money at the interbank exchange rate of over 150 different currencies, and exchange in over 28 fiat currencies without any fees or monthly limit.
With a Revolut Premium account, you will also receive a Premium card with exclusive designs, disposable virtual cards, instant access to two cryptocurrencies, and Revolut Junior accounts for up to two children while earning 0.28% APY on your savings.
A Revolut Premium account will also give you access to priority customer support, overseas medical insurance, global express delivery, LoungeKey passes, and free lounge passes for you and someone else if your flight is delayed for over an hour.
Revolut’s Metal account is their top-tier account, and it comes with the most incredible perks available. It costs 16.99 USD per month, allows you to withdraw up to 1200 USD of surcharge-free ATM withdrawals per month, spend your money at the interbank exchange rate of over 150 different currencies, and exchange in over 28 fiat currencies without any fees or monthly limit.
With a Revolut Metal account, you will also receive an exclusive Revolut Metal card, disposable virtual cards, instant access to two cryptocurrencies, and Revolut Junior accounts for up to five children while earning 0.28% APY on your savings.
A Revolut Metal account will also give you access to one free SWIFT transfer each month, priority customer support, delayed baggage and delayed flight insurance, overseas medical insurance, global express delivery, LoungeKey passes, and free lounge passes.
Revolut Budget and Analytics
Revolut’s smart analytics automatically categorize what you spend your money on, whether for travel, restaurants, or shopping, making it easy for you to keep track of your finances and how much you spend. Revolut can even help you plan and budget your money by analyzing your spending and predicting your recurring expenses.
With Revolut’s budget planner and custom budget categories, you can even set personal monthly limits to help you control your spending and stay within your budget. Revolut will help you stay on track by calculating your daily spending limit. Revolut will simply notify you when you are getting close to your limit and will even notify you about how much you spend each day.
To set your budget with Revolut, simply download the app and open the analytics tab to set up your budget and track your finances as you make payments. If you go over budget, though, do not worry because Revolut will not cap your spending! Revolut’s Budgeting by Category option is only there to help you gain more visibility of your money, not to limit you outright.
Revolut Money Transfers
Revolut Singapore makes it easy to instantly send and request money from friends in over thirty countries with just a tap on your phone, without having to worry about hidden fees. You can even add a GIF if you like!
With Revolut, you can wire money internationally at excellent exchange rates and send money to local bank accounts for free. You can even use Revolut to split dinner bills with your friends or set up a Group Bill to split up multiple expenses.
Over 500,000 businesses worldwide use Revolut for their business accounts. Revolut is authorized by the FCA and ensures that your funds are protected with a tier-1 partner bank.
Revolut Business also provides priority support for all paid plans, twenty-four hours a day, seven days a week. Revolut gives you access to powerful tools for your business account and makes it easy to manage your business expenses all in one place.
Revolut lets you send and receive international payments without having to worry about hidden fees. Even if you have multiple accounts, Revolut helps you stay organized for all your business needs.
With Revolut, you can make free transfers between Revolut Business accounts and free local and international payments within your plan’s allowances. Of course, with Revolut, your multi-currency accounts will also let you hold, exchange, send, and receive funds at the current interbank exchange rate in over 28 currencies.
Company Smart Cards
Revolut’s Company Smart Cards help optimize your spending at the real interbank exchange rate in over 150 currencies. Company Smart Cards help you limit, manage, and cancel subscriptions from one place, so you never have to worry about overspending.
Revolut’s Company Smart Cards are available in virtual and physical copies and will help you track your business team’s spending in real-time. With Company Smart Cards and Revolut, you can instantly capture receipts and automate your expenses using the app.
Business Apps Integrations
Revolut’s seamless integrations will save you time and help you scale quickly with their Business API so you can automate your business processes. You can even customize your Revolut Business apps integrations with integrations like Slack or Zapier so you can optimize your business processes. You can also automate accounting for your business with tools like QuickBooks, ClearBooks, and Xero.
Revolut Business Metal
One of the newest additions to Revolut Business is the Business Metal, a sleek, modernly designed metal card that is available for all paid plans. The Revolut Business Metal card is backed by Revolut businesses, made with eighteen grams of stainless steel, and is sure to make a lasting impression.
Other Revolut Products and Features (not available in SG yet)
Beyond what’s already been mentioned, Revolut has some other great features. Unfortunately, these features aren’t available for Revolut Singapore yet. Rest assured, there’s a good chance they’ll appear in later versions of the app and company.
With traditional banks, you have to wait for your funds to be made available, which is usually a couple of days after your employer deposits your paycheck. With Revolut, you get your money right away, and you can get paid up to two days early! Just set up a direct deposit and you can pay your bills early or treat yourself to a special mid-week dinner.
Revolut will even notify you when you get paid, so you won’t have to worry about keeping track of paper checks or stressing out about your money getting lost in the virtual banking system. Revolut also makes it easy to pay your bills on time, or even earlier, by setting up direct debits or making card payments using your account details.
