Revolut Reviews and Comparison - Seedly
 
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4.6
Reviews (25)
4.6
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  • I registered for Premium Revolut in Singapore to learn that they can actually NOT provide service they advertise, NO bank account and NO international transfers from Sing to other countries/currencies from a Revolut bank account. It ONLY is a credit card service available which I find unacceptable. I am stuck in chat box where my complaints are not answered apart from to pay for service I do NOT get and wait in vain for the account at undefined future which likely will be 202+
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  • Updated 2w ago
    I am surprised no one mentioned that Revolut CHARGES a minimum 1% commission on weekends!!! Basically, when people use it the most, Revolut applies a commission to their exchange rate as Forex is closed during weekend! Transferwise does not do that and, in the end, during weekends they are cheaper than Revolut. In short, during weekdays, it is good to use Revolut but during weekends you should use Transferwise. I don't know for other providers You can check in Revolut FAQ !!! Terrible rates during weekends when actually we use it the most! You can also look the chart of your preferred currency pair in Revolut. You will notice immediately the drop every and each weekend! This is the your hidden commission :) To me, it is fine they do so, but it should be CLEARLY STATED UPFRONT!!!!!!
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  • [[ Oct 21 - para 2, 13 - added in details of service standard for premium members, tldr - a bit slower than promised ]] [[ Removed older changelog due to post length limit ]] 1. Part of initial rollout for Revolut card in Singapore. 2. Got email and doing initial set up Tuesday Sep 17th, identity testing went quite smooth and after pic of ID card and selfie - There was a small wait (systems looking up databases?) but less than 10 minutes, I have access to app. 3. Unfortunately, a lot of functionality is locked until address verified (via posting of physical card) - so aside from topup, can't really do anything lol. Need to top up S$20 minimum before can proceed. The card itself took around a week to arrive. Also, tried out ordering one of the cards with special design as part of the premium membership. The initial promised TAT was quite ambitious - ordered 11am on 16th and app said would receive on 18th! Unfortunately, was a little too optimistic, and ended up only receiving in 21st. To be fair given production of card and actual delivery, the TAT wasn't too shabby, but just need to disregard TAT given by app. In other markets, it is possible to add value in various currencies; but no dice for SG based cards, currently, only adding value in SGD is supported. 4. Card arrived late 23rd and doing testing on 24th (for ref, it is a Visa as compared with YouTrip/Transferwise which use Mastercard). First transaction supposed to be card-and-PIN but trying out local self-serve supermarket; PIN never asked for; transaction went through. Afterwards, also tried contactless (paywave) and it went through as like any other card. So POS transactions work well. Tried Revolut in parallel with local bank Visa on overseas transaction. FX rate charged by local bank after their fees is 3% worse than Revolut's rate (that's a lot - props to Revolut on great deal). Note this was during weekday "FX market hours" so no additional surcharge from Revolut and show them in the best light; but still a great saving compared regular cards. 5. No ATM withdrawal functionality in Singapore so couldn't try that but did try PIN change. Unfortunately a FAIL - no ATM could do it (tried Citi, POSB, OCBC). In fact, none of the ATMs could even give card balance - so no use at all with ATMs. This is actually a bit dumb since initial PIN setup is via app but PIN change is via ATMs which means essentially it is a non-reversible choice until Revolut fix this. 6. Virtual card set up is instant (just click relevant section in the app) but on attempt to use card - had issue; counterparty insisted for a card that can do SMS 2 factor verification and said Revolut virtual card doesn't qualify - so can't work there. Tried on other website with less restrictive security setup and it was accepted with no issues. On Revolut's side, virtual card is working fine but isn't fool proof to peculiarities of service provider requirements (to be fair, this would apply to regular credit cards issued by banks as well). 7. Transfer to other Revolut users - did a small FX exchange and sending across amount to relative in Europe (Sweden); payment link went ok and was told that transaction went through ok immediately on app; but for counterparty to actually get money face the same (slow) process to transfer out as described below. Also did a comparison of FX rates (after fees) on a moderate sized nominal amount, converting 9k AUD to SGD. Revolut's rate is very competitive! The net FX rate was about 45-60 basis points better than Transferwise and CurrencyFair (both based out of UK as well and my two go-to places for high value remittances). Note this is about the upper bound on what is the monthly allowance for Revolut before a 1% surcharge kicks in - so if transferring higher amounts then would need to consider the premium/metal plans to avoid the surcharge. 8. Transfers to bank account - initiated transfer account in Singapore (in this case own account). Do note need to have SWIFT code of target bank which isn't common place so a bit of a hassle. Despite using the bespoke transfer system, the transfers does not attract a fee from local receiving bank (tested with HSBC, DBS and Citibank). Other downside is the transfers are promised TAT is very slow. For the free transfers the quoted TAT is 1 week (!!!) vs the instant that is paynow. Even when doing the "turbo transfer" at an cost of S$9 per transactions - TAT is 3 days (Tues -> Friday). The delays seem related to issues with Singapore banks as a similar transfer to bank in HK was quoted as next day (turbo) / 3 days (regular) (but didn't actually try for the latter). In the end, there is quite a lot of variability in the actual TAT. Actual performance over a series of transfers below (original TAT promised was 1 week). Total transfers - 6 Cleared by 3 days - 3 Cleared by 6 days - 2 Cleared by 9 days - 1 (for this last, Revolut had some system issues and had emailed halfway through that it was affected by some partner 'technical issues' - thanks for explanation but didn't really help speed up the turnaround) 9. Analytics - didn't actually try out but if you have difficulty controlling spend and/or interested in some breakdowns on where money is going - there is some functionality in the app. 10. Other observations: 11. In other markets, Revolut comes with bank account details (eg UK will have current account) which can be handy for European SEPA users but nothing of the sort in SG initial rollout (no UK details nor Singapore details) (as yet - there is some "coming soon" in the app). 12. The app security is a bit over-the-top and intrusive; need to enter passcode/fingerprint on every app open and phone unlock --- once is fine but then the security not being 'kept' for a period of time is annoying. Even a brief lock-phone-to-lookup-bank-details-from-card-elsewhere will need a fingerprint unlock even if 15 seconds. In the course of writing this review, had to unlock the app ~10 times. The UX guys really need to look at this. The IT team being a bit hyper sensitive about asking for fingerprint (or passcode) seems a bit of a pattern, as of last update (17 Oct) the credit card numbers are masked requiring a fingerprint to reveal... even if you had just logged in with fingerprint and had done nothing else! 13. Customer Support - needed some CS support on an account setup issue. Looked on website and took a while to find out the best way if through app (I should have known!) with the chat facility. Initially got a robot which could not help but a simple "speak to live agent" got me someone real. Overall interaction was fine, the guy was working off a script (had confirmation questions which either repeated what we had talked around before or were nonsensical - he recognized that and noted he needed to ask for record purpose). It did feel like the guy was multitasking as there was a long delay getting someone assigned and then on-and-off gaps in replies. Overall about 1hr and 15 mins to resolve - a bit slow considering a very straightforward issue but was good that it got resolve in 1 round. As part of the premium membership, apparently have access to "priority" access to the help channel. Unfortunately, in reality, didn't really speed up things - when asked for live agent on card delivery question, was told "agent with you in 1 min" - but did take 30 minutes before anyone was assigned and another 10 minutes before support really got going. Similar to previously, the support team is empowered to solve problems which is good but does take time. 14. Overall - core functionality seems fine, with extremely good FX rates for remittances involving currency exchange; but service is much emasculated compared to overseas offering and hope Revolut will be refining the offering post-rollout
    7 comments
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    Nhat Pham
    Nhat Pham

