revolut singapore travel insurance

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To view or download insurance documents tap 'Lifestyle' in the bottom menu → 'Insure' → 'Travel' → select a type → 'All Documents'.

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Revolut Singapore Review: What You Need To Know Before Signing up

• Offers a physical card for use anywhere that accepts prepaid Visa or Mastercard
• Unique card number for every transaction, keeping your real card details safe
• Supports bank transfers and ATM withdrawals in 140+ currencies
• Excellent rebates with the Revolut card
• 1-2% currency exchange markups on weekends
• Extra fee for cross-border transfers except on the highest membership tier
• Offers crypto trading but no ability to send or receive cryptocurrencies
• The best features are locked behind paid memberships

Looking for a payment solution that can give you peace of mind when managing cross-border transactions?  Revolut may be just the tool you need.

Like competitors Wise and YouTrip , Revolut is a multi-currency account with a free virtual debit card. Since you can change foreign currencies at preferential mid-market rates, globetrotters can save a significant amount on FX transactions. This banking alternative promises users a convenient and affordable way to exchange their money into over 150 different currencies.

Read on as we’ll be covering more details about Revolut to help you decide if this tool is for you:

• What is Revolut?
• How does it work?
• The different types of membership and features
• What is a Revolut Junior Account?
• The pros and cons of Revolut

What Is Revolut?

Revolut Singapore is not a bank but rather a regulated payment institution that was founded in 2015 in Great Britain. It has now expanded to over 35 countries.  To date, Revolut claims to have 15 million personal account customers, 500,000 business account users, and over 28 different currencies offered on its platform.

When you sign up for a Revolut account, you can exchange money in any currency and make payments to foreign merchants without using physical cash. You can also apply for the Revolut card, a prepaid Mastercard that allows users to transact in over 140 currencies in 36 countries.

This means you can travel around the world without needing to hold different foreign currencies in your wallet at all.

How Revolut Works

Revolut is a digital banking app that lets you spend globally at a minimal cost.  Think of this payment app as a highly-secure virtual card that can be used for online payments or transfers.

Sending and Receiving Money

Out for a night with friends? You can use Revolut to split the bill and settle payments instantly. The app allows you to send payment requests with just a few taps, so you won’t have to face the awkwardness of playing debt collector.

If you have loved ones overseas who need urgent funds, Revolut is an extremely useful tool for quick money transfers with no hidden fees. Your money will also be converted at low mid-market exchange rates (banks usually charge between 0.3% to 20%!).

Not so tech-savvy? Don’t worry, the app is rather user-friendly. You can make a payment link to send or request money even if you don’t have the other party’s bank details. The person receiving the payment link will get simple instructions on how to complete the rest of the process. Those sending you money can do so even without a regular credit or debit card — it’s that easy.

Read also: 5 Best Money Transfer Apps (2022 Review)

The Revolut Prepaid Card

To make it even easier, you can also request a Revolut card that works like a debit card. This can be used for contactless payments online and in stores — as long as they accept Visa or Mastercard, you can use the Revolut card.

You can also use it to withdraw cash from ATMs around the world. Just convert some money into the foreign currency beforehand and you’re good to go.

Just note that if the ATM asks whether you want to withdraw ‘with conversion’ or ‘without conversion,’ choose ‘without conversion’ — this way, you can stick with the low foreign exchange rates you selected beforehand instead of the bank’s marked-up rates.

Opening an Account

To open a Revolut account, simply input your phone number on the website.  Thereafter, you’ll receive a text message prompting you to download the app and fill in some personal information for identification purposes.

There are several types of accounts to choose from but you’ll be eligible for the Revolut card as long as you keep a minimum balance of S$20 in your account.  Upon application, the card should arrive within nine working days.

Revolut Memberships and Features 

Unlike some other multi-currency cards, Revolut has a monthly fee for tiered plans. Here is a breakdown of what you can expect for each tier:

The higher tiers, Premium and Metal, are designed for frequent flyers and those who transact regularly with different currencies. If you’re just trying out this multi-currency account, you can always get the free Standard membership and upgrade to a higher tier later on when you need it.  

Key Features

Besides the basic features, here are other key features that have made Revolut the choice multi-currency account for some:

• One of the first banking apps to offer cryptocurrencies
• Convert money using mid-market rates, which are more current than money changers’ rates and cheaper than banks’ fees
• All spending abroad is charged at mid-market rates
• Pay securely with a unique card number for every spend. Your real card details stay hidden, safe from hackers and fraudsters
• Lock or unlock your card in the Revolut app as well as set monthly spending limits for greater control
• Revolut card can be used at any shopping place in Singapore that accepts prepaid MasterCard and Visa cards
• Get up to 42% cashback at select brands like Apple, Nike, Myprotein, ASOS and AliExpress
• Easily transact online or in stores at 61 million merchants around the world
• Customise your virtual cards with spending limits and card colours, and skip entering your details with autofill for faster checkout
• Option to open a Group Vault with friends or family to save money for future vacation plans
• Grant withdrawal permissions to trusted members so they can book the flights or hotel
• Use your Revolut account for recurring payments or request for funds from international clients
• Pay friends or request for payments, or use the split-bill feature to divide a group spend with ease
• Easily top up funds in your Revolut account from your bank account
• Get in touch with customer service directly through Revolut’s app. Premium and Metal members are also entitled to concierge service and priority customer support

Fees and Currency Exchange Rates

While Revolut comes with lots of convenient features, you may want to take note of the fee structure and exchange rates before signing up for an account. Specifically, depending on the type of membership, currency, and time of day or week, you may incur fees of up to 2% on foreign currency conversions. 

• If you exchange currencies on weekdays (Monday to Friday London time) you will receive the mid-market exchange rate without any markup on all currencies except for Thai Baht (THB) and Ukrainian Hryvnia (UAH) where there’s a 1% markup.  In addition, a 0.5% fee will apply to anything above S$5,000 per month for Standard users and S$15,000 per month for Premium users.
• On weekends (Saturday to Sunday London time) the provided rates are fixed to protect against fluctuations. Additionally, there will be a 1% markup on all currencies (except THB and UAH where there will be a 2% markup).
• Free overseas ATM withdrawals are capped each month, exceeding which, you’ll pay a 2% fee on withdrawals. The withdrawal limit for Standard membership is S$350, Premium is S$700 and Metal is S$1,050.
• Standard users must pay $19.99 if they want express delivery.
• Adhering to Singapore’s Payment Services Act, all Revolut Singapore accounts have a daily storage limit of S$5,000 (or foreign currencies of equivalent value). If you choose to link an external bank account, Revolut will automatically transfer any balance above S$5,000 to this external account before the end of the day. Additionally, Singapore users can transact no more than S$30,000 (or equivalent) each year.

