General Terms

1. These terms as a framework agreement

1.1. These Terms are updated as of 24th April 2023 and will come into effect on 24th April 2023. These Terms constitute a framework agreement which sets out the terms of

(a) you and us entering into Revolut Transaction(s); and

(b) the use of the Revolut Dashboard and other Revolut Services. Before you can enter into Revolut Transactions and benefit from the Revolut Services with us you are required to:

1. Read these Terms and tick the box confirming the accuracy of the information provided and your agreement with these Terms; and
2. Provide us with such documentation, photographs and information as we may reasonably request to comply with our regulatory obligations.

1.2. These Terms incorporate the Website Terms, the Cookie Policy, the Privacy Policy, the Mobile App Terms and any Supplements by this reference. By accepting these Terms, you are deemed to have accepted the terms and conditions of our third party service providers and the relevant Revolut Cardholder Terms.
1.3. Once you have completed the above and you have passed our internal checks, we shall make the Revolut Dashboard available to you.
1.4. You confirm that you have provided the correct Information during the process of creating a Revolut Account. You undertake that, if your details change, you will notify us immediately. You shall bear any losses that occur due to the submission of invalid, incorrect or inaccurate Information.

2. Regulatory information

2.1. These Terms are between you (the “User”, “you” or “your”) and Revolut Technologies Singapore Pte. Ltd. (“Revolut”, “we”, “us” or “our”). Revolut is a company incorporated in Singapore (U.E.N. 201721013G) and whose registered office is 30 Cecil Street, 19-08, Prudential Tower, Singapore 049712.

2.2. We are regulated as a Major Payment Institution by the Monetary Authority of Singapore (MAS) under the Payment Services Act (No. 2 of 2019) to carry on the business of providing Account Issuance Service, Domestic Money Transfer Service, Cross-border Money Transfer Service, Digital Payment Token Service, E-money Issuance Service and Merchant Acquisition Service. You can verify this information at the MAS website here. As a regulated entity, we are required to comply with all applicable laws, regulations, notices and guidelines issued by the relevant government and regulatory authority.

2.3. Consumers ("users") are advised to read the Terms carefully. By agreeing to these Terms, you are deemed to have agreed to the relevant Revolut Cardholder Terms as stipulated by Revolut (acting as Card Issuer) which are available on Revolut's website.
2.4. These Terms are separate and independent from the Revolut Cardholder Terms which govern the use of your Revolut Card.

3. Am I eligible to open a Revolut Account and use the Revolut Services?

3.1 You’re eligible to open an account if:

• you’re 18 years old or over;
• you’re resident in Singapore; and
• you provide us any information that we reasonably require to identify you and to meet our legal and regulatory requirements.

3.2. To be eligible to use the Revolut Services, you must:

1. pass our regulatory due diligence checks;
2. not be in breach of these Terms; and
3. not have had any previous Revolut Account closed by us.

4. Commencement, term and your Revolut account

4.1. These Terms shall commence on the day that Revolut confirms to you via the Mobile App that your Revolut Account has been approved and shall continue until terminated in accordance with Clause 31 (Amendments to these Terms) and/or Clause 32 (Termination).
4.2. Your Revolut Electronic Money Account is an account in which Electronic Money, which Revolut has issued to you in exchange for receiving money from you or on your behalf, is stored. The Electronic Money in your Revolut Electronic Money Account may be used by you to enter into:

1. Revolut Dashboard Transactions; and
2. Revolut Card Transactions.

4.3. You may be required to provide supplemental information to us to be able to use all of the functionality available.
4.4. When we hold Electronic Money for you, us holding the funds corresponding to the Electronic Money is not the same as a Bank holding money for you in that:

(a) we cannot and will not use the funds to invest or lend to other persons or entities;

(b) your Electronic Money will not accrue interest; and

(c) your Electronic Money is not covered by the Deposit Insurance Scheme. The funds corresponding to Electronic Money will be held in one or more segregated bank accounts separately from our own funds.
4.5. As required by the Payment Services Act, we safeguard Client Money in trust accounts held with our Safeguarding Institutions, DBS Bank Ltd. and the Australia and New Zealand Banking Group Ltd. Your money is commingled with other customers’ money.
4.6 You are able to store multiple currencies in your Revolut Electronic Money Account. These currencies are subject to change from time to time.

4.7. We may stop your access to the Revolut Dashboard and/or the Revolut Card on reasonable grounds relating to:

1. the security of the Revolut Dashboard or the Revolut Card; or
2. the suspected unauthorised and/or fraudulent use of the Revolut Dashboard or the Revolut Card.

If we do stop your access in such instances, we will inform you via the Mobile App and direct you to our customer services team via the chat function on the Revolut Dashboard.

5. The Revolut Dashboard

5.1. The Revolut Dashboard is our portal where you can, among other things:

1. perform Top-Ups via Stored Card, Electronic Money Exchanges, Instant Transfers and Revolut Bank Transfers including recurring transfers (once accepting all charges as displayed on the Revolut Dashboard);
2. review and accept or decline Instant Transfers;
3. verify your identity with us;
4. view your Revolut Transaction History;
5. view the balance and currency of the Electronic Money you hold in your Revolut Electronic Money Account;
6. enable or disable your Physical Revolut Card, change the PIN on your Physical Revolut Card and access other security features;
7. enable and disable location tracking; and
8. enter the details of your User Bank Account and your Stored Card(s).

4.2. You may access the Revolut Dashboard via the Mobile App or the Revolut App webpage here.

6. Your Revolut Card

6.1. If you register as a Standard User, once you have been accepted as a Revolut Account holder, we shall allow you to issue your Revolut Card, subject to any issuance charges as set out in Schedule 2 of these Terms.
6.2. If you are or become a Premium User, you may be issued with your choice of Premium Revolut Card, subject to any issuance charges as set out in the Personal Fees (Premium) Page (linked here). You may request that we issue you with a spare Premium Revolut Card in which case, we may issue you an additional Premium Revolut Card, subject to any issuance charges as set out in the Personal Fees (Premium) Page (linked here).
6.3. Your use of the Revolut Card is subject to the Revolut Cardholder Terms.
6.4. You may activate and de-activate a Physical Revolut Card using the Revolut Mobile App. Failure to disable the Physical Revolut Card upon becoming aware of it being lost or stolen may mean that you lose your right to any compensation for an unauthorised Revolut Transaction.

7. Verification of identity

7.1. You agree to cooperate with all requests made by us or any of our third party service providers on our behalf in connection with your Revolut Account, to identify or authenticate your identity or validate your funding sources or Revolut Transactions. This may include, but is not limited to, asking you for further information that will allow Revolut to reasonably identify you, including requiring you to take steps to confirm ownership of your phone number or payment instruments or verifying your Information against third party databases or through other sources.
7.2. We reserve the right to close, suspend, or limit access to your Revolut Electronic Money Account and/or the Revolut Services in the event we are unable to obtain, verify such Information or you do not comply with our requests under Clause 7.1 of these Terms.
7.3. We may confidentially verify the information you provide us with or obtain information on you ourselves or through third parties from secure databases. Some of the searches which we or a third party may perform, such as a credit check, may leave a soft footprint on your credit history. This will not affect your credit rating. By entering into these Terms, you confirm that you consent to us or a third party on our behalf carrying out such verifications.

7.4. You must ensure the information on your Revolut Account is always accurate and up to date. If at any time we believe that your information is outdated or inaccurate, we may contact you and request further information or request that you go through the verification process again. Your Revolut Transaction Limit will be adjusted accordingly while we verify your identity. We shall not be liable for any losses arising out of your failure to maintain up to date information.

8. Top-ups to your Revolut Electronic Money Account

8.1. In order to top-up the Electronic Money in your Revolut Electronic Money Account, you will need to perform a top-up via any method we make available to you from time to time.
8.2. We may, at our reasonable discretion (for example, without limitation, to limit fraud or credit risk), impose limits on the amount of money you can receive through Revolut Services. In order to increase your receiving limit, you must provide us with any supplemental information we request. If you have a top-up limit on your Revolut Electronic Money Account, you may be able to view it by logging onto your Revolut Dashboard and accessing the Profile section.
Top-ups via Stored Card

8.3. In order to top-up via a Stored Card, you will need to add the details of the Stored Card onto your Revolut Dashboard. You may only add details of your Stored Cards to your Revolut Dashboard if you are the named holder of Stored Card. The purchase of Electronic Money via Stored Card will be for the amount and the currency defined by you.
8.4 You have the option of using the automatic top-up function. You can set up or cancel this function at any time using the Revolut Dashboard. The automatic top-up function allows you to automatically top-up your Revolut Electronic Money Account if the balance of your Revolut Electronic Money Account drops below a certain amount, which you set on the Revolut Dashboard. The top-up will use the Stored Card you choose, when you enable the automatic top-up function. Please make sure that there is enough money for the top-up in the account your Stored Card is linked to.