    3w ago

    @Kelly, is there any fee to transfer sgd to vnd?
    Kelly Trinh
    Kelly Trinh

    3w ago

    @Nhat - right now Revolut doesn't have the capability to have balances in VND, so can't use their platform for currency change / fund transfers (for card spending can still do VND on the normal Visa/MC network)
  • I had only recently received the card on the 25th Sep 2019, so i had not use the full 100% of what it offer, but instead a sharing of my (honest) experience. 1. The card design is pretty awesome and as a 'card-collector', yes i want to 'collect' it. 2. It is a Long wait, almost 1 month . Even when you reach the 'top of the q' , you still have to wait! 3. So On 19th Sep, I received email notification to apply for the card. Application process is pretty simple and easy, which would require you to do a KYC with your identity card/ pass port and a selfie. ( Simple KYC via APP, and get approval within minutes!) 4. After successful signup, you would need to top up the card, a minimum amount of SGD20 via credit or debit card (which the card issuer bank must support 3D-S!) Upon successful top up, you can then have the card to deliver to you. There are 3 methods;- 2 of which u need to pay such that you get the card ASAP; and 1 of which is free delivery option will set you a longer days to receive. ( Top up with a minimum amount card via credit/debit card -AMEX not support. Remember to freeze card (in-app) after send out the card!) 5. On 25th Sep, card was received and would need to make a transaction in-store to "activate" the card. (Remember to unfreeze your card if u had "frozen" it). e.g. go to your favorite NTUC or 7-11 store, or top up you EZ-link card. And card is ready! ( Activate of card by making a transaction.) 6. Via the APP, you can exchange for foreign currency at a competitive exchange rate and there is no fee! There are quite a number of foreign currency which you can exchange (but currently now, not ALL is available! ( Wide range of foreign currencies available, and at no fee!) 7. I had exchanged SGD to EUR, and made a SWIFT Transfer to 2 EUR business account, and AMAZINGLY, there is no SWIFT fee charge! Being a free user, there is a long waiting time up to 8 working business days! Paid premium users would have a shorter waiting time. 8. Now to the APP, I had not fully explored into the all the functions, but the GUI is quite easy to use, (but you will take time to get familiar with it.). The in-APP support is always to assist you, except do be patience of the waiting time, and of course, there will be times, your issues will not even get answered! ). 9. Last but not least, there is lounge access and (up to) 1% cashback rebate for METAL premium users. (NOTE: METAL is not launch in SG yet). If you had spent in FOREIGN currency, you can choose the currency for the 1% cashback!. 10. Conclusion, during the closed door Meet REVOLUT conducted by Seedly, REVOLUT have really exciting plans and personally, I'm quite looking foward to it! Total : 8x , 2x
    2 comments
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    Kenneth Lou
    Kenneth Lou

