Global neobank Revolut has expanded its services by launching the “Mobile Wallets” feature in Singapore, enabling customers to transfer money directly to Bangladesh and Kenya. Revolut plans to unveil additional wallet routes in the near future.

This feature was first made available to Revolut’s users in the UK and most European countries (EEA) in January this year.

The new feature allows users in Singapore to send funds to bKash accounts in Bangladesh and M-Pesa accounts in Kenya through the Revolut app.

The introduction of Mobile Wallets simplifies the process of sending money overseas, eliminating the need for traditional bank account details, such as IBANs or SWIFT codes. Instead, users can transfer funds using only the recipient’s name and their phone number or email address.

Moreover, Mobile Wallets offer a viable alternative to international cash transfers, addressing the challenges faced in countries like Bangladesh and Kenya, where the reliance on cash pick-up methods can be costly and banking penetration is low.

This feature is especially beneficial for the substantial Bangladeshi community in Singapore, especially with the Bangladesh government encouraging remittances from its expatriate population through it 2.5% incentive.

The current Revolut Mobile Wallets pricing for remittances to Kenya and Bangladesh is 0.4% for Standard users, 0.2% for Premium users and fee-free for Metal users.

Ashley Thomas, 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.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/89418/remittance/revolut-expands-mobile-wallet-to-spore-for-transfers-to-bangladesh-and-kenya/