Revolut takes on Southeast Asia with new currency transfer routes and enhanced exclusive perks for Metal customers

  • Revolut introduces direct remittance routes to India, Malaysia, Indonesia, and the Philippines in respective domestic currencies
  • This new capability bolsters Revolut’s commitment to providing customer-first financial solutions to customers in Singapore
  • Revolut announces 1% cashback on international and domestic transactions for Metal customers in Singapore – the first in Singapore to offer no minimum transactions and no cashback caps

Singapore, 10 March 2020 – Revolut has today announced the introduction of new and direct remittance routes to major countries across Southeast Asia. In the coming few days, Revolut customers can transfer money, without huge fees and opaque exchange rates, via the Revolut app to India, Malaysia, Indonesia, and the Philippines, making it cheaper than ever to send money in their respective domestic currencies. 

Outbound remittance, via digital and traditional methods, to these markets alone make up more than US$2.4 billion of Singapore’s remittance market. Singapore’s total transaction value in digital remittance alone for 2019 amounted to US$416 million, including transfers processed by new players such as Revolut, but excluding cross-border remittance via traditional services such as banks and international money transfer services.  

Eddie Lee, APAC Regional Director of Operations at Revolut said: “Since Revolut launched in Singapore in October 2019, we have understood this nation’s rich cultural and demographic mix, making cross-border transfers one of the most valuable features to our customers. We’ve only just begun – these new routes demonstrate our commitment to put our customers first and indicate our next steps towards breaking down financial borders.”

Revolut has also announced the latest perks for Singapore-based Metal customers, offering 1% cashback in 28 supported currencies, on domestic and international transactions. Revolut is the only financial platform in Singapore that provides cashback without any minimum transaction or cashback caps. This new offer further enhances the existing benefits of the Metal subscription, which includes travel insurance, airport lounge access, higher ATM withdrawal limits, a dedicated concierge service and more. 

Revolut in Singapore will continue its focus on providing a secure, transparent and reliable customer experience that puts its customers first. “We’re excited about our two new benefits that we’re able to offer our customers and will not stop our efforts to create a product and service that they enjoy,” Eddie Lee added. 

Revolut Metal subscriptions are offered for $199 annually or $19.99 monthly with no forex and ATM withdrawal fees, unlike other metal cards offered by banks. Revolut Metal cards are available in black, silver, rose gold, gold, and space grey. 

By Harry