Revolut raises account limits amid growing investor demand

1 month ago 81

Updated

Jun 18, 2024, 09:00 AM

Published

Jun 18, 2024, 09:00 AM

SINGAPORE – Users of fintech company Revolut can now hold more funds in their e-wallets and spend more in a year, as the firm responds to increased demand from travellers and customers who are investing through the app.

Users can now hold up to $20,000 in their e-wallets at any point, an increase from $5,000 before. They can spend a maximum of $100,000 in a year, up from $30,000 previously, said the company on June 18. It had sent e-mails to customers notifying them of the changes earlier in the month.

Revolut Singapore chief executive Raymond Ng told The Straits Times that customer sign-ups have increased by about two times each year compared with the previous year since the firm launched here in 2019.

Asked how many users were hitting the previous caps, Mr Ng said he could not disclose exact numbers, but noted that a significant number of users had hit both the daily limit cap and yearly spending cap. These include travellers who shop for luxury items overseas and customers paying for their children’s tuition fees abroad.

“With the cap increases, we expect payment volumes in-app to increase by at least two to three times.”

In line with the raised limits, the fintech firm has also introduced additional security controls. These include a 12-hour cooling off period when a login to a new device is detected before users can perform high-risk activities such as adding a new payee or increasing the default transaction limit.

There is also additional confirmation and a risk warning before high-risk activities are performed, as w...

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