Revolut Review: Fees, Rate and Safety 2022

Revolut - which bills itself as the world’s only financial super-app - launched in Europe in 2015, and arrived in Singapore in 2019. With digital accounts to hold and handle multiple currencies, options for savings and investing, budget management tools and more, Revolut offers innovative account solutions for everyone.

If you’re wondering about how Revolut Singapore works, this guide is for you. Read this full Revolut review to learn all about Revolut plans and pricing, safety and regulation, getting set up and more.

Send money with Revolut

Revolut: Key points

Key features:

  • 3 tiers of personal account types, including a free Standard plan

  • Make and receive payments in 28 fiat currencies 

  • Get a free linked debit card for spending and withdrawals

  • Get budgeting and analytics tools and Junior accounts for kids

  • Invest in commodities and open savings vaults 

  • Get discounts and cashback on some spending, based on account type

  • Paid account tiers unlock more features like travel perks and discounts

Key stats:

  • Founded in 2015, headquartered in London - now covers 35 countries

  • Revolut has 18 million personal users 

  • Revolut has 500k business users - although business accounts are not yet available in Singapore

  • Revolut users make 150 million transactions a month

  • You can hold and manage 28 fiat currencies and spend in 150 with a Revolut card

Pros:

  • Account options include free Standard plans, and fee paid tiers for more features

  • All accounts offer multi-currency options, linked debit cards and some free transactions

  • Some fee free currency exchange using the mid-market exchange rate, depending on your account plan

  • Get budgeting and saving tools to manage your money better

  • Fully MAS regulated, safe provider

Cons:

  • To get all account features you’ll need to pay a monthly account fee

  • Fair usage fees may apply if you exceed your plan’s limits

  • Out of hours and exotic currency exchange fees apply

  • Business services are not yet launched in Singapore

Overall

Revolut aims to help people get more from their money. Launched as an app offering multi-currency accounts and cards, it has gradually added in extra features and rolled out to more territories around the world. Today in Singapore you can open any of 3 different Revolut personal account types, to manage your money day to day, hold, send and exchange 28 currencies, save and invest, as well as getting cashback and rewards when you spend.

Where Revolut stands out is in ease of use and pricing compared to regular banks - see all your finances at a glance on your smartphone, manage your money on the go - and pay less, too.

Go to Revolut

What is Revolut?

Revolut launched in the UK in 2015, and has gradually expanded both its product offering and the areas it operates in. By 2019, Revolut had arrived in Singapore - and today, customers in 35 countries can use Revolut’s services to manage their money via the Revolut app and desktop site.

Great for: anyone looking to manage their finances from their smartphone, access low cost transactions, invest or save. 

Revolut account

You can send money instantly from one Revolut account to another, or make a transfer from your Revolut account to your recipient’s bank account. Both domestic and international money transfers are supported. 

If you need to change currencies to make your payment, you may be able to do so fee free based on your account type. Accounts come with different levels of free currency exchange, which uses the mid-market exchange rate with no markups - this can mean your international payment with Revolut works out to be just a fraction of the cost of sending the equivalent with a regular bank. 

Great for: people sending payments domestically or internationally in a range of currencies, splitting bills or requesting payments from friends

Revolut card

Revolut Singapore offers 3 different account plans. Standard plans are free, Premium plans cost 9.99 SGD a month, and the Metal account tier comes with a 19.99 SGD a month fee. Even the free basic plan comes with the option to hold and exchange 28 currencies, a linked debit card for spending and withdrawals, savings options and the chance to open a Junior account for a child. 

The higher the tier you pick the more features you unlock - you’ll also get higher levels of free transactions, such as currency exchange and free ATM withdrawals. We’ll look into account options and pricing in a little more detail later.

Great for: customers looking for multi-currency online and mobile account access, with a linked card and options to manage finances day to day and for savings and investments

Revolut virtual cards

Revolut accounts all come with a linked physical debit card for easy spending and withdrawals. You can link your physical card to Google Pay or Apple Pay for mobile transactions, too. One other neat feature is Revolut virtual cards - known as single use cards. 

