Revolut is a digital finance platform offering multi currency accounts, cards, international transfers, and budgeting tools. It operates under payments and e money regulations where applicable and is not the same as a full service bank account. Check local terms and protections before relying on it as your main account.
Detailed Introduction:
Revolut provides an app based account with multi currency balances, FX at transparent rates disclosed in app, P2P transfers, international remittances, virtual and physical cards, and spend analytics. Subscription tiers may add features like higher FX allowances, airport lounge access, or insurance benefits.
In Singapore, Revolut focuses on seamless onboarding, quick card issuance, and everyday spending. Funds are typically safeguarded under e money or payments regimes and are not bank deposits with deposit insurance. Revolut can be useful for travel, online purchases, and managing multiple currencies, especially when paired with a local bank account for salary and domestic needs.
FAQ:
Q1: What is Revolut in Singapore?
A digital account and card platform offering multi currency balances, transfers, and app based spending tools.
Q2: How to open a Revolut account in Singapore?
- Download the app and sign up with your mobile number.
- Verify identity (ID scan, selfie) and provide requested details.
- Add funds via card or transfer, choose a plan if needed.
- Order a physical card if desired and enable virtual cards.
- Manage currencies, set budgets, and use analytics within the app.
Q3: Is Revolut suitable for residents and foreigners?
Yes, subject to eligibility and verification. It is popular with travelers, expats, and online shoppers. Consider limitations versus a traditional bank account.
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The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.