Revolut Introduces Direct Transfers From Singapore to Kenya
British fintech company Revolut has expanded its service offerings by introducing the “Mobile Wallets” feature in Singapore, enabling direct money transfers to Bangladesh and Kenya.
This feature, initially launched in the United Kingdom and the European Economic Area (EEA) in January, now allows Singaporean users to send money directly to bKash accounts in Bangladesh and M-Pesa accounts in Kenya through the Revolut app.
By introducing “Mobile Wallets,” Revolut simplifies international money transfers, bypassing the need for traditional bank account details like IBANs or SWIFT codes. Users can transfer funds with just the recipient’s name and contact details, such as a phone number or email address.
This service offers a practical alternative to traditional international cash transfers, particularly in countries like Bangladesh and Kenya, where banking infrastructure may be limited, and reliance on cash pick-up methods can be costly and inconvenient.
Revolut’s pricing for Mobile Wallet remittances to Kenya and Bangladesh is set at 0.4% for Standard users, 0.2% for Premium users, and is fee-free for Metal users.
Additionally, Revolut introduced “Instant Card Transfers” in Singapore in August, providing secure, low-cost, and convenient options for sending money. This service allows users to transfer funds to anyone in over 80 countries instantly, using just the recipient’s name and their 16-digit Mastercard or Visa card number.
Unlike traditional banking methods, which can take several days, transferred funds are delivered instantly and are protected by the security networks of Mastercard and Visa.
Recipients of these transfers do not need to be Revolut users, and the service does not require the provision of sensitive card details like the CVV or expiry date.
All transactions to new recipients are safeguarded by two-factor authentication, and Revolut adheres to the Payment Card Industry Data Security Standard (PCI DSS) to ensure the security and protection of funds.