Revolut Junior Account

If you have children aged between 6 and 17, you can set up a Revolut Junior account and debit card for them. This is not only convenient for children to make payments online or when they are overseas, but it also helps them to learn how to manage their finances.

You can track their fund status with features such as instant spending alerts, customised controls for their online and contactless payments, and freeze settings if your child’s spending gets out of control.

If you’re a Revolut Premium or Metal member, you gain access to additional features that allow your children to earn rewards for tasks you assign. Say your youngster desires a big-ticket item: you can co-fund it via the app while encouraging him or her to save up the remainder to make the purchase.

Overall, the Revolut Junior Account works as a money management tool that helps your little ones learn how to manage, save, and earn money with digital interfaces and analytics. There’s really no harm in starting your kids young since the world is moving into digital transactions.

Pros and Cons of Revolut 

After an extensive review of what Revolut is all about, here’s a quick look at the pros and cons to help you determine if this multi-currency account is the right one for you:  

• Revolut is licensed by the Monetary Authority of Singapore (MAS), which means even if Revolut goes out of business, there’s a high chance of getting your money back
• Exchange rates based on mid-market rates and no additional fees, making it cheaper than banks
• Easy access to cash with global ATM withdrawals
• Security features to detect suspicious transactions and the option to freeze your card in case of loss or theft
• Need to monitor day/time of exchange and amount of exchanged money since different fees apply on weekdays and weekends
• An additional 0.5% fee applies for Standard account members if they make currency transfers of more than S$9,000 per month
• Limited cash withdrawals every month can be inconvenient in the event of emergencies abroad
• No physical bank branches, though you can withdraw money at any cash machine overseas that supports Visa or Mastercard (ATM operator fees may apply)

Revolutionising the Way You Manage Foreign Currencies

Revolut is a great option to consider if you’re looking for a multi-currency account packed with great features and better exchange rates. Especially for frequent flyers who are on the road most of the time, an upgrade to Premium or Metal membership will give you even more convenience, cost-savings and luxury to your travel experience. Not forgetting parents who want to inculcate more discipline in their children’s money management skills, Revolut seems to be an excellent tool with minimum investment.

Overall, Revolut is a good option for:

• Frequent flyers who transact with foreign currencies regularly and want to enjoy more travel privileges
• Parents who want an easy-to-use money management tool to guide their children in spending, saving, and earning
• Those who receive or send payments from foreign clients, friends, or family regularly

Read also: Best Multi-Currency Accounts for Singapore [2022 Overview]

Two Tickets Anywhere

Digital Nomad Tips, Guides & Resources

Revolut Premium Review: Is It Worth Upgrading Your Revolut Plan?

Category Merida , Mexico Updated on January 18, 2024

Are you considering upgrading to Revolut Premium ?

The Revolut Premium card offers a lot more benefits than the free Standard plan.

But the truth is, it’s not going to be worth it for everyone.

In this Revolut Premium review , you’ll learn everything that the Premium plan has to offer to help you decide where you should upgrade.

You can also check out my complete Revolut Review to see everything that Revolut has to offer.

What is Revolut Premium?

Revolut Premium is a paid plan that Revolut offers.

It unlocks a lot of extra benefits for Revolut users.

The most significant benefit is the unlimited foreign exchange at the interbank exchange rate through the Revolut app. You’ll also get access to other exclusive features for:

• Travel benefits
• Security and protection
• Savings and investments
• Customer support

Revolut Premium is Revolut’s mid-tier plan that sits between the Free Standard plan and the higher-tier Metal plan.

Revolut Premium Review Of Key Features

Revolut Premium comes with a bunch of cool features .

I will do a Revolut Premium review of the top ones to help you decide if upgrading your plan is worth it.

It’s worth noting that Revolut offers different features depending on your country. I have covered each country as best as possible to point out individual features.

Let’s dive in!

Unlimited Foreign Exchange And Transfers

Foreign exchange fees add up when you’re overseas.

With Revlout Premium, that’s an issue of the past. You can send money overseas at the real international exchange rate. This means you can check the current exchange rate in Google and it will be very similar to what Revolut is offering.

I have found that Revolut’s exchange rate is better in some cases.

Need to send money overseas?

You can do direct bank transfers into over 140+ foreign currencies through the Revolut app at the interbank exchange rate. Your first 10 transfers each month on Revolut are free in most countries.

Revolut also allows you to hold money in 10+ fiat currencies. They can supply local bank account details so you can even receive money in foreign currencies.

This can save you a ton of money if you get paid in a different currency from your home currency.

It’s also possible to set up direct debit and recurring transfers on Revolut as well!

The unlimited foreign exchanges and transfers are what make Revolut Premium so attractive.

You will save a ton of money overseas while using the debit card and it certainly beats using traditional banks.

The Standard Revolut plan caps the amount of free currency exchanges you can make each month. If you use Revolut as your everyday debit card, the Premium plan will save you a lot of money.

The currency exchange benefits on Revolut are the best of any digital bank available at the moment!

No Fees On ATM Cash Withdrawals

Here’s the truth:

I hate paying ATM withdrawal fees. If you have ever stomached the $8 USD fee that Thailand banks charge to make an ATM withdrawal, you’ll know what I mean.

Revolut Premium members get free ATM withdrawals worldwide up to a certain amount. That means that Revolut won’t charge you any fees.

Unfortunately, you might still have to pay fees that the ATM charges, but you can even avoid this in some cases.

The amount you can withdraw depends on where you are from. Here’s a quick breakdown:

• United States – $1200 USD/month withdrawal limit
• Australia – $700 AUD/month withdrawal limit
• UK – £400/month withdrawal limit
• Europe – €400/month withdrawal limit

These limits are about double what the free Revolut Standard plan offers. The Standard plan also only allows you to make 4 ATM cash withdrawals per month.

After you reach the withdrawal limits, you will pay a 2% fee for each withdrawal you make.

This is a pretty good benefit because the withdrawal fees you end up paying on the Standard plan almost cover the Premium plan fees.

If you are traveling to a country where cards are not widely accepted, Premium will save you fees on ATM withdrawals.

One-Time Use Virtual Cards

All Revolut members get access to virtual cards.

These are basically debit cards that only exist within the app itself. You can use the card details to make transactions online without needing a physical card.