8.5 We reserve the right to charge you a fee for Stored Card top-ups. This amount will be displayed in-app at the time of the transaction; you will have the opportunity to review the fee before confirming the transaction.
Top-Ups via User Bank Transfer and Third Party Bank Transfer

8.6 Where available on the Revolut Dashboard, you may also fund your Revolut Electronic Money Account by entering into a User Bank Transfer or a Third Party Bank Transfer.

8.7 In connection with Clause 8.5 above, upon our receipt of the amount sent via User Bank Transfer (either performed within or outside of the Revolut Dashboard) or a Third Party Bank Transfer, we will issue the corresponding value of Electronic Money to your Revolut Electronic Money Account. The details of the bank account (belonging to Revolut) to send the money to will be set out on the Revolut Dashboard. Please take care (or ask the third party making a Third Party Bank Transfer to take care) to enter the correct bank account details when performing the User Bank Transfer or Third Party Bank Transfer, to make sure the money reaches us. If we receive your money in a currency other than the currency you indicated to us when we provided you with the bank account details, then we will not be liable for any losses that you incur if our bank performs a currency conversion to change the money received into the currency of our bank account to which the money was sent.

8.8 We are required by the Payment Services Act to impose an Electronic Money stock cap on your daily Electronic Money balance. This means that your electronic money balance must not exceed S$ 4,800 or foreign currency equivalent at the end of the day. If you have set up your External Account, you may, by way of top-up or other means, exceed this limit during the day, as the excess will be transferred out to your External Account between 23:30 and 23:59 SGT daily. Any conversion to SGD will be conducted using the Exchange Rate (para 17.1) as at time of the transfer. The transfer will first be made from the SGD pocket, followed by other currency pocket(s). Users may suffer foreign exchange losses should the transfer need to be made from a non-SGD pocket.

8.9 If you do not set up your External Account, the amount of electronic money you can hold at any given time is restricted to S$ 4,800 or foreign currency equivalent. If for any reason your electronic money balance is larger than the allowable limit, you will not be able to top-up or receive incoming transfers until you have set up your External Account or reduced your balance to below S$ 4,800.

9. Revolut transactions

9.1. The following are “Revolut Dashboard Transactions”:

1. “Electronic Money Exchange” means using Electronic Money in one currency to purchase Electronic Money in another currency using our Exchange Rates;
2. “Instant Transfer” – this means us sending Electronic Money into your Revolut Electronic Money Account or from your Revolut Electronic Money Account to the Revolut Electronic Money Account of a different Revolut User; and
3. “Revolut Bank Transfer” – this means us redeeming Electronic Money in your Revolut Electronic Money Account, with or without an associated Monetary Exchange taking place, and transferring the equivalent amount of money to the Counterparty Bank Account.

9.2. The following are “Revolut Card Transactions”:

1. “ATM Withdrawal” – this means you using your Physical Revolut Card and Card PIN to obtain cash internationally from an ATM in countries outside of Singapore with or without a Monetary Exchange taking place; and
2. “Revolut Card Purchase” means you using your Revolut Card to purchase goods and/or services from a merchant by entering the details of your Revolut Card and/or your Card PIN.

9.3. Revolut may refuse to enter into a Revolut Transaction with you at any time and for any reason.

9.4. Revolut provides virtual receipts for successful Revolut Transactions (including Instant Transfer and Bank Transfer transactions) undertaken by you. These transactions are also accessible on the Revolut Dashboard and are available via email. In addition to virtual receipts, merchants should provide you with receipts when you enter into a Revolut Card Purchase. Revolut will not and is under no obligation to provide you with a physical receipt or other written confirmation in connection with any Revolut Transaction.

10. Exchange Electronic Money

10.1. You can exchange Electronic Money in your Revolut Electronic Money Account to Electronic Money in another currency by using the exchange function on the Revolut Dashboard. The currencies of Electronic Money which you are able to purchase and store in your Revolut Electronic Money Account are limited to those set out on the Revolut Dashboard and are subject to change from time to time without us being required to provide you with notice.
10.2. You will be informed, on the Revolut Dashboard, prior to sending your request to enter into the Electronic Money Exchange, of:

1. the amount of Electronic Money you will use to purchase the amount of Electronic Money in your required currency;
2. the amount and currency of the Electronic Money you wish to purchase; and
3. the exchange rate of the Electronic Money Exchange.

10.3. In order to submit the request to enter into the Electronic Money Exchange, you will need to confirm the details which have been entered by hitting the exchange button on the relevant part of the Revolut Dashboard. By entering into these Terms, you accept sole responsibility for entering into the Electronic Money Exchange. Revolut will not be responsible for any losses you incur as a result of you using this function.

10.4. The request to enter into an Electronic Money Exchange will be accepted when we confirm to you that the Electronic Money Exchange has been entered into, on the Revolut Dashboard.

10.5. The amount of Electronic Money you can exchange at the Revolut exchange rate is limited. Please refer to the Fees Pages for more information on the Revolut exchange rate. It is your responsibility to stay informed of any changes to the limits and fees applied to any exchanges at the Revolut exchange rate.

11. Instant transfer

11.1. You can send money to, and receive money from, other Revolut accounts. We call these sort of payments Instant Transfers. You can make an Instant Transfer to another Revolut user’s account by choosing them as a recipient from the contacts list in the Revolut app and following the prompts. The recipient Revolut user will receive the transfer immediately.

11.2. Where applicable, you will need to enter the Counterparty’s details requested on the Revolut Dashboard (the ‘unique identifier’) in order to request entry into an Instant Transfer. It is your responsibility to make sure that the Counterparty’s unique identifier is entered correctly. Any error may result in the Instant Transfer being unsuccessful or delayed. We shall not be liable for any losses you incur from entering an incorrect unique identifier.

11.3. If the Counterparty is already a Revolut User, you will be informed on the Revolut Dashboard, prior to confirming your request to enter into the Instant Transfer, of:

1. the Counterparty’s name;
2. the amount and currency of Electronic Money you wish to send to the Counterparty; and
3. the fees for the Instant Transfer (if any).

11.4. In order to submit the request to enter into the Instant Transfer, you will need to confirm the details which have been entered by hitting the button entitled “Send” on the relevant part of the Revolut Dashboard. Once you have provided confirmation (provided the Counterparty is a Revolut User), then at this time we will have been deemed to have received your request to enter into the Instant Transfer.
11.5. If the Counterparty is not a Revolut User, then the request to enter into an Instant Transfer shall be pending for 24 hours (excluding weekends and public holidays in Singapore). The request to enter into the Instant Transfer will not be deemed as received until the Counterparty is approved as a Revolut User, within the 24 hours (excluding weekends and public holidays in Singapore) that the Instant Transfer is pending. The Counterparty will receive an SMS with instructions on how to open a Revolut Account. You authorise Revolut to send an SMS to the Counterparty on your behalf. If the Counterparty does not sign-up to Revolut within 24 hours of the SMS being sent to them, then the pending Instant Transfer will be terminated.

11.6. If the Counterparty is not a Revolut User then:

1. the request to enter into the Instant Transfer will be pending and will not be deemed to have been received by us until the non-Revolut User has been accepted as a Revolut User;
2. the Instant Transfer should be completed at the latest by the end of the Business Day following the day upon which the Counterparty becomes a Revolut User, provided the Counterparty becomes a Revolut User before the pending Instant Transfer lapses.

11.7. Once your Electronic Money has been sent, you will be able to view the completed Instant Transfer on the Revolut Transaction History part of the Revolut Dashboard.
11.8. As required by the Payment Services Act, we impose an Electronic Money flow cap (S$30,000 or foreign currency equivalent) on a rolling 365 days basis on all your outbound electronic money transactions (including transfers), except:

1. Domestic transfers to a personal deposit account held in your own name, including transfers to your External Account (designated personal deposit account);
2. Domestic transfers to another person's personal deposit account; and
3. Cross-border transfers to a personal deposit account held in your own name.

Group Pockets

11.9. A group pocket is an account set up and controlled by an individual Revolut user. All members of a group pocket can send Instant Transfers to the vault, view vault transactions and exit the vault at any time.

11.10. Only the Revolut user who established the group pocket (the owner) can take money out of it, close it, and add or remove members of the group pocket. However, the owner of the group pocket can grant withdrawal rights to any member of the group pocket. You should only join a group pocket, or send money to a group pocket, if you trust the owner.

