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

This feature, initially introduced to Revolut users in the UK and most European countries earlier this year in January, is now accessible to users in Singapore. Through the Revolut app, customers in Singapore can seamlessly send funds to bKash accounts in Bangladesh and M-Pesa accounts in Kenya.

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.