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Your Guide to Singapore’s Multi-Currency Cards for Travel

Travelling abroad is a thrilling experience, offering a chance to explore new cultures, cuisines, and landscapes. For Singaporeans embarking on international journeys, managing foreign currencies can be a cumbersome task. That's where multi-currency cards come to the rescue. 

Understanding Multi-Currency Cards

Multi-currency cards simplify currency management for frequent travellers. These cards enable users to hold multiple currencies in a single account, making it easier to spend and manage funds while overseas. (Some have apps that also give you the ability to send money overseas at good exchange rates and with low fees.) Here's how they work and the benefits they offer:

How They Work

Multi-currency cards allow you to store various foreign currencies in one account. Users can load and convert their Singapore dollars (SGD) into foreign currencies at competitive exchange rates, thereby avoiding the inconvenience of exchanging currency at unfavourable rates at the destination.

Benefits

Multi-currency cards offer several advantages for travellers. They allow you to lock in favourable exchange rates, avoid high currency exchange fees, and easily manage your spending by budgeting in different currencies. Additionally, these cards are a more secure alternative to carrying cash, reducing the risk of theft or loss.

Choosing the Right Multi-Currency Card

Selecting the right multi-currency card is a crucial step for Singaporean travellers. To make an informed choice, consider the following factors:

  • Exchange Rates: This is likely the most important consideration. Examine the card's exchange rates to ensure they are competitive. You'll want to get the most value when converting your SGD into other currencies. To see what level of makeup has been added, compare the exchange rate to the mid-market exchange rates. 
  • Card Fees: Evaluate the card's fees, including annual charges, currency conversion fees, and ATM withdrawal fees. Look for a card with reasonable or zero fees for these services.
  • Supported Currencies: Check which foreign currencies the card supports. Some cards offer a wide range of currencies, while others have a more limited selection.
  • Card Security: Assess the card's security features, such as contactless payment options and the ability to lock and unlock the card through a mobile app.
  • Travel Insurance: Some multi-currency cards offer travel insurance as an added benefit. Evaluate the coverage and terms to see if it aligns with your needs.
  • Reviews and Recommendations: Seek feedback from other travellers and read reviews to gauge user satisfaction and any potential issues with the card.

Setting Up and Activating the Card

Once you've chosen the right multi-currency card, the next step is to set it up and activate it.

  • Application: Apply for the card online or at a local branch. You'll need to provide personal information and may be required to verify your identity.
  • Identity Verification: Some cards may require you to verify your identity through documents, such as your passport or NRIC (National Registration Identity Card).
  • Activation: Once you've received the card, follow the activation instructions provided by the card issuer. This typically involves setting up a PIN and linking the card to your account.
  • ApplePay and GooglePay: If available and you are comfortable using the technology, check to see if these payment providers are widely accepted in the country that you are visiting and set up accordingly.

Managing Currencies

After activation, it's essential to know how to manage your multi-currency card effectively.

  • Loading Currency: Load your card with SGD or other supported currencies. You can do this online or through the card's mobile app. 
  • Currency Exchange Rates: Keep an eye on exchange rates and plan your currency conversions strategically. Loading your card when rates are “favourable” can save you money, but of course exchange rates can keep getting “more favourable” afterwards! You can never know for sure, but once you’ve loaded the card, at least you will remove some of the uncertainty over how much things overseas cost you in terms of your own home currency.
  • Dynamic Currency Conversion: When making payments, beware of dynamic currency conversion. Opt to pay in the local currency to avoid unfavourable exchange rates set by the merchant.
  • Minimum and Maximum Limits: Be aware of the minimum and maximum balance limits imposed by the card issuer. Ensure your card balance stays within these limits. Going under the minimum balance may result in a fall below charge.
  • Emergency Cash: Some multi-currency cards offer emergency cash services, which can be a lifesaver in case of card loss or theft. Understand how to access this service if needed. Also in case of emergency, securely note down your card number and a toll-free international phone number.

