Digital Multi Currency Cards | Digital Currency for International Travel
Budgeting | Singaporeby Priyadarshini 3 December 2021
Singaporeans are seeking methods to save money now that travel is becoming more affordable. Here’s when digital multi-currency accounts come in handy. In this blog, we tell you about digital multi currency cards and accounts.
This year saw the arrival of Instarem’s spectacular new Amaze card. It offers a hefty 1% cashback on top of your linked credit card. How does it compare to the rest of BigPay’s, Revolut’s, Wise (previously TransferWise) offerings?
Digital Multi Currency Cards
The Instarem Amaze Card is the best all-around digital multi-currency card
It does exactly what it says on the tin: you link up to five of your existing Mastercard credit or debit cards. And you receive the Amaze 1 percent cashback on top of your credit or debit card cashback or incentives. That alone lowers the hurdles to use and incentivizes individuals to spend on their existing cards.
The linking service, on the other hand, is a little problematic. Users, including myself, have noticed random declines or duplicate charges. It’s also a bummer that there’s no integration with Apple Pay or Google Pay.
Runner-up in the best digital multi-currency card category: Revolut
You get 1% cashback, just like Instarem’s Amaze, but at a cost – S$19.99 each month. This entitles you to a 1% cashback, an increase in the free overseas withdrawal threshold from S$350 to S$1,050. And a slew of travel-related insurance benefits such as medical, dental, and luggage delay.
It also boasts the most elegant user interface and the finest interoperability with current phone payment options, most notably Apple Pay and Google Pay. However, you must fund your Revolut account with S$20 in order to activate it, and their travel-related insurance coverage does not yet include COVID-19.
Best free digital multi-currency card with incentives for individuals who do not want to sign up for additional credit cards: BigPay
BigPay takes the cake in this category because it is absolutely free to sign up for and use its BIG Points incentive system. Does this sound familiar? Because it is a subsidiary of Malaysia’s low-cost carrier, AirAsia, you may use it to redeem reduced flights, meals from AirAsia food, travel insurance, and even investments.
If you already have an AirAsia account, just link them to reap your current BIG points amount and earn more with your BigPay card. The catch is that you must spend at least S$5 on any purchase to earn 1 BIG point, and Visa PayWave payments are limited to S$300 every day. Please keep in mind that chip and pin transactions are subject to the MAS’s yearly limit of S$30,000.
How about Wise (formerly TransferWise)?
Wise (previously TransferWisestrength )’s is in its capacity to remit and keep several currencies rather than spending money through its e-wallet. This is demonstrated by the fact that, of all digital multi-currency account providers, it offers the most currencies to save and send, with 54. The next highest, from Revolut, is nearly half that, at 28.
Other than the capacity to pay from the wallet, its card offers no additional benefits to everyday users. You’re better suited utilizing Wise to send money to loved ones abroad, but it also depends on the region you’re sending to.
Is it better to use a digital multi currency card than a bank account?
Banks continue to rely on legacy arrangements, which can result in unfavourable exchange rates and expensive fees. Borderless multi-currency accounts, such as Instarem, Revolut, and Wise (previously TransferWise). On the other hand, are not bound by legacy systems such as the SWIFT network and various bank relationships. As a result, they may provide substantially lower fees, up to six times lower for currency conversion and remittance.
A digital multi-currency account may also be more convenient to open. One of the conditions for opening a bank account is to maintain a minimum balance. This is not required for electronic multi-currency accounts.