12. Revolut bank transfer and monetary exchange

12.1. You can make a request to enter into a Revolut Bank Transfer by logging onto the Revolut Dashboard and following the on-screen instructions. You will need to enter the Counterparty Bank Account details. It is your responsibility to make sure that the details of the Counterparty and the Counterparty Bank Account (the ‘unique identifiers’) are entered correctly. Any error in information may result in the Revolut Bank Transfer being unsuccessful or delayed. We shall not be liable for any losses you incur from entering incorrect Counterparty Bank Account details.

12.2. You will be informed on the Revolut Dashboard, prior to confirming your request to enter into the Revolut Bank Transfer, of:

1. the details of the Counterparty Bank Account;
2. the amount and currency of money you wish to send to the Counterparty; and
3. the fees for the Revolut Bank Transfer (if any).

12.3. In order to submit the request to enter into the Revolut Bank Transfer, you will need to confirm the details which have been entered by hitting the ‘tick’ button on the relevant part of the Revolut Dashboard.

12.4. The request to enter into the Revolut Bank Transfer or a Revolut Bank Transfer via recurring payments shall be deemed to be received at the time at which you provide your confirmation except that where the request to enter into a Revolut Bank Transfer would otherwise be deemed to be received on a day which is not a Business Day or is received after 16:00 Singapore Time on a Business Day, we have the right to treat the request to enter into the Revolut Bank Transfer as having been received on the next Business Day.

12.5. Where the Payment is denominated in SGD, or a currency other than SGD, we shall endeavour to ensure that we action the Revolut Bank Transfer as soon as is reasonably practicable, and in any event, within 3 Business Days for domestic bank transfers and 7 Business Days for cross border bank transfers.

12.6. If the currency of the Counterparty Bank Account (in accordance with the information provided by you on the Revolut Dashboard) is different to the currency of the Electronic Money you are using to enter into the Revolut Bank Transfer, then as part of the Revolut Bank Transfer we shall perform a Monetary Exchange to the appropriate currency prior to sending the money to the Counterparty Bank Account. In this event, you will be informed of the Exchange Rate for the Monetary Exchange prior to confirming the Revolut Bank Transfer.
12.7. You may revoke your request to enter into the Revolut Bank Transfer at any time prior to the end of the Business Day prior to the date upon which the Revolut Bank Transfer is due to take place.
12.8. Where applicable, you may revoke your request to enter into a recurring payment via Revolut Bank Transfer at any time prior to the end of the Business Day prior to the date upon which the Revolut Bank Transfer recurring payment is due to take place.
12.9. Once the Revolut Bank Transfer has been completed, you will be able to view the completed Revolut Bank Transfer on the Revolut Transaction History part of the Revolut Dashboard.

12.10. If, for whatever reason, the funds are not deposited in the Counterparty Bank Account and are returned to Revolut, they will be converted into the currency of the Electronic Money they were originally withdrawn from. Due to the difference in price for purchasing and selling currencies and/or fluctuations in currency exchange rates, the amount of Electronic Money you receive back into your Revolut Electronic Money Account may be more or less than what was originally redeemed to perform the Revolut Bank Transfer. Revolut is not liable for any losses you incur in this respect.

12.11. Some Counterparties accept payment by setting recurring payments to be deducted from your Revolut Electronic Money Account on a regular basis. The amount of the recurring payment and the intervals at which the payments will be deducted is determined by the arrangement between you and the relevant Counterparties and their terms and conditions will apply. If you wish to amend or cancel your recurring payment, you may only do this by contacting the Counterparties directly.

12.12. As required by the Payment Services Act, we impose an Electronic Money flow cap (S$30,000 or foreign currency equivalent) on a rolling 365 days basis on all your outbound electronic money transactions (including bank transfers), except domestic or cross border transfers to a personal deposit account held in your own name, including transfers to your External Account (designated personal deposit account).

13. Card transfers

13.1 You can use Revolut to send money to a card. This means a payment that is sent via card schemes instead of traditional payment schemes. The recipient of the payment is identified by their card number instead of their bank account number.

13.2 Card transfers are sent instantly, and should arrive within 30 minutes. This means there is no opportunity to cancel this type of payment after it is sent, so please make sure that the details you enter are correct.

13.3 Remember that your card number is a valuable piece of information that can be used to commit fraud against you. The only thing you need to share from your card to make a card transfer is the card number; you do not need the expiry date and you certainly don’t need the security code, so make sure you keep these pieces of information safe.

14 Making Payments in Chinese Yuan

If you have engaged in any cryptocurrency related activity on Revolut in the last six months, you cannot use Revolut to send payments in Chinese Yuan to anyone with an AliPay account.

The maximum value of any one payment is CNY50,000.

We do not support payments in Yuan to other accounts right now, and you cannot hold balances in Yuan either.

There are restrictions as per Chinese regulations on the amount of funds and number of transfers an Alipay beneficiary can receive within a month / year based on the reason for transfer. If these limits are exceeded on the beneficiary side, the payment will be canceled.

Unfortunately, if you have engaged in any cryptocurrency related activity on Revolut in the last six6 months, you cannot use Revolut to send payments in Chinese Yuan. This is due to restrictions put in place by the partners we use to offer this service. By cryptocurrency related activity, we mean you have either:

• held, bought or sold cryptocurrency directly on the Revolut App; or
• received or sent cryptocurrency proceeds from a cryptocurrency exchange into your Revolut account.

In order make one of these payments, you will need to provide:

• the name and AliPay ID of the person you want to send the money to;
• the reason for the payment; and
• any other information we may need to make your payment.

You also acknowledge that certain of your personal data will be transferred to AliPay’s partner banks in China if you make a payment in Chinese Yuan. This is necessary in order to process the payment. See our Customer Privacy Notice (accessible here) for more information on how we handle your personal data.

Alipay payments are completed in near real-time.

15. Transfers to Mobile Wallets

15.1 You are able to use the Revolut app to send outbound payments to Mobile Wallet recipients. As this payment is not sent through a traditional payment scheme, no bank account details are required for you to complete this transfer. Your recipient will be identified by the phone number or email linked to their Mobile Wallet account (phone number or email).

15.2 To send a payment using your Mobile Wallets, you’ll need to provide a wallet identifier and information about your payment.

15.3. These transfers are normally sent instantly and are expected to arrive in your recipient’s wallet within 30 minutes, but can sometimes take up to a day. As this is an international transfer, our regular international payment fees will apply (please see our Fees pages here to access the applicable fees). No additional fees are applicable to these payments.

16. ATM withdrawal and monetary exchange

16.1. You can use your Physical Revolut Card to withdraw cash internationally from an ATM in countries outside of Singapore. In such an event we will redeem Electronic Money in your Revolut Electronic Money Account and you will be provided with the equivalent amount of cash. You will need to follow the instructions on the ATM machine to perform the ATM Withdrawal. This may involve entering your Card PIN.

16.2. We do not charge for ATM Withdrawals up to the threshold set out in the Fees Pages. If you withdraw more than the threshold, then each ATM Withdrawal will be subject to the fee set out in the Fees Pages. This threshold is higher for Premium Users than for Standard Users.

16.3. If you choose to withdraw cash in a currency other than the currency for which you hold enough Electronic Money in your Revolut Electronic Money Account, then our Exchange Rate will be used.
16.4 If you choose to withdraw cash using the currency conversion offered by the ATM owner, Revolut has no liability to you for that currency conversion. You can find more information on this at here. Please note that the ATM provider may, in addition charge its own fee for ATM Withdrawals which we have no control over or liability for.

17. Revolut card purchase and monetary exchange

17.1. You can use your Revolut Card to purchase goods and/or services from a merchant either online or at a point of sale terminal anywhere that accepts the Revolut Card. In such an event we will redeem Electronic Money in your Revolut Electronic Money Account and the merchant will be sent, less any fees from Revolut (acting as Card Issuer), the equivalent amount of money. You will need to follow the instructions on the relevant website or point of sale machine to perform the Revolut Card Purchase. This may involve you entering the details of Revolut Card (the card number, expiry date and CVC number) or your Card PIN.

17.2. If you choose to be charged for your purchase in a currency other than the currency for which you hold enough Electronic Money in your Revolut Electronic Money Account, then our Exchange Rate will be used.

17.3. Where a currency conversion is offered to you by the merchant and you choose to authorise the payment transaction on the basis of the merchant’s exchange rate and charges, Revolut has no liability to you for that currency conversion. You can find more information on this here.

17.4 As required by the Payment Services Act, we impose an electronic money flow cap (S$30,000 or foreign currency equivalent) on a rolling 365 days basis on all your outbound electronic money transactions (including card purchases), except:

1. Domestic transfers to a personal deposit account held in your own name, including transfers to your External Account (designated personal deposit account);
2. Domestic transfers to another person's personal deposit account; and
3. Cross-border transfers to a personal deposit account held in your own name.

