Revolut’s Singapore Launch
Singapore is one of the fastest growing economies in Asia, and for this reason, it has been attracting a lot of foreign investment. This is one of the main reasons why the country is on Revolut’s radar, which it plans to use as a gateway to the European market.
What is Revolut?
Revolut’s target audience is tech-savvy users, and it rides on the wave of digital and mobile technology to achieve its goals. Below are some of the services that it offers.
- Vaults where users can save and manage money.
- Overseas medical insurance and mobile phone insurance.
- A digital currency exchange where users can convert their currency into a variety of cryptocurrencies including Litecoin, Bitcoin, Ripple, Bitcoin Cash and Ethereum among others.
- Cross-border money transfer in 124 countries.
Revolut wants to make the world its playground
Countries where Revolut is available
Australia, Switzerland, the United Kingdom, Sweden, Spain, Slovenia, Slovakia, Romania, Portugal, Poland, Norway, Netherlands, Malta, Luxembourg, Lithuania, Liechtenstein, Latvia, Italy, Ireland, Hungary, Greece, Germany, France, Finland, Estonia, Denmark, Czech Republic, Republic of Cyprus, Croatia, Bulgaria, Belgium and Austria.
The company is determined to make its services available on a global scale so that more people can enjoy the benefits.
- Payments –
Revolutmakes payments on its platform as easy as payments using traditional payment platforms such as PayPal. It has the option of sending money to people by tapping in their phone numbers. It even allows users to send money to other people even if they do not know the phone number.
One of the most interesting features on the app is that it allows bill splitting by sending requests to the person with whom the user wants to split a bill. Users can also receive money from people who do not use the app. The app allows the user to send a payment request through a link which non-users can use to enter their bank card details, therefore allowing the payment to be made.
Revolutuses a high level of security for its platform and even lets users control their security. For example, users have the option of freezing and unfreezing their Revolutcard through their Resolutapp if the card is stolen or lost. They can also turn off contactless payment, online payment, and even ATM use through the app if they wish to do so.
As far as the security of funds,
- Customer support-
Revolutoffers impressive customer support. The support team can be reached via the customer support chat section on the mobile app or the web version of the platform.
The pros of the Revolut platform
- Customers are provided with a physical card.
- The app features a user-friendly interface.
- 24-hour customer care services.
- It allows the purchase of cryptocurrencies.
- It helps
travellersto avoid hefty exchange rates.
- It allows the user to hold up to 24 currencies.
The cons of the Revolut service
- It does not have any physical bank branches where one can go to have an issue sorted out.
- It allows free cash withdrawals but has a £200 monthly limit.
- Currency exchange attracts higher fees at 0.5% for amounts higher than £5000.
- The platform charges a higher fee at 0.5% and a currency exchange rate at 1% during the weekends and when the markets are closed
Revolut’s launch in Singapore
Revolut announced a while back that it was eyeing up Singapore as the next country where it plans to roll out its services. This is an excellent opportunity for the city-state because Revolut will also provide job opportunities as well as tech talent to the country.
The FinTech company also revealed that it plans to work with Singapore’s education bodies to facilitate staff training so that they can meet the company’s global needs.
The Singapore launch will feature beta versions of the company’s credit card.