Revolut Premium members can unlock one-time-use disposable virtual cards.

That means once you use the card, it’s automatically deleted. Why would you need this?

Firstly it offers a new level of protection. If you make a transaction online and someone steals your card details, it doesn’t matter as much. They won’t be able to use those details again anyway.

Personally, I use it for online payment subscriptions that I’m not sure I want to automatically renew.

When I sign up for something, I put in my one-time-use virtual card so that it can’t be automatically renewed. This is just in case I forget to cancel the subscription if I decide I don’t want it.

Free Global Express Delivery

Most regular banks will only ever send a new credit or debit card to your registered home address.

Revolut will send it anywhere you happen to be!

That means if you’re traveling in a foreign country, Revolut will deliver the card directly to you. This alone is a huge benefit that I have taken advantage of multiple times.

With Revolut Premium, you get Free express delivery of your new card.

Express means you will receive the card within 1-3 business days. You’ll also get free tracking, so you always know where your new card is. I ordered my Revolut Premium card when we were in Bali, Indonesia and it took exactly 3 business days!

This is a big step up from the free Revolut Standard plan.

With Standard, you have to pay your card’s delivery cost and you only get Standard delivery times – usually about 7-11 business days.

LoungeKey Pass Access

Airport lounge access has become a big thing for travelers, remote workers and digital nomads.

And I get it…

Who wouldn’t rather sit in a comfortable lounge area enjoying good wifi and free food?

Ashley and I love a good lounge and we have used the Revolut LoungeKey Pass a number of times.

It gives you access to a network of over 1,000+ airport lounges worldwide.

This network basically includes at least 1 lounge (often 4-5) in every major airport in the world. It can even include smaller airports, especially in the US.

LoungeKey Pass isn’t free.

What’s the benefit then?

You can purchase lounge passes at a discount. Depending on the lounge, you will typically pay about $30 to $35 USD per pass. This is usually 50% to 30% cheaper than you would pay if you just walked up to the lounge.

For 3+ hour layovers, we almost always take a lounge and Revlout usually gets us the best deal.

We usually end up spending $15 to $20 on food and drinks anyway, so you might as well pay that bit extra and enjoy a comfortable lounge as well.

How does LoungeKey Pass work?

On the Revolut app, search for the airport you’re at (you can also buy the passes in advance).

Revolut will then display the lounges that you can access and the features of each lounge.

Now you just select the lounge you want and pay the fee. The fee is deducted from your Revolut balance. You’ll immediately get a QR code that you can take to the lounge and they will let you in. Easy!

The whole process is smooth and instant. While this feature isn’t going to be for everyone, it will save you money if you like to use Airport lounges.

Smart Delay Free Lounge Passes

Want a free lounge pass?

Smart Delay is a feature that can get you and someone else a free lounge pass whenever your flight is delayed by 1 hour or more.

Here’s how it works:

Insert your flight number and flight information into the Revolut app.

Revolut will track your flight and the moment it is delayed by for than 1 hour, they will issue you with 2 free lounge pass QR codes. You take the QR codes to the lounge and you’ll get access for free.

You do have to use the lounge passes within 48 hours. After that, they will expire.

The thing I love about this feature is that Revolut doesn’t try to be stingy. You just put the flight number in and Revolut does the rest. You don’t even need to tell them if your flight is delayed.

Everything is done automatically.

We got free lounge passes once with Smart Delay when flying from Mexico City to Merida as digital nomads . The flight was delayed by an hour and 30 minutes and Revolut delivered the free lounge passes instantly.

I was really impressed.

Travel Insurance & Medical Insurance

Premium Revolut members in the European Economic Area, the United Kingdom and the United States get travel and medical insurance included in their plan.

Australian Premium Revolut users don’t have this benefit and it doesn’t look like Revolut is planning to add it anytime soon.

The above image is the insurance included in Revolut in the United States. Revolut travel insurance differs in benefits, deductibles and max limits in each individual country so make sure you double-check yours.

The Revolut Premium card travel insurance covers:

• Foreign accidental emergency medical expenses
• Emergency dental treatment
• Trip interruption and cancelation protection
• Delayed flights over 4 hours
• Delayed luggage over 4 hours
• Lost or damaged baggage protection

Having insurance included in your plan is a pretty significant benefit, but there are some criteria you need to meet.

Revolut Premium card only covers you for trips that don’t exceed 90 days. You also must have a return flight booked back to your home country.

Now for the big question…

Can you actually rely on Revolut Premium travel insurance?

Yes, you can as long as you meet the requirements to claim. But in all honesty, it’s not a great level of travel insurance. It’s not nearly as good as key competitors like the N26 black card or an AMEX credit card.

Make sure you check out their full policy before leaving for your trip to see if it’s right for you.

As digital nomads, the Revolut Premium insurance doesn’t work for us because we are gone for more than 90 days at a time. Instead, we use SafetyWing or Genki to cover us for travel insurance.

Looking for a good travel insurance provider as a nomad? These companies offer the best travel insurance for digital nomads . If you want a higher level of coverage you might prefer health insurance . Make sure you check out our complete guide on the best digital nomad health insurance .

Priority Customer Support

Support is a big issue on Revolut Standard.

It can take 4-12 hours for their customer service team to message you back. Have a time-sensitive issue? You could be in some trouble.

But that changes with the Revolut Premium Plan.

You get priority customer support which means you’ll get an instant reply. The level of customer service I have experienced has also been much better on Premium than when I was on the free Standard plan.

It’s certainly a significant benefit to getting issues sorted quickly.

Exclusive Premium Design Card

You can’t have a Premium plan without a better card, right?

Revolut Premium cardholders get to choose between 3 different Premium card colors:

You’ll also get an exclusive Premium card design so that people know you are a Premium cardholder. While it’s not as cool as the Metal card, I like that Revolut has done something to make Premium cardholders stand out.

Premium Security & Travel Protection

Revolut security features are excellent.

You can check out the in-app account security features here . But Premium UK and European plan members get a better level of protection while traveling.

The benefits include:

• Theft and purchase protection up to £2,500 per year
• Event ticket purchase protection up to £1000 for UK accounts and €1000 for European accounts per year
• 90-day purchase protection

These benefits offer a decent level of protection if someone steals your card while you’re traveling.

Savings & Investments

Revolut offers a number of saving and investment tools.

This includes:

• Crypto trading
• Stock trading
• Commodities trading
• Savings interest

Revolut Premium cardholders can trade cryptocurrency, stocks and commodities at a cheaper rate.