18. Receive Electronic Money

18.1 If you receive Electronic Money into your Revolut Electronic Money Account, we will send a notification to the Revolut Dashboard and display the payment in your Revolut Transaction History.

18.2 You can request a payment from another Revolut User by using the “Request Money” function or the “Split Bill” function or other functions made available to you from time to time on the Revolut Dashboard. You should only use this function for amounts owed to you and that are due for payment in full. This service may not be used as a debt collection or enforcement tool.

19. Exchange rates

19.1 The exchange rate we use is set out in our Fees Page. You can always see our live exchange rate in the Revolut app.

19.2 All users can make a set amount of exchanges at this rate every month. The set amount depends on what your base currency and plan are, and is set out on our Fees Page. Users who exchange more than this amount start paying a fair usage fee.

19.3 Once we've converted a currency, your transaction history in the Revolut app will show the exchange rate we used too.

19.4 The exchange rate may change between the time you told us you wanted to exchange currency and the time we actually carry out the conversion. This means that if you ask us to exchange currency, you may receive a little more or less back than what you had expected.

19.5 We’re not responsible if you lose any money as a result of a currency exchange.

19.6 We’re not responsible if you’re charged any fees or a different rate by someone else for a currency conversion either. This is because we don’t charge those fees or set that different rate. For example, imagine you're travelling overseas and when you pay your bill at a restaurant you agree (on the card machine) to pay in your home currency instead of the local currency of the restaurant. When you do, you’re asking the restaurant (or their bank) to convert the currency for you, and they may charge a fee or use a different rate.

20. Your balance and negative balances

20.1. You acknowledge that balances and available funds reported on the Revolut Dashboard are only approximate real time balances rather than the settled balances in your Revolut Electronic Money Account. A real time balance may not take into account pending debits and credits. Revolut will provide you with information on pending debits and credits as soon as it has that information.

20.2. If for any reason (including, but not limited to, any technical errors on our behalf or on behalf of our third-party providers) you have a negative balance in your Revolut Electronic Money Account, you agree to immediately Top-Up the required amount to correct the negative balance, such amounts being due without the need for previous notification. If you fail to do so:

1. we may exercise our right of set-off in accordance with Clause 25 (Our Right to Set-Off) of these Terms;
2. initiate a chargeback procedure for any specific transaction which led to your Revolut Electronic Money Account having a negative balance;
3. take debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts;
4. if Revolut requests that you complete a Top-Up in order to correct a negative balance and you fail to do so within 7 Business Days, where applicable, you authorise us to initiate a payment transaction for the amount of the negative balance (or the equivalent in another currency) from one of your Stored Cards or User Bank Accounts (as applicable).

21. Security

21.1. We would like to draw your attention to paragraph 3 of the e-Payments User Protection Guidelines issued by the MAS (“User Protection Guidelines”). You have an important role to play to ensure that your Revolut Account is protected from unauthorised access and use by practising good security hygiene.

21.2. You must ensure that you take all reasonable steps to:

1. ensure that your Mobile and your Mobile PIN is kept safe and secure;
2. ensure that access to the Revolut Dashboard is kept safe and secure; and
3. ensure your Revolut Card PIN and other unique numbers (including CVC, expiry and card number) are kept safe and secure.

21.3. The requirement in Clause 19.2 includes, but is not limited to, you:

1. closing the Mobile App or Revolut App webpage every time you are not using or have finished using it;
2. keeping the Mobile you use to gain access to the Revolut Dashboard safe and secure and locked with a secure password or other security mechanism;
3. not writing down or telling anyone your Mobile PIN;
4. changing your Mobile PIN regularly;
5. if you receive any SMSs or emails, questionnaires, surveys, or other links that require you to provide your Mobile PIN, not providing your information and contacting our customer services team via the chat function on the Revolut Dashboard;
6. ensuring that the Mobile and e-mail account(s) you use to communicate with us are secure and only accessed by you, as the Mobile and e-mail address may be used to reset your Mobile PIN or to send information relating to the security of the Revolut Dashboard;
7. if at any time you think that your Mobile PIN has been lost, stolen or any other person knows your Mobile PIN or anyone has access to your e-mail account or Mobile you use to communicate with us, informing customer services immediately via the chat function on the Revolut Dashboard;
8. updating the Mobile App to the latest version available for your device as it may contain security updates;
9. keeping your Revolut Card safe and secure;
10. not writing down or telling anyone your Card PIN or details of the Revolut Card; and
11. disabling your Revolut Card via the Revolut Dashboard or otherwise reporting to us, at any time if you think the security of the Revolut Card is at risk, for example, if it is lost or stolen.

21.4. All Revolut Transactions are processed by automated methods, and anyone who obtains access credentials to the Revolut Dashboard or access to a Revolut Card could use it to enter into Revolut Transactions without your permission. Although Revolut has systems in place to detect fraudulent activity, you are responsible for monitoring the activity of your Revolut account. As noted in paragraph 3.8 of the User Protection Guidelines, if you notice any misuse, theft or unauthorised use of your Mobile, Revolut Card, Mobile PIN or Card PIN or any other suspicious activity, you must contact the customer services team and if possible, enable the appropriate security features on the Mobile App. Where applicable, you may be required to provide all of the information set out in paragraph 3.9 of the User Protection Guidelines for the purposes of our review and investigation. If you suspect identity theft or theft of Electronic Money, we suggest that you contact local law enforcement as well.

22. Restrictions on the use of the Revolut services

22.1. It is not permitted to:

1. use the Revolut Services for any illegal purposes, including, but not limited to fraud and money laundering, unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, fraud, money laundering, the funding of terrorist organisations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Revolut will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator;
2. use the Revolut Services to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides, or to obtain goods or services without paying the amount due partially or in full;
3. breach these Terms, the Revolut Cardholder Terms (as applicable) or any other agreement or policy that you have agreed with Revolut or with Revolut (acting as Card Issuer);
4. create more than one Revolut Account without our prior written consent;
5. use the Revolut Services to violate any law, statute, ordinance, or regulation;
6. use the Revolut Services for any illegal purposes including the purchase or sale, or the facilitation of the purchase or sale of, illegal goods or services;
7. use the Revolut Services to conduct activities pertaining to adult entertainment/pornography, auction houses, charities, chemicals and allied products, dating and escort services, binary options, legal services, political or religious organisations, video game arcades or establishments and business claiming to trade in prime bank guarantees, debentures, letters of credit or medium term notes;
8. infringe Revolut’s or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
9. act in a manner that is defamatory, libellous, threatening or harassing when using the Revolut Services;
10. provide us with false, inaccurate or misleading information;
11. use the Revolut Services to engage in debt-collection activities;
12. instruct us to send or receive what we reasonably believe to be potentially fraudulent funds on your behalf;
13. attempt to intentionally or knowingly receive or attempt to receive funds from both Revolut and a merchant for the same Revolut Transaction;
14. control a Revolut Account that is linked to another Revolut Account that has engaged in any of these Restricted Activities;
15. conduct your business or use the Revolut Services in a manner that is likely to result in or may result in complaints, disputes, reversals, chargebacks, fees, fines, penalties or other liability to Revolut, other Users, third parties or you;
16. use your Revolut Account or the Revolut Services in a manner that Revolut (acting as Card Issuer), Visa, Mastercard, American Express, Discover or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules;
17. allow any of the currencies in your Revolut Electronic Money Account to have a negative balance;
18. provide yourself with a cash advance from your credit card (or help others to do so);
19. take any action that imposes an unreasonable or disproportionately large load on our infrastructure; facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information; use an anonymising proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our Website without our prior written permission; or interfere or attempt to interfere with the Revolut Services;
20. take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers;
21. use the Revolut Services to test credit card behaviours;
22. circumvent any Revolut policy or determinations about your Revolut Electronic Money Account including, but not limited to, attempting to create a new or additional Revolut Account when a Revolut Electronic Money Account has a negative balance or has been restricted, suspended or otherwise limited; creating new or additional Revolut Electronic Money Accounts using Information that is not your own (e.g. name, address, email address, etc.); or using someone else’s Revolut Electronic Money Account;
23. harass our employees, agents, or other Users;
24. refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;
25. use the Revolut Services in a manner that we believe may be a violation of any applicable electronic payment network rules, card association or network rules, or applicable law;
26. use the Revolut Services to trade FX for speculative purposes or for FX arbitrage;
27. refuse or fail to provide further information about you or your business activities that we may reasonably request;
28. conduct your business or use the Revolut Services in a manner that leads us to receive a disproportionate number of claims or chargebacks;
29. have a credit score provided by a third party provider of Revolut’s choosing which indicates a higher level of risk associated with your use of the Services; and/or
30. reveal your Mobile PIN or Card PIN to anyone or use anyone else’s Mobile App or Revolut Card.

