Strategy & Practice Management

Revolut waives fees on Remittances to Malaysia and India

Revolut has announced that it is extending the waiving of fees on cross-border remittance payments to India for a further 30 days to 10 July 2021. In addition, it will be waiving fees on cross-border remittance payments to Malaysia.

This temporary waiving of fees is intended to help individuals who are remitting money to India and Malaysia to support their loved ones during this challenging time, Revolut said in a press release.

Last month, India was struck by a devastating second wave of COVID-19 infections. Although India has begun to ease restrictions, citizens will continue to depend on much-needed remittances from family members working overseas to ride out the economic impact the pandemic has had on the country.

Malaysia has for several weeks been reporting Southeast Asia's heaviest caseload per capita, which has forced the country to go into a two-week lockdown since 1 June 2021. While infection numbers are showing a downward trend, the number of daily infections remains high, with total cases breaching 600,000 in recent days.

James Shanahan, CEO of Revolut Singapore, says: "Malaysians in Singapore make up the largest Malaysian diaspora community in the world. In addition, about 400,000 Malaysians cross the border into Singapore for work or school every day. For Malaysian expatriates working here, a cost-effective, safe, and fast way to send money home can prove to be a lifesaver in these times. We hope this gesture by Revolut will provide a small relief to those who aren't able to physically be with their loved ones for now."

Revolut customers worldwide remitted more than USD 36 million to both India and Malaysia in the last 3 months. In April, Revolut introduced a 0.3% fee on remittances, pegged at a minimum of SGD$0.30 and a maximum of SGD$9, for customers not on its Metal plan.