I can't send a transfer or create a recipient
Reasons for failed transfers may include:
- Unsupported recipient: We’re unable to make transfers to certain recipients. This includes some cryptocurrency exchanges, transfers to certain countries, banks, and merchants.
- Incorrect recipient details: If the recipient account details don’t match, the recipient's bank may reject the transfer
- Recipient account closed: The account you are transferring to may be closed. Ensure that your recipient account details are updated
- Compliance reasons: Money transfers are regulated, and Revolut must complete necessary checks in accordance with the 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. Complete any necessary processes and wait for verification
- Insufficient funds: Standing orders (recurring transfers) commonly face this problem. If you don’t have enough funds, you should receive a notification 24 hours before the scheduled payment which will remind you to add money in time for the payment
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 19,800, 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 20,000 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.
I can’t create a recipient
If you’re having difficulty creating a recipient, check out some of the most common reasons (and solutions) below:
- Account number is invalid: In such cases, you should reach out to the recipient to double-check their details
- Post code or address isn’t valid: In this case, change the postcode to a correct one
- IBAN is invalid: Double-check the recipient details to see if there aren’t any potential errors