Planning to travel in 2022? Read on for a comprehensive guide to the best multi-currency cards around — we’re comparing exchange rates, fees, P2P transfer features and more that will benefit travellers and online shoppers alike!
Looking back on 2021, one of the best things that happened was the reopening of borders for travel hands down! If you’re one of the lucky few who managed to get some time away from work, you’re probably planning your dream VTL getaway for 2022 right now and considering all your financial options. There are a couple of things to consider when you’re travelling — changing money for overseas expenditure, security of your transactions, how to split money fairly amongst your buddies to minimise complications, hidden fees that come with bank cards and other rewards for spending. To make things easier, we’ve pulled together a table with the top players in the multi-currency card game right now so you can be fully prepared for your next travel expedition whenever that may be. Read on to find out!
Which Multi-currency Card is Good For Travel Spending?
|Markup||No||No||0.5-2% rate markup* on weekends||Unknown|
|Currency Conversion Fee||No||0.35-2.22% conversion fee||No||Unknown|
|Top-Up Fee||✅ PayNow/ Visa Debit/ All Mastercard: |
🚨 Visa Credit:
1.5% service fee
|✅ PayNow/ Bank transfers: |
🚨 Credit card:
2.8% variable fee
🚨 Debit card:
2.62% variable fee
|ATM Fee||S$5/ withdrawal||1. < S$350/ month:|
✅ First two withdrawals:
🚨 Subsequent withdrawals:
2. > S$350/ month:
🚨 +1.75% charge
|1. Up to S$350/ month:|
2. > S$350/ month:
🚨 2% charge
|Membership Fee||Free||S$10 for a Wise debit card||Standard plan: |
Premium plan: S$9.99/month
Metal plan: S$19.99/month
|Cashback||✅ 4% cashback at Uniqlo|
✅ Up to 7% cashback at Sephora
✅ Up to 10% cashback at Lazada
+ more with YouTrip Perks
|No||1% cashback if you go for their metal plan (S$19.99/month)||✅ 1% cashback for every S$5 spend|
🚨 Min S$500 spend/ quarter (capped to S$100)
|Number Of Currencies Supported For Transaction||Over 150||Over 50||Over 140||N.A. |
💡 Depends on the five Singapore-issued Mastercard credit or debit cards linked to your Amaze card.
|Number Of Currencies You Can Store||10||56||28||N.A|
*No charges on weekdays: between 18:00 New York time on Sunday and 17:00 New York time on Friday, except for transactions involving rare currency like THB or UAH which will incur a 1% fee. In addition, a 2% fee applies for exchanges involving THB or UAH on weekends. (Source: Revolut)
This multi-currency card is for the minimalist — fuss-free, no-frills travellers who just want a secure way to convert currency and go cashless on the road (of course there’s the option to withdraw cash but it’ll cost you S$5 per transaction), whilst also being able to shop on different websites in foreign currency with the same card. Savvy spenders would steer clear of topping up with Visa credit cards to avoid the extra 1.5% service fee, but keep tabs on their app for YouTrip Perks deals whenever they are shopping online.
If you’ve got loved ones overseas and find yourself constantly transferring cash in foreign currency, Wise is your best bet because they allow each user to store 56 currencies at one time! Just note that there is a 0.35-2.22% conversion fee for each transaction. Also, remember to top up with PayNow or bank transfer to avoid the fees that come with every debit or credit card top-up.
Tech-savvy individuals will love Revolut for its user interface which effectively makes it the perfect digital alternative to your usual traditional bank options. It works great with Apple Pay and Google Pay for added convenience. Plus, they offer a 1% cashback — if you’re willing to fork up S$199 per year or S$19.99 a month. Just be wary of the 0.5-2% rate markup* on weekends or when using rare currency (more info below the table).
If YouTrip is for the minimalist, Amaze is for the maximalist. You’re a maximalist if you believe more is more — and you’ve got a stack of credit or debit cards to prove it. Well, Amaze allows you to link up to five of them up and skip the top-up step, instead, using their card as an intermediary to earn 1% cashback on top of the various cards’ miles or points. Unfortunately, unlike the rest of the cards, the exact fees and markups were hard to identify based on their website so be sure to do a little more research before proceeding!
So How Much Would Spending With Each Multi-Currency Card Cost?
Let’s say you’re planning to buy a Medium Classic Chanel Flap Bag in Caviar Leather from the US even after the recent 12.8% increase that happened in late 2021. Based on our research, the bag currently costs about US$8,800. This is way cheaper than the S$13,190 price tag in Singapore. But let’s see how much it’ll cost when using all four of these multi-currency cards!
|Rate 1 SGD-USD||0.738||0.738||0.738||0.737|
|Total Cost in SGD||S$11,928.74||S$11,981.07||$11,930.53||$11,983.86|
Time of exchange: 10 Jan 2022, 9.44 am
So Which Travel Card Is Best For Me?
🏆 For The Minimalistic Savvy Traveller & Online Shopper: YouTrip
🏆 For Comprehensive Remittance Function: Wise
🏆 For Digital Alternative To Traditional Bank Accounts: Revolut
🏆 For Credit Card Enthusiasts: Amaze
Even if you aren’t travelling soon, remember to use your YouTrip card when online shopping to skip out on all that additional fees and mark-ups on exchange rates to make sure you are getting the best value out of every dollar.
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