Ultimate Multi-Currency Accounts Comparison: YouTrip vs Revolut vs Instarem vs Wise vs Wirex (2022)
Planning for an overseas trip and still going to money changers to exchange large amounts of cash?
Aside from the risk of misplacing your foreign currencies, you’re also paying for expensive foreign exchange fees and charges.
Of course, I’m not advocating for being completely cashless overseas, but with the advent of digital multi-currency accounts and many countries now accepting contactless payments, why not manage the bulk of your foreign currencies in a fuss-free way…
AND save on pesky fees?
Plus, these digital multi-currency accounts can help you save money on overseas e-commerce sites like ASOS, eBay or TaoBao, where you might have to pay a currency conversion fee if you are not transacting in your local currency.
So without further ado, let’s dive into what the best digital multi-currency accounts that you should consider opening before transacting in foreign currencies.
TL;DR: Multi-Currency Accounts in Singapore Comparison
| Instarem | Revolut | YouTrip | Wise | Wirex | |
|---|---|---|---|---|---|
| Membership Tiers | None; free | Standard: $0/month Premium: $9.99/month Metal: $19.99/month | None; free | None; free | Standard: $0/month Premium: $9.99/month Elite $29.99/month |
| Card Type | Mastercard | Visa | Mastercard | Mastercard | Visa |
| Card Issuance Fee | Free Replacement: Free | Free (standard delivery) Replacement: First card is free, S$9 (standard/premium), S$70 (metal) thereafter | Free Replacement: S$10 | S$10 Replacement: S$4 | Free (standard delivery) Replacement: Free |
| No. of Supported Currencies (Exchange & Store Currencies) | N.A. (no wallet feature) | 28 (AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR) | 10 (SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF, SEK) | 53 (AUD, SGD, GBP, HRK, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD and more) | 11 (AUD, CAD, CHF, CZK, USD, EUR, GBP, HKD, JPY, MXN, SGD) |
| No. of Currencies Available for Overseas Spend | 150+ | ||||
| Currency Conversion Fees | N.A. | 0% - 2% Forex Market Hours (9:30am to 4pm EST time): 1.0% (TBH & UAH) 0% (all other currencies) Outside Forex Market Hours: 2.0% (TBH & UAH) 1.0% (all other currencies) | 0% | From 0.41% (dynamic depends on forex market and currencies) | 0% |
| Overseas ATM Withdrawal Fees | N.A. | Free for first S$350 (Standard members) per 30-day cycle 2% thereafter | S$5 per overseas withdrawal | Free for first S$350 & the first 2 withdrawals per 30-day cycle 1.75% thereafter for amounts >S$350 + S$1.50/transaction fee after first two free withdrawals | Free for first S$400 per 30-day cycle 2% thereafter |
| Money Remittance Option | Yes | Yes | No | Yes | Yes |
| Overseas Transfer Fees | 0% - 1% (dynamic depends on market and currencies) | Non-SWIFT: 0.3% (Up to S$9) SWIFT: S$5 | S$9 (S$5 if transfer is in USD, EUR, GBP and CHF, & S$9 for other currencies) | 0% | From 0.41% (dynamic depends on forex market and currencies) | 0% (between Wirex users only) |
| Top-up Methods & Fees | N.A. | Credit/Debit card (free) Bank transfer (free) Apple Pay & Google Pay (free) | Credit/debit card (free, 1.5% for Visa credit cards): Min. S$20 PayNow (free): Min. S$1 | Credit card (2.5%) Debit card (2.7%) PayNow (free) Bank transfer (free) Apple Pay & Google Pay (see credit/debit cards) | Credit/debit card (free) Bank transfer (free) |
| Electronic Payments | N.A. | Apple Pay, Google Pay | N.A. | Apple Pay, Google Pay | N.A. |
Under the Payment Services Act (PS Act) these digital multi-currency accounts have a wallet limit of S$5,000 and an annual spend limit of S$30,000.
Find out more about each digital multi-currency account below. There are some things to take note of though:
- Your bank or card issuer may charge you a fee for adding money to these accounts.
- Overseas ATM withdrawals may still incur charges by partner banks. These fees are beyond the control of digital banks.
- Likewise, foreign merchants and retailers may also impose a Dynamic Currency Conversion (DCC) fee.
Instarem Singapore Review
First up, we have Instarem, and its amaze card.
This cross-border digital payments provider was founded in 2014 and focus primarily on digital money remittance services.
What We Like About Instarem
- Enjoy 1 per cent cashback on foreign currency transactions or 0.5 per cent cashback with SGD transactions with the Instarem Amaze card on top of other card rewards for every transