What's an external account?
External account
An external account is a personal deposit account (current or savings) held with a bank in Singapore. This doesn't include your Revolut account, as Revolut doesn't currently hold a banking licence in this region.
Balance limit
Customers with an external account can hold more than the SGD 20,000 limit, as set by the Payment Services Act, in their Revolut account during the day. At the end of each day, any balance over SGD 19,800 (or the foreign currency equivalent) will automatically be transferred to the external account.
This allows you to enjoy greater flexibility around the amount of money you can hold with your Revolut account.
If you opt for a lower stock cap, the above doesn't apply to your Revolut account, and you won't be able to hold more than SGD 4,800 at any point in time.
Joint account customers
This will also apply to balances in Revolut Joint Accounts for primary customers. The primary customer of a joint account refers to the customer that created the joint account. A customer can only have one external account, which will be the across both joint and main accounts.
If the combined balance of the primary customer's individual and joint account exceeds SGD 19,800, the excess balances will first be transferred to the primary customer's external account from their individual account.
If the combined balance is still above the limit, then the excess balance will be transferred to the primary customer's external account from the joint account, until the combined balance is below SGD 19,800.