Mobile Wallets streamline transfers without traditional bank details like IBANs or SWIFT codes.
Standard users will incur a 0.4% fee for remittances to Kenya and Bangladesh.
Revolut, the global neobank, has expanded its suite of
services with the launch of the "Mobile Wallets" feature in
Singapore, offering customers the capability of transferring money directly to
Bangladesh and Kenya. The announcement hints at further expansions of
wallet routes in the near future.
The Impact of Mobile Wallets
The introduction of Mobile Wallets streamlines the process
of international money transfers, bypassing the requirement for traditional
bank account details, like IBANs or SWIFT codes. Instead, users can initiate
transfers using only the recipient’s name and their phone number or email
address.
Ashley Thomas, the Head of Strategy & Operations, Revolut
Singapore, said: “We’re delighted to launch Mobile Wallets so that Revolut
customers can send money in a flash. Sending money home is a problem many
expats face and so it is essential to provide a service that simplifies this
and facilitates affordable and convenient international money transfers. By
continuously adapting to the evolving needs of the digital economy, we hope to
continue to empower individuals and families around the world to navigate the
complexities of cross-border finance with ease.”
The implementation of Mobile Wallets not only simplifies the
transfer process but also provides a viable alternative to traditional
international cash transfers. This is particularly significant in countries
like Bangladesh and Kenya where reliance on cash pick-up methods can be
costly, and banking penetration remains relatively low.
Pricing Structure for Revolut's Mobile Wallets Remittances
The launch of Mobile Wallets comes as welcome news to the
sizable Bangladeshi community in Singapore, especially in light of the
Bangladesh government's encouragement of remittances from its expatriate
population through its 2.5% incentive scheme.
Revolut
has revealed its pricing structure for Mobile Wallets remittances to Kenya
and Bangladesh. Standard users will incur a fee of 0.4%, while Premium users
will enjoy a reduced fee of 0.2%. Additionally, Metal users will benefit from
fee-free transactions.
Revolut, the global neobank, has expanded its suite of
services with the launch of the "Mobile Wallets" feature in
Singapore, offering customers the capability of transferring money directly to
Bangladesh and Kenya. The announcement hints at further expansions of
wallet routes in the near future.
The Impact of Mobile Wallets
The introduction of Mobile Wallets streamlines the process
of international money transfers, bypassing the requirement for traditional
bank account details, like IBANs or SWIFT codes. Instead, users can initiate
transfers using only the recipient’s name and their phone number or email
address.
Ashley Thomas, the Head of Strategy & Operations, Revolut
Singapore, said: “We’re delighted to launch Mobile Wallets so that Revolut
customers can send money in a flash. Sending money home is a problem many
expats face and so it is essential to provide a service that simplifies this
and facilitates affordable and convenient international money transfers. By
continuously adapting to the evolving needs of the digital economy, we hope to
continue to empower individuals and families around the world to navigate the
complexities of cross-border finance with ease.”
The implementation of Mobile Wallets not only simplifies the
transfer process but also provides a viable alternative to traditional
international cash transfers. This is particularly significant in countries
like Bangladesh and Kenya where reliance on cash pick-up methods can be
costly, and banking penetration remains relatively low.
Pricing Structure for Revolut's Mobile Wallets Remittances
The launch of Mobile Wallets comes as welcome news to the
sizable Bangladeshi community in Singapore, especially in light of the
Bangladesh government's encouragement of remittances from its expatriate
population through its 2.5% incentive scheme.
Revolut
has revealed its pricing structure for Mobile Wallets remittances to Kenya
and Bangladesh. Standard users will incur a fee of 0.4%, while Premium users
will enjoy a reduced fee of 0.2%. Additionally, Metal users will benefit from
fee-free transactions.
Databricks IPO—Big Data Unicorn Ready to Be Set Free?
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano | Finnovate Finance | FMLS:24
Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
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Executive Interview with Roberto Politano from Finnovate Finance at the Finance Magnates London Summit 2024
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