Revolut offers lower cross-border fees, fee-free transactions

Uploaded By: 
Nathanielle Punay
Case Study: 
No
Top Classification (Section): 
More News
Deep Classification (Category): 
Financial Services
Market: 
Singapore

Revolut Singapore customers can enjoy a competitive rate in cross-border transactions.

While UK-based fintech firm Revolut will be charging its customers the mandatory remittance fees, it promises to make up for it with competitive rates.

In a statement, Revolut said its Standard and Premium plan customers will be charged a cross-border transaction fee of 0.3% of the amount transferred, with a minimum of $0.30 and a maximum of $9. This is lower than the $0.86 to $29.84 fees charged by its competitors.

“Revolut started as an alternative foreign exchange service to help customers save money on transfers and currency exchange rates. If you compare our updated fees and rates against those of
our competitors, you will find that we are still giving customers more for their money,” said Revolut Singapore CEO James Shanahan.

Meanwhile Revolut Metal plan customers will enjoy an unlimited number of fee-free cross-border transfers.

Premium plan customers get one fee-free cross-border transfer per month.

This new fee does not affect Revolut's standing as one of the most competitive providers of remittance services in the market.