8 August 2023
Revolut unveils a game-changing era of international remittances in Singapore through Instant Card Transfers, enabling seamless, secure, and rapid cross-border money transfers like never before.
Revolut, the renowned global financial super app with an extensive customer base of 30 million worldwide, has achieved a significant milestone by becoming Singapore’s pioneering fintech company to unveil the Instant Card Transfers feature. This groundbreaking innovation in remittances empowers customers to securely transfer funds to individuals across over 80 countries, 24/7, using only their name and a 16-digit Mastercard or Visa card number. The funds are transmitted instantaneously and enjoy the safeguard of the robust Mastercard and Visa networks.
Singapore, renowned as a global financial hub, has earned its reputation as a favoured destination for expatriates from diverse corners of the world. The exponential growth in this expat community has fueled a corresponding surge in remittance demands. According to research, the Singaporean remittance market is poised to reach a staggering US$12.53 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.7% from 2021 to 2030, an upsurge from US$7.52 billion in 2020.
In alignment with this escalating demand for remittance services within Singapore, Revolut has once again taken a monumental stride in its overarching mission of simplifying financial transactions. The launch of Instant Card Transfers has solidified Revolut’s distinction as Singapore’s pioneering fintech firm to provide this revolutionary service.
To commemorate the debut of Instant Card Transfers in Singapore, Revolut has announced an enticing promotion for the month of August 2023. During this period, customers will enjoy unlimited free international transfers.
With Instant Card Transfers, Revolut clientele can seamlessly transfer funds to eligible Mastercard or Visa cards across more than 80 countries worldwide within mere minutes. This expedited process contrasts sharply with conventional banking channels, where transfers often take between three to five days to materialize. The innovative platform leverages the power of Mastercard Send and Visa Direct systems. Notably, recipients need not be Revolut users themselves. The only requisites for this efficient transaction are the recipient’s name and their respective card number. Notably, sensitive card details such as the CVV or expiry date are unnecessary, and each transaction to a new recipient is fortified by a two-factor authentication protocol. It is worth noting that Revolut maintains adherence to the Payment Card Industry Data Security Standard (PCI DSS), which ensures the comprehensive security of information and protection of funds.
Upon the conclusion of the promotional period in August 2023, Revolut will institute a fee for international transfers amounting to SGD $1.75 in addition to 0.8% of the transferred amount. This fee will be transparently displayed within the app before users confirm their transfers.
Raymond Ng, Chief Executive Officer at Revolut Singapore, expressed his enthusiasm for this groundbreaking endeavor, stating, “This is a significant leap towards a world without borders, and we are thrilled to lead the charge in this latest innovation. By providing instant, convenient, and above all, secure money remittance, we empower our customers to support their loved ones whenever they desire. Our collaboration with Mastercard and Visa has enabled us to introduce this cutting-edge technology, and we anticipate further innovations in the future.”
The contemporary landscape of financial transactions is marked by a growing demand for alternative payment mechanisms that tackle issues such as speed, convenience, cost-efficiency, risk mitigation, and real-time transaction visibility. Every passing year witnesses a greater embrace of real-time payments, with businesses and consumers alike seeking immediate fund transfers across geographical boundaries. This pursuit of seamless, swift, and secure financial transactions drove the partnership between Revolut and industry giants like Mastercard and Visa.
Deborah Heng, Country Manager of Singapore at Mastercard, highlighted this synergy by stating, “Meeting these expectations is a necessity and is the driving force behind the partnership with Revolut. 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.”
Deepan Dagur, Head of Visa Direct in Asia Pacific, echoed this sentiment, noting, “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.”
This groundbreaking innovation ushers in an era of unprecedented convenience, bridging distances and transcending borders. With Instant Card Transfers, Revolut customers are now equipped to support their loved ones across the globe with ease, without being encumbered by the traditional hurdles of time-consuming transfers and exorbitant fees. The process to initiate an Instant Card Transfer is straightforward, requiring customers to ensure they have the latest version of the app and then proceeding to tap “Transfer,” followed by “New,” and “Card Recipient.” Subsequently, they input the recipient’s card details and conclude by tapping “Send.”
