{"id":6178,"date":"2024-05-22T08:30:00","date_gmt":"2024-05-22T00:30:00","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=6178"},"modified":"2024-05-22T08:41:39","modified_gmt":"2024-05-22T00:41:39","slug":"3-reasons-revolut-card-digital-nomads","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/3-reasons-revolut-card-digital-nomads\/","title":{"rendered":"3 Reasons The Revolut Card Is Perfect For Digital Nomads"},"content":{"rendered":"\n

If you are looking for a cross-border payment solution that can help you optimise your finances as a digital nomad, Revolut is a multicurrency account with a\u00a0free virtual debit card<\/strong><\/a>\u00a0that is a great travel companion, as you can exchange money at the real market rate, commission free.<\/p>\n\n\n\n

The Revolut card itself is a prepaid Mastercard that is specifically designed for those who travel often. Offering international bank transfers and spending abroad with low overhead fees, the goal of Revolut is to allow users to manage their entire financial life from a single app, regardless of where they are living. From everyday spending to budgeting, to foreign currency exchange, you can combine the use of the card with the app itself to optimise your fiscal management from anywhere in the world.<\/p>\n\n\n\n

There are 3 different plans that you can sign up for with Revolut:<\/p>\n\n\n\n

\u2013 Standard<\/strong><\/p>\n\n\n\n

\u2013 Premium<\/strong><\/p>\n\n\n\n

\u2013 Metal<\/strong><\/p>\n\n\n\n

While the Standard is free, the Premium and Metal accounts come with a monthly charge but additional features and extended limits.<\/p>\n\n\n\n

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Source: Revolut<\/figcaption><\/figure><\/div>\n\n\n\n

While it may appear that the Revolut card is just another digital debit card linked to a multi-currency account these days, there are benefits that can allow you to use your Revolut card more flexibly overseas than other types of cards.<\/p>\n\n\n\n

Read Also: Complete Guide To Getting A Digital Nomad Visa In Japan<\/a><\/em><\/strong><\/p>\n\n\n\n

#1 No Forex Markup<\/h3>\n\n\n\n

With Revolut, you can purchase currencies with your Singapore dollars with\u00a0no exchange fees up to S$5,000 with the Standard plan and $15,000 with the Premium plan<\/strong>, and at the interbank exchange rate. There is\u00a0a fee of 1% for exchanging more than S$5,000 on the Standard plan, and a fee of 0.5% for more than $15,000 on the Premium plan<\/strong>.<\/p>\n\n\n\n

If you do exchange money on the weekends (Saturday to Sunday London time) then there will be an additional 1.0% fee for all currencies.<\/p>\n\n\n\n

This is one of Revolut Card\u2019s major advantages; you get to spend fee-free at the inter-bank rate in 150 countries. Usually when you spend abroad, you get hit with transaction fees and hidden charges. Not when you use a Revolut card. It\u2019s as transparent as it gets.<\/p>\n\n\n\n

One thing to be aware of is the fact that if you make a currency exchange during the weekend, you\u2019ll be charged a markup. And that\u2019s because the internet rate is always fluctuating and may not be the same on a Monday as it wasn\u2019t looking at this Friday.<\/p>\n\n\n\n

Also, keep in mind that card payments, ATM withdrawals and money transfers may rely on the currency exchange when you are overseas and thus have the weekend markup that applies in all of these cases. Now, if you don\u2019t want to pay in these charges in advance, just withdraw cash on a weekday and you can save yourself some money.<\/p>\n\n\n\n

#2 Free Overseas ATM Withdrawals<\/h3>\n\n\n\n

Revolut lets you take out cash from any ATM abroad that takes Visa or Mastercard. Cash withdrawals are free up to the currency-equivalent of S$350 per month and then have a 2% charge after that with a Standard account. If you upgrade your Revolut account to Premium or Metal, you can raise your free withdrawal amounts to S$700 or S$1050, respectively.<\/p>\n\n\n\n

While Revolut can have free cash-withdrawals from its account, that doesn\u2019t guarantee the whole transaction will be free. Remember to keep in mind that certain local ATM operators may impose their own fees as well.<\/p>\n\n\n\n

Do take note that you will also not be able to withdraw cash from your Revolut card in Singapore.<\/p>\n\n\n\n

#3 Optimise Your Finances With Revolut Analytics<\/h3>\n\n\n\n