It’s the year of “Revenge Travel” and we are hearing all the nice stories about the picturesque views at Mount Fuji as well as the bustling streets of Myeong-dong. This wanderlust wave means that many of us are planning for multiple trips and want to capitalize on these opportunities for the best experiences whether it is activities, adventure, or food. However, all these scream “Expenses!” but fret not, we have compiled a few ways to help you save a few bucks using cards with great travel propositions because cash is troublesome and inconvenient.
Multi-Currency Cards
Often, we look for convenient and easy to use cards to maximize our experiences overseas. The following cards are amongst the most popular multi-currency cards that offer great exchange rates without incurring too much transaction fees.
Non-Bank Cards
1. Revolut
Revolut has 3 main cards:
- Standard [Free]
- Premium [$9.99/month]
- Metal [$19.99/month]
It offers a very easy and simple use case of an E-wallet top up, providing 1% cashback for Metal cards. Additionally, Revolut offers a wide range of currencies with real-time exchange rates. Withdrawals from ATMs are also free up to S$350 with a 2% charge on anything upwards. A disposable one-time use virtual card is also issued for security during card-not-present transactions and their physical cards are also supported by Apple and Google Pay.
Revolut has one of the best UI and mobile applications which has recently expanded its offerings into crypto and even trading of some stocks – a one-stop shop for all your spending needs at a low cost.
2. Wise
Wise is another multi-currency card that offers very competitive foreign exchange rates as well as one of the largest range of currencies relative to other players in the market. The card allows users to store and exchange up to 50 over currencies and it is worthwhile mentioning that it is the only card that has access to Malaysian Ringgit which is a grab for those of us who like a short getaway to our neighboring country on the weekends.
Like Revolut, Wise offers free withdrawal of $350 from overseas ATM for free and subsequent withdrawals are charged at 1.75%
3. YouTrip
One of the earliest multi-currency cards to arrive in Singapore, YouTrip allows users to store and exchange 10 selected currencies that includes Australian Dollar (AUD), Hong Kong Dollar (HKD) and Swedish Krona (SEK) amongst others.
The card also allows withdrawal of cash overseas at wholesale exchange rates. Users can withdraw cash at any overseas Mastercard, Maestro or Cirrus ATMs but for a flat fee of $5.
4. Amaze by Instarem
Instarem is another popular option amongst travelers that stands out for its low fees that varies from 0% to 1% and boasts of its access to more than 50 countries. Unlike the other card propositions, Instarem doesn’t allow users to store and convert foreign currency (not a wallet function). Nevertheless, the Amaze card still allows users to spend foreign currency with card-on-file and boasts of competitive rates.
An additional feature that differentiates Amaze card is its ability to send money to a Visa Debit Card. This makes payment a lot more convenient that ensures a smooth overseas experience without having to worry about having to finish using money deposited in the wallet. Amaze card also allows double dipping of rewards – if the credit card linked to amaze offers rewards, users can earn Instapoints on top of the card’s rewards.
Conclusion
Most of the cards offer very compelling narratives in FX rates. The difference would really be the user experience (after all we turn to multi-currency cards to expedite transactions) that would come in the form of things like UI, applications, accessibility to different geographies and remittances as well as other forms of value-added services. There isn’t a one-size fits all answer but more of which services meets your need.
Additionally, there are also bank multi-currency savings accounts like DBS Multiplier and UOB Mighty FX that can be considered. All of these are also on the assumption that the overseas trip is going to be budgeted and a good estimate of expenses. Less this assumption, a wide variety of cards are still open for consideration – for example DBS Altitude for miles and Trust Credit Card which is a strong all-rounder.
| Card | SGD | USD | Rate |
| Revolut | 1000 | 753 | 0.7530 |
| Wise | 1000 | 753.55 | 0.75355 |
| YouTrip | 1000 | 753.30 | 0.7533
(In-app rate) |
| Amaze | 1000 | 748.36 | 0.7531 |
*Rates as of 2/7/2023
Sources:
https://dollarsandsense.sg/complete-guide-multi-currency-accounts-wallets-singapore/