In the UK and Europe, you pay a 1.5% fee when trading, which is slightly better than the 2.5% that Standard members pay.

You can trade commission-free in the US and Australia anyway, so there are no extra benefits here.

Revolut US and UK Premium plan members also get a better savings rate. You will earn 0.07% APY (Annual percentage yield) on your savings in the United States and 0.40% annual interest paid daily with Savings Vaults in the United Kingdom.

While this isn’t amazing, you get some benefit from storing your money in a Revolut savings vault.

European Revolut members will start to earn interest on savings in 2022.

Revolut Australia doesn’t currently offer any interest on savings and there isn’t any plan to add it in at this stage.

Revolut Premium Pricing

Revolut Premium offers very affordable pricing .

This is how much the current monthly payment is:

• United States – $9.99 USD per month
• United Kingdom – £7.99 per month
• Europe – €8.99 per month
• Australia – $9.99 AUD per month

I think these plans are actually great value for money. The amount of benefits you get far outweighs the amount you pay. The money you save in foreign transactions alone can more than cover the cost of your monthly fee.

Here’s the problem:

You have to sign up for 12 months.

That means that you’re locked in for an entire year. What happens if you want to cancel early?

Revolut will charge you for 2 months as a dishonor fee. While that’s not the worst, it’s something to keep in mind if you are considering upgrading your account.

What if you want to upgrade to Revolut Metal?

You can upgrade your account to Metal at any time without paying any extra fees (except for the additional cost of the Metal plan). You only have to pay the dishonor fee when you downgrade to the free Standard plan.

Keep in mind that when you upgrade your plan from Premium to Metal, the 12-month period starts again.

You can also save 20% if you pay the entire year upfront instead of paying monthly. This is a good idea if you have the cash and are completely committed to Revolut.

Pros And Cons of Revolut Premium

As you can see, Revolut has done a good job of offering some solid benefits for the Premium plan.

Here’s a breakdown of the Pros and Cons of Revolut Premium:

Revolut Premium Pros

• Lots of great features that will benefit digital nomads, travelers and remote workers
• Not that expensive when compared with other travel cards and digital banks
• Unique and exclusive card design and choice of three colors
• Double the free ATM withdrawal limits for most countries including Europe, the UK and Australia
• Lower cryptocurrency and stock trading service fees at just 1.5%.
• Easy and fast plan upgrade process
• Express delivery of Premium card is only 2-5 business days

Revolut Premium Cons

• Have to commit to 12 months on the Premium Plan
• Travel insurance covers trips only up to 40 days
• Plan benefits can vary significantly depending on your country of residence

Revolut Premium vs Revolut Standard vs Revolut Metal

Looking for a direct comparison of all the plans that Revolut offers?

Here is a curated breakdown of the features and benefits of the Revolut Standard, Premium and Metal cards.

New Revolut Plus Card

Revolut has recently launched the Plus plan.

They have only rolled it out to UK and European citizens and residents. It costs:

• United Kingdom – £3.99 per month
• Europe – €3.99 per month

The extra benefits might be worth it for some people because the pricing is so low. The Revolut Plus additional features include:

• 24/7 priority customer support
• Better international ATM cash withdrawals
• £1,000/year limit purchase protection
• Higher interest on your savings

Personally, it hasn’t got me that excited because you might as well just make the jump to Premium at that point.

We will have to see if they roll it out to Australia and the United States in the future.

Wrapping It Up

Revolut is a great digital banking solution.

The Revolut Premium plan adds more benefits to the already great Revolut debit card and app.

But the main question…

Is it worth paying the fee and upgrading your plan to Revolut Premium?

Yes, if you are traveling regularly and use Revolut as your primary way to make everyday card payments, it’s a no-brainer in my opinion.

The unlimited foreign exchange and international transfers are big benefits that alone make it worth it. The extras can also be beneficial depending on your situation.

Sign up for Revolut Premium here .

It might even be worth you upgrading to the Metal card plan, which I am now on.

If you don’t travel regularly or mostly travel in your home country, Revolut Premium won’t offer as many benefits. This is especially true if you can’t take advantage of the included travel insurance.

Want to learn all the benefits you get with Revolut? Check out my full Revolut Review .

Frequently Asked Questions

What benefits do you get with revolut premium.

With Revolut Premium you get a whole bunch of benefits. You’ll get unlimited foreign exchange transfers, high ATM withdrawal limits and a ton of extra travel features. The benefits you can get from Revolut Premium far outweigh the fees you pay for it.

Is Revolut Premium worth getting?

Yes, Revolut Premium is worth getting if you travel regularly and plan to use Revolut as your everyday card. The savings alone on the international transaction fees make it worth the monthly fee.

How much is Revolut Premium a month?

The price of Revolut per month varies depending on your country. Here’s how much Revolut Premium costs per month in each country:

- United States: $9.99 USD per month - United Kingdom: £7.99 per month - Europe: €8.99 per month - Australia: $9.99 AUD per month - Singapore: $9.99 SGD per month - Japan: ¥980 per month

What is the difference between Revolut Premium and Metal?

The difference between Revolut Premium and Metal is the benefits you get. With Revolut Metal you get higher free ATM withdrawal limits, 1% cashback on international transactions, a card made from real Metal, higher purchase protection and better travel features.

What happens if I want to cancel Revolut Premium?

Revolut Premium plans are locked in for 12 months, which means that if you cancel your plan or want to downgrade to Standard, you will need to pay a dishonor fee (equal to two months of your plan).

If you cancel within 14 days, you will receive a full refund of the fees you paid, minus the cost of the Premium card and postage.

If you cancel after 10 months, you will not receive any refund but will also not need to pay the dishonor fee.

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Revolut on the road: a review for travellers

By: Author Jaclynn Seah

Posted on June 13, 2023

Categories Review , Sponsored

I find having to deal with foreign currency on the road a real pain. In Singapore I barely use cash these days, mostly opting to use Paywave (contactless credit card) or Paynow (direct bank transfers usually via QR code) when possible, but cash still remains king in many other countries. On past trips, I’ve tried using Youtrip, Wise and Trust Card, so when Revolut [ affiliate link ] approached me to check out their offerings, I was keen to see how they would match up. Here’s my review of using Revolut for travelling.

This review is sponsored by Revolut. Sign up to Revolut for free and get 3 months of premium free [ Affiliate Link ]

What is Revolut?