These can be created for one time use, by generating card details which are used for a purchase and then replaced. In this way you can boost your account security if you’re making an online purchase with a retailer you don’t know, or signing up for a subscription service. Simply use your single use card details once, then refresh them to get a new set of card numbers and replace the old ones. That means the retailer can’t use your details inappropriately, and subscription services won’t be able to automatically re-enroll you. 

Great for: anyone shopping online with a range of retailers, looking to increase card security

Revolut commodity trading

Revolut offers the option of buying and trading commodities including precious metals. You’ll be able to invest from your Revolut account in gold, silver and precious metals from as little as 1 dollar. You can get price alerts right to your phone to help you to decide when to buy or sell. As with all investments, your capital is at risk if you choose to invest in commodities - make sure you understand all the details before you get started. 

Great for: customers looking for a low cost entry into commodity trading

Revolut insurance

Depending on the account type you choose you may benefit from some Revolut insurance cover. The terms do vary between account type so you’ll need to check the details carefully when you sign up - but in broad terms you could access travel insurance which covers medical and dental care, baggage loss and damage and delays.

Higher tier accounts types also come with extra travel perks like lounge access if your flight is delayed. Great for: frequent travellers looking for additional insurance cover

Revolut junior

Revolut offers Junior accounts which you can link to your personal account, and use to let your child learn about managing their money safely. You can get from one to 5 linked Junior accounts depending on the account tier you select, which offer a linked debit card and some limited online access. As the adult account holder you’ll be able to see transactions being made on the Junior account for increased security, and you can also view, add and withdraw money easily within your version of the Revolut app.

Great for: parents teaching their kids about how to manage money in a safe and easy way

Go to Revolut

How does Revolut work?

You might be wondering how Revolut manages to offer services which provide greater customer flexibility and lower costs, compared to a regular bank. Basically, Revolut - and other similar online specialist providers - have been built for mobile and online access, without the overheads of a branch network. This cuts costs immediately which means savings for customers. 

Providers like Revolut have also been created with specific customer needs in mind, by looking at areas which are not well served by regular banks, and finding innovative solutions. Global payments is a good example here. While regular banks are caught up in old fashioned systems to move money around the world - which can be slow and expensive - providers like Revolut have simply sidestepped this old school technology and created their own, better networks to move money. That saves time and money, and is better for the customer. 

How much can I save with Revolut?

Revolut Singapore is typically a much cheaper way to send money abroad compared to banks. Within your Revolut account you’ll be able to hold and exchange 28 currencies, which you can then send to people around the world. 

Depending on the account you hold, you’ll get a fixed level of free currency conversion which uses the mid-market exchange rate, with a fair usage fee applied once you exceed this amount. 

That means that the exact amount you can save when sending money abroad with Revolut instead of your bank will depend on the account type you hold. However, to build a picture let’s look at some basic cost examples for sending money from Singapore to the UK, with a Standard Revolut account:

Send amount

Currency exchange cost 

International transfer fee

Total cost

1,000 SGD - GBP

No fee

3 SGD (0.3%)

3 SGD

5,000 SGD - GBP

No fee

9 SGD (0.3%, capped at 9 SGD)

9 SGD

10,000 SGD - GBP

No fee on 5,000 SGD; 0.5% fair usage fee applies after that


25 SGD total

9 SGD (0.3%, capped at 9 SGD)

34 SGD

These examples assume you’re sending during banking hours, and you’ve not used up your free currency conversion allowance yet. 

While the costs of sending similar payments with a regular bank will depend a lot on your account type and where you’re sending to, banks usually have up to 3 different charges:

  • Transfer fee - this can be around 20 SGD

  • Currency conversion fee - often the highest fee of all, at around 3% of the send amount

  • Third party fees, often known as agent or cable charges - variable based on destination

The key fee to look at here is probably the currency conversion cost, which is a markup wrapped into the exchange rate you’re given by your bank. Because this is a percentage fee added onto the exchange rate, the overall cost increases steeply the higher the send amount. If your bank uses a 3% markup on a 10,000 SGD payment this fee alone will cost 300 SGD - way more than the costs of using Revolut or another specialist provider.