Safety and Security

Ensuring the safety of your multi-currency card is paramount. Follow these security measures and precautions:

  • PIN Protection: Keep your PIN confidential and do not share it with anyone. If you need to write it down, store it separately from your card.
  • Lost or Stolen Card: In case of card loss or theft, report it immediately to the card issuer. They can block the card and help you with the next steps.
  • Backup Card: It's a good practice to carry a backup card or some alternative means of payment to avoid any disruption to your travel plans while abroad.

Tips and Best Practices

To maximise the benefits of multi-currency cards, consider these additional tips and address potential challenges:

  • Emergency Contact: Save the customer support number for your card issuer in your phone or write it down in a secure location.
  • Budget in Advance: Plan your budget and load your card accordingly before your trip to avoid last-minute currency conversion at unfavourable rates.
  • Use Local Currency: Whenever possible, pay in the local currency to avoid dynamic currency conversion fees.
  • Research how cash or card-heavy the country is that you are visiting to assess the correct balance of cash to be taking out there with you. 

Popular Multi-Currency Cards in Singapore

Wise

A Wise card enables you to hold 40+ currencies, converting between them seamlessly at the mid-market rate (+ fees). Fund your account with SGD to use the card globally in 150+ countries, even integrating it with mobile wallets for convenient transactions. Enjoy the mid-market exchange rate and low conversion fees from 0.43%. Drawbacks include the absence of a cash deposit service and the inability to make local ATM withdrawals in Singapore.

YouTrip

YouTrip offers an online-funded travel wallet and card with no annual fee, allowing you to convert to one of ten supported currencies within the app or spend in up to 150 currencies with instant conversion. While suitable for online shopping and in-store payments during travel, it lacks free ATM withdrawals (S$5 ATM fee).

Revolut

Revolut offers account plans tailored for frequent travellers, providing currency holding and exchange capabilities in 27 currencies. The standard plan, without a monthly fee, has some limitations on fee-free transactions and ATM withdrawals, whereas opting for a plan with a monthly fee of up to SGD19.99 unlocks the complete range of benefits, such as discounted lounge access, global travel insurance, and some currency exchange at the mid-market rate.

Instarem amaze

The amaze card, available in virtual and physical forms, lets you link up to 5 Mastercard cards, eliminating the need for multiple cards. Choose a specific card from your app for transactions, or top up your amaze wallet with a credit or debit card to fund your transactions. Users can earn reward points that can be redeemed for cashback or travel, shopping, dining, and other promotions. Downsides include a 2% fee for ATM withdrawals and the inability to make local ATM withdrawals in Singapore.

Trust Card by Trust Bank Singapore

The Trust Card has certain criteria that must be met, such as a minimum annual income of £30,000. Failure to pay your bill in full each month will result in interest charges and penalty fees. On the other hand, this card offers numerous advantages, including acceptance at all Visa locations, convenient opportunities to earn rewards and cashback through Linkpoints, and the ability to withdraw money from local ATMs in Singapore.

What is the Best Multi-Currency Card in Singapore?

There is no one card that is best for each individual. Consider what matters to you and choose wisely. In addition to the above-mentioned cards, having an account with major Singapore banks such as DBS and UOB enables you to access their respective multi-currency options (DBS multi-currency card and UOB Mighty FX). It can pay to shop elsewhere, though, in case of higher international ATM and foreign transaction fees.

Conclusion

Multi-currency cards stand as a reliable and economical choice for Singaporean travellers seeking a streamlined approach to managing foreign currencies while abroad. With a clear understanding of their functionality, the ability to choose the most suitable option, and a commitment to sound financial practices, you can elevate your travel experience to new heights of convenience and security.

Note: MoneyFitt is not making recommendations for which product to choose from and is not sponsored in any way by the companies mentioned above.

Disclaimer
Content is intended to be used and must be used for informational purposes only and should not be relied upon as financial or other professional advice.