Best digital multi-currency accounts and cards in Singapore

Do you require access to a variety of currencies? If you do, having a multi-currency account is a simple, fuss-free option that can save you from hefty foreign exchange fees and charges. Our world today is connected like never before. For instance, even though you live in Singapore, you can shop online from any store in the world, send gifts to friends and families abroad, book holidays, or get paid by overseas employers and clients. In these instances, having a Singapore multi-currency account can help you to save money.

What is a multi-currency account?

You can think of a multi-currency account as a type of bank account that enables you to hold, send, and receive multiple currencies. But rather than having numerous accounts and information to keep track of, a multi-currency account consolidates everything into a single account number. Holding and spending foreign currencies becomes much easier, cheaper, and far more convenient. If you choose the right one, you will be able to reduce fees for currency exchanges, switch between currencies when the market is favourable, and manage your money across borders in a single platform.

There are two types of multi-currency accounts:

• Traditional multi-currency accounts

Commercial banks in Singapore such as UOB, DBS, and HSBC offer traditional multi-currency accounts that function similarly to regular savings accounts, allowing customers to hold and transact up to 12 currencies at the same time, with some charging interest rates up to 1%.

• Digital multi-currency accounts

Digital cross-border money transfer providers like Instarem, Wise, YouTrip, Revolut, and Wirex provide digital multi-currency accounts that allow users to exchange up to 40 currencies, transact in over 150 currencies, and withdraw cash from any overseas ATM.

How does a digital multi-currency account work?

Consider a digital multi-currency account similar to a debit card account, where funds must be deposited prior to spending. The distinction is that you will be able to keep and spend several currencies while benefiting from interbank exchange rates on currency exchanges, all via a dedicated smartphone app that doubles as a digital wallet. You’ll never have to wait in line at a branch office ever again!

Additionally, users can request a physical card that enables them to make over the counter purchases and withdraw cash from any ATM in the world. This is an excellent option for frequent travellers, digital nomads, and growing global enterprises looking to reduce costs.

Comparing digital multi-currency account cards in Singapore

Let’s take a closer look at several notable digital multi-currency account cards in Singapore, including their unique selling points, and the pros and cons for each option.

Instarem

Instarem is a Singapore-based digital cross-border payments company that provides low-cost, fast transfer digital money remittance services to over 50 countries. Instarem’s global reach allows its customers to perform international transfers at significantly lower costs. Sign up is completely free!

The company’s mastercard-enabled amaze card, allows users to link up to five debit or credit cards to one account. Additionally, users can receive up to 1% cashback* on top of the miles or cashback earned with the associated credit card(s), capped at S$50 per quarter or S$200 per year. Here are more amaze-ing card features you should not miss:

• amaze is both physical and virtual for contactless payment or online purchases.
• Save big on overseas purchases with competitive FX rates and zero fees for foreign currency payments.
• By using amaze via Instarem app, select your preferred linked card for specific payments at any time.
• Automatically comes with Mastercard’s World tier of privileges, where you get to enjoy exclusive Mastercard discounts on ride-shares, food delivery, online shopping and other benefits like zero liability protection, ID theft protection, global emergency services, and priceless gold and city experiences.

Wise

UK fintech company Wise is known for its attractive mid-market FX rates for overseas transfers. Naturally, Wise borderless account and debit card lets you spend anywhere in the world at real exchange rates, at low conversion fees, and zero transaction fees. You can store and exchange over 50+ currencies and receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD.

Some of the other features and benefits of Wise debit card include:

• Free to pay with currencies
• 2 free overseas ATM withdrawals up to $350 a month, then a small fee per withdrawal
• Small conversion fees between 0.35% and 2.22%
• Auto-convert any currency with the lowest possible fee
• Enjoy up to 12% off on booking.com

YouTrip

YouTrip is a multi-currency mobile wallet that can help you save, with wholesale exchange rates and zero transaction fees.3 Every YouTrip app is linked directly to a contactless Mastercard, which is free upon sign-up with no additional fees charged.

YouTrip users can convert up to 10 foreign currencies and make payments in over 150 currencies without incurring transaction fees. This is not just for over-the-counter transactions, but also for online purchases from any overseas e-commerce stores. You can top up instantly with any Singapore credit or debit card and hold up to S$5,000 in YouTrip mobile wallet.

Some of the key features of YouTrip Mastercard are:

• Overseas ATM withdrawals at a flat fee of S$5.
• Co-branded with EZ-link, meaning you can use your YouTrip card as an EZ-link card.
• Enjoy a myriad of cashback or discounts from your favourite e-shopping destinations, including Amazon, Lazada, Klook, Foodpanda, Shopee, Taobao, and many more.

Revolut

The Revolut card lets you spend in multiple currencies, get local cash from ATMs, and transfer money globally.4 Linked to the Revolut app, it helps you purchase currencies, keep track of your spending & exchange rates, and get alerts on purchases.

With the Revolut card, you can spend overseas in over 150 currencies wherever Mastercard and Visa are accepted at the mid-market exchange rate. The Revolut card itself is free but it comes with 3 different account types:

Since Revolut comes with tiered plans, each plan has its very own offerings.

The fees structure of Revolut can be overwhelming as well, hence it is advisable to confirm the fee structure before performing any sort of transaction.

Here’s an overview of how each of the multi-currency cards stacked against each other:

Multi-currency account cards allow holders to store, transfer, spend and withdraw money at a lower cost when travelling abroad by eliminating the need for costly foreign exchange fees and charges. Even though these cards seem to have a similar primary function, each card has its own varying features and unique selling points. So, before making a final decision, we recommend that you compare and contrast the features of each to determine which one best meets your demands.

Better option: Instarem’s amaze card

Instarem’s amaze card is a multi-purpose card that helps in sorting your purchases and maximizing your benefits in the form of additional 1% cash back* alongside the linked cards’ rewards, automatically entitled for Mastercard World privileges, and of course unbeatable rates and fees for international spend and transfer. Most importantly, it is completely free to own and maintain!

Here’s how to get yourself an amaze card

Setting up Instarem: Download the Instarem App. You can also enjoy faster and easier onboarding during the sign up by using SingPass.

Getting started with amaze: After signing up, you must complete setting up your Instarem account by clicking on the link shared through a confirmation email sent to your registered email ID. Once your account is set up you can start applying for your amaze card by choosing the card icon at the bottom of the Instarem app. Tapping on the card icon will promptly get you started on the application process.

User Details: In this step, you will need to provide the name you wish to have on your amaze card and the address for the delivery of the card. Agree to the T&C by hitting ’confirm’ and you can start linking your Mastercard to your amaze card by adding the details.

Virtual amaze Card: Once your Mastercard has been successfully linked, you can start using the virtual amaze card right away. The physical amaze card will be delivered to your address via snail mail within the next 7 to 14 working days.

Activating the amaze card: Once delivered, you can activate your physical amaze card from the Instarem app. Tapping on the ‘Activate Physical Card’ followed by a card pin will activate the physical amaze card.

Finishing up: You will be notified of the activation of your physical amaze card by a confirmation screen. You can now use the amaze card for all your holiday purchases!

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

*Up to 1% cashback from Instarem on top of miles & cashback from your linked cards. TnCs apply.