Revolut to waive fees on international remittances to India and Malaysia amid Covid-19

Under this global initiative, Revolut hopes to help people who depend on the remittances from overseas family members.
Under this global initiative, Revolut hopes to help people who depend on the remittances from overseas family members.PHOTO: REVOLUTAPP/INSTAGRAM

SINGAPORE - Revolut will waive fees on international remittances to India and Malaysia from Thursday (June 10) till July 10.

Under this global initiative, Revolut, a financial technology company offering banking and remittance services, hopes to help people who depend on remittances from overseas family members to ride out the economic impact of the Covid-19 pandemic.

Ms Deborah Tan-Pink, senior communications manager at Revolut Singapore, said the usual fee on international remittances is 0.3 per cent of the amount exchanged, pegged at a minimum of 30 cents and a maximum of $9.

Revolut had been waiving the fee on remittances to India since May 10, when the country was hit by a second wave of Covid-19 infections. The fee waiver has been extended for another 30 days to July 10.

The fee waiver on cross-border remittances has also been extended to Malaysia, which began a two-week full lockdown on June 1.

Mr James Shanahan, chief executive officer of Revolut Singapore, said: "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."