Payment Services Act: Account limits live in August

Pam Chuang

 · 08/02/2020  · 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 allowed to hold up to S$5,000 (or its equivalent in other currencies) at the end of each day, Singapore time.

How does the Payment Services Act (“PS Act”) affect my Revolut account?

Your Revolut account (including any amount held in your Vaults) cannot exceed S$5,000 (or foreign currency equivalent) at the end of each day. During the course of the day, however, your balance is allowed to go over S$5,000.

The PS Act also impacts how much you can transact annually. You can transact no more than S$30,000 (or its equivalent in foreign currencies) on a 12-month rolling basis. This S$30,000 limit applies to transactions such as card spend, overseas ATM withdrawals, and money transfers.

🏦 What is an External Account?

An External Account is your 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, transact with 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 and 23:59, Singapore time

🔎 Steps to set up an External Account

  1. Ensure your Revolut app has been updated to the latest version
  2. Check your Profile (tap the top left corner of the app’s home screen) and note down your name: John [First] Kah Wei [Middle] Lee [Last]
  3. Return to the home screen and tap “Send”
  4. Tap “New” > “Add a bank recipient”, and then enter your personal bank account details. Important: Make sure your name is entered in exactly the same way as your Revolut profile
  5. Once your account is added, tap the account number and toggle on the “External Account” option. You won’t see this option if your name is entered differently from the one you are using in your Revolut profile

If you don’t have an existing Singapore bank account, you may add the details of your overseas account.