22.2. You must ensure that you only enter into Revolut Transactions relating to the sale or supply of goods and services in compliance with all applicable laws and regulations. The fact that a person or entity accepts payments via a Revolut Transaction is not an indication of the legality of the supply or provision of the goods and services.

22.3. We reserve the right to refuse to perform a Revolut Transaction directly or indirectly associated with any Restricted Country.

22.4. If Revolut, in its sole discretion, believes that you may have breached the provision of this Clause, we may take action to protect ourselves, other Users and third parties. The action we may take includes but is not limited to:

1. closing, suspending, or limiting your access to your Revolut Electronic Money Account or any or all of the Revolut Services.
2. contacting other Users who have transacted with you; contacting your bank or credit card issuer; and/or warning other Users, law enforcement, or impacted third parties of your actions;
3. updating inaccurate Information you have provided to us;
4. taking legal action against you;
5. terminating these Terms or access to the Website;
6. fully or partially reversing a Revolut Transaction; and/or
7. blocking your access to your Revolut Electronic Money Account and/or Revolut Dashboard temporarily or permanently.

22.5. Where possible, Revolut will provide you with the relevant information regarding the actions imposed, but we may be unable to do so in accordance with the appropriate law including avoiding disclosing protected third party information or interfering in the course of an investigation.

23. Revolut transaction limits

23.1. We reserve the right to impose at our sole discretion Revolut Transaction Limits, based on criteria determined by us and that does not have to be disclosed.

23.2. You may be able to view some of these Revolut Transaction Limits by logging onto the Revolut Dashboard. Revolut may, from time to time, provide you with procedures or methods to remove or increase such limits. We reserve the right to remove Revolut Transaction Limits from the Revolut Dashboard.

23.3. We are required to impose limits on how much electronic money you can hold and transact. See paragraphs 9, 12, 16, 17, 18, and 19.

24. Suspending your use of the Revolut services

24.1. We reserve the right to change, suspend or discontinue any aspect of the Revolut Services at any time, including hours of operation or availability of the Revolut Services or any Revolut Services feature, without notice and without liability.

25. Our right to set-off

25.1. On the happening of any event which entitles us to be compensated by you (including, but not limited to, any technical errors on our behalf or on behalf of our third-party providers), we shall be entitled to recover any sum due to us by retaining part or all of any sum that you have lodged with us under any Revolut Transaction or otherwise. You shall have no similar right of set-off. For the avoidance of doubt, this includes if one of the currency balances in your Revolut Electronic Money Account shows that you owe us an amount of funds for any reason or has a negative balance, Revolut may set-off the amount you owe us by using funds you maintain in that currency or in a different currency balance or by deducting amounts you owe us from money you receive into your Revolut Electronic Money Account, or money you attempt to withdraw or send from your Revolut Electronic Money Account, or in a different Revolut Electronic Money Account which you control and by deducting funds from any withdrawals you attempt to make.

25.2. On the happening of any event which entitles us to be compensated by you, if for whatever reason we are unable to exercise our right of set-off pursuant to Clause 25.1, we may initiate a payment transaction for the amount we are due to be compensated by you from one of your Stored Cards or User Bank Accounts.

25.3. If the amount owed to us is in a currency which is different to the money or Electronic Money you hold with us, we shall convert the amount you hold with us to the currency of the amount you owe us by applying our Exchange Rates. We do not need to notify you of this conversion occurring.

26. Our liability with respect to instant transfers, Revolut bank transfers, ATM withdrawals and Revolut card purchases

26.1. You warrant that you are an individual acting solely on your own behalf and are acting for a purpose other than a trade, business or profession.

26.2. If you believe that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase has been incorrectly executed or was not authorised by you, you must inform us as soon as possible via the chat function on the Revolut Dashboard. Failure to notify us immediately on becoming aware or within the 13 months of the date of the unauthorised or incorrectly executed Instant Transfer, Revolut Bank Transfer, ATM Withdrawal or Revolut Card Purchase will result in you losing your entitlement to have the matter corrected.

26.3. Where it is established that an Instant Transfer, Revolut Bank Transfer, ATM Withdrawal and/or a Revolut Card Purchase was not authorised by you, or was incorrectly initiated or executed by us (provided we can prove such incorrect transaction has taken place) and you have notified us within 13 months of the date of the unauthorised Instant Transfer, a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase, unless Clause 26.4 applies, we shall refund the full amount to your Revolut account.

26.4. You will be liable for:

1. all losses incurred in respect of an Instant Transfer, a Revolut Bank Transfer, ATM Withdrawal and Revolut Card Purchase made by us which was not authorised by you, if you have acted fraudulently, or have intentionally or with gross negligence failed to comply with the obligations set out in Clause 21 (Security) or you have not notified us on time in accordance with Clause 26.2; and
2. where Clause 25.4(1) does not apply, up to S$ 60 of any losses incurred in respect of Instant Transfers, Revolut Bank Transfers, ATM Withdrawals and Revolut Card Purchases which were not authorised by you, where you have otherwise failed to comply with your obligations under Clause 21 (Security).

27. General liability

27.1. You can reach us via the chat function on the Revolut Dashboard.

27.2. We shall not be liable for non-execution or defective execution in relation to an Instant Transfer or Revolut Bank Transfer we have made in accordance with a unique identifier given to us by you which proves to be incorrect. However, we shall make reasonable efforts to recover funds involved in that transaction and may charge you for doing so, including passing on to you charges made by intermediary banks and/or the payee’s bank for their assistance in the tracing process.

27.3. We are not liable to you for the correct execution of an Instant Transfer, a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase, if we can prove to you (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. We will however, upon your request, make efforts to trace any non-executed or defectively executed payment transactions or any Revolut Bank Transfers which were correctly executed to an account which is deemed fraudulent and notify you of any outcome involving our investigation.

27.4. Please note that any restriction on your liability in relation to an unauthorised or incorrectly executed payment transaction does not apply to losses arising from and/or in relation to Electronic Money Exchanges or Monetary Exchanges.
27.5. We are liable to you for the correct transmission of a payment order representing a Top-Up via Stored Card within the relevant time limit. Where we are liable, we will immediately re-transmit the payment order in question.

27.6. We shall not be liable to you for any:

1. loss or damage which you may incur as a result of losses or costs caused by abnormal and unforeseeable circumstances outside our reasonable control, which would have been unavoidable despite all efforts to the contrary, which might for example include delays or failures caused by problems with another system or network, mechanical breakdown or data-processing failures;
2. consequential or indirect loss (such as loss of profits or opportunity) you may incur as a result of us failing to perform our duties under a Revolut Transaction; or
3. losses as a result of us taking action (or not taking action) as necessary to meet our legal obligations.

27.7. You are responsible for all liabilities, financial or otherwise, incurred by Revolut (acting as Card Issuer), Revolut, a Revolut User, or a third party caused by or arising out of your breach of these Terms, your use of the Revolut Services, and any use of your Revolut Account. You agree to reimburse Revolut (acting as Card Issuer), Revolut, a Revolut User, or a third party for any and all such liability, to the extent not prohibited by applicable law.

27.8. You remain liable under these Terms in respect of all charges and other amounts incurred through the use of your Revolut Account at any time, irrespective of termination, suspension or closure.

27.9. You alone are responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Revolut Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. You are liable to the state and other subjects for fulfilment of all tax obligations independently. Revolut shall not be responsible for the execution of tax obligations, or calculation and transfer of taxes applied to you.
27.10. You agree to defend, reimburse or compensate us (known in legal terms to “indemnify”) and hold Revolut, our third party providers, our employees or agents who are authorised to act on our behalf harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your breach of these Terms, breach of any law and/or use of the Revolut Services.
27.11. Nothing in these Terms shall operate to exclude liability for death or personal injury or for fraud or fraudulent misrepresentation or for any liability cannot be excluded or amended under Singapore law.

27.12. In no event shall Revolut be liable for loss of profits or any special, incidental or consequential damages arising out of these Terms or otherwise in connection with the Revolut Services, howsoever arising.

27.13. We are not liable for any loss you incur resulting from your use of the Revolut Card which shall be the sole responsibility of Revolut (acting as Card Issuer) and subject to the Revolut Cardholder Terms (as applicable).

