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."