Revolut Singapore has announced that it has raised the holding and spending limits on its digital wallet and has launched a new currency pocket. Following this announcement, Revolut raised the holding and spending limits on its digital wallet in the region of Singapore, as well as launched a new currency pocket called the Indonesian Rupiah (IDR).

This will bring the total number of currency pockets in-app to 34, aiming to provide customers with the possibility to exchange and store IDR in their Revolut app for spending in Indonesia, which represents a popular travel destination among Singaporean travelers. In addition, the fintech will continue to focus on meeting the needs, preferences, and demands of clients and users, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement With the rise limits, Revolut clients and users will have the capability to hold up to SGD 20.000 in their e-wallet at any given point in time, an increase from the previous SGD 5.000 and spend up to SGD 100.000 in a year, up from SGD 30.000.

The raised limits are expected to provide added convenience and security to Revolut’s users and clients, while also facilitating travel spending, such as group expenses, overseas remittances, as well as many more daily spending needs. The raised e-wallet limits are expected to play an important role in optimising the way customers meet all their money management needs in one app, and will also allow Revolut Singapore clients to enjoy improved benefits from the many products and features that are made available in-app, including investment. This initiative took place as Revolut Singapore just recently announced the launch of its first interest-bearing tool, Flexible Account, offering up to APY with no minimum investment amount.

In addition, top-ups in Flexible Accounts will be invested in USD-dominated Money Market Funds (MMF), while interest will be paid daily and will be made available for withdrawal anytime, anywhere. The company has also launched an additional currency pocked, the Indonesian Rupiah (IDR), which is set to bring the total number of currencies customers can exchange and store in-app to 34. Clients and users will also have the possibility to spend in over 150 currencies around the world.

At the same time, Revolut introduced additional security controls to provide users with optimised privacy when managing their finances within the app. This includes 12 hour cooling off period of login to Revolut on a new device before high-risk activities are performed, a limit of 1 saved card and 1 linked bank account for top-ups, email notification for login to Revolut on a new device or when high-risk activities are performed, as well as additional confirmation and risk warning before high-risk activities are performed. Revolut will remain committed to the process of tracking the rising threat of financial fraud by continuing to invest in optimised AI technology in order to detect unusual payment activity, as well as protect its clients and customers and optimise their experience.

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