27.14. To the extent permitted by applicable law, Revolut is not liable, and you agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:

1. your inability to use the Revolut Services for whatever reason;
2. delays or disruptions in the Revolut Services;
3. viruses or other malicious software obtained by accessing the Website or any associated site or service;
4. glitches, bugs, errors, or inaccuracies of any kind in the Revolut Services;
5. the content, actions, or inactions of third parties;
6. a suspension or other action taken with respect to your Revolut Account;
7. your need to modify practices, content, or behaviour, or your loss of or inability to do business, as a result of changes to these Terms or Revolut’s policies; and/or
8. illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data.

28. Withdrawing funds

28.1. You may withdraw funds from your Revolut Electronic Money Account by entering into a Revolut Bank Transfer and choosing a User Bank Account as the Counterparty Bank Account or by entering into an ATM Withdrawal or by using any other available method on the Revolut Dashboard or otherwise notified to you from time to time.

28.2. Revolut is not responsible for the withdrawal payment once the funds are received by your payment service provider as Revolut is the payer and not the payment service provider for withdrawals.

29. Closing your account

29.1. Your Revolut Account will be closed at the end of the term of this agreement in accordance with Clause 4.1 or upon termination of these Terms in accordance with Clause 33.1 (Amendments to these Terms) and Clause 36 (Termination). You accept that after your Revolut Account has been closed, Revolut will store personal data about you and your Revolut Transactions for a period of five years.
29.2. If your Revolut Electronic Money Account holds a balance at the time of its closure, we may ask you to withdraw your funds within a reasonable period of time, during which your Revolut Electronic Money Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your Revolut Electronic Money Account but you may withdraw any remaining funds for a period of six years from the date of closure of your Revolut Account by contacting customer service and requesting that the funds be sent to you by returning the funds by either a card refund or bank transfer. When your Revolut Account is closed, any pending instructions will be cancelled.

29.3. You may not close your Revolut Account to evade an investigation. If you attempt to close your Revolut Account while Revolut is conducting an investigation, it may freeze the account to protect all parties to the Revolut Services, its affiliates, or a third party against any liability. You will remain liable for any obligations related to your Revolut Account even after it is closed.

30. Notice and communications

30.1. You agree and consent to electronic receipt of all Communications that we provide in connection with the Revolut Services. We will provide Communications to you by making them available on the Revolut Dashboard or by emailing them to you at the primary email address listed in your Revolut Account Profile.

30.2. It is your responsibility to enable and monitor the transaction notifications sent to you via the Revolut Dashboard and registered email account (where applicable). It is your responsibility to ensure that you log onto the Revolut Dashboard regularly and regularly review the Revolut Dashboard, the Website and your primary email address and open and review communications that we deliver to you through those means. You are obligated to review your notices and Revolut Transaction History, and to promptly report any questions, apparent errors, or unauthorised Revolut Transactions. Failure to contact us in a timely manner may result in loss of funds or important rights.

30.3. We may contact you from time to time to notify you of changes or information regarding your Revolut Account. It is your responsibility to ensure you regularly check the Revolut Dashboard and that your contact information stored on your profile in the Revolut Dashboard is up to date. You may contact us in accordance with these Terms via the chat function on the Revolut Dashboard.

31. Data

31.1. The processing of your data is governed by these Terms, any applicable Supplements as well as our Privacy Policy.
31.2. Revolut reserves the right to transmit the Information or personal data about you as well as activity in your Account to law enforcement institutions, state authorities and financial institutions, if such is necessary to comply with relevant legislation, and in order to identify whether these Terms and relevant legislation have not been violated.

31.3. When you use the Revolut Services we may collect precise location data about a Revolut Transaction. If you permit the Mobile App to access location services through the permission system used by your mobile operating system, we may also collect the precise location of your device when the app is running the foreground or background. We may also derive your approximate location from your IP address. You may opt out of providing location data through the Mobile App, unless you opt out of providing location data, you consent to the collection, use, sharing and onward transfer of location data, as further set forth in the Privacy Policy.

31.4. By providing Revolut with a telephone number (including a mobile telephone number), you agree to receive autodialed and pre-recorded message calls at that number. The ways in which you provide us a telephone number include, but are not limited to, providing a telephone number at Revolut Account opening, adding a telephone number to your profile on your Revolut Dashboard at a later time, providing it to one of our employees, or by contacting us from that phone number. If a telephone number provided to us is a mobile telephone number, you consent to receive SMS or text messages at that number, for service-related matters. We will not share your phone number with non-affiliated third parties for their purposes without your consent and we will never market, advertise, or solicit you using autodialing or pre-recorded messages, but we may share your phone numbers with our affiliates or with other service providers, such as billing or collections companies, who may contact you using autodialed or pre-recorded message calls or text messages.

31.5. You understand and agree that Revolut may, without further notice or warning and in our discretion, monitor or record the telephone conversations you or anyone acting on your behalf has with Revolut or its agents for quality control and training purposes or for its own protection. You acknowledge and understand that, while your communications with Revolut may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by Revolut, and Revolut does not guarantee that recordings of any particular telephone calls will be retained or retrievable.

31.6. You agree that we can use your Information in connection with your Revolut Account, to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process Revolut Transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.

31.7. You understand and agree that we may collect information about how you and other Revolut Users interact with the Revolut Services. We may access the address book on your device and store names and contact information to facilitate social interactions through the Revolut Services and for other purposes. We collect transaction details related to your use of the Revolut Services, including the type of service requested, date and time the service was provided, amount charged and other related transaction details. We may collect information about your mobile device, including for example, the hardware model, operating system and version, software and file names and versions, preferred language, unique device identifier, advertising identifiers, serial number, device motion information and mobile network information. You agree that we may use the information that we collect to facilitate interactions with the Revolut Services, including sharing certain non-sensitive information about you with other Revolut Users.

32. Intellectual property

32.1. The Revolut Dashboard and the Website and all intellectual property rights contained therein, including but not limited to any content, are owned or licenced by us. Intellectual property rights means rights such as: copyright, trademarks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind whether or not they are registered or unregistered (anywhere in the world). Revolut’s intellectual property include "Revolut.com", "Revolut", “Beyond Banking”, “the Global Money App” and all logos related to the Revolut Services. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of Revolut. You may not copy, imitate, or use them without our prior written consent.

32.2. We reserve all of our rights in any intellectual property in connection with these Terms. This means, for example, that we remain owners of them and free to use them as we see fit.

32.3. Nothing in these Terms grants you any legal rights in the Revolut Dashboard and/or the Website, other than as necessary to enable you to access the Revolut Dashboard. You agree not to adjust or try to circumvent or delete any notices contained on the Revolut Dashboard (including any intellectual property notices) and in particular in any digital rights or other security embedded or contained within the Revolut Dashboard.

33. Customer support and complaints

33.1. We take all complaints, feedback and queries seriously. Any complaints about us or feedback/ query regarding the services we provide should be addressed to the chat function on the Revolut Dashboard. Alternatively, you could send an email to formalcomplaints@revolut.com (for complaints) or support@revolut.com (for feedback). If you have a complaint, please clearly indicate that you are wishing to make a complaint as this helps us to distinguish a complaint from a feedback/ query. Our complaints procedure (available on our Website) sets out the process for submitting and resolving any complaints. You may request a copy of our complaints procedure at any time by contacting customer services via the chat function on the Revolut Dashboard.

33.2. A final response to your complaint, or a letter explaining why the final response has not been completed, will be sent to you within 14 Business Days of your complaint having been made. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.

34. Amendments to these terms

34.1. We are entitled to unilaterally amend these Terms upon provision of reasonable notice to you. Any material amendments to these Terms (such as changes to fees) will be notified to you two weeks prior. These changes will be deemed to have been accepted by you where you do not, before the proposed date of the entry into force of the changes, notify us to the contrary. If you do notify us to the contrary, your notification will be deemed to be a notice that you wish to close your Revolut Account and terminate these Terms on the date upon which the changes are to take effect.

34.2. Where an amendment to the Terms is required by law or relates to the addition of a new service, extra functionality to the existing Service, a reduction in the cost of the Services or any other change which neither reduces your rights nor increases your responsibilities, the amendment may be made without prior notice to you and shall be effective immediately.

35. Fees

33.1. The fees we charge for the Revolut Services are set out in the separate Fees Pages. We will provide you with notice of any changes to the Fees Pages in accordance with these Terms. It is your responsibility to stay informed and review these changes once we have provided you notice of a change to our fees.

35.2. The fees we charge for any other transactional fees are clearly shown on the Revolut Dashboard prior to you completing an action and accepted by you or a User.

35.3. We shall deduct the fees that you owe us from the SGD currency balance in your Revolut Electronic Money Account. If there is not enough SGD balance in your Revolut Electronic Money Account, we shall deduct the equivalent fees from a different currency balance(s) using our Exchange Rates. If there is not enough Electronic Money in your Revolut Electronic Money Account to pay your fees in any currency, then we shall take our fee from the Stored Card you supplied when signing up for the Revolut Services or other Stored Card belonging to you which has been provided to us. We reserve the right to suspend your access to your Revolut Services if we are not paid any monies owing to use by you on time.

