Revolut, a London-based fintech company, has officially operated in Singapore. After a year of beta testing in the country, Revolut will be made available for Singaporeans, starting with more than 30,000 customers who have used the service.
With Revolut’s presence, Singapore customers can spend in over 150 currencies and transfer money overseas at the real exchange rate without hidden fees, and hold and exchange 14 currencies in the app.
The currencies include the Singapore Dollar, U.S. Dollar, British Pound, Euro, and Australian Dollar. Revolut said it intends to launch an additional 14 currencies in the coming months, including Indian Rupees, Philipino Pesos, and Malaysia Ringgit.
In addition to that, Singapore customers can withdraw up to S$350 (US$257) each month from international ATMs for free for its standard users, and S$700 (US$514) for its premium users.
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“The average Singapore resident travels about seven times a year, and at the same time, they are transferring up to US$7 billion overseas. For the most part, these are ordinary, hard-working people who are unaware that their existing providers are charging them as much as five percent in fees,” said Eddie Lee, Head of Operations for the Asia Pacific.
Revolut customers in Singapore will be able to send and request money from Revolut customers in other countries in an instant and for free.
Revolut also allows its customers to receive instant payment notifications directly to their phone, and see how much they are spending each week and month on things like groceries, restaurants, and transport.
It can also set up monthly spending budgets for these individual categories, split bills at restaurants, and round their card payments to the nearest dollar and stash away their spare change to help achieve their financial goals.
Revolut launched in July 2015 as a digital alternative to traditional banks. Revolut was founded in London by former Credit Suisse Trader, Nik Storonsky, and former Deutsche Bank Systems Engineer, Vlad Yatsenko.
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In 2018, Revolut set up its Asia-Pacific hub in Singapore, where the London-based Fintech now employs twenty people.
Aside from Singapore, Revolut is currently available in the United Kingdom, Europe, and Australia, with plans to launch in the United States, and Canada later this year.
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