Revolut, the global neobank, has expanded its suite of
services with the launch of the “Mobile Wallets” feature in
Singapore, offering customers the capability of transferring money directly to
Bangladesh and Kenya. The announcement also hints at further expansions of
wallet routes in the near future.
The introduction of Mobile Wallets streamlines the process
of international money transfers, bypassing the requirement for traditional
bank account details like IBANs or SWIFT codes. Instead, users can initiate
transfers using only the recipient’s name and their phone number or email
address.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore, Source: LinkedIn
Ashley Thomas, Head of Strategy & Operations, Revolut
Singapore said: “We’re delighted to launch Mobile Wallets so that Revolut
customers can send money in a flash. Sending money home is a problem many
expats face and so it is essential to provide a service that simplifies this
and facilitates affordable and convenient international money transfers. By
continuously adapting to the evolving needs of the digital economy, we hope to
continue to empower individuals and families around the world to navigate the
complexities of cross-border finance with ease.”
The implementation of Mobile Wallets not only simplifies the
transfer process but also provides a viable alternative to traditional
international cash transfers. This is particularly significant in countries
like Bangladesh and Kenya, where reliance on cash pick-up methods can be
costly, and banking penetration remains relatively low.
Pricing Structure for Revolut’s Mobile Wallets Remittances
This feature, initially introduced to Revolut users in the
UK and most European countries earlier this year in January, is now accessible
to users in Singapore. Through the Revolut app, customers in Singapore can
seamlessly send funds to bKash accounts in Bangladesh and M-Pesa accounts in
Kenya.
The launch of Mobile Wallets comes as welcome news to the
sizable Bangladeshi community in Singapore, especially in light of the
Bangladesh government’s encouragement of remittances from its expatriate
population through its 2.5% incentive scheme.
Revolut
has also revealed its pricing structure for Mobile Wallets remittances to Kenya
and Bangladesh. Standard users will incur a fee of 0.4%, while Premium users
will enjoy a reduced fee of 0.2%. Additionally, Metal users will benefit from
fee-free transactions.
Revolut, the global neobank, has expanded its suite of
services with the launch of the “Mobile Wallets” feature in
Singapore, offering customers the capability of transferring money directly to
Bangladesh and Kenya. The announcement also hints at further expansions of
wallet routes in the near future.
The introduction of Mobile Wallets streamlines the process
of international money transfers, bypassing the requirement for traditional
bank account details like IBANs or SWIFT codes. Instead, users can initiate
transfers using only the recipient’s name and their phone number or email
address.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore, Source: LinkedIn
Ashley Thomas, Head of Strategy & Operations, Revolut
Singapore said: “We’re delighted to launch Mobile Wallets so that Revolut
customers can send money in a flash. Sending money home is a problem many
expats face and so it is essential to provide a service that simplifies this
and facilitates affordable and convenient international money transfers. By
continuously adapting to the evolving needs of the digital economy, we hope to
continue to empower individuals and families around the world to navigate the
complexities of cross-border finance with ease.”
The implementation of Mobile Wallets not only simplifies the
transfer process but also provides a viable alternative to traditional
international cash transfers. This is particularly significant in countries
like Bangladesh and Kenya, where reliance on cash pick-up methods can be
costly, and banking penetration remains relatively low.
Pricing Structure for Revolut’s Mobile Wallets Remittances
This feature, initially introduced to Revolut users in the
UK and most European countries earlier this year in January, is now accessible
to users in Singapore. Through the Revolut app, customers in Singapore can
seamlessly send funds to bKash accounts in Bangladesh and M-Pesa accounts in
Kenya.
The launch of Mobile Wallets comes as welcome news to the
sizable Bangladeshi community in Singapore, especially in light of the
Bangladesh government’s encouragement of remittances from its expatriate
population through its 2.5% incentive scheme.
Revolut
has also revealed its pricing structure for Mobile Wallets remittances to Kenya
and Bangladesh. Standard users will incur a fee of 0.4%, while Premium users
will enjoy a reduced fee of 0.2%. Additionally, Metal users will benefit from
fee-free transactions.