Revolut, the digital banking and payment platform, has recently announced that its Singapore app will now offer exchange and storage of seven additional currencies for its users. This move is expected to provide greater convenience and flexibility for users who frequently travel or conduct business across different countries.
The seven new currencies that have been added to the Revolut Singapore app are the Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Hong Kong dollar (HKD), Japanese yen (JPY), New Zealand dollar (NZD), and Swedish krona (SEK). With these additions, Revolut Singapore now supports a total of 14 currencies, including the US dollar (USD), euro (EUR), British pound (GBP), and Singapore dollar (SGD).
One of the key benefits of the Revolut app is its ability to offer real-time exchange rates for currency conversions. This means that users can instantly convert their funds from one currency to another at competitive rates, without having to go through traditional banks or money changers. In addition, Revolut also offers free international money transfers to other Revolut users, making it a cost-effective option for those who frequently send money overseas.
Another feature of the Revolut app is its ability to store multiple currencies in a single account. This means that users can hold funds in different currencies and switch between them as needed, without having to pay additional fees for currency conversions. This can be particularly useful for frequent travelers or those who conduct business across different countries.
Revolut has also recently introduced a new feature called “Vaults”, which allows users to set aside funds for specific goals or expenses. Users can create multiple Vaults and assign them different names and savings targets. For example, a user could create a “Travel” Vault and set a savings target of $5,000 for their next vacation. They can then transfer funds into this Vault on a regular basis and track their progress towards their savings goal.
Overall, the addition of these seven new currencies to the Revolut Singapore app is a positive development for users who require greater flexibility and convenience when it comes to managing their finances across different countries. With its real-time exchange rates, free international money transfers, and multi-currency storage options, Revolut is well-positioned to compete with traditional banks and money changers in the digital banking space.
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- Source: https://zephyrnet.com/revolut-singapore-users-can-now-exchange-and-store-7-new-currencies-in-the-app-fintech-singapore/