With Instant Card Transfers, Revolut Singapore customers can send money in real-time to eligible Mastercard and Visa cardholders in over 80 countries, through the Mastercard Send and Visa Direct platforms
Supporting your loved ones is now easier than ever; no more hassle of entering multiple codes for wire transfers – all that is needed is the recipients’ name and 16-digit card number
Revolut Singapore is also offering an exciting promotion of unlimited free Instant Card Transfers only for the month of August 2023
Singapore, 3 August, 2023 – Revolut, the global financial super app with 30 million customers worldwide, has become the first fintech company in Singapore to launch Instant Card Transfers, the latest innovation in remittances allowing customers to securely send money to anyone in over 80 countries, 24/7 with just their name and 16-digit Mastercard or Visa card number. The transferred funds are sent in real-time and protected by Mastercard and Visa’s networks.
As a global financial hub, Singapore is a location of choice for expats from various countries around the world. Consequently, research has shown that the remittance market in Singapore is projected to reach US$12.53 billion by 2030 (from US$7.52 billion in 2020), growing at a CAGR of 4.7% from 2021 to 2030. In line with the increasing demand for remittance services in Singapore, Revolut has taken another stride forward in its mission of simplifying all things money by becoming the first fintech company in Singapore to offer Instant Card Transfers.
To mark the launch of Instant Card Transfers in Singapore, Revolut is offering unlimited free international transfers for the month of August 2023.
Through Instant Card Transfers, Revolut customers will be able to push funds to any eligible Mastercard or Visa card in over 80 countries globally within minutes as compared to traditional banking methods, which could take between three to five days. This is managed by the Mastercard Send and Visa Direct platforms. The recipients do not need to be Revolut users. The only details required are the recipient’s name and their card number. No additional card details such as CVV or expiry date is required and any transaction to a new recipient is protected by a two-factor authentication. Revolut remains compliant with the Payment Card Industry Data Security Standard (PCI DSS), which ensures end-to-end security of information and protection of funds.
After the promotional month of August 2023, Revolut will charge a fee of SGD $1.75 + 0.8% of the amount transferred for international transfers, which will be shown in the app before the transfer is confirmed.
Raymond Ng, Chief Executive Officer at Revolut Singapore said, “This is a big leap in moving towards a borderless world and we are thrilled to be at the forefront of this latest innovation. We are always striving towards making money simple for our customers. Through this instant, convenient and most importantly, secure method of remitting money, we are enabling our customers to send money to their loved ones whenever they wish to. We are glad to have partnered Mastercard and Visa to bring this cutting-edge technology to our customers and look forward to many more of such innovations in the future.”
Today, digitally savvy consumers are demanding alternative payment methods that address challenges including speed, ease of use, high cost, risk, and limited visibility to details of real-time money transfer transactions. Each year, real-time payments are increasingly embraced, with businesses and consumers expecting to be able to send and receive funds almost instantly, anywhere, in a way that works for them, valuing speed, choice and security. Meeting these expectations is a necessity and is the driving force behind the partnership with Revolut,” said Deborah Heng, Country Manager, Singapore, Mastercard. “With Instant Card Transfers managed by Mastercard Send, Revolut’s users will benefit from the peace of mind that their transactions are seamless and safe” she added.
Deepan Dagur, Head of Visa Direct, Asia Pacific said, “The appetite for quicker and more accessible remittance payments continues to grow as remitters in Singapore look for better ways to send money to their families overseas. We are thrilled that our collaboration with Revolut is going to help further enhance the reach of Visa Direct and facilitate efficient yet seamless money movement across borders.”
With this new innovation, it is easier now than ever to feel closer to family and friends who may be living in a different part of the world. Without being limited by the hassle, long waiting times and exorbitant fees, Revolut customers can support their loved ones in small ways like sending money to help with their living expenses. Here is how to make a Instant Card Transfer:
Make sure you’ve got the latest version of the app
Tap Transfer > New > Card recipient
Enter their card details and tap Send
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We are building the world’s first truly global financial superapp. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, 30 million customers around the world use dozens of Revolut’s innovative products to make more than 400 million transactions a month.
Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
In Singapore, Revolut Technologies Singapore Pte. Ltd. (“RTS”) is regulated as a Major Payment Institution (licence no. PS20200326) since October 2020. For more details, you can refer to the MAS website here. RTS also offers a precious metals product which is not regulated under the Payment Services Act.
Revolut Securities Singapore Pte. Ltd. (“RSS”) is regulated as a Capital Markets Services licensee by the Monetary Authority of Singapore (“MAS”) since November 2021. For more details, you can refer to the MAS website here.