- June 10, 2021
- Posted by: markets.businessinsider.com
- Category: Featured
- In a gesture of support for global customers and their families, Revolut will temporarily waive fees on international remittances directed to India and Malaysia.
- Last month, Revolut announced that it would be waiving fees on remittances to India which has been extended for a further 30 days to 10 July 2021.
- Revolut has also added Malaysia to the list. Remittances to Malaysia will be free for all customers until 10 July 2021.
SINGAPORE, June 10, 2021 /PRNewswire/ — Revolut has announced that it is extending the waiving of fees on cross-border remittance payments to India for a further 30 days to 10 July 2021. In addition, it will be waiving fees on cross-border remittance payments to Malaysia.
This temporary waiving of fees is intended to help individuals who are remitting money to India and Malaysia to support their loved ones during this challenging time.
Last month, India was struck by a devastating second wave of COVID-19 infections. Although India has begun to ease restrictions, citizens will continue to depend on much-needed remittances from family members working overseas to ride out the economic impact the pandemic has had on the country.
Malaysia has for several weeks been reporting Southeast Asia’s heaviest caseload per capita, which has forced the country to go into a two-week lockdown since 1 June 2021. While infection numbers are showing a downward trend, the number of daily infections remains high, with total cases breaching 600,000 in recent days.
James Shanahan, CEO of Revolut Singapore, says:
“Malaysians in Singapore make up the largest Malaysian diaspora community in the world. In addition, about 400,000 Malaysians cross the border into Singapore for work or school every day. For Malaysian expatriates working here, a cost-effective, safe, and fast way to send money home can prove to be a lifesaver in these times. We hope this gesture by Revolut will provide a small relief to those who aren’t able to physically be with their loved ones for now.”
Revolut customers worldwide remitted more than USD 36 million to both India and Malaysia in the last 3 months. In April, Revolut introduced a 0.3% fee on remittances, pegged at a minimum of SGD$0.30 and a maximum of SGD$9, for customers not on its Metal plan.
Revolut gives its customers the power to spend, transfer, and control their money without sky-high fees. Since its launch in 2015, Revolut has expanded significantly beyond its origins as an FX product, adding new features such as Gifting, Rewards, Bill Splitting, Group Vaults and Donations. Revolut’s ambition is to be the world’s first financial super-app.
Revolut does not charge a fee when customers exchange currencies in-app during London FX trading hours. It now has over 15 million customers and has processed more than 1bn transactions worth over US$100bn.