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Revolut Singapore customers today have their own virtual accounts for secure, fee-free top-ups via bank transfers

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Revolut today gives customers a new way to top up their Revolut wallet.

Up till now, Revolut customers add money to their Revolut wallets using debit/credit cards, Apple Pay or Google Pay. Adding money using bank transfers will give customers one more option to manage their spending on the Revolut app. They may even set it such that a portion of their monthly salaries is automatically transferred to their Revolut wallet. This could be useful in scenarios where a customer wants to manage their subscriptions, utilities bills, or investments through Revolut.

By partnering with DBS, Revolut is able to assign a unique 15-digit virtual account number to each customer in Singapore. A customer simply transfers money to their virtual account from their bank, and the amount is instantly reflected in their Revolut app.

James Shanahan, CEO of Revolut Singapore says: “The goal here is to enable customers to manage their money in a way they find most convenient for their lifestyles. With virtual accounts, Revolut Singapore is able to collect payments from a large number of customers and still easily keep track of their transfers. This process will give our customers peace of mind, thereby improving overall user experience.”

Pam Chuang, Head of Growth at Revolut Singapore says: “Topping up via your local bank account is fast and convenient. With the virtual account feature, Revolut is, once more, able to help our customers better manage their money. When we introduce new wealth and money-management products, this will give our customers visibility of how they are using their money.”

  • Revolut customers can now top-up their Revolut wallet via bank transfers. When they launch the Revolut app, they’ll be able to find a virtual account number assigned to them. (See image above)
  • To top-up, customers transfer the amount they wish to add to their Revolut wallet from their local banks of choice to their virtual
  • Topping up will be via FAST and the cash amount will be instantly reflected in the Revolut wallet
  • No fee is charged for topping up a Revolut wallet via bank transfer

Revolut – The app for all things money

 Revolut gives customers the power to spend, transfer, and control their money without ridiculous bank charges. Together, the Revolut app and contactless payment card let our customers have a frictionless experience when it comes to using and managing their money at home or on a holiday. We are Europe’s fastest growing FinTech with a valuation of US$5.5 billion and our incredible technology has enabled us to grow at a rate of 30,000 users a day. With social features such as Gifting, Rewards, Bill Splitting, Group Vaults and Donations, Revolut adapts to your lifestyle and goes beyond being just a multi currency travel card. Whether you’re running a business or running out for pizza, Revolut is building a super app to help you get more out of your money.

On 8 December 2020, CEO and co-founder Nik Storonsky told CNBC that Revolut broke even in November and revenue is now 50% ahead compared to pre-pandemic levels.

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