How does the Payment Services Act affect me?
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 and transaction limits.
'Stock cap' refers to a customer's maximum end-of-day account balance. 'Flow cap' refers to a customer’s maximum annual transaction limit.
These caps have been introduced to protect customers by limiting potential loss from their e-money account.
What are my stock and flow caps?
Revolut customers have the following default stock and flow caps:
- Stock cap: S$20,000
- Flow cap: S$100,000
All Revolut customers will be given one chance to opt for lower stock and flow cap options through email. This decision is irreversible. For more information, visit our T&Cs.
Stock cap: account balance limit
The amount that you can hold in your Revolut account depends on whether you have set up an external account. In this case, you can hold more than S$20,000 in your Revolut account throughout the day.
However, any balance over S$19,800 (or the foreign currency equivalent) will automatically be transferred to your external account at the end of the day.
If there is a deficit in the SGD Pocket, balance from other currency Pocket(s) will be exchanged to SGD before a transfer is made. Any conversion to SGD will be conducted using the exchange rate as at the time of the transfer. Customers may suffer foreign exchange losses should the transfer need to be made from a non-SGD Pocket.
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 in time.
The stock cap will be lower if you’ve opted for the lower cap.
Flow cap: 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.
The flow cap will be lower if you opted for the lower cap.
This limit applies to all transactions.
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 someone else’s personal deposit account
If I exceed the transaction limit, can I apply for another account?
This is not possible. We can only support one personal Revolut account per customer, which we verify via identity checks.