To put it simply, Revolut works like a debit card when you’re travelling. For travellers using the card overseas, you can use the Revolut card to:

• spend foreign currency like you would use a debit card
• store money for use
• exchange money to foreign currencies as needed for use/storage
• withdraw foreign currency overseas
• transfer money to foreign accounts
• online shopping in local and foreign currency

You can use it for cryptocurrency and stocks as well, but I don’t really know anything about that so my main concern was how Revolut would work for a traveller like myself.

I used the Revolut card on my latest trip to Taiwan . Taiwan is still pretty cash-dependent overall (unlike South Korea for example where you can use credit cards practically anywhere), so I mostly used Revolut card in convenience stores and when my accommodation or restaurant would accept card payments.

What I like about Revolut

Decent free tier.

I’m using the free tier of Revolut – there are 2 paid tiers : Premium (S$9.99/mth) and Metal (S$19.99/mth) which I honestly don’t think you’ll need unless you are a seriously heavy user and need to withdraw or exchange very high amounts of foreign exchange. The free tier is pretty ok for vacations, but if I was on a longer trip Career Break I think I might need the premium tiers for more cash withdrawal.

Other Premium/Metal travel perks that Revolut has include:

• lounge access with smart delay
• discounted lounge access
• travel insurance

These are not things that matter much to me because I either don’t need or have it already, but it could be useful for some of you out there.

Easy to set up and use

Signing up for the card was a pretty quick and straightforward process. I downloaded the app from the Apple Store and signed up via my Singpass, ordered my free card through the app as well very easily.

The only thing I would like though would be to choose the name to put on my card. Usually I use a shorter version rather than my entire name, but since it automatically pulls from the official data, my full name is on the card.

The app is also pretty easy to use all around. Some banking apps drive me nuts when things are too well hidden, like it took me forever to find the place to swap between accounts for Trust Card for example. So far I’m liking the Revolut interface and app.

Good exchange rates

I tested the card out while I was in Taiwan, paying for one of my hotels with it. My rate was NTD 1 = S$0.0433 (NTD 100 = S$4.33) with no additional conversion or admin fees. Trust Card had similar rates as well when I used it in the past.

I did change some money at the Changi Airport before I flew off and the rate I got was about NTD 100 = $4.60, so definitely much better exchange rates on the Revolut card than in cash!

You can exchange up to 28+ currencies and hold that in your account. Some of the more relevant currencies (i.e. places that Singaporeans love to travel to best) include USD, GBP, EUR, AUD, HKD, JPY, THB. Great if you monitor the rates closely and are looking to exchange a sizeable amount. ($5k limit for free tier, $15k for Premium and unlimited for Metal)

Taiwan dollar isn’t included in this list, but you can still use the Revolut card in Taiwan, just make sure you have enough of your home currency (SGD for me) and the currency exchange happens automatically. I like that they show the rates very clearly as well in the transaction details.

A note that on weekends there is a 1% charge, which is not something I’ve noticed on other cards and honestly a bit odd to me, but something to take note of.

Free 2-way interbank transfer

I linked Revolut to my Singapore bank account and it’s both free and super quick to transfer money between my accounts money. After the initial set up, I don’t even need to key in any more bank details. Good if you need to make quick transactions on the go.

Also, I like that you can actually withdraw money from Revolut back to your bank account – I just need to add myself as a payee and transfer money back to myself almost instantly. Some cards like Youtrip are 1-way only, so if you misjudge and add too little to the Youtrip wallet, your card runs the risk of being rejected. If you add too much, you are then forced to spend from that card or leave the money in there.

For Singaporeans, Revolut uses e-Giro so you can directly link to accounts in major banks including Bank of China, DBS, Maybank, OCBC, Standard Chartered and UOB.

Safer online security

Revolut also makes it easy to set up and use disposable cards. This is especially useful if you are a bit nervous about the security of some of these online shops. I haven’t had the chance to use this yet (juggling around too many cards to make minimum spends for cashback and other rewards) but it’s something I could see myself using.

So if you’re looking for a card to use for spending while travelling, you can check out the Revolut card and see if it works for you, overall my experience with the card was quite good. I have a link below that lets you get 3 months of premium free if you’re considering using the higher tiers as well.

Sign up to Revolut for free and get 3 months of premium free [ Affiliate Link ]

Celetse Hng

Sunday 17th of September 2023

Hi Jaclynn!

Thanks for sharing your experience with Revolut! I’ll be traveling soon and this just answered many of my questions regarding Revolut.

I have a question that I still couldn’t find any answers. Are there any charges when you used Revolut as a debit card in Taiwan? Like some bank charge a 2.65% foreign transaction fee, does Revolut has the same charges? I’ve never used any of these currency cards before, in general, does this kind of currency card (Wise, YouTrip) charge any foreign transaction fees?

Jaclynn Seah

Monday 18th of September 2023

Hi Celeste, no foreign transaction fees on spending, but for Revolut there's a limit to the free withdrawal/currency exchange for the standard plan https://www.revolut.com/en-SG/legal/standard-fees/ (the limits are higher if you use the paid plans)- you'll want to avoid the higher xchange currency on weekends for Revolut!

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Revolut Review —Travelling For 10 Months with Only One Multi-currency Card For Money

This Revolut Review took many months to test. Download Revolut here — Apple Store or Google Play .

It’s been a while since we travelled, so when we were selected by Airbnb to Live Anywhere around the world for 10 months, we immediately got down to planning for a long trip.

Read also : Guide to Singapore’s Vaccinated Travel Lanes

One of the challenges we faced was figuring our cash situation. Do we bring 10 months’ worth of cash? Or just suck it up and pay hefty surcharges at ATMs overseas — not to mention unfavourable rates 🙁

Setting up local bank accounts in different destinations would also be too much of a hassle.

So when Revolut reached out and asked us to review their product, we thought it was the perfect opportunity to put its different functions to the test.

For our 10 month trip, it was the only financial card we brought along.

We’re not financial experts, but we tried our best to test the card in every situation common to a traveller — both long and short term travel. Hope you find this Revolut review useful!

Note: This Revolut Review is for Singapore Residents only. There are different product features for different markets around the world.

Disclosure : While the writer was provided with a spending allowance to test the card, it’s in The Travel Intern’s interest to protect the editorial integrity of our website. We have taken every reasonable effort to ensure a realistic and honest review for our readers. 

But first, what is Revolut?

Revolut is a financial super-app that is best known for its multi-currency wallet and remittance services amongst frequent travellers and expats.

