British neo-bank Revolut has launched its digital banking services in Singapore after completing a successful beta phase.
The London-based challenger bank, which has already added approximately 30,000 customers in the city-state, will offer free account facilities to its customers.
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Using their mobile phone, the users can open a free account and spend in more than 150 currencies at the exchange rate without hidden charges.
Additionally, the accountholders will be offered a multi-currency travel debit card as well as access to its mobile banking app using which they can send and receive money across the globe.
Initially, the service will support the Singapore dollar along with 13 other currencies. Another 14 more currencies including Malaysian ringgit, Indian rupees, and Philippine pesos will be included eventually.
Revolut is offering basic versions of the accountsfree of cost; however, the users will have to shell out monthly fees of $9.99 and $19.99, respectively, to use Premium account and Metal account.
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By GlobalDataThe Singapore launch follows Revolut’s receipt of a remittance licence from the Monetary Authority of Singapore last year. At that time, the firm also unveiled plans to make Singapore home to its Asia-Pacific headquarters.
Also, Singapore is the second Asian country after Australia where the company launched its services.
Additionally, Revolut has operations in Europe and the UK with plans to foray into the US and Canadian markets later this year.