Send money with Revolut

Is Revolut safe?

Yes. Revolut is authorised and regulated in Singapore by the Monetary Authority of Singapore (MAS). It’s also overseen by other regulatory bodies around the world and holds a banking license in the EU.

Revolut exchange rate

All Revolut account tiers offer a certain level of free currency exchange which uses the mid-market exchange rate with no markups:

  • Standard plan customers can exchange up to 5,000 SGD  

  • Premium plan customers can exchange up to 15,000 SGD  

  • Metal plan customers can exchange an unlimited amount

If you exceed these caps, you’ll pay a fair usage charge of 0.5% of the currency value.

If you’re exchanging uncommon currencies, or place an exchange when markets are closed, Revolut may charge a fee. For standard plan customers that means you’ll pay:

  • 1% to convert TBH

  • 1% to convert UAH

  • An additional 1% to exchange any currency out of business hours

You’ll always be notified of any fee which applies before you confirm the transaction.

Revolut fees

Fee/feature type

Revolut fee

Monthly account fee

Monthly fees vary based on account tier - from free to 19.99 SGD/month

Revolut card fees

Free for regular cards


Delivery charges may apply depending on your account tier

ATM withdrawals - domestic

Not allowed

ATM withdrawals - international

If you exceed your plan’s free withdrawal amount you’ll pay 2% per withdrawal

International payments

Fees vary based on account type


 If a fee applies it’s usually 0.3% of the send amount, capped at 9 SGD for most currencies. Exotic currency payments may cost more

Currency exchange

Once your free account limit has been reached, you’ll pay a 0.5% fair usage fee


Fees for out of hours and exotic currency exchanges may also apply

How long does Revolut take?

Payments made to other Revolut accounts are usually instant. If you’re sending money to someone’s regular bank account from your Revolut account the time taken will depend on the country, currency, and the recipient’s own bank’s processes. Bank transfers may take a few days to arrive based on these factors.

Revolut Pros

  • Account tiers

    • including a free plan - to suit different customer needs

  • Budgeting, savings and commodity trading all in one account

  • Multi-currency functionality with a linked Revolut card for spending and withdrawals 

  • Free transactions available, varied by account type

Revolut Cons

  • Monthly fees on some account tiers are relatively high

  • Free ATM withdrawals limited, especially on free or cheap account tiers

  • Out of hours fees apply on currency exchange fees 

  • No business accounts

Open a Revolut account

How to use Revolut

Here’s how to send a payment with Revolut in a few easy steps:

  1. Log into your account or open the Revolut app

  2. Tap Payments, then Transfers

  3. Tap Send, New, and Add a bank recipient

  4. Enter the bank transfer details for your recipient

  5. Tap on the beneficiary, choose the currency you want to send and add the amount

  6. Add a payment reference

  7. Tap Continue to review your transfer details and estimated arrival time

Funding methods

Add money to your Revolut account by:

  • Bank transfer 

  • A payment sent by another Revolut user

  • Card payment

Payout methods

Revolut offers 2 different ways of transferring money out:

  • Transfer to another Revolut account

  • Transfer to a standard bank account locally or internationally

How to create a Revolut account

Creating an account with Revolut is easy:

  • Download the Revolut app or open up the website

  • Click Sign up

  • Enter your personal details, following the onscreen prompts

  • Complete the verification step as required

  • Once your account is verified you can add funds and get started

Open a Revolut account

What documents you'll need to

To open your Revolut account you’ll need to complete a verification step to prove your identity. This is done easily online or in the Revolut app by uploading a photo of your face, and an image of your national ID. ID forms which are accepted include:

  • Passport

  • National Registration Identity Card

  • Foreign Identification Number (FIN)

  • Diplomatic ID

How long does Revolut take to verify

Verification with Revolut will usually take between 10 minutes and 24 hours. If there’s a problem with the documents or images you upload you’ll head back, and the team will let you know what to do next.

Revolut limits 

There are a few different limits you’ll need to know about when setting up your Revolut account. If you’re making ATM withdrawals you’ll find your account is limited to a maximum of 3,000 GBP or the currency equivalent per day.

