Malaysians in Singapore make up the largest Malaysian diaspora community in the world and also the largest foreign community in Singapore. The remittances from Malaysians living in Singapore (approximating US$1 billion in 2018) represent an important source of income for their families back home. 

With the Covid-19 pandemic restricting movements and limiting social contacts, digital remittance solutions have become a convenient way to get much-needed money home. They can also be cost-efficient, as UK-fintech company Revolut demonstrates.

Founded in 2015 in the UK, Revolut started out as a fintech company with a mission to help customers bypass the sky-high fees traditional banks charge for services such as foreign exchange. Today, Revolut has over 15 million customers and is present in over 30 countries around the world, including Singapore, Japan, and Australia.

Recently, Revolut announced a new fee of 0.3% on remittances. This fee is pegged to a minimum of SGD 0.30 and a maximum of SGD 9.00.

This comes as great news to Malaysian expatriates currently living in Singapore where Revolut could prove to be a cost-efficient, fast, and secure way of doing cross-border transfers.

Below, a table illustrating how much you’ll pay in SGD at various providers if you are planning to send home MYR 3,000.

Revolut remains committed to providing its customers with the most competitive rates and fees in the market. Besides this transparent and easy-to-understand fee structure, Revolut customers will continue to enjoy interbank rates on over 150 currencies. The interbank is the top-level wholesale market where most currency transactions are channelled through.

Although the Revolut app automatically works out the fees you’ll need to pay with each transfer, you will have peace of mind knowing that before your transfer is confirmed, you have the opportunity to review the transaction details.

From 10 June - 10 July 2021, Revolut is waiving fees on all MYR remittances to Malaysia globally. This initiative is in support of customers who are sending money home to loved ones currently battling the Covid pandemic in Malaysia. For readers who have a family member working in the UK, the US, Singapore, Australia, even in the EU, be sure to let them know that they can use Revolut to remit money, fee-free, home.

For more information, please visit: http://bit.ly/revolutmalaysiakini

Update: The waiving of fees on remittances to Malaysia has been extended a further 30 days to 10 August 2021.