Revolut Singapore Expands Limits and Launches IDR Pocket Amidst Surge in Demand

Revolut Singapore has raised the holding and spending limits and introduced a new currency pocket. In response to increased demand from travelers and investors, the fintech company has increased the e-wallet limit, allowing users to hold up to S$20,000, up from the previous limit of S$5,000.

These changes are expected to provide users greater flexibility and convenience, enabling them to manage and spend more funds through the app.

Revolut Singapore has recently implemented updates to its digital wallet, which include raising both holding and spending limits across the region. Additionally, the annual spending limit has been raised to S$100,000, up from S$30,000 previously. These adjustments facilitate various financial activities such as travel expenses, group expenditures, and international remittances.

Alongside these enhancements, Revolut has introduced a new currency pocket for Indonesian Rupiah (IDR) within its app, expanding the total number of supported currencies to 34. This addition allows users to exchange and store IDR directly in their Revolut wallets, catering particularly to Singaporean travelers who frequent Indonesia. 

The expanded e-wallet limits aim to streamline customer money management within a single app interface, offering Revolut Singapore clients improved access to a wide array of in-app features and products, including investment opportunities. 

This development coincides with Revolut’s new interest-bearing tool, the Flexible Account, which promises competitive Annual Percentage Yield (APY) rates with no minimum investment requirement. Funds deposited into Flexible Accounts will be directed towards USD-denominated Money Market Funds (MMF) managed by Fidelity International, with daily interest accruals that can be withdrawn anytime.

Moreover, Revolut has enhanced its security features to ensure user privacy and safeguard financial transactions. New measures include a mandatory 12-hour cooling-off period following a login from a new device before users can engage in high-risk activities such as adding new payees or increasing transaction limits. 

Additionally, users are limited to saving one card and linking one bank account for top-ups. They receive email notifications for new device logins or when performing high-risk actions. These updates aim to fortify security protocols amidst increasing concerns over financial fraud and scams.

Raymond Ng, CEO of Revolut Singapore, expressed enthusiasm about the raised e-wallet limits, emphasizing their role in meeting diverse financial needs within a single platform. 

 “We are excited to be able to offer our users greater payment flexibility and convenience through the raised e-wallet limits. The higher limits solve an ongoing challenge for our users who’ve been wanting to use their Revolut app for big-ticket purchases overseas, investments, or even big cross-border transactions such as paying for their children’s tuition fees.”

“It also brings us a step closer to becoming an everyday app for Singaporeans, beyond just travel. Overall, the enhanced limits will enable greater innovation in the e-wallet landscape and pave the way for seamless payments worldwide,” he commented. 

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