By
Tolu Ajiboye
April 8th, 2024
Revolut, the UK fintech bank, is now available for customers in Singapore. It has 30,000 customers in the country already.
Revolut, the popular fintech startup and challenger bank based in London, has announced that it will be officially expanding its services to Singapore, allowing citizens to enjoy numerous options already being used by the company’s customers in Europe. This news follows a long period of beta testing in Singapore where Revolut already has about 30,000 customers.
Now, all residents in Singapore can easily open an account online and take advantage of Revolut’s travel debit card which now supports the Singapore dollar as well as several other currencies. The company promises to use the “real exchange rate” and will not make customers pay any hidden charges. Singapore expansion is done in partnership with the multinational payment company Visa.
According to the Country Manager for Visa in Singapore and Brunei, Kunal Chatterjee, Revolut is breaking new grounds and has set a record in Singapore with its introduction of new features and options, never seen before in the country. Chatterjee said:
“Revolut is the first neobank that Visa is partnering [with] in Singapore to issue a multi-currency travel debit card. As we progress into a more digital society, consumers expect to lead a digital lifestyle and make payments seamlessly when they travel without worrying about carrying too much cash.”
Singaporean Revolut users on its standard plan will be able to withdraw a maximum of 350 Singapore dollars on international ATMs while premium users will have access to double of this, reaching 700 Singapore dollars. Furthermore, free users can easily make money conversions within the app for free on weekdays. These conversions are allowed up to $9,000 Singapore dollars, every month.
Revolut also allows three types of accounts. The free account is without any charges but there also is the Premium account with more features and higher limits at $9.99 per month and the Metal account with even more features and better limits at $19.99 per month.
A few days ago, Revolut also announced its partnership with giant payment company, Mastercard. The two companies have been working together for a few years now since the challenger bank’s launch and this new partnership seeks to extend their work together.
Revolut plans to expand its services to the United States by the end of this year and the partnership with Mastercard will ensure that all of Revolut’s debit cards in the U.S. will be handled exclusively by Mastercard. Revolut is however not working with Mastercard alone and has also partnered with Mastercard rival Visa. These partnerships are to directly drive Revolut’s specific plans for expansion
At the moment, the bank’s services are available in all of Europe and Australia as well, with a little more than 8 million customers. The company is valued at about $1.7 billion and has successfully received funding of more than $336 million. During the event put together for its Singapore launch, Revolut also announced that at some point in the near future, it will give Singaporean customers access to other features being enjoyed in its other jurisdictions, including free stock market trading and cryptocurrency trading as well.