    09 Oct 2019

    Good review! :)
    Nhat Pham
    Nhat Pham

    3w ago

    @Kelvin, could you help to check if there is any fee to transfer sgd to vnd?
  • Updated on 09 Oct 2019
    Excellent UI. Very clean and easy to use. I like how the analytics tab allow you to track your spendings by category, merchant and country across time. Revolut also supports peer to peer payments so you can send and request funds to other fellow Revolut users. Split bill function lets you split up the cost of a meal equally with your friend(s) on Revolut. The most distinctive feature has to be the disposable virtual card which adds a layer of security by making a set of card credentials only usable for one time. This is especially useful for setting up card payments for shady websites which do not look secure. If you do not trust how the website handle your card details, this disposable virtual card feature is your saviour! The Revolut app also comes with widgets like a built-in rates converter that lets you track the trend of multiple currency pairs so you can decide when to exchange your currencies. An auto-exchange function even lets you set a target exchange rate for the FX exchange to take place. You can also set alerts for a preset exchange rate so that once the notification is triggered, you can decide to perform an Exchange. Don't these features sound like what you'll get from an FX Trading app? Yes indeed! But Revolut lets you do the FX, spending, receiving of funds all in ONE place! For those with savings goal, take advantage of the vault function where you can stash money away for different financial targets. A group vault feature lets you share a common financial goal with friends or family or your loved ones! Great for saving in a collaborative manner. The recurring payment function even lets you set up "GIRO"-like standing instructions to send money to someone on a particular day of the month for x number of times. Everything you'll ever need to manage your money can be done with the Revolut app. The ability to convert your money to various multiple currencies(currently support 14 currencies upfront, currencies not listed in Exchange will be done by Revolut at the best available rate) and then having the ability to spend from your account(s) through a physical card as well as a virtual card(supports Apple Pay too!) is something you can't find anywhere else, for now! Highly recommended to get this card! Revolut has indeed revolutionised how one manages money. Great for FX, travel, budgeting, finance tracking, payments, etc!
    1 comment
    6
    Kenneth Lou
    Kenneth Lou

    09 Oct 2019

    Awesome review man!
  • Posted on 09 Oct 2019
    I like how you can transfer your cash out and its liquid and at the same time you can use it for overseas payments. Love the feature of the one- time destroyable card number to to protect your wallets from fraudsters. Would choose this on TOP of YouTrip because of the withdraw function
    0 comments
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  • Posted on 08 Oct 2019
    Honestly amazing UI, everything loads quickly and looks really sleek. I like that it leaves no 'dust' and small amounts can be transferred in/out of my account.
    0 comments
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  • Posted on 03 Oct 2019
    Very simple and straightforward user interface. Topping up the account was easy using credit card and there were plenty of security tools that allows you to turn on / off real time to keep your account safe. Real time viewing of exchange rate in app is definitely a function that I love so that i can do the conversion real time to know how much i will be spending in local currency. The only 1 pity about Revolut is that it doesn't support 3DS transactions at the moment which requires SMS OTP verification. Other than that, its all good!!!!!
    0 comments
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Questions (46)

