- Revolut Singapore customers who use the platform for cross-border transfers will today see a new review page providing information on exchange rate, fees, and estimated arrival time
- It also introduces a new remittance fee. The fee is 0.3% of the amount sent, starting at a minimum of S$0.30, and capped at a maximum of S$9, and is one of the most competitive in the market. Example: If a customer sends SG$1,000 of MYR to Malaysia, he pays S$3 at Revolut but almost twice as much at a competitor
- Metal Plan customers will continue to enjoy unlimited fee-free transactions, while Premium plan customers will enjoy 1 fee-free transaction a month
SINGAPORE, May 6, 2021 /PRNewswire/ — Remittance customers can look forward to significant savings if they switch to Revolut from its competitors today. The UK-fintech will be charging a fee for remittances but is keeping its commitment to giving customers some of the most competitive rates in the market.
Standard and Premium plan customers will be charged a fee for cross-border transactions. The fee will be 0.3% of the amount transferred, starting at a minimum of S$0.30, and capped at a maximum of S$9. Revolut will continue to apply interbank rates for currency exchanges. The Interbank is the top-level wholesale market through which most currency transactions are channelled and, as such, Revolut is able to offer excellent exchange rates.
Maintaining the value proposition for its paid plans, Revolut’s Metal plan customers will enjoy an unlimited number of fee-free cross-border transfers, while Premium plan customers will get 1 fee-free cross-border transfer a month.
The implementation of this new fee does not affect Revolut’s standing as one of the most competitive providers of remittance services in the market. A recent comparison against some competitors reveals that Revolut’s fee remains one of the lowest. (See table below)
Case in point: If a customer wants to send S$5,000 of PHP to the Philippines, the fee he pays is the maximum S$9. At a competitor’s, he could end up paying 3 times more.
Customers were informed a month ago via email about this fee implementation. Before confirming their transfer, a customer will be shown a review page that displays information such as, the amount that will be exchanged (SGD), the amount the recipient will receive, the exchange rate applied, and the fees due (SGD).
James Shanahan, CEO of Revolut Singapore, says:
“Revolut started as an alternative foreign exchange service to help customers save money on transfers and currency exchange rates. If you compare our updated fees and rates against those of our competitors, you will find that we are still giving customers more for their money.”
A customer will stand to enjoy significant savings if they switch to Revolut from its competitors. This table illustrates the differences in fees between Revolut and a competitor:
Fee comparison between Revolut and a competitor
For more details on Revolut’s updated international transfer pricing, visit https://blog.revolut.com/en-sg/understand-revolut-remittance-fees/
ABOUT REVOLUT
Revolut gives its customers the power to spend, transfer, and control their money without sky-high fees. Since its launch in 2015, Revolut has expanded significantly beyond its origins as an FX product, adding new features such as Gifting, Rewards, Bill Splitting, Group Vaults and Donations. Revolut’s ambition is to be the world’s first financial super-app.
Revolut does not charge a fee when customers exchange currencies in-app during London FX trading hours. It now has over 15 million customers and has processed more than 1bn transactions worth over US$100bn.