Wondering which multi-currency card will grant you the biggest savings? Let us do the work for you as we compare the best multi-currency cards in Singapore and determine which suits your needs best.
The March holidays are coming up and you’re all but ready to splurge away — after all, you’re on vacation! But what if we told you that the right multi-currency card can make the biggest difference when scoring greater savings? That’s where we come in. Read on as we compare the best multi-currency cards in Singapore — YouTrip, Revolut, Wise, Amaze, and Trust — and settle which multi-currency card suits your travel needs the best.
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What’s A Multi-Currency Card?
Image Credits: CNA
Multi-currency cards are no doubt the handiest tools to have on your travels. It allows you to skip the queues at money changers and simplifies the way we deal with foreign currencies — all while making things all the more convenient. Wanna lock in the depreciating JPY/EUR/USD in advance? All it takes is a few taps on your phone. Simply top up your multi-currency wallet in SGD and exchange it for the in-wallet currency you need. Or let the card automatically do the conversion for you!
With various currencies in one place and the ability to switch between them easily, multi-currency cards are your best bet when it comes to overseas spending. But with so many options to choose from, where do you start? More below 👇
Best Multi-Currency Cards In Singapore 2024: Check out the best travel credit cards in Singapore for overseas spending here
Factors To Consider When Choosing A Multi-Currency Card:
1. Which has the best exchange rate?
If you’re looking for a card that’ll give you the biggest savings overseas, the one with the best exchange rate will be your most crucial consideration.
Looking for real-time exchange rates that are close to the published rates you see on Google, XE.com, and other financial sites? You might want to explore a multi-currency card that utilises Wholesale Exchange Rates. These rates are foreign exchange rates used by banks, large corporations, and public and private institutions for large-volume currencies.
Refer to this Mastercard Calculator for Wholesale Exchange Rates.
Best Multi-Currency Cards In Singapore 2024: Find out more about Wholesale Exchange Rates here
2. Fees
Another factor to consider when choosing a multi-currency card is its fee structure. Some multi-currency cards offer higher fees compared to others. Here are some fees to look out for:
- Annual Fees: Some multi-currency cards come with an annual fee when you opt for premium plans that give you extra benefits. Consider if this extra cost is worth it for you.
- Foreign Transaction Fees: Some multi-currency wallets charge a foreign transaction fee of up to 3% when you’re paying in foreign currency.
- Overseas ATM Withdrawal Fees: Most multi-currency cards charge a fee for overseas ATM withdrawals — but some offer free monthly withdrawals. Choose a card that lets you withdraw your money hassle-free.
- P2P Transfer Fees (Sending Money): If you’re studying abroad, contemplating an overseas student exchange program, or have relatives residing abroad, it’s worth considering a multi-currency card that doesn’t impose transfer fees. Some multi-currency wallets charge a fee of up to 3% when transferring funds to other accounts.
- Top-Up Fees: Top-up fees may reach as high as 2.08% and can vary depending on the type of card you use for top-ups — e.g. Mastercard vs Visa or debit vs credit card. These top-up fees can also vary depending on the currency.
Best Multi-Currency Cards In Singapore 2024: Find out how you can capitalise on the Malaysian ringgit now!
3. Wallet Limits
Wallet limits include top-up and annual spending limits. Some wallets have lower limits compared to others. Consider your overseas spending habits and if you tend to lock in the best rates before your trip.
Best Multi-Currency Cards In Singapore 2024: Check out our comparison guide on Wise Vs Revolut here
Comparing Multi-Currency Cards Using YSL Bags:
Image Credits: YSL
👜 The Bag In Question: Le 5 À 7 In Smooth Leather
Let’s start off with looking at one of the most popular YSL handbags — the classic 5 to 7 bag. Currently, this iconic bag is going at €1,890 (~S$2,745.71) at the time of writing in France — way cheaper compared to Singapore’s price of S$3,390. But how much would it cost when purchasing it with different multi-currency cards?
Best Multi-Currency Cards In Singapore 2024: Check out YSL’s 5 to 7 in Smooth Leather here
Comparing Best Multi-Currency Cards In Singapore 2024
Here’s a comparison between the most popular options when it comes to overseas spending — YouTrip, Revolut, Wise, Amaze, and Trust Bank. Read on as we list out each of their features, pros and cons, as well as how much a YSL bag would cost with each card.
