The new limits on your Revolut Singapore account

Muara Makarim

 · 07/23/2020  · 07/23/2020
  1. What is the Payment Services Act (PS Act)?
    The PS Act provides for the licensing and regulation of payment services providers and oversight of payment systems and related matters in Singapore.

  2. Why is there a reduced limit?
    Revolut is regulated by the Monetary Authority of Singapore and under the new PS Act, there is a limit to how much you can hold and spend with local e-wallets.

  3. Is this applicable for all e-wallets in Singapore?
    Yes. All e-wallets licensed under the PS Act will need to comply with these requirements.

  4. Who is affected by the PS Act limits?
    The limits apply to all customers registered with Revolut Technologies Singapore Pte. Ltd. (“Revolut Singapore”). Those who are registered with Revolut Ltd. or any other Revolut entity will not be impacted.

    You can go to Settings on your Revolut app to find out with which entity you are registered.

  5. When will the PS Act limits be effective?
    The PS Act limits will be rolled out gradually in August. We will update you closer to the date.

  6. How does the PS Act affect my Revolut account?
    Your Revolut account (including your Vaults) cannot exceed S$5,000 (or foreign currency equivalent) at the end of each day; during the day, your balance is allowed to fluctuate above S$5,000.

    It also impacts how much you can transact annually. You can transact no more than S$30,000 (or foreign currency equivalent) on a 12-month rolling basis each year. This S$30,000 limit applies to transactions such as card spend, overseas ATM withdrawals, and overseas transfers to third parties.

  7. Which transactions are exempted from the S$30,000 annual limit?
    Three types of transactions that are exempted from the S$30,000 annual limit:

    Transfer of excess amount to your external account; local and international transfers to your personal account under your name; and local peer-to-peer bank transfers to another person’s personal account

  8. Does the exchange of e-money between currencies count towards the annual S$30,000 flow cap?
    No. It will only be counted towards the annual flow cap when you spend, withdraw, or make a non-exempt transfer in SGD or another currency, for example:

    Exchanging SGD for AUD - won’t be counted;
    Spending the AUD -  will be counted;
    Withdrawing AUD from an Australian ATM - will be counted;
    Online shopping with AUD - will be counted.

  9. Can I find out about my remaining annual spending limit?
    We are working on a feature to let you know how much of the S$30,000 limit you have spent. We will be sure to let you know once this is ready.

  10. I am a Premium / Metal customer. How do these limits impact me?
    These limits will apply to all Revolut accounts. However, a number of features available to Premium and Metal customers are not affected by the caps, including: Travel-related features such as insurance, lounge passes, etc.

    We are also rolling out new features for Premium and Metal customers in the coming months, so stay tuned!

  11. How does Revolut ensure the safety of the funds in my e-money account?
    We safeguard your money in a tier-1 global bank operating in Singapore. This protects your money should Revolut become insolvent.

  12. What is an External Account?
    An External Account is a personal SGD deposit account held with a bank in Singapore. You can set up your External Account by adding your account details on your Revolut app. With an External Account you’ll be able to:

    Top up or receive more than S$5,000 in your Revolut account throughout the course of the day; automatically transfer any balance in excess of S$5,000 to your External Account every night

    If you hold balances in foreign currencies, we may have to convert them back to SGD before transferring them to your External Account. If you want to prevent your balances from being automatically converted and transferred out, please keep your end-of-day balance at no more than S$5,000.

  13. Will I incur any fees for the transfers to my External Account?
    If the balance in your Revolut account at the end of the day is above S$5,000 (or foreign currency equivalent), processing fees may be imposed by intermediary or recipient banks. This is because our main payments partner sets a limit on transfers from Revolut; if your transfer is larger than this amount, we will ask another payment processor to complete the transfer, and this comes with processing fees. To avoid these fees, keep your total account balance to no more than S$5,000 (or foreign currency equivalent) at the end of the day.

  14. Help! I can’t set up my External Account.
    Download and install the latest version of the Revolut app (version 7.27);
    Make sure the first name and last name of the recipient must match those on your Revolut profile;
    Your External Account must be an SGD-denominated account held in your name with a bank in Singapore.