SINGAPORE: Users of multi-currency e-wallets are now able to spend and hold more money in their accounts following recent changes to these regulatory limits.
Operators in Singapore are gearing up to roll out these changes on their platforms, with YouTrip making the first move.
The Singapore-based app announced on Jan 3 that its users can now hold up to S$20,000 (US$15,025) in their e-wallets at any point and have an annual spending limit of S$100,000.
These are the maximum limits stipulated by the Monetary Authority of Singapore (MAS) and are up from S$5,000 and S$30,000, respectively.
When contacted by CNA, Revolut said it “will raise the limits for (its) users very soon” in line with official guidelines, while Wise said it is “working on implementing the changes”.
MAS first proposed increasing the limits for e-wallets offered by those who hold the major payment institution licence last October, citing the need to facilitate customer convenience and innovation.
After reviewing the feedback for its public consultation paper, the regulator put in place the higher caps on Dec 15, 2023.
Multi-currency e-wallets, such as YouTrip, Revolut and Wise, have gotten increasingly popular over the years, mainly due to their competitive exchange rates compared to traditional banks or moneychangers. They are also cheaper to use than credit cards since there are lower or no transaction fees for overseas transactions.
The previous caps have caused some frustration for their users, these operators said.
Wise, a British-based digital payments firm, said it has “advocated consistently over the years to increase these limits to better serve (its) customers”. “We certainly welcome the changes by MAS,” APAC expansion lead Lim Paik Wan told CNA.
Likewise, YouTrip noted that it has, over the years, “consistently” received requests from its users for higher spending and holding limits to make bigger purchases, such as flight tickets and accommodation.
“Driven by our users’ payment needs, our team promptly acted to raise YouTrip’s wallet limit, addressing a major pain point for users who were curtailed by previous lower caps,” a spokesperson said.
Mr Raymond Ng, chief executive officer of Revolut Singapore, described the raised limits as “a step in the right direction and will enable greater innovation in the e-wallet landscape”.