How do regulatory limits affect receipt of money from family and friends?
The Payment Services Act requires us to restrict the amount of money that you can hold in your Revolut account at the end of the day.
The amount of money that you can hold in your Revolut account depends on whether you have set up an External Account. Your External Account is a personal deposit account (current or savings account) held with a bank in Singapore. Users who have set up their External Account will be able to hold more money in their Revolut account and transact more easily.
If you have set up your External Account, you can hold more than S$5,000 or foreign currency equivalent throughout the day. At the end of the day, should your balance exceed the regulatory limit of S$5,000 or foreign currency equivalent, we will return the excess to your External Account automatically every night between 23:30 and 23:59.
If you have not set up your External Account, you can hold a maximum of S$4,800 or foreign currency equivalent in your Revolut account at any given time. This limit will apply to top-ups and money received from other Revolut users.