by Fintech News Singapore
June 18, 2024
Revolut’s e-wallet limit in Singapore has increased, allowing users to hold up to S$20,000, up from S$5,000.
Additionally, users can now spend up to S$100,000 a year, up from the previous limit of S$30,000.
Revolut has also launched a new currency pocket for Indonesian Rupiah (IDR), bringing the total number of currencies available in the app to 34.
These changes aim to provide greater convenience for users, particularly for travel and large transactions.
Revolutes increased e-wallet limits in Singapore will facilitate various spending needs, including group expenses and overseas remittances.
This update follows the recent launch of Revolut’s Flexible Accounts in Singapore, offering up to 5.21% APY with investments in USD-denominated Money Market Funds managed by Fidelity International.
Revolut has also enhanced its security measures, introducing features such as single-use virtual cards, real-time transaction monitoring, and educational modules on fraud prevention. These additions aim to ensure the safety of customer funds and data.
Raymond Ng
Raymond Ng, Chief Executive Officer at Revolut Singapore said,
“We are excited to be able to offer our users greater payment flexibility and convenience through the raised e-wallet limits.
The higher limits solve an ongoing challenge for our users who’ve been wanting to use their Revolut app for big-ticket purchases overseas, investments, or even big cross-border transactions such as paying for their children’s tuition fees.”
Shulin Tay
Shulin Tay, Head of Legal & Compliance at Revolut Singapore shared,
“With these raised limits, we understand that some users may be concerned about fraud and scams. We have therefore added more security features like cooling-off periods for high risk activities and additional email notifications for new device logins.
Revolut takes the security of its customers’ data and funds very seriously. We have stayed ahead of the curve and built a strong financial crime team.”
Featured image credit: Edited from Freepik
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