This platform aims to offer companies in Singapore efficient and cost-effective financial management tools to support their global business operations. Revolut Business, which is operational in over 40 countries, facilitates payments, spending control, and team management. It currently serves hundreds of thousands of active businesses worldwide.
The service includes features such as multi-currency accounts, virtual and physical debit cards, real-time spending reports, and management of multiple users. Businesses can hold over 25 currencies and access more than 150 currencies at the interbank rate, which helps reduce costs associated with international transactions.
In Singapore, Revolut Business is available through four plans: Basic, Grow, Scale, and Enterprise. These plans offer varying levels of fee-free foreign currency exchange, ranging from SGD 1,500 for the Basic plan to SGD 250,000 for the Enterprise plan. Exceeding these limits incurs a 0.6% fee. The Basic plan is free of recurring charges, while the paid plans offer discounts for annual payments. The Grow, Scale, and Enterprise plans start at SGD 15, SGD 84, and SGD 417 per month, respectively.
Revolut has experienced significant growth in Singapore since its debut in 2019, with annual revenue doubling between 2022 and 2023 according to the official press release. Currently, more than 1,500 businesses are on the waitlist for Revolut Business in Singapore. To commemorate the launch, Revolut is offering a three-month trial of either the Grow or Scale plan to Singaporean businesses.
Representatives from Revolut Business noted that local and international businesses operating in Singapore have shown substantial interest. They highlighted that Singapore’s expanding economy and business-friendly environment present opportunities for Revolut Business to address gaps left by traditional banks.
Officials from Revolut Singapore emphasised that the service aims to reduce costs and improve efficiency for Singaporean businesses dealing with foreign exchange transactions. They pointed out that by providing transparent and advanced payment solutions, Revolut Business aims to enhance the competitive position of Singaporean firms globally.
Revolut Business adds to Revolut Singapore’s existing range of financial products, which includes services for everyday payments, international transfers, multi-currency cards, investment options, and a Revolut <18 card for teens.
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