Loading...
Best Exchange Rates

Home pages - full list (A-Z)

  •  

Revolut Readies Singapore Launch

Revolut - Multi-currency Cards & Accounts

  • Revolut is a multi-currency account
  • Send and spend money in 24 currencies at the real exchange rate on amounts less than £5,000 per month
  • Larger transactions are subject to a 0.5% charge
  • Revolut accounts only take minutes to open

Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate, should be ready for its Singapore beta launch in March 2019, the company has said.

 

Revolut is ready to launch in Singapore, the company has said. A beta launch is likely within the “coming weeks,” implying March 2019.

Revolut had already confirmed that Singapore would be its Asia-Pacific headquarters, offering as it does a “technologically adept and well-educated workforce coupled with a fintech-friendly regulatory framework … [and] leading tech and entrepreneurial environment.”

Created by former London investment bankers Nik Storonsky and Vlad Yatsenko, Revolut is at the forefront of industry innovations that are seeing consumers, investors, foreign workers and SMEs abandon the traditional banking sector when it comes to oversees payments.

In the 30 countries in which Revolut currently operates (covering the EEA, Switzerland and Australia), its monthly transaction volume is now in excess of US$4 billion and the number of customers it serves is increasing at a rate of knots: its customer base is up by 40 percent since last October, to 3.9 million.

Unlike fellow FX-innovator TransferWise, Revolut is officially a bank (in Europe at least), which allows it to offer digital current accounts complete with debit card, personal loans (UK customers only as of February 2019), Direct Debit and standing order capabilities, cashback on card payments (subject to a monthly account fee), and with funds protected by the Financial Services Compensation Scheme.

Though TransferWise’s borderless account has many of the same benefits as Revolut when it comes to cross-border payments, it remains an e-money account and as such lacks the aforementioned features, with the exception of the accompanying debit card. The borderless account also lacks some of the budgeting controls, spending summaries and savings features of a Revolut account.

In an interview earlier this month, Revolut’s Storonsky re-affirmed a commitment to press into more new markets in 2019 and 2020, including Canada, the US, New Zealand and Japan; he even suggested markets in Indonesia, Malaysia and India as part of a “second wave” of expansion.

BestExchangeRates.com has partnered with Revolut so that you can get a free card and start saving on your FX.

 

Further Reading

 

TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies, and send and spend internationally, all at the “real” exchange rate and with the low fees that TransferWise is renowned for. Users can also receive major-currency payments free of charge.

Updated: 20 Mar, 2019

WorldFirst Owners Target European Expansion

Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.

Updated: 19 Mar, 2019

CBOE Ditches Bitcoin Futures Amid Reduced Interest

Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

Updated: 19 Mar, 2019

Revolut Introduces Auto Currency Exchange

Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.

Updated: 8 Mar, 2019

Messaging Apps to Take Slice of Remittance Market Using Their Own Cryptocurrencies

Users of popular messaging apps, including WhatsApp and Line, might soon be able to make cross-border payments effortlessly. In a move that will further disrupt the payments industry, the creators of such apps, including Facebook, are working hard to develop their own digital currencies that can be transferred to anyone in a user’s contact list.

Updated: 19 Mar, 2019

  

Tags: Currency-News , , , ,

 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer
   

Get a Better FX Deal when you Send and Spend Abroad.

 

Do NOT follow this link or you will be banned from the site!