Five reasons why Revolut has 30,000 sign-ups everyday

Pam Chuang

 · August 02, 2020  · 08/02/2020

One app for foreign exchange, another to hold multi-currencies, and yet one more for spend and budget setting. Sounds familiar, right? That’s three different sets of user interface, terms and conditions, customer experience and fees.

It’s time to change that. You deserve better. People often mistake us as being just a travel multi-currency wallet, but the reality is that we are building something far more exciting- we’re building a financial super app. That means one app to manage all things money. Revolut removes the need to keep dozens of different finance apps, or register for a slew of different accounts. With the Revolut app, you’ll be able to manage your budget, transfer funds abroad, get medical and travel insurance coverage, and more.

Here’s what you can do :

  • Exchange in 28 fiat currencies with no hidden fees at the real exchange rate
  • Spend in over 150 currencies at the interbank exchange rate
  • Send and receive money from other Revolut customers globally in seconds
  • Enjoy no-fee international ATM withdrawals
  • Track your spending and set budgets
  • Get cashback with Revolut Metal
  • And more...

1.Exchange in 28 currencies with no hidden fees

Revolut allows you to exchange and hold 28 currencies in-app, at the current interbank exchange rate.

That means that Revolut uses the real rate at which banks are currently exchanging currencies; it’s different from most remittance services or money changers, who usually display their own version of exchange rates (that’s why one money changer can have rates that are totally different from another!).

Revolut always displays the interbank exchange rate when you transact, so you know exactly how much you’re paying.

#RevTip: With our competitive interbank exchange rates, you will save when you pay with Revolut for cross border e-commerce shopping. Check out Revolut Rewards in-app now; we have curated a mix of local and international e-commerce brands.

2. Send and receive money in seconds

Transfer of funds between Revolut customers requires just a few taps on your phone. There is no  need to know each other’s bank account details; a phone number or username will suffice.

While some local banking apps can do this, the difference is that Revolut works even if your intended recipient is overseas, and receiving the cash in a different currency––so imagine PayNow but on a global scale.

Revolut peer-to-peer transfers are instantaneous and free. Not only is this more convenient, it also means you save money when you transfer large amounts every month (e.g. a portion of your pay cheque earned abroad).

Revolut works with Apple Pay, Google Pay, Garmin Pay, and Fitbit Pay, if you’re inclined to use these e-wallets with your wearable technologies.

3. No-fee International ATM withdrawals

While you can use your ATM card overseas, the withdrawal fees can be quite steep. These fees are also frustratingly variable, as they depend on whether your bank has a partner bank abroad, or is part of some wider network.

Some of the fees according to

  • DBS / POSB: S$7 per transaction for Cirrus, Maestro, and Plus cards. No fees if you use a UnionPay card.
  • UOB: S$5 for non-network ATMs, plus one per cent currency exchange fee for Visa / Mastercard transactions in Singapore dollars
  • Maybank: $5 per overseas withdrawal transaction

These are just the fees charged by your local bank; it’s possible that the foreign bank(s) operating the ATM will charge further fees of their own.

With Revolut, you can get no fee overseas ATM withdrawals of up to S$350 a month. Revolut Premium gives you free overseas ATM withdrawals of up to S$700 per month, while Revolut Metal raises this to S$1,050. It is worth noting, though, that while the foreign bank will charge you for use of the ATM for overseas funds withdrawal, Revolut doesn’t.

4. Track your spending and set budgets

With most local banking apps, the “budgeting” function is really just for tracking. Revolut real-time budget management and planner tools help you learn, understand, and control your own finances. Our monthly budget planner tool simplifies that by letting you set your monthly spending limits, by category, and we will use that information to work out your daily spending limit for you.

Get useful insights into your spending behaviour by category or toggle by merchant. You can even download your statement in PDF or excel with a simple tap for your finance colleagues to help with your reimbursement claims. Easy!

5. Get cashback with Revolut Metal

Revolut Metal card gives you unlimited 1% cashback with no minimum spend. Maximise your cashback by using Metal on retail expenses, recurring payments for your utilities, town council, telco, digital entertainment and insurance premiums. With Revolut Rewards, get access to cashback and discounts on top curated brands available in-app. Watch this space as we bring better deals exclusively for our Metal customers.

There’s no reason not to download Revolut

Revolut Standard offers almost all of the above for free. It takes minutes to download and set up your Revolut account. No “bank branch” to visit, or stacks of documents to provide.

Download Revolut here