Credit cards typically charge too much for currency exchange so multi-currency wallets/cards like Revolut makes it a lot more affordable and convenient to pay overseas. In fact, their exchange rates are usually very close to that of Google and often better than a physical money changer in Singapore!

Revolut also allows you to hold multiple currencies in your account, letting you lock in favourable exchange rates ahead of time.

Revolut Review: How Revolut works

Revolut works like a supercharged multi-currency pre-paid debit card, with plenty of security and lifestyle features that make it attractive to use overseas.

Picking a Revolut plan to suit your needs

Revolut is free to use, but you can get more features and benefits with their paid subscriptions. There are three Revolut cards with monthly subscription plans . Here’s a quick summary:

We’re on the Metal Plan and the card looks and feels gorgeous. It also gives us a higher limit for ATM withdrawals, lower currency exchange fees, priority customer support, insurance, and LoungeKey  Pass access. The Metal Card also offers 1% cashback on overseas spending .

While a free card will be suitable for most of our travels, the metal plan is super useful for long-term travelling or overseas living.

Using Revolut for cashless transactions

Revolut works like a debit card, and can be used anywhere that accepts Visa or Mastercard . The difference with traditional debit/credit cards is that it uses real exchange rate without any markup.

Read also : Multi-currency Cards vs Miles Credit Cards

According to Revolut, the ‘real’ exchange rates (or interbank rates ) are “based on the foreign exchange market data feeds that we get from a range of different independent sources.” While it sounds a little iffy, the rates we regularly got were usually the same as the internet rate or sometimes even better.

Other than using the physical card for payment, Revolut can also be linked to your smart devices (smartphones, smartwatches etc) for more convenience.

All you need is to make sure the card has a sufficient balance for your transaction.

Top-up is available via bank transfer, debit cards, credit cards, and even Apple Pay.

Once you’ve topped up the card, you can either exchange it to the local currency, or leave it in your home currency and it will use the real exchange rate at the time of transaction.

It also serves as a multi-currency wallet so you can store up to 28 different currencies at once.

Currency Exchange Fees : 0-2% depending on membership and market hours

Currency exchange fees are charged after a certain amount is spent on the card, but don’t worry, this resets each month. The amount depends on your membership plan:

Weekend fee: 1–2% depending on the currency

Revolut also charges a fee for exchanges over the weekend to protect against market fluctuations when it’s closed.

We were charged an additional 1% for transactions over the weekend when converting from SGD to EUR.

* Pro-tip: Exchange money before the weekend to avoid additional fees

The good thing is that the process is transparent and the foreign exchange rate can be viewed on the Revolut app before any transactions involving foreign exchange.

Using Revolut as a remittance service

Revolut supports over 28 currencies (including SGD), which means you can transfer money to foreign bank accounts at a much lower fee. The fees are stated upfront and uses the more favourable interbank transfer exchange rate. Perfect for those studying or working overseas who need to remit cash.

You can use their in-app or website calculator to get an estimate.

Revolut also allows you to transfer money to other Revolut users for free. As all members of our team have a Revolut account, it was easy to transfer money in the local currency to each other without having to convert to SGD first. There’s also the option of sending money in the form of gifts, which includes adorable animated cards that make it a little more fun.

You can even set up Group Bills, allowing you to split bills easily with every member of the party. Compared to other budgeting apps, you can “settle up” directly into your Revolut account.

Using Revolut to withdraw cash at local ATMs

This is generally fuss-free and ATM withdrawal on Revolut is free up to a monthly cap based on your membership level: Standard:  S$350/month Premium:  S$700/month Metal Card:  S$1050/month

A 2% usage fee is charged only after you’ve exceeded your limit. Some foreign banks may still charge a transaction fee even though Revolut doesn’t.

Here’s a 2019 community-created list of transaction fees for different banks (if any) by country .

We withdrew money at OTP Banka in Croatia for free.

Revolut App Budgeting & Lifestyle Features

Beyond using Revolut to pay for stuff, there are also a few budgeting and analytics tools on the app to help keep your spending in check. Set monthly budgets by categories, receive notifications when you are overspending, and get insights into your spending habits.

You can also set up Personal & Group Vaults to work towards your saving goals. Revolut tries to make this effortless by automatically rounding up your purchases to the nearest dollar and saving it in your account.

For online shoppers, the Rewards feature allows you to get additional cashback when you pay with Revolut.

If your flights are delayed for more than one hour, Premium and Metal Plan users also get complimentary lounge passes for their companions and themselves under Smart Delay .

Even if there’s no flight delay, Premium and Metal Plan users can purchase Lounge Passes on the App if you simply want to take a break.

Revolut Security Features Review

Convenient access and control of security features For long-term travel, these security features were extra useful. For example, we may want to disable magnetic stripe use in certain countries with a reputation for copying credit cards. In other instances, we may want to increase spending limits if we know we’ll be shopping more.

Revolut allows you to easily toggle security features like location-based security, use of contactless payments, ATM withdrawals, online payments, magnetic stripe usage, and spending limits via the app. This means even if you lose it without realising, the card cannot be misused since the features only work when you activate them.

You can easily change your PIN number, or unblock your own PIN if it has been accidentally blocked.

My favourite is the ‘Freeze card’ feature, which allows you to temporarily deactivate your card through the Revolut app . I’m sure many of us have been in situations where we think we’ve lost our credit card, only to find them a few days later after going through the trouble of calling the bank and having it deactivated permanently.

All these features make it super convenient as you can easily change them on the app instead of calling the bank.

Disposable Virtual Cards

You can also create  Disposable Virtual Cards  — perfect for times when you need to make online payments via foreign websites that might have questionable security protocols.

Disposable Virtual Cards are automatically refreshed after every use and can only be used once. So even if your details are exposed, your account will remain safe!

Revolut Review — thoughts after using Revolut for a few months

Over the last couple of months, our Revolut account generally worked really well. We used it for our everyday expenses and simply didn’t leave home without it.

The currency exchange rates were very favourable and the security controls were robust and useful. I personally loved the UI, which is intuitive and easy to navigate.

The biggest drawback would probably be the need for data connection. You need a data connection to top-up, so it’s important to make sure that you always have extra money in the account for unexpected purchases or emergencies. You don’t want to get stuck without money in a small town or rural area!

We also occasionally experienced situations where Revolut flags a suspicious transaction and blocks the card. While it’s easily resolved by logging into the app to unblock the card and mark it as a legit transaction, I can imagine how this might be a problem if you happen to be without data connection.