35.4. Fees for the delivery of replacement Physical Revolut Cards shall be charged at the time the request for Physical Revolut Card is made. If your Revolut Electronic Money Account balance is insufficient to cover the fees for the delivery of the replacement Physical Revolut Card, then we may refuse to issue the replacement Physical Revolut Card. If your Physical Revolut Card has been lost, stolen or misappropriated we will only charge you for the costs associated with replacing your Physical Revolut Card and sending it to your applicable jurisdiction.

35.5. ATM Withdrawal fees will be charged at the time the ATM Withdrawal is performed. If your Revolut Electronic Money Account balance is insufficient to cover the ATM Withdrawal fees, we may refuse to execute the ATM Withdrawal. Please be aware that some ATM providers charge additional fees for the use of their ATMs and some merchants add a surcharge for accepting certain types of cards. You may also be subject to the merchant’s terms and conditions of business when you use the Revolut Card and it is your responsibility to review and agree these before proceeding with a Revolut Card Transaction.

36. No warranty

36.1. The Revolut Services are provided on an "as is", "as available" basis and without any representation or warranty, whether express, implied or statutory. Revolut, and the officers, directors, agents, joint ventures, employees and suppliers of Revolut, make no representation or warranty of any kind whatsoever for the services or the content, materials, information and functions made accessible by the Revolut Services used on or accessed through the Revolut Services, or for any breach of security associated with the transmission of sensitive information through the Revolut Services.

36.2. Revolut does not warrant that the Revolut Services will be uninterrupted or error free. Revolut shall not be responsible for any service interruptions, including, but not limited to, system failures or other interruptions that may affect the receipt, processing, acceptance, completion or settlement of Revolut Transactions or the Revolut Services.
36.3. Revolut does not have any control over the products or services that are paid for using the Revolut Services.

36.4. Revolut is not responsible for the quality, performance, or any consequential results of the products and/or services purchased using the Revolut Services.

37. Termination

37.1. Revolut, in its sole discretion, may terminate these Terms at any time, by giving you two months’ notice. The termination of these Terms will not affect any of our rights or your obligations arising under these Terms.
37.2. You may terminate these terms at any time by providing us with one month’s notice, such notice to be provided using the chat function on the Revolut Dashboard.

37.3. Without prejudice to any rights that have accrued under these Terms, or any party’s other rights or remedies, either party may at any time terminate these Terms with immediate effect by giving written notice to the other party if:

1. the other party commits a material breach of any term of these Terms and (if such breach is remediable) fails to remedy that breach within a period of 30 days after being notified in writing to do so;
2. the other party repeatedly breaches any of the terms of these Terms in such a manner as to reasonably justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of these Terms;
3. the other party is subject to a bankruptcy, insolvency, winding up or other similar event; and/or
4. the result of laws, payment scheme rules, regulatory authority rules or guidance or any change in or any introduction thereof (or change in the interpretation or application thereof) means that it is unlawful or contrary to any such law, rules, order or regulations for either of the parties to perform or give effect to any of its obligations hereunder and such obligation cannot be readily severed from these Terms.

37.4. Without prejudice to any rights that have accrued under these Terms or any of the party’s rights or remedies, we may at any time terminate these Terms with immediate effect by giving written notice to you if:

1. we are unable to verify your information in the manner set out in these Terms;
2. you die;
3. we have reason to believe that your use of the Revolut Services: damages, corrupts, degrades, destroys and/or otherwise adversely affects the Revolut Services, or any other software, firmware, hardware, data, systems or networks accessed or used by you;
4. there is a significant fluctuation (either positive or negative) in the aggregate number of Revolut Transactions you enter into;
5. you have acted or omitted to act in any way which we reasonably determine to diminish Revolut's (acting as Card Issuer or otherwise) business operations and/or reputation and/or goodwill and/or which we reasonably determine or suspect to give rise to any offence or any increased risk or liability to us; and/or
6. we are unable to provide the Revolut Services to you through the inability of any third party to provide us with any good and/or service that we require to provide the Revolut Services to you.

37.5. Other actions we may take. If you have breached the terms of these Terms (including a breach of your obligation to pay us any amount owing), we are otherwise entitled to terminate these Terms, or we may: suspend your use of the Revolut Services (in whole or in part) in which case we will not treat any order for a Revolut Transaction that you may wish to make as being received by us; report any Revolut Transaction or any other relevant information about you and your use of the Revolut Services to the relevant regulatory authority, law enforcement agency and/or government department; and/or if appropriate, seek damages from you.

37.6. Termination of these Terms requires the closing of your Revolut Electronic Money Account in accordance with Clause 28 and the termination of all Revolut Cards and the associated Revolut Cardholder Terms (as applicable). Revolut will deal with your remaining balance in accordance with these Terms and the Revolut Cardholder Terms (as applicable).
37.7. Any terms which by their nature should survive, will survive the termination of these Terms.

38. Third party providers

38.1 If applicable, you can choose to allow a Third Party Provider (TPP) to access information on your Revolut Account, to combine and display information about your Revolut Account with information from accounts you have with other payment service providers, and, if applicable to your Revolut Card, to make payments for you from your Revolut Account, provided the TPP is authorised by the Monetary Authority of Singapore.

38.2 If you do, you must keep us informed of any incorrect or unauthorised transactions that happen so we can take steps to stop further misuse of your Card and arrange any refund you've been entitled to.

38.3 If you are thinking of using a TPP, it is important you check with the applicable regulator whether it is authorised before you use it.

38.4 We can refuse or stop access to a TPP if we're concerned it isn’t authorised or if we believe it's fraudulent or acting fraudulently. If that happens, we'll contact you to explain why unless we believe that would compromise our security or it would be unlawful.

39. Miscellaneous

39.1. In order to use other functions of the Revolut Services, you may be requested to accept other terms and conditions, either with Revolut or with a third party.

39.2. These Terms shall be governed by the laws of Singapore and any claim or dispute arising out of or in relation to these Terms shall be subject to the non-exclusive jurisdiction of the courts of Singapore.
39.3 We may report any unlawful activity (or suspected unlawful activity) by you or another person to the police or other appropriate authorities, and cooperate with them in any investigation. We may also require your reasonable cooperation in alternative dispute resolution procedures as a means of disputing or issuing any claims in relation to these Terms.

39.4. These Terms do not intend to confer any benefit on any third party and no third party shall have the right to enforce these Terms or any Revolut Transactions.

39.5. The Electronic Money in your Revolut Electronic Money Account belongs to the person or legal entity which is registered as the Revolut Account holder. We recognise only the rights of the holder of the Revolut Account. You cannot assign or transfer legal ownership of the Revolut Electronic Money Account to anyone.

39.6. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your Revolut Transactions, or for collecting, reporting or remitting any taxes arising from any Revolut Transactions. In certain circumstances, the laws of the country in which you carry out a Revolut transaction may permit Revolut to collect from you stamp duty or other tax up to the maximum amount specified by applicable laws.

It is your responsibility to comply with any and all applicable tax laws in connection with your use of the Revolut Services, including without limitation, the reporting and payment of any taxes arising in connection with Revolut Transactions made through the Revolut Services.

39.7. If we fail to enforce any of our rights under the Terms, or applicable laws, it shall not be deemed to constitute a waiver of such right.

39.8. You may not transfer or assign or sell any rights or obligations you have under these Terms or otherwise grant any third party a legal or equitable interest over your Revolut Electronic Money Account without Revolut’s prior written consent. Revolut reserves the right to transfer or assign these Terms or any right or obligation under these Terms at any time.
39.9. We may comply with any subpoena, levy, or other legal process which we believe to be valid. We may notify you of such a process electronically, by phone, or in writing.

39.10. Revolut (acting as Card Issuer or otherwise) has the right to change any of its third-party service providers, including without limitation the Card Processor, with or without notice.

39.11. Revolut reserves the right, but shall have no responsibility, to edit, modify, refuse to post or remove any provider content, in whole or in part, that in its sole and absolute discretion is objectionable, erroneous, illegal, fraudulent or otherwise in violation of these Terms.

39.12. Unless stated otherwise in these Terms, if any provision of these Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.

