Payment Services Act: Account limits live in August

Pam Chuang

 · August 02, 2020  · 08/02/2020

Starting August, we will be introducing new limits on your Revolut account. This means that if you are based in Singapore, you will be able to hold up to S$5,000 (or equivalent in other currencies) at the end of the day, Singapore time.

How does the Payment Services Act (“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 course of the day, your balance is allowed to fluctuate above S$5,000.

The PS Act 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. This S$30,000 limit applies to transactions such as card spend, overseas ATM withdrawals, and overseas transfers to third parties.

🏦 What is an External Account?

An External Account is a personal SGD deposit account held with a bank in Singapore in your name. If you are likely to transact above S$5,000 during the day, then you will have to set up an External Account.

With an External Account you’ll be able to:

  • Top up or receive more than S$5,000 in your Revolut account throughout the day
  • Allow us to automatically transfer any balance in excess of S$5,000 to your External Account every night between 23:30 to 23:59 SGT time

🔎 Steps to set up an External Account

  1. Update your Revolut app to version 7.9 or higher
  2. In-app, tap on Payments (Left & Right arrow sign on the bottom of the phone screen) and scroll down to Bank accounts.

If you have your existing local SGD bank account set up, simply click here and select your account as your External Account.

If you have no existing personal SGD bank account set up,

  • Tap Payments, scroll down to Bank accounts and Add recipient
  • Under the Individual tab, you will be prompted to enter details of your bank account, SWIFT Code, your name, and address
  • Please ensure that the name you input exactly matches your account registered name with Revolut. You can check your Revolut account registered name in-app, under profile, settings
  • After you have set up your newly created recipient, set it as your External Account by using the toggle button at the bottom of the screen

Learn more