YouTrip | Revolut | Wise | Amaze | Trust Bank | |
Currencies Available In Wallet | 10 Currencies | 30 currencies | 40 currencies | 9 currencies | N/A |
Annual Fees | No fees | Standard Plan: Free Premium Plan: S$9.99/month Metal Plan: S$19.99/month | No fees | No fees | No fees |
Foreign Transaction Fees | No fees | ✅ Fees during Foreign Exchange Market Hours for Standard Plan Customers: No fee for all currencies ✅ Fees outside Foreign Exchange Market Hours for Standard Plan Customers: 1% fee for all currencies | ✅ From 0.43% with a min. fee of S$0.01 (fee varies by currency) | No fees for FX transactions ✅ 1% fee (min. fee of S$0.50) for SGD transactions involving GrabPay, prepaid cards, & other e-wallet top-ups | No fees |
Overseas ATM Withdrawal Fees | ✅ Free monthly S$400 in ATM withdrawals with a 2% fee thereafter | ✅ Free monthly withdrawals of up to S$350/5 withdrawals with a 2% fee thereafter | ✅ Free monthly withdrawals of up to S$350/2 or less withdrawals with a 1.75% fee thereafter | ✅ 2% fee on the value of all amounts withdrawn | None |
P2P Transfer Fees (Sending Money) | No fees | ✅ Free instant transfers to other Revolut users within Singapore ✅ 1.99% fee for instant transfers to other Revolut users globally ✅ 1% fee for bank transfers, subjected to a min. fee of US$1 ✅ 3% fee for card transfers, subjected to a min. fee of US$1 | From 0.43% — Fee varies by currency | Fees varies by destination & currency | N/A |
Top-up Fees | ✅ Mastercard credit/debit cards, Visa debit cards, PayNow: No fees ✅ Visa credit cards: 1.5% service fee | ✅ Mastercard debit card: 0.51% ✅ Mastercard credit card: 0.62% ✅ Visa debit card: 0.30% ✅ Visa credit card 1.97% ✅ International cards: 2.08% ✅ Commercial cards: 1.12% | ✅ 2% fee applicable for transactions not in their list of select currencies | ✅ Mastercard credit/debit cards & PayNow: No fees ✅ Visa debit & credit cards: 1.5% fee | N/A- |
Wallet Limits | ✅ Maximum top-up limit at any time: S$20,000 ✅ Annual spending limit: S$100,000 | ✅ Maximum top-up limit at any time: S$5,000 ✅ Annual spending limit: S$30,000 | ✅ Maximum top-up limit at any time: S$5,000 ✅ Annual spending limit: S$30,000 | ✅ Maximum top-up limit at any time: S$3,000 ✅ Annual spending limit: S$30,000 | N/A |
Current Exchange Rates as of 21 Feb’24 | 1 SGD = 0.6884 EUR | 1 SGD = 0.6796 EUR | 1 SGD = 0.6852 EUR | 1 SGD = 0.6880 EUR | 1 SGD = 0.6860 EUR |
Total Cost Of YSL Le 5 À 7 In Smooth Leather Bag (€1,890 =~S$2,745.71) Google’s Rate: 👉 1 SGD = 0.6883 | ~S$2,745.50 | ~S$2,781.05 | ~S$2,758.32 | ~S$2,747.09 | ~S$2,755.10 |
Best Multi-Currency Cards In Singapore 2024: Check out this comparison article on YouTrip Vs Amaze here
Pros & Cons:
1. YouTrip
Pros: One of the major advantages of YouTrip is its exchange rates. By leveraging wholesale exchange rates and charging zero fees, you’re able to score extra savings if you’re looking to score bigger savings on items like YSL products.
YouTrip also offers a higher amount in free monthly ATM withdrawals (S$400) as compared to other multi-currency cards. It was also the first in the market to enhance its wallet limits — suitable for those looking to lock in more rates and spend larger amounts.
Cons: YouTrip is only able to store 10 major currencies in-wallet.
Estimated price of Le 5 À 7 In Smooth Leather Bag: ~S$2,745.50
Best Multi-Currency Cards In Singapore 2024: Find out more about YouTrip’s enhanced wallet limit here
2. Revolut
Image Credits: Capture the Atlas
Pros: Revolut leverages interbank rates and covers a broad range of currencies that users are able to lock in.
Cons: However, it comes with a larger number of fees including annual fees that are dependent on the type of plan you opt for, and higher top-up and foreign transaction fees. Revolut also had the lowest exchange rate of 1 SGD = 0.6796 EUR.
Estimated price of Le 5 À 7 In Smooth Leather Bag: ~S$2,781.05
Best Multi-Currency Cards In Singapore 2024: Find out more about Revolut’s fees here
3. Wise
Image Credits: Wise
Pros: Wise utilises mid-market rates to offer users competitive exchange rates and is able to support a vast array of currencies compared to other multi-currency accounts. Wise also has a lower ATM withdrawal fee of 1.75%.
Cons: Wise offers a higher transaction fee starting from 0.43% onwards, as well as a higher top-up fee of 2% compared to the other multi-currency cards on this list.
Estimated price of Le 5 À 7 In Smooth Leather Bag: ~S$2,758.32
Best Multi-Currency Cards In Singapore 2024: Find out more about Wise’s fees here
4. Amaze
Image Credits: Instarem
Pros: The Instarem Amaze Card allows you to link up to five Mastercard debit/credit cards, enjoy 0 FX fees, and rack up rewards like InstaPoints
Cons: However, Amaze charges a 1% fee for SGD transactions involving GrabPay, prepaid cards, and other e-wallet top-ups. Additionally, it doesn’t offer any free ATM withdrawals.
Estimated price of Le 5 À 7 In Smooth Leather Bag: ~S$2,747.09
Best Multi-Currency Cards In Singapore 2024: Find out more about Amaze’s fees here
5. Trust Bank
Image Credits: Trust Bank
Pros: The Trust Bank credit card offers minimal fees and doesn’t charge for ATM withdrawals or foreign currency transactions. It also offers rewards such as coupons and stamp cards.
Cons: Compared to other multi-currency cards, you’re not able to lock in depreciating rates with Trust. And though Trust Bank offers minimal fees, there is a late payment charge of S$100 and interest accrued if the minimum amount due is not received by the due date. Trust Bank’s FX rates might not be the most competitive in the market when it comes to overseas spending.
Estimated price of Le 5 À 7 In Smooth Leather Bag: ~S$2,755.10
Best Multi-Currency Cards In Singapore 2024: Find out more about Trust Bank’s late fees here
Maximise Your Savings — Every Cent Counts!
And there you have it! You’re all set with your very own cheat sheet on the best multi-currency cards in Singapore. Find a card that suits your needs best — whether you’re looking for the best rates in town or one with zero fees.
As Singapore’s favourite multi-currency wallet, we’re all about giving you the best rates with none of those pesky fees for bigger and better savings. So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account!
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Happy travels!
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