39.13. We do not provide advice and contract on an execution only basis. We may provide information to you from time to time, for example via the Revolut Dashboard or the Website, but we will not and do not provide advice to you either upon the merits of a proposed Transaction or upon any other matter. Before entering into any Revolut Transaction you must make your and their own independent assessment as to whether it is appropriate to enter into a Revolut Transaction based upon your own judgement and upon such advice from such advisers as you consider necessary. It is an express term of every Revolut Transaction which you enter into with us that you are not relying upon any communication (written or oral) made by us as constituting advice about or a recommendation to enter into such Revolut Transaction. Foreign currency exchange rates are subject to fluctuations outside our control. Past movements or trends in the movement of foreign currency exchange rates should not be taken as an indicator of future movements in such exchange rates.
39.14. Clause, Schedule and paragraph headings shall not affect the interpretation of these Terms.

39.15. A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

39.16. The Schedules form part of these Terms and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

39.17. A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.
39.18. Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.
39.19. Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

39.20. These Terms shall be binding on, and ensure to the benefit of, the parties to these Terms and their respective personal representatives, successors and permitted assigns, and references to any party shall include that party’s personal representatives, successors and permitted assigns.

39.21. A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.
39.22. A reference to writing or written includes email and the chat function on the Revolut Dashboard.

39.23. Any obligation on a party not to do something includes an obligation not to allow that thing to be done.
39.24. These Terms shall be concluded and interpreted in the English language. If these Terms are translated into another language, it is for reference purposes only. All communications between the parties shall be in the English language.

39.25. A reference to these Terms or to any other agreement or document referred to in these Terms is a reference to these Terms or such other agreement or document as varied or novated (in each case, other than in breach of the provisions of these Terms) from time to time. References to Clauses and Schedules are to the Clauses and Schedules of these Terms and references to paragraphs are to paragraphs of the relevant Schedule.

39.26. Any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

39.27. Supplements to these Terms are an integral part of these Terms, under which you and Revolut agree on usage of specific services as defined in the Supplements.

37.28. The definitions set out in Schedule 1 apply to these Terms.

Schedule 1 — Definitions

“ATM Withdrawal” has the meaning set out in Clause 9.2(a).
“Business Day" means a day other than a Saturday, Sunday or public holiday in Singapore

"Card Issuer" means Revolut Technologies Singapore Pte. Ltd. which is licensed by a card scheme to issue Revolut Cards and manage the associated funds across the Visa or Mastercard network.

“Card PIN” means personal identification number, which is associated with your Revolut Card and allows you to enter into Revolut Card Transactions.

"Card Processor" means a third-party payment network card (e.g, Global Processing Services) processor.

"Communications" means information provided relating to your Revolut Account or any Revolut Transaction, including: any agreements and policies you agree to, (e.g., these Terms) including updates to these agreements or policies; disclosures and notices, including prospectuses and reports for transaction receipts or confirmations; Revolut Account statements and history; and payments authorisations and transaction receipts or confirmations; documents; and any other information related to your Revolut Account or the Revolut Services.
“Cookie Policy” means the cookie policy relating to the Website which can be found at here.

“Counterparty” means the person you wish to send Electronic Money or money to.

“Counterparty Bank Account” means the bank account of the Counterparty.

“Electronic Money” means electronically stored value represented by a claim against Revolut.

“Electronic Money Exchange” has the meaning set out in Clause 9.1.1
“Exchange Rate” has the meaning set out in Clause 16 and the Fees and Pricing Section.

“External Account” means a designated personal deposit account (current or savings account) held with a bank in Singapore.

“Fees Pages” means the separate fees schedule outlining the fees we charge in relation to the Revolut Services which can be found here.

“Force Majeure Event” means an event which is beyond the reasonable control of an affected party including without limit any market disruption, acts or restraints of government(s) or public authorities, war, revolution, strikes or other industrial action, fire, flood, natural disaster, explosion, terrorist action, the suspension or limitation of trading by any execution venue, or any breakdown, failure, defective performance or malfunction of any telecommunications settlement or other equipment or systems.

"Information" means any confidential and/or personally identifiable information or other information, including but not limited to the following: name, email address, date of birth, tax identification number, billing/shipping address, phone number and financial information.
“Instant Transfer” has the meaning set out in Clause 9.1.2.

“Mobile” means your smartphone or other electronic device upon which you have downloaded the Revolut Mobile App.
“Mobile App” means the mobile application accessible through your Mobile where you can obtain access to your Revolut Dashboard.

“Mobile App Terms” means the terms and conditions governing your use of the Mobile App which can be found on the Mobile App.

“Mobile PIN” means your personal identification number which is entered onto the Revolut Mobile App to gain access to the Revolut Dashboard.

“Monetary Exchange” is not a service in its own right but will be part of a Revolut Bank Transfer, an ATM Withdrawal or a Revolut Card Purchase and means redeeming Electronic Money in your Revolut Electronic Money Account and using it to purchase money in a different currency using our Exchange Rates.
“Monthly Plan Break Fee” means the S$20 charge if you elect to terminate your 12-month monthly plan within the first ten (10) months.
“Payment Services Act” is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. The Act came into effect on 28 January 2020.

“Physical Revolut Card” means both the Standard Revolut Card and the Premium Revolut Card.

“Premium Revolut Card” means the tangible plastic card issued to Premium Users which allows Premium Users to enter into ATM Withdrawals and Revolut Card Purchases.
“Premium Service” means the benefits you are entitled to as a result of being a Premium User, which includes, but isn’t limited to, unlimited use of our Standard Exchange Rate, an increased threshold for free ATM Withdrawals, benefitting from the Overseas emergency medical insurance and around the clock customer support.

“Privacy Policy” means out privacy policy which can be found on the Website.

“Restricted Countries” means those countries that do not appear on the Revolut Dashboard.

"Revolut" "we," "us," or "our" means Revolut Technologies Singapore Pte. Ltd., the details of which are set out in Clause 2.1.
“Revolut Account” means your relationship with us as described in these Terms.

"Revolut Account Profile" means your profile, accessible on the Revolut Dashboard where you can view, among other things, your details, your price plan and your verification limits.

“Revolut Bank Transfer” has the meaning set out in Clause 9.1.3
“Revolut Card” means both Physical Revolut Cards and Virtual Revolut Cards.

“Revolut Cardholder Terms” means the terms and conditions between you and Revolut (acting as Card Issuer) relating to the issuance to you and the use by you of the Revolut Card.

"Revolut Card Purchase" has the meaning set out in Clause 9.2.2

“Revolut Card Transaction” has the meaning set out in Clause 9.2.

“Revolut Dashboard” has the meaning set out in Clause 5.1.

“Revolut Dashboard Transaction” has the meaning set out in Clause 9.1

“Revolut Electronic Money Account” means an account with us in which Electronic Money is held.

“Revolut Services” means you being given access to the Revolut Dashboard via the Mobile App and being able to enter into Revolut Dashboard Transactions, you being issued with a Revolut Card and being able to enter into Revolut Card Transactions and the management of your Revolut Account and if you are a Premium User the Premium Service any other services provided by Revolut to you from time to time.

“Revolut Transactions” means both Revolut Dashboard Transactions and Revolut Card Transactions. “Revolut Transaction History” means the list of Revolut Transactions you have entered into, which is available on the Revolut Dashboard.

“Revolut Transaction Limits” means the limits Revolut imposes on the Revolut Transactions you can enter into, the details of which will be set out on the Revolut Dashboard.

“Revolut User” means a user of Revolut which is not you.
“Standard User” means an individual with a Revolut Account which is not a Premium User.

“Standard Revolut Card” means the tangible plastic card issued to Standard Users which allows Standard Users to enter into ATM Withdrawals and Revolut Card Purchases.

"Stored Card" means the credit card, debit card, or other payment card, which you register for use on the Revolut Dashboard and which will be used by Revolut to receive funds against which we will issue Electronic Money to your Revolut Electronic Money Account or for other purposes under these Terms.

“Supplement(s)” means an agreement between Revolut and you for the provision of separate services by Revolut or one of its partners to you, which will be set out on the Website.
“Third Party Bank Transfer” means a payment from a person which is not you to one of our bank accounts, the details of which we shall provide to you, as part of the process of requesting a Top-Up.
“Top-Up” means you or a third party sending money to us in return for us issuing Electronic Money to your Revolut Electronic Money Account as further described in Clause 8.

"User", “you” or “your” means you being the business that has agreed to these Terms to use the Revolut Services.
“User Bank Account” means a bank account belonging to you.

“User Bank Transfer” means a transfer from a User Bank Account, performed by the User’s payment service provider, to one of our bank accounts, the details of which we shall provide to you or your bank, as part of the process of requesting a Top-Up.

“Virtual Revolut Cards” means the virtual non-tangible cards that allow you to enter into Revolut Card Purchases.

“Website” means our general website, the web address of which is https://www.revolut.com/en-SG.

“Website Terms” means the terms and conditions regarding the use of our Website which can be found on our Website.