In this article, you'll discover whether Revolut works in Singapore, explore some potential drawbacks if it is available, and consider the possibilities it offers for managing your finances while traveling or living there.
Does Revolut Work In Singapore?
Revolut is available in Singapore, offering a range of financial services to its users. These services include multi-currency spending, international money transfers, and earning rewards through daily expenses. Users in Singapore can also benefit from Revolut's various subscription plans, which provide different levels of service and features.
Additionally, Revolut offers a Singapore Dollar currency card, which allows users to spend in local currency without the hassle of traditional cash exchange methods. This card can be ordered through the Revolut app and is designed to make financial transactions more convenient for both residents and travelers in Singapore.
Fees and Charges for Using Revolut in Singapore
Here are some general costs that users might encounter when using Revolut in Singapore:
- Currency exchange fees: Currency exchange fees are subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees are mentioned for spending in Singapore Dollars. However, currency exchange fees may apply if spending in a currency not held in the wallet.
- Currency conversion fees: Currency exchange fees are subject to fair-usage limits and weekend markups. Exchange fees above free conversion limits will apply for conversions.
- Withdrawal fees: Fee-free ATM withdrawals up to £200 for Standard and Plus plans. Fee-free ATM withdrawals up to £400 for Premium plan. Fee-free ATM withdrawals up to £800 for Metal plan. Withdrawals beyond these limits are charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Additional ATM fees: Some ATMs may charge an additional access fee that Revolut cannot prevent. Users are advised to select 'No' if an ATM asks to convert money to avoid additional fees.
Is Revolut the Best Option in Singapore?
Even though Revolut is available in Singapore, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- ATM withdrawal limits: Free withdrawals are capped at £200 per month for Standard and Plus plans.
- Currency exchange fees: Fair-usage limits and weekend markups can increase costs for currency exchanges.
- Additional ATM fees: Some ATMs may charge extra fees that Revolut cannot prevent or refund.
- Limited free withdrawals: Only five free ATM withdrawals per month, after which fees apply.
- Plan-based restrictions: Higher-tier plans offer better benefits, but come with higher subscription costs.
Alternatives to Revolut in Singapore
1) OneSafe
OneSafe is a leading alternative payment solution in Singapore, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, global payments, and multi-currency support, OneSafe provides a seamless financial experience, making it an excellent choice for both traditional and Web3 financial services.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. The company is also recognized as a "VERIFIED COMPANY" on Trustpilot, reflecting its credibility and reliability. Users generally commend OneSafe for its robust support for various business needs.
2) Wise
Wise offers a multi-currency account, international money transfers, and a debit card, making it a versatile payment solution in Singapore. Users benefit from cost savings on transfers, no hidden fees, and robust security measures. Wise supports over 40 currencies, providing a seamless financial experience for both personal and business needs.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval. Check out more Wise reviews here.
3) Paypal
PayPal is a reliable alternative payment solution in Singapore, offering secure payments, global money transfers, and the ability to shop at millions of online stores. Key features include 24/7 fraud monitoring, Buyer Protection on eligible purchases, and the flexibility to link multiple cards for a seamless checkout experience.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high fees, funds holding, and poor customer support as common issues. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Singapore
Can I use Revolut to pay in Singapore Dollars?
Yes, Revolut supports payments in Singapore Dollars, making it convenient for local transactions.
Are there any fees for international money transfers with Revolut?
Revolut charges fees for international transfers, which vary based on the currency and amount.
How do I order a Revolut card in Singapore?
You can order a Revolut card through the Revolut app, which will be delivered to your address.
Does Revolut offer customer support in Singapore?
Yes, Revolut provides customer support in Singapore through its app and website.
What are the ATM withdrawal limits for Revolut in Singapore?
Free ATM withdrawals are capped at £200 per month for Standard and Plus plans.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Singapore is crucial for managing your finances effectively. While Revolut offers various services, exploring alternatives like OneSafe can provide better benefits and lower fees. OneSafe's comprehensive features make it an excellent choice. Sign up today to experience seamless financial management.