Revolut also makes it easy and accessible for anyone to invest in commission-free stock trading and diversify their portfolio. Revolut will help you invest within your monthly budget, and their trading can help you grow for as little as 1 USD. Revolut account holders can enjoy different perks.
Revolut Metal account holders have access to unlimited monthly commission-free trades, Revolut Premium account holders have access to five monthly commission-free trades, and Revolut Standard account holders have access to one monthly commission-free trade.
With Revolut, customers can buy and sell shares in over 750 stocks from global companies, including Zoom and Apple. Revolut customers can also trade in fractional shares (part of a whole share) for as little as 1 USD.
Revolut will help you make informed trading decisions by providing you with real-time market graphs, while in-app Global Market News can help you keep up with the companies you are interested in. To get started in trading with Revolt, you just need your local tax ID.
Revolut’s savings vaults allow you to earn up to 4.78% on your savings. Revolut’s personal savings vaults can also help you keep funds in crypto and help you save money in over 28 currencies. Plus, since the funds from your vaults are kept separately from your main Revolut account, you won’t be tempted to spend them.
You can even choose how to deposit money into your personal savings vaults, whether it’s with a recurring transfer, a one-time transfer, or you can round up to the next dollar amount on your card payments. Saving the difference in your vault certainly adds up quickly! Are you planning a getaway trip with your family or friends?
If so, you can use group vaults to help your group of friends or family reach your shared goal faster. With group vaults, you can also grant withdrawal permission to specific members so that certain people can take charge of booking things like hotels or flights.
In general, Revolut vaults are great because they help you save money while staying on track with meeting your financial goals and deadlines. You can also use vaults to invest in precious metals and crypto or even fund your vaults with crypto. Revolut vaults are easy to set up in just a matter of minutes and help you stop spending money and start saving.
Revolut makes it fast and easy to purchase digital currencies like Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Plus, with Revolut, you can instantly buy, sell, and send crypto without sending money into and out of crypto exchanges while keeping track of your crypto in real-time using the app.
Revolut will alert you if you have a price alert set or if there is a significant change in the crypto markets. You can even use Revolut’s Auto-Exchange option to buy and sell crypto whenever it reaches your desired price. Plus, when you sell crypto on Revolut, your funds are immediately available to transfer or spend, unlike most other crypto exchanges.
You can start trading crypto with as little as 1 USD and can even use Revolut’s vaults to store your crypto every month. To exchange cryptocurrency with Revolut, simply download the app, go to your dashboard, and then tap on Cryptocurrencies.
You can get started in just a few minutes after reading the terms and conditions. Once you browse the market rates, you can start trading cryptocurrencies using any of the 150 currencies Revolut supports.
Revolut’s Junior accounts allow you to prepare your children ages 12 to 17 for financially responsible futures and teach them about healthy money habits while keeping you in control of their accounts. Revolut Junior accounts are safe and easy to use and help your children keep track of the money they spend while learning how to save it as well.
You can customize the controls of the account to limit their contactless and online payments and can even receive instant spending alerts whenever they buy something. Revolut ensures that Revolut Junior Account cards are not compatible for age-restricted purchases or with age-restricted merchants.
Plus, you can easily freeze and unfreeze Revolut Junior account cards to limit your children’s spending. Revolut’s money tools are also designed to help your children learn about being financially responsible. The Revolut Junior app is specially designed for children and makes learning fun.
Simply download it to their phone, and they can access Revolut’s money tools to learn about budgeting, analytics, and saving their allowance. Unlike Revolut’s other account cards, Revolut Junior account cards are funky and colorful, perfect for children ages 12 to 17.
You can let your children choose the color that matches their personality perfectly, and don’t worry, Revolut prints the card number on the back to keep your children’s account as safe and protected as possible.
If you upgrade to a paid plan, you will get access to the Tasks and Goals features so you can set chore goals and motivate your children to work for, and feel rewarded by, their weekly allowance. Or you can help them set money goals for something special they want to save up for.
Will Revolut Become Big in Singapore?
Given Revolut’s history and growth, our findings indicate that Revolut Singapore has the makings to become big. Yahoo! Finance reported that Revolut was offering even more incentives to use the Revolut card daily. During March and April 2021, Revolut Singapore customers will receive cashback bonuses for using the card for public transport.
The catch is that customers need to make sure they have a minimum of 100 SGD (about 75 USD) to get the full 20% cashback bonus. If they don’t, they’ll still enjoy a bonus of 2%.
Who Owns Revolut?
Revolut has seven people on its board of directors, but the CEO is Nik Storonsky. He’s been part of Revolut since its debut in 2015 and has helped the company grow into what will hopefully be “the world’s first truly global bank.” Revolut was co-founded by Vlad Yatsenko, who is also the sitting CTO. Storonsky and Yatsenko have propelled their company to what it is today.
The Bottom Line
According to our findings, Revolut Singapore has a lot to offer, especially to those who travel overseas or to Singapore often. The fees are reasonable and virtually non-existent, and there’s no fine print that might trick you into anything. As long as you pay attention and abide by their rules, Revolut Singapore makes an excellent choice for foreign currency exchange and more.