Why has my outbound bank transfer failed?
Reasons for failed transfers may include:
Unsupported Beneficiary
We're unable to make transfers to certain sources. This includes some cryptocurrency exchanges, certain countries, banks, and merchants.
Incorrect Recipient Details
If the recipient account details do not match, the beneficiary bank may reject the transfer.
Recipient Account Closed
The account you are transferring to may be closed. Please ensure that your recipient account details are updated.
Compliance Reasons
Money transfers are regulated, and Revolut must complete necessary checks in accordance to law to validate the security of the transfer process.
Locked or Unverified Account
If your account has restrictions or is not fully verified, transfers may be declined. Please complete any necessary processes and wait for verification.
Exceeding Transfer Limits
Certain limits may apply depending on the type of transfer. Refer to this article for more information.
Insufficient Funds
Standing orders (recurring transfers) commonly face this issue. If you do not have enough funds, you should receive a notification 24 hours in advance, allowing you time to add money to the account and complete the transfer.
Additionally, this could be due to the regulatory limits from Payment Services Act
• The sender may have exceeded the transaction limit of SGD 30,000 for the past 365 days
• The recipient may have been restricted to a maximum wallet balance of SGD 4,800, as the recipient hasn't set-up an external account
• The amount of money you can hold in your Revolut account depends on whether you have set up an external account, which 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 make transactions more easily
If you have set up your external account
You can hold more than SGD 5,000 or foreign currency equivalent throughout the day. At the end of the day, if your balance exceeds the regulatory limit, we'll return the excess to your external account automatically every night between 11:30 – 11:59 PM.
If you haven't set up your external account
you can hold a maximum of SGD 4,800 or foreign currency equivalent in your Revolut account at any given time. This limit applies to top-ups and money received from other Revolut users.
• For details on the Payment Services Act, please check here
• For details on What's an external account, please check here
• For details on How to set up an external account, please check here