That said, I hardly carry my wallet around anymore and simply leave home with some emergency cash and the Revolut app on my smartphone. As the world becomes more connected and cashless, I can only imagine how using a multi-currency wallet and super-app like Revolut will become the main form of payment.

If you’d like to give Revolut a try, apply for an account and download the app here: – Apple App Store – Google Play

Revolut is also giving usersa 3% cash back on travel expenses till 23 December. More information here !

Hope you found this Revolut Review useful. Do let us know if you have any questions or suggestions to improve this review.

Disclosure : While the writer was provided with spending allowance to test the card, it’s in The Travel Intern’s interest to protect the editorial integrity of our website. We have taken every reasonable effort to ensure a realistic and honest review for our readers. 

This post was brought to you by  Revolut .

For more travel inspiration, follow us on  Facebook ,  Instagram , and  YouTube .

View this post on Instagram A post shared by thetravelintern.com 🇸🇬 (@thetravelintern)

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Do You Need Travel Insurance for Singapore?

While planning your trip to Singapore, you must have scrolled through list after list of must-visit places, must-try cuisines, and must-do activities. But have you planned out this another ‘must’ important thing from your list? It is getting  Singapore travel insurance with comprehensive coverage.

Travel insurance is like a backup plan to help you in case of any unfortunate incidents. Is travel insurance mandatory in Singapore? The answer is no. It is not compulsory to have travel insurance before visiting Singapore. But you must ensure you’re covered and protected in a foreign city.

Why do I need travel insurance for Singapore from India? 

Singapore is one of the most famous tourist spots in the world. If you plan a trip to Singapore this travel season, getting travel insurance for Singapore may not be mandatory, but it may be one of the wisest decisions.

Visiting the land of bustling tourism can be quite daunting. But if you have Singapore travel insurance, it will take care of all the unexpected problems like-

1. Emergency medical expenses

2. Emergency dental expenses

3. Lost baggage claims

4. Delayed Flights

5. Personal Liability

Benefits of having travel insurance

Before getting travel insurance, you must check the coverage and limitations. A comprehensive travel insurance will cover your needs and expenses in cases of-

Medical Expenses

Getting travel insurance will ensure you are covered in cases of emergency hospitalisation, including covering ambulance and medical expenses. Sometimes, health care could dent your travelling budget, but having travel insurance will help you with that.

Trip cancellations and delays

Flight delays and cancellations have become recurring events. Not only is it stressful, but it may also cost you extra. Having  international travel insurance will help you by taking care of rebooking and refunds.

Loss or theft

If you end up losing your important documents for any reason, your travel insurance can help you obtain a duplicate or fresh passport.

Delayed or lost luggage

Losing your luggage in an unknown place can be stressful. But if you have travel insurance, it will help you get compensation for your lost or delayed checked-in luggage.

24/7 assistance

Many international travel insurance provide round-the-clock aid so that a time zone difference doesn’t come in between, and you get the fastest and smoothest experience.

Whether flying out solo or with family to Singapore, travel insurance ensures you get the best of your time and enjoy your holiday to the maximum. This one small decision can help you save cost and time in any unforeseen incident.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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For insurance related enquiries or changes to your policy, please email [email protected] or call our Customer Service Hotline at +3902124128876 from Monday to Friday between 9.00 to 18.00 (EET). 

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To claim, please visit www.allianz-protection.com . This will lead you to our online claim notification service where you can complete an online claim form. Alternatively, please phone +3902124128876 and ask for a claim form or write to [email protected] .

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• Original bills or invoices you are asked to pay.
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Money latest: Five big lenders hike mortgage rates amid interest rate uncertainty

A council that oversees many popular tourist towns on the Kent coast has said it is considering implementing a tourism tax to maximise income from visitors. Read this plus all the latest consumer and personal finance news below - and listen to the Ian King Business podcast as you scroll.

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TikTok Shop has partnered with five second-hand luxury resellers to launch a pre-loved category on the app.

Designer products are now available to buy from five UK brands - Hardly Ever Worn It, Sign of the Times, Luxe Collective, Sellier Knightsbridge and Break Archive.

The social media app said the new category will support suers in being able to learn more about luxury fashion, find style inspiration and purchase pieces.

All of the brand's involved posted about the launch, with the Luxe Collective - which recently gained investment after appearing on the BBC's Dragon's Den - said it had been "waiting years to do this".

@luxecollective Come & Join me this Friday at 3pm to chat and shop Pre Loved Luxury on TikTok! 📲 ♬ Pieces (Solo Piano Version) - Danilo Stankovic

Jan Wilk, head of UK operations at TikTok Shop, said: "This announcement is an exciting first step in the world of preowned fashion for TikTok Shop.

"TikTok Shop is already a leader when it comes to discovery-based commerce and with a vibrant fashion community thriving on TikTok, this provides a unique opportunity for retailers to reach new audiences and customers with an inspiring and accessible way to embrace luxury fashion."

The launch of the category comes after the app launched a refurbished technology category, allowing users to buy second-hand mobile phones and tablets through the app.

Comments by the prime minister describing an alleged "sick note culture" in the UK have been heavily criticised by senior mental health professionals.

Dr Sarah Hughes, CEO of Mind, said Rishi Sunak's suggestions were "contrary to the reality for people up and down the country".

The PM said he wanted his government to be "more ambitious about helping people back to work and more honest about the risk of over-medicalising the everyday challenges and worries of life".

He has proposed a series of measures, including removing benefits after 12 months for those deemed fit for work but who do not comply with conditions set by their work coach, such as accepting a job offer.

The PM said 850,000 people had been signed off since the COVID pandemic - with half related to depression.

He also claimed the total being spent on benefits for people of working age with a disability or health condition had increased by almost two-thirds since the pandemic to £69bn - more than the entire budget for schools or policing.

"I will never dismiss or downplay the illnesses people have," the prime minister said. 

"But just as it would be wrong to dismiss this growing trend, so it would be wrong to merely sit back and accept it because it's too hard, too controversial, or for fear of causing offence."

But Dr Hughes said: "We are deeply disappointed that the prime minister's speech continues a trend in recent rhetoric which conjures up the image of a 'mental health culture' that has 'gone too far'. 

"This is harmful, inaccurate and contrary to the reality for people up and down the country.

"The truth is that mental health services are at breaking point following years of under investment with many people getting increasingly unwell while they wait to receive support. 

"To imply that it is easy both to be signed-off work and then to access benefits is deeply damaging.

"It is insulting to the 1.9 million people on a waiting list to get mental health support, and to the GPs whose expert judgement is being called into question."