There are also limits applied to your account which relate to the Payment Services Act. Under this act, eligible transactions are capped at 30,000 SGD in a rolling 12 month period. However, this cap only applies to certain transactions you may want to make with Revolut, including spending in a foreign currency with your Revolut card, or making ATM withdrawals overseas. Exempted transactions include:

  • Withdrawing money locally to an account held in your own name, or sending a local payment to someone else

  • Withdrawing money internationally to an account held in your own name

Check your account terms and conditions carefully to make sure you fully understand the impact of the Payment Services Act on your Revolut account.

Supported currencies

Revolut accounts can hold and exchange 28 fiat currencies. At the time of writing this includes: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR.

Revolut is adding currencies all the time so check out the latest on Revolut supported currencies here.

Revolut reviews

Revolut has over 105,000 customer reviews on Trustpilot, with an average rating of 4.4 out of 5 stars. That’s an Excellent rating.

People giving the top rating often comment on ease of use and the speed of services with Revolut. Here’s what a couple of happy customers have said about the Revolut app:

“I really enjoy the app, it’s super easy to use, the exchange rates are fair and everything happens instantly.” 

“I am very satisfied with Revolut. I use it for day to day living. It is an excellent option for transfer of money to other Revolut registered people.”

Naturally not all customers are as positive. About 9% of users give the worst available rating, with themes tending to be around referral bonuses being delayed or missing, and some issues with getting hold of customer service quickly enough.

Revolut accessibility

Revolut is a mobile first service built to focus on apps which are available on Apple and Android phones, but you can also use the desktop version. You can access the app and site in a range of languages for convenience.

Revolut customer service

Here are your key support options:

Customer support channel

Revolut availability

Phone support

Phone support is available if you need to block your Revolut card on +65 800 852 6318

In-app chat support

Available - priority access given to higher tier members

Revolut alternatives

  • Wise - open an online international account to send and hold multiple currencies with no monthly fees. Send payments which use the real exchange rate and low transparent fees, get a linked debit card and manage your money on the go. Business accounts also available.

  • Western Union - domestic and international payment service with a network of agents as well as online and in-app services.  Payouts available to bank accounts or for cash collection. Fees tend to be on the higher side.

  • PayPal or Xoom - send instant payments at home and abroad - convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.

Conclusion

Revolut has disrupted how people see the banking services available to them, providing innovative and intuitive options to manage your money primarily through an app. Revolut accounts let you hold multiple currencies, convert between them with the mid-market exchange rate, send payments, and spend with a linked debit card. If you’re looking to manage your money for the longer term you can also open savings vaults or invest in commodities through your account.

In all, Revolut accounts can suit a broad range of people who want to manage their financial affairs on the move. You’ll get best value out of an account by matching the account tier you need based on the services you value - but whether you choose the free option or a fee paying account tier you could potentially save with Revolut compared to using your bank, especially on international transactions. 

Open a Revolut account

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.

FAQ

How much does Revolut cost?

Revolut Singapore accounts include the free Standard plan, and paid account options up to 19.99 SGD a month.

How long does Revolut take to transfer funds?

Sending money to another Revolut account is usually instant. If you’re sending money to a regular bank account it can take 3 - 5 days to arrive depending on the destination country.

Is Revolut safe?

Yes. Revolut is authorised my MAS in Singapore, and other global bodies in the countries it operates in.

How does Revolut apply exchange rates?

All Revolut account tiers get some currency exchange which uses the mid-market exchange rate with no markup. However there may be limits to free conversions and fair usage fees, based on your account tier.

Does Revolut have a mobile app?

Revolut is a mobile first provider and operates primarily via apps which are available on Apple and Android phones.

How does Revolut work?

Revolut offers 3 account tiers for personal customers in Singapore including a free Standard plan. All accounts come with multi-currency functionality, linked cards and more - fee paid accounts have more features and higher levels of free transactions.

How many currencies does it support?

Hold and exchange 28 fiat currencies in your Singapore Revolut account.

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.

By Ileana Ionescu
Updated 28 April 2022