Introducing your Revolut virtual account

Deborah Tan-Pink

 · 12/01/2020  · 12/01/2020

Receive money direct to your Revolut account from any Singapore bank. And best of all, it’s completely free!

I have an account number with Revolut? How?
You now have a shiny new Revolut account. Once you launch your Revolut app, you’ll find your unique account number under Details (see gif below for the step-by-step). With this account number, anyone can transfer money to your Revolut wallet using their local banking app.

I can just stick with my ATM card. Why do this?  
1. Using your Revolut account means that you can keep track of your expenses with our in-app budgeting tool. It’s linked to your Revolut wallet and debit card.

2. With Revolut, you can set up Vaults to automatically stash the spare change from your Revolut card spend. Just sit back and watch the cash roll in.

Why can’t I just top up with my credit card?
Yep, we love our credit cards. But when a shopping season comes around, it’s easy to lose track of our spending. And when we can’t pay our credit card bills in full, we end up incurring late fees or high-interest charges.

If that’s the case, it might not be such a wise money move to top up your Revolut wallet with a credit card. In fact, until you pay off your credit card bills, you might want to cool your heels a lil’ bit. Stay on track with your budgeting by topping up your Revolut wallet via a bank transfer.

How does Revolut help me with budgeting?
1. You set monthly budget limits across different categories, such as groceries, health or travel
2. Our in-app budgeting feature automatically tracks your spending in each category
3. Keep track of your progress in the app. If you start to approach your limits, we’ll send you a notification

“Wait – I can send money to my Revolut wallet via bank transfer?” As of today, YES.

Topping up your Revolut wallet using bank transfer is secure, fast and free.

Want more information about your Revolut virtual account? Read the FAQs below:

1. Why can’t I find my virtual account details?
Make sure your Revolut app is updated to version 7.29. You must also set up an External Account, which is a designated bank account in your name held with a local Singapore bank. Make sure your in-app beneficiary name is an exact match to your Revolut account name, to complete the process with success. Here’s how to set up your External Account.

2. Why do I need an External Account?
The Payment Services Act end-of-day limit is S$5,000. You can hold more than this in your Revolut account throughout the day; however, at the end of each day (between 23:30 and 23:59), any excess over the regulatory limit of S$5,000 (or foreign currency equivalent) will be automatically transferred to the External Account. So we need your External Account to securely transfer this sum. For example, if someone sends you money via bank transfer and the amount in your Revolut wallet is more than S$5,000 at the end of the day, the excess will be sent to your External Account.

3. What happens if I choose not to set up an External Account?
Get the most out of your Revolut app with a virtual account.  You’ll need to set up an External Account to get a virtual account.

4. How do I top up my Revolut wallet using bank transfer?
Log into your favourite banking app and set up a transfer to your Revolut virtual account. You might want to name it something like “Your Name - Revolut” so you know you’re paying into your own Revolut account.

5. What payment types are supported?
Presently, only FAST payments are supported. MEPS+, SWIFT, and GIRO payments are coming soon, so stay tuned!

6. Will I be charged for an incoming bank transfer?
Absolutely not! Revolut prides itself on providing low-cost payments solutions to our customers and we won’t charge you a cent. Although FAST payments are generally free or very cheap to send, it’s worth checking with your bank whether any fees will be charged by them.

7. Who else can transfer money to my Revolut virtual account?
Anyone who has a Singapore bank account and your virtual account number can transfer money to you. The amount will show up on your Revolut app.

8. Is there a minimum/maximum limit for a single transfer?
There is no minimum amount needed for a transfer. However, there is a maximum limit of S$200,000 per transfer as per FAST payment scheme rules. Your wallet balance will be subject to the Payment Services Act limit.

9. Can I receive payments via PayNow or PayLah?
Not yet. But this is something we’re working hard to bring you