Disability charity Scope said the measures were a "full-on assault on disabled people" and were "dangerous and risk leaving disabled people destitute".

By James Sillars , business reporter

The FTSE 100 has ended a long wait to achieve a new record high.

The index, which comprises the 100 most valuable companies on the London Stock Exchange, closed Monday's session on 8,023 points after a jump of 128 points or 1.6%.

That was the highest closing sum since February last year when the 8,000 barrier was breached for the first time in its history.

The previous record stood at 8,012.

The performance today was driven by a strong showing for companies across the board, particularly financial and consumer-linked stocks such as those for retailers.

The index has been gaining ground in recent weeks on growing hopes for a cut in UK interest rates as inflation eases - with strong evidence that the economy has turned a corner after the recession during the second half of last year.

Analysts credited the push for a new high on two main factors; confidence that a major escalation in the Middle East conflict will be avoided and a weakening in the value of the pound against the US dollar.

Sterling is trading at five-month lows against the greenback at just $1.23 and was half a cent down on the day.

This is a consequence of dollar strength as opposed to pound weakness as expectations are growing across the Atlantic that the Federal Reserve's expected interest rate cuts are further down the track than had been predicted.

Higher interest rates tend to be supportive of a currency which, in this case, is the world's reserve currency.

A weaker pound helps FTSE 100 constituent companies which make money in the United States.

That is because it boosts their bottom line when those dollar earnings are booked back in the UK and converted back to pounds.

Read the rest of our report here .

The typical price of a property coming on the market across Britain increased by £4,207 month-on-month in April, according to Rightmove. 

The property website said a jump in new sellers and the sales of bigger family-sized homes are a key factor behind the growth. 

It means the average price tag for a home is only £570 short of the record-high reached in May 2023. 

The average new seller asking price across Britain is now £372,324.

This month, the average asking price for a "top of the ladder" home is £682,661, up by more than £18,000 from £664,422 in March. 

The first four months of 2024 have been an improvement on last year, the website said, with the market witnessing boosts in both buyer and seller activity this spring.

First-time buyers are facing the most expensive conditions for more than 70 years, according to a report by the Building Societies Association.

The report said taking the first step on the property ladder is increasingly dependent on help from relatives and the need to have two incomes that are higher than the average. 

Written by housing market analyst Neal Hudson, the report calls on the government to commission an independent review with the aim of providing solutions that increase the number of true non-returner first-time buyers, both now and in the future.

Mr Hudson also says building societies need more flexibility to help them to support more first-time buyers.

Tesla - owned by billionaire Elon Musk - has cut the price of some of its electric car models after reporting a fall in sales.

The revamped Model 3 car fell by 14,000 yuan (£1,500) in China, putting the price tag at just under £26,000 for the car that upgrades the interior and exterior styling of the original 2017 model. 

It comes as Tesla grapples with competition from China, the world's largest automobile market, which is rolling out cheaper electric car models.

"Tesla prices must change frequently in order to match production with demand," Musk posted on X this weekend.

There have also been price cuts in Europe, the Middle East and Africa, a Tesla spokesperson said. 

In Germany, the price of the Model 3 rear-wheel-drive is now showing as €40,990 (£35,357), down from €42,990 (£37,000), where the price had been since February.

It follows cuts in the US of the Model Y, Model X, Model S and the full self-driving driver assistant software.

Earlier, this month, the company reported a decline in its global quarterly deliveries for the first time in nearly four years. 

Musk also announced that more than 10% of the company's global workforce will be laid off as it braces for its first annual drop in deliveries.

A council that oversees many popular tourist towns on the Kent coast has said it is considering implementing a tourism tax as a way of maximising income from visitors.  

A new report by Thanet District Council - which includes the towns of Margate, Broadstairs and Ramsgate - highlights the negative impact of tourism in the area and puts forward a number of recommendations to help with this.

One of those recommendations is levying what it calls a "modest tourism tax" on those staying overnight.

The report also proposes levying additional council tax on second homes that may be being rented out as short-term holiday lets.

Justifying the recommendations, the report says: "We want a booming visitor economy but we are acutely aware of the additional costs visitors bring, so we need to make every effort to secure income for the council to set against those costs."

Conservative district councillor John Davis welcomed the proposed changes during a meeting of the overview and scrutiny panel on 16 April.

"It's an important initiative," he said.

"I would like to welcome costs on Airbnbs and the like, because in Ramsgate we have 866 homes for short-term let and 21 flats.

"This is absolutely obscene."

Thanet has seen the biggest growth of tourism enterprises over the last five years.

According to 2024 analysis by Kent County Council , 4.4% of these enterprises are accommodation for visitors.

Train drivers who are members of the Aslef union at 16 companies have announced fresh strike dates as part of their long-running dispute over pay.

Drivers at different companies will walk out on various dates between 7 May and 9 May.

They will also refuse to work non-contractual overtime from 6 May to 11 May.

Read the full story here ...

NatWest, Barclays, Accord, Leeds Building Society and HSBC have all announced rate increases today - amid concern interest rates may not fall as much as expected this year.

Swap rates - which dictate how much it costs lenders to lend - have increased in the past week after US inflation came in higher than expected. Economists are divided about what this means for UK interest rates - with some pointing out that the UK economy is struggling far more, and therefore cuts are still imminent.

The London Stock Exchange Group is still pricing in a June cut and two further cuts before the end of the year. Analysts at Morgan Stanley, Goldman Sachs Group, Capital Economics and Bloomberg Economics all concur.

However, some economists have suggested we may have to wait until November for a first cut from the 16-year high of 5.25%.

Lenders, it seems, are growing more cautious.

Responding to today's hikes, Elliott Culley, director at Switch Mortgage Finance, told Newspage: "The rate rollercoaster rolls on. 

"Just when the market appears to be picking up some momentum, there is a sharp change of direction. 

"We are now seeing the spike in swap rates last week filtering through to the public as lenders raise their rates in response. 

"The volatility we are experiencing currently really amplifies how important it is to secure a rate as soon as possible, as this could save you hundreds of pounds, especially for existing homeowners."

Simon Bridgland, broker/director at Release Freedom, added: "This morning, I have been calling clients who have been sitting on the fence urging them to proceed as this increase is potentially going to be with us for several months. 

"Inaction will weigh heavily on household purses so don't delay, there is a finite amount of hours left to get deals done before the increases take effect, pick up the phone to your broker immediately or you will be paying more money for years to come."

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