In October 2021, multi-currency card Revolut launched in Singapore, allowing users to invest in over 150 foreign currencies in the interbank exchange rate, and enabling them to exchange and store 28 currencies in their wallet.
In recent years, many fintech firms as well as the established banks in Singapore have started introducing much-needed solutions for transactions in foreign currencies. These include reducing foreign currency transaction fees, offering more competitive and transparent foreign currency forex rates, introducing innovative banking tools for budgeting and saving, and delivering a cross-border digital banking solution.
Among them, Revolut reaches the forefront from the global multi-currency industry with more than 9 million customers in near to 36 countries, now, including Singapore.
How Will the Revolut Card Work?
First, you need to install the Revolut app in your phone. Through the app, you can manage various functions in your account, as well as make an application for the Revolut card.
As you're effectively using a mobile wallet to pay for your transactions, on the internet and with your physical Revolut card, you first need to make a top-up for your requirements with either you credit or debit card.
Revolut stands alone in offering a free and paid service, with value-added solutions for individuals who desire to make more frequent or larger foreign currency transactions. In the app, you will see that Revolut offers three tiers of services because of its users – Standard (free), Premium ($9.99/month) and Metal ($19.99/month).
Once you become a typical user, you already gain access to making use of your Revolut card to pay in over 150 currencies, in a transparent interbank exchange rate and make foreign currency exchange worth as much as $9,000 per month. There is also to withdraw up to $350 of the money at international ATMs without any fees.
What's more, you may also send money locally and internationally, in 28 different currencies. This international currency transfers feature is essential a remittance service, and not designed for most of the other multi-currency accounts in Singapore.
Note that as Revolut is not a first deposit Insurance (DI) Scheme member in Singapore, deposits to your Revolut account is not covered under the Singapore Deposit Insurance Scheme (SDIC).
What Will i Get On The various Revolut Accounts?
As you can observe, on its simplest plan, the Standard account, you can already start spending in over 150 currencies, enjoy use of its interbank exchange rate, constitute to $9,000 in foreign currency exchange each month, don't pay fees on your first $350 ATM withdrawals and send profit Singapore and internationally in 28 currencies. This free plan's already on par or much better than other cards on the market.
You can consider its Premium and Metal accounts if you regularly require to create forex exchange of more than $9,000 every month, want greater use of ATM withdrawals, receive extensive lounge access, and upgraded security measures for example creating disposable virtual cards to create one-time transactions, this is especially useful if you're unsure of the origin you are purchasing from or want to allow someone else to buy for you.
On its Metal card, you receive even more value with (of course!) the metal card, extensive insurance, dedicated concierge service along with a 1% cashback on all your spending abroad.
What Foreign currency Can I Exchange On my small Revolut Account?
You can exchange up to 28 currencies in your Revolut card. They include:
|# 1 Singapore Dollar (SGD)||# 2 Hong Kong Dollar (HKD)||# 3 US Dollar (USD)||# 4 Australian Dollar (AUD)|
|# 5 Nz Dollar (NZD)||# 6 Euro (EUR)||# 7 British Pound (GBP)||# 8 Japanese Yen (JPY)|
|# 9 Canadian Dollar (CAD)||# 10 Thai Baht (THB)||# 11 United Arab Emirates Dirham (AED)||# 12 Bulgarian Lev (BGN)|
|# 13 Swiss Francs (CHF)||# 14 Czech Koruna (CZK)||# 15 Danish Krone (DKK)||# 16 Croatian Kuna (HRK)|
|# 17 Hungarian Forint (HUF)||# 18 Israeli New Shekel (ILS)||# 19 Mexican Peso (MXN)||# 20 Norwegian Krone (NOK)|
|# 21 Polish Zloty (PLN)||# 22 Qatari Rial (QAR)||# 23 Romanian Leu (RON)||# 24 Russian Ruble (RUB)|
|# 25 Saudi Riyal (SAR)||# 26 Swedish Krona (SEK)||# 27 Turkish Lira (TRY)||# 28 South African Rand (ZAR)|
How To try to get The Revolut Card In Singapore?
Applying for that Revolut card is simple:
Step 1: Around the Revolut website, insert your telephone number.
Step 2: Download the Revolut app which will sent to your telephone number via text.
Step 3: To verify your Revolut account, you have to submit an image of your photo ID. This can be a nice option to going down to the bank branch and wait (to have an unknown amount of time) to open a new account with the institution.
Step 4: Once your identity continues to be verified, you can order your free Revolut physical card and/or virtual card. You may also decide if you need to subscribe for either the Premium or Metal accounts.
Step 5: As you can tell within the screenshot below, you Revolut card will be a distinctive blend of blue and purple. You are able to choose to personalise the colour of the credit card by subscribing to the Premium account. You can also get the metal card by subscribing to the Metal account.
As you finalise the transaction for the card, you will find a merchant account top-up page, which requires you to definitely top up no less than $20 before being able to complete the application.
Once you need to do this, your card will get to approximately one week. When we tried this, it didn't create a lot of difference whether we chosen the conventional delivery or Express Delivery, which may cost $19.99 more.
Step 6: Whenever you receive your Revolut card, open the Revolut app to link your card.
Exchanging Money In the Interbank Exchange Rate And Without Any Transaction Charges
Central to presenting a multi-currency card and account is understanding the way you obtain the best possible exchange rates and how much you're being charged for making the foreign exchange and/or forex transaction.
Revolut uses the interbank exchange rate, that is a dynamic rate that's changing all the time, without any markups. This is also why the real-time exchange rates around the app is definitely constantly updating.
Revolut also does not charge any fees for transactions made via its cards.
If you're a standard account holder, your limit is SGD $9,000 a month, and if you make transactions above this limit, you might be charged a fee.
Revolut Has Pretty Revolutionary Security Functions
Your Revolut card can come designed with strong and innovative security features.
There are a number of functions you are able to freeze and unfreeze in your card out of your Revolut app, including disabling your card's magnetic stripe, contactless payments function, online payments function and/or ATM withdrawals function to safeguard yourself and your money.
You can choose to show them on as well, and use it for particular purposes when you need to. This could be for security reasons, but also for convenience if you are going out for any night which will likely help you being intoxicated sooner or later or if you occur to misplace your card, and don't want to call the organization to cancel it while attempting to look for it.
You may also use the location security feature which will determine whether your card continues to be compromised according to your phone's GPS location.
The one we were most impressed with, but wasn't in a position to sample, was the disposable virtual cards function. This enables you to create as much as 5 daily card payments using disposable virtual cards. This allows you to let people use your card for one-off transactions in addition to protect you from online sites you aren't quite sure of.
There's also a split the bill function, even though it's not technically a security function, you can other Revolut users inside your contact list to split an invoice with. What this means is they'll instantaneously pay it off, and also you do not have to be worried about collecting money from their store afterwards.
What Will the Budgeting And Vault Functions Do?
There is also an analytics function that can help you keep track of your expenses and remain on road to any budgets you may have set for yourself. After setting a financial budget on certain kinds of expenses, you will be alerted when you're nearing your limit every day in addition to if you have overspent.
In the Vault, you start stashing away your spare change from your transactions to develop a savings pot, because of a particular reason or simply to keep aside your “loose change” to see just how much you might end up getting. The main one drawback is you do not receive interest on your deposits, which means you should not use Revolut much like your bank, at this time anway.
More In the future?
We spoke to the folks at Revolut, and the features introduced to Singapore are just the beginning. The program is to incrementally offer their full suite of service, including brokerage service, insurance, get credit loans, and even purchase and sell cryptocurrencies.