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by Fintech Information Singapore
February 28, 2024
World neobank Revolut has expanded its companies by launching the “Cell Wallets” function in Singapore, enabling prospects to switch cash on to Bangladesh and Kenya. Revolut plans to unveil further pockets routes within the close to future.
This function was first made obtainable to Revolut’s customers within the UK and most European nations (EEA) in January this yr.
The brand new function permits customers in Singapore to ship funds to bKash accounts in Bangladesh and M-Pesa accounts in Kenya by means of the Revolut app.
The introduction of Cell Wallets simplifies the method of sending cash abroad, eliminating the necessity for conventional checking account particulars, akin to IBANs or SWIFT codes. As an alternative, customers can switch funds utilizing solely the recipient’s identify and their cellphone quantity or e-mail handle.
Furthermore, Cell Wallets provide a viable different to worldwide money transfers, addressing the challenges confronted in nations like Bangladesh and Kenya, the place the reliance on money pick-up strategies will be pricey and banking penetration is low.
This function is very useful for the substantial Bangladeshi neighborhood in Singapore, particularly with the Bangladesh authorities encouraging remittances from its expatriate inhabitants by means of it 2.5% incentive.
The present Revolut Cell Wallets pricing for remittances to Kenya and Bangladesh is 0.4% for Normal customers, 0.2% for Premium customers and fee-free for Metallic customers.
Ashley Thomas
Ashley Thomas, Head of Technique & Operations, Revolut Singapore stated,
“We’re delighted to launch Cell Wallets in order that Revolut prospects can ship cash in a flash. Sending cash house is an issue many expats face and so it’s important to offer a service that simplifies this and facilitates reasonably priced and handy worldwide cash transfers.
By constantly adapting to the evolving wants of the digital economic system, we hope to proceed to empower people and households all over the world to navigate the complexities of cross-border finance with ease.”
Featured picture credit score: Edited from Freepik
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