How does Payment Services Act affect me?
Revolut Technologies Singapore Pte Ltd (U.E.N. 201721013G) is regulated by the Monetary Authority of Singapore under the Payment Services Act (the 'Act').
All payment services providers regulated under the Payment Services Act are subject to account balance limits ('stock cap') and transaction limits ('flow cap'). The caps have been introduced to protect customers by limiting a customer’s potential loss from their e-money account.
Wallet Balance
The amount that you can hold in your Revolut account depends on whether you have set up an external account. If you have done so, you can deposit more than S$5,000 in your Revolut account throughout the day; at the end of the day, any balance over the regulatory limit of S$5,000 or foreign currency equivalent will be transferred automatically to your external account.
If you don't have one set up, you can deposit up to S$4,800 or foreign currency equivalent. These limits will apply to top-ups and receipt of money from other Revolut users.
Transaction Limit
Additionally, you can transact up to a limit of S$30,000 or foreign currency equivalent on a rolling 365 days basis. This limit applies to all transactions (including card payments, ATM withdrawals, fees and P2P transfers to other Revolut users), except certain types of transfers.
The types of transfers where the transaction limit in the past 365 days doesn't apply are:
- Local transfers to a personal deposit account held in your own name.
- Local transfers to another person's personal deposit account.
- International transfers to a personal deposit account held in your own name.