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Revolut launches Instant Card Transfers in Singapore

Thursday 3 August 2023 13:10 CET | News

UK-based global financial app, Revolut, has launched Instant Card Transfers in Singapore, providing secure, low-cost, and convenient remittances.

With Instant Card Transfers, consumers in Singapore are now able to securely send money to anyone in over 80 countries, 24/7, using their name, and 16-digit Mastercard or Visa card number. The transferred funds are sent instantly, in real-time, and protected by networks of Mastercard and Visa. This is a significant upgrade as compared to traditional banking methods, which could take anywhere between three to five days for the transfer. 

The recipients do not need to be Revolut users. No other card details such as CVV or expiry date is needed. Any and all transactions made to a new recipient are protected by two-factor authentication. Moreover, Revolut has stayed compliant with the Payment Card Industry Data Security Standard (PCI DSS), ensuring end-to-end security of information, and protection of funds.

UK-based global financial app, Revolut, has launched Instant Card Transfers in Singapore, providing secure, low-cost, and convenient remittances.

Singapore, being a significant global financial hub, is a location of choice for expats from different countries around the world. Research has also conveyed that the remittance market in Singapore is projected to reach USD 12.53 billion by 2030 (from USD 7.52 billion in 2020), growing at a CAGR of 4.7% from 2021 to 2030.

To celebrate this launch in Singapore, Revolut is offering unlimited free international transfers for the month of August 2023. After this promotional period, Revolut will charge a fee of USD 1.30 + 0.8% of the amount transferred for international transfers, which will be clearly displayed in the app before the transfer is confirmed.

Here is how to make an Instant Card Transfer by using Revolut: 

  • Make sure you have installed the latest version of the app 

  • Tap Transfer > New > Card recipient 

  • Enter the recipient's card details, then tap Send.

Revolut’s recent developments 

In May 2023, the company launched a new feature in Singapore. This would enable customers to link with six different bank accounts for in-app top-ups. Set up by the electronic General Interbank Recurring Order (e-Giro), the technology authorises top-ups from the customer’s bank account, after linking their bank account to the Revolut application.


Revolut has been working on an expansion strategy throughout 2023, with various developments taking place worldwide, mostly announced in July 2023. In the Americas, the company stated that they were offering accounts to non-citizens who are lawfully in the US. This aligns with their ongoing mission to enable customers with increasing control of their finances and to connect people cross-border in a simplified manner.

In the UK, Revolut launched Joint Accounts with the goal to increase financial flexibility as well as announced the implementation of ‘Tap-to-Pay' on iPhone to accept in-person, contactless payments directly on iPhones, minimising the need for additional hardware.

In New Zealand, they announced the expansion of their services offering New Zealanders an improved digital experience as well as secure and efficient money transfers. Customers would also have access to instant and fee-free foreign currency exchange, peer-to-peer payments, and split group bills. They can also spend money in over 200 currencies around the world without hidden fees.

 


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Keywords: product launch, fintech, online banking, financial services, payments , money remittance
Categories: Banking & Fintech
Companies: Revolut
Countries: Singapore
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Banking & Fintech

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