In May, we reported that Revolut had waived the fee on international remittance to India. Now, the company has extended the same policy to Malaysia, which began a two-week full lockdown on June 1. The latest development is expected to last for a month - June 10 to July 10.
"Malaysians in Singapore make up the largest Malaysian diaspora community in the world... 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." Mr. James Shanahan, chief executive officer of Revolut Singapore
Fee on International remittances to India using Revolut has been free since May 10. This is because of the devastating effect of the second wave of Covid-19 infections. The fee waiver has been extended for another 30 days to July 10.
Under this global initiative, Revolut hopes to help people who depend on remittances from overseas family members to ride out the economic impact of the Covid-19 pandemic.
Revolut fee for international remittances includes 0.3 per cent of the amount exchanged, pegged at a minimum of 30 cents and a maximum of $9.
India in focus
GDP: $2.869 billion compared to Malaysia's $364.681 billion in 2019
Population: 1.366 billion compared to Malaysia's 31,949,777 in 2019
GDP per population: $2,099 compared to Malaysia's $11,414 in 2019