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How does the 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). These caps have been introduced to protect customers by limiting a customer’s potential loss from their e-money account.

Account balance

The amount that you can hold in your Revolut account depends on whether you have set up an external account. If you have, you can hold more than S$20,000 in your Revolut account throughout the day.

However, at the end of the day, any balance over the regulatory limit of S$19,800 (or the foreign currency equivalent) will automatically be transferred to your external account.

If you don't have an external bank account set up, you can hold up to S$19,800 (or the foreign currency equivalent) daily. This also means you can’t top up, or receive transfers, greater than this amount at any point of time.

Transaction limit

Additionally, you have a rolling 365 day transaction limit of up to S$100,000 (or the foreign currency equivalent). This means you can't carry out more than S$100,000 worth of transactions per year.

This limit applies to all transactions (including card payments, ATM withdrawals, fees, and transfers to other Revolut users).

This limit doesn’t apply to the following types of transfers:

  • Local or International transfers to a personal deposit account held in your own name
  • Local transfers to another person's personal deposit account

If I exceed the S$100,000 transaction limit, can I apply for another account?

This is not possible. We can only support one account per customer, which we verify using your personal identification.