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Revolut

Multi Currency Cards

I am particularly curious if Chester (Country Manager for Revolut SG) can share whether the following features will be impacted by the banking license being off the table: - Topup/Funding in non-SGD currencies - Virtual bank account details (for both SGD and non-SGD currencies) The above would be important to get feature parity with something like Transferwise, else Revolut is looking a bit weak (to both TW and Revolut's own offerings for residents in other countries). (Nonetheless, agree with reasoning for pulling out of the banking license race; when I saw the 1.5bn capital requirement, I was wondering who would want to pursue a license; MAS must have a very specific view of potential future banks of when setting the requirement)

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Oct)

Level 8. Wizard
Answered on 11 Oct 2019
YES! https://revolut.com/referral/huijun6opd

Investments

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Revolut

YouTrip

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Oct)

Level 8. Wizard
Answered 2w ago
Yes, I used Youtrip in Japan and absolutely loved it - no challenges faced. The only thing with Japan is that not all places accept card - for eg. my favourite matcha soft serves were all paid in cash. But for all the mastercard friendly places, Youtrip is awesome! Haven't used Revolut yet, but it would be good to test both out.

Revolut

Multi Currency Cards

DBS

OCBC

Sarveen Chester
Sarveen Chester, Country Manager at Revolut
Level 4. Prodigy
Answered on 11 Oct 2019
Hey! 👋 I'm not entirely sure I get your question. But if you're asking about conversion from JPY to SGD, you can do that from within the application, and vice versa with the other supported pocket currencies (we will be introducing more very soon). Hope this helps! ☝️

Multi Currency Cards

Revolut

Sarveen Chester
Sarveen Chester, Country Manager at Revolut
Level 4. Prodigy
Answered on 11 Oct 2019
Hey there 🙌 You are already able to make transfers to a foreign account in any of the currencies we support. Just head to your account, hit payments, bank transfer, complete all the details and initiate the transfer. Hope this helps! 💪

YouTrip

Revolut

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If you’re comparing on features, Revolut is better. If you’re comparing just on exchange rates, I would say get both since it’s free, and see which offers the best rates at the point of purchase. Based on my comparisons, Revolut wins YouTrip in USD, HKD, AUD & NZD but loses in JPY. Disclaimer: I only compared these 5 currencies.

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Revolut

Royalchem
Royalchem
Level 5. Genius
Answered 2w ago
I don’t think so. It would be great if there is.

Credit Card

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Revolut

Miles

It's considered a retail transaction but do note that banks generally bar top-up transactions like Revolut from earning cashback/miles

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Revolut

I'd say unlikely since the robo-advisors likely have their own custodian/backoffice processes set up and it isn't clear the value add of doing the development work to connect to Revolut just for the trading piece.

Revolut

The limits for Singapore are SGD 350/700/1050 for ATM withdrawals for standard/premium/metal and an FX change limit of SGD 5000 for standard users. The limits for UK users (Revolut's main market) are GBP 200/400/600 and GBP respectively. Translated to Singapore dollars that is SGD 351/752/1053 and 8782. From that, it looks like they just changed the UK limits to SGD without further adjustments. (PS - what is a "TG" group?)
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About Revolut
OperationsRevolut is an international company started in London in 2015. It is a digital banking alternative that includes a pre-paid debit card, multi-currency exchange, instant peer-to-peer and interbank payments, transfers, and global medical and travel insurance coverage.
TypeMobile app with physical cards, virtual cards, and disposable virtual cards. Card scheme is Visa.
Currencies Supported- AUD - EUR - GBP - HKD - JPY - NZD - SGD - USD - SEK - CAD - CHF - THB - TRY - ZAR
Fees- No fall below balance fees - 0% overseas spending fee - Minimum SGD20 initial top-up for account activation - 0% FX transactions fees up to S$9000 per month for Standard tier + up to S$350 fee-free international ATM withdrawals per month. (Limits lifted if users upgrade to paid subscription plans)

This product is available to those on its waitlist as of August 2019

About Revolut

Revolut is a mobile-only platform that offers a range of financial services. Founded in 2015, Revolut believes in global spending and transfers without unnecessary exchange rates - enabling anyone to live like a local wherever they are.

Revolut Features

  • Open an account within the app in minutes
  • Built-in budgeting features within the app
  • Instant notifications for every transaction made
  • Spend in more than 150 currencies 
  • Hold up to 14 currencies within the app
  • International money transfers available in up to 27 currencies
  • Send and request money instantly
  • Recurring payments feature available within the app
  • Freeze and unfreeze your card at any time
  • Full control on account: able to turn off things like contactless, swipe and online payments and ATM withdrawals all within the app
  • Location-based security: suspicious payments will be blocked when toggled

Fees and Charges

  • Standard: Free
  • Premium: S$9.99 per month, discount if paid annually
  • Metal (coming soon): S$19.99 per month, discount if paid annually