Revolut has announced that it is extending the waiving of fees on international remittances to Malaysia for a further 30 days, until 10 August 2021.
This temporary waiving of fees is intended to help individuals who are remitting to Malaysia to support loved ones during the peninsular’s battle against COVID-19.
Malaysia reported a sharp uptick in COVID-19 cases on 6 July as the country continued to battle its worst wave of the pandemic. New daily coronavirus cases have stayed above the 6,000 mark in the past week, leading the Malaysian Government to keep lockdown restrictions in place until daily cases are able to fall below 4,000.
The current lockdown, which began on 1 June, has severely affected the livelihoods of many Malaysians, leading many to fly white flags outside their homes as a way of asking for assistance.
James Shanahan, CEO of Revolut Singapore, says:
“More than ever, families in Malaysia are depending on in-flowing remittances to help with their daily expenses. The United Nations estimated that about US$25 billion are lost to remittance fees every year and Revolut is committed to helping our customers avoid the high fees traditional financial institutions charge. The biggest senders of remittances to Malaysia are Singapore, Australia, the USA, and the UK – all of them markets Revolut operates in.”
It is free to set up a Revolut account. From now till 10 August 2021, international money transfers to Malaysia will not be charged a remittance fee.