Which is the better multi-currency travel wallet to use in Malaysia? Which suits your travel needs best? Which has the best rates? Read on to find out!
[UPDATED ON 1 APR 2024] We all know and love JB for the shopping haven it is (and for its affordable eats!). Last weekend a friend and I headed into JB for a short getaway, each with one multi-currency card on hand, and compared both YouTrip and Amaze to see which card would get us the best rates. YouTrip Vs Amaze: Read on as we compare the pros and cons of each to find out which is the better travel wallet to use in Malaysia!
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UPDATE: Amaze to charge a 1% fee on SGD transactions
From 1 April 2024 onwards, Amaze will begin charging a 1% domestic fee on SGD transactions exceeding S$1,000 per calendar month. This means if you spend S$1,500 locally in a single month, the 1% fee will be applied to the excess S$500.
YouTrip Vs Amaze Comparison In Malaysia 2024: Here’s how you can capitalise on the Malaysian ringgit right now!
YouTrip Vs Amaze
| YouTrip | Amaze | |
| Currencies Available In Wallet | 10 ✅ SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF, SEK | 11 ✅ SGD, EUR, USD, JPY, THB, GBP, AUD, CHF, NZD, CAD, MYR |
| Annual Fees | – | – |
| Transaction Fees | – | 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 ✅ 1% fee (min. S$0.50) for SGD transactions above S$1,000 per month from 1 Apr 2024 onwards |
| 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 |
| Bank Withdrawals | No fees, limited to 10 bank withdrawals per calendar month. *If you wish to make more than 10 bank withdrawals, you’ll have to request for a refund (processing fee of S$10) | N/A — does not have bank withdrawals |
| Top-up Fees | ✅ Mastercard credit/debit cards, Visa debit cards, PayNow: No fees ✅ Visa credit cards: 1.5% service fee ✅ Linked Bank Account (eGIRO): No fees | ✅ Mastercard credit/debit cards & PayNow: No fees ✅ Visa debit & credit cards: 1.5% fee |
| Daily Withdrawal Limit | S$5,000 | S$1,000 |
| Overseas ATM Withdrawal Fees | ✅ Free monthly S$400 in ATM withdrawals and a 2% fee thereafter. ✅ Resets on the first of every month | ✅ 2% fee on the value of all amounts withdrawn |
| Rewards & Cashback | ✅ Promotional offers and discounts of up to 20% off when spending on YouTrip Perks ✅ Cashback of up to 12% off when spending on YouTrip Perks ✅ Monthly cashback campaigns | ✅ 1 InstaPoint earned for every S$1 spent on the Amaze Wallet as long as your transaction is worth more than S$10 ✅ 0.5 InstaPoints for every S$1 spent in foreign currency with your linked bank card as long as your transaction is worth more than S$10 ✅ 1% cashback when you redeem your InstaPoints for cashback ❗To note: There’s a min. redemption of 2,000 InstaPoints which adds up to S$4,000 in foreign currency. InstaPoints also have an expiry of 12 months from the date of issue. |
YouTrip Vs Amaze Comparison In Malaysia 2024: Check out this guide on the best multi-currency cards in Singapore
YouTrip Vs Amaze: Pros & Cons
Image credits: Instarem
While the Instarem Amaze Card offers amazing features including allowing you to link up to five Mastercard debit/credit cards, it might not necessarily suit a variety of needs as a travel card. Here’s why 👇
Top-Up Fees & Top-up Methods:
- Amaze charges a 1.5% fee for top-ups using both Visa debit and credit cards. Whereas, YouTrip only charges a 1.5% fee that only applies to Visa credit cards.
- Other than Mastercard and Visa credit and debit cards, Amaze has no other top-up option compared to YouTrip which enables you the option of topping up your wallet via PayNow.
Wallet Limits:
- Amaze cardholders are also limited to a top-up cap of S$5,000, whereas YouTrip users are able to top up S$20,000, which might come in handy if you’re looking to lock in more of the best rates before your trips.
- Looking to spend big on your upcoming trips — perhaps a new luxury bag or two? 🛍 Amaze has an annual spending limit of S$30,000, while YouTrip allows you to spend up to S$100,000 annually.
Although Amaze charges a lower admin fee and markup compared to banks and charges no fees for transactions made in foreign currency, a 1% fee (min. S$0.50) will still apply to SGD transactions involving e-wallet top-ups such as GrabPay and prepaid cards.
YouTrip Vs Amaze Comparison In Malaysia 2024: Check out our guide to 48 hours in Kuala Lumpur
ATM Withdrawals:
- Amaze charges a flat 2% fee on all ATM withdrawals.
- If you’re looking to save more on overseas ATM withdrawals, consider YouTrip as you’re entitled to a free monthly S$400 in ATM withdrawals! The 2% fee only comes after you’ve used up your monthly quota but this resets on the first of every month.
YouTrip Vs Amaze Comparison In Malaysia 2024: Check out what are the best travel credit cards in Singapore
Lastly, let’s compare the exchange rates my friend and I got when shopping with both Amaze and YouTrip in Malaysia last weekend. These transactions were made at the same time and here’s the breakdown:
| Tried & Tested Exchange Rates in Malaysia As Of Last Weekend (SGD>MYR) | YouTrip | Amaze |
| 📅 Fri, 29 March 2024 🛍️ Massage at Bangkok Spa | 3.510 | 3.499 |
| 📅 Sat, 30 March 2024 🛍️ Snacks at Avery-Day Convenience Store | 3.500 | 3.495 |
| 📅 Sun, 31 March 2024 🛍️ Pastries at Lavendar Bakery | 3.500 | 3.495 |
YouTrip Vs Amaze Comparison In Malaysia 2024: Find out more about the weakening ringgit rates here
What’s The Verdict?
All in all, it’s up to you to choose which card suits your travel needs best. But if you’re looking for a multi-currency card that allows you to lock in and spend more with the best exchange rates while shopping or if you need to make any ATM withdrawals in Malaysia, check out YouTrip!
YouTrip Vs Amaze Comparison In Malaysia 2024: Sign up for YouTrip here
Get The Best Rates All Day
As Singapore’s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with promo code <YTBLOG5> and get FREE S$5 in your account! For more great tips and articles like this, join our Telegram (@YouTripSG) and subscribe to our free weekly newsletter here or down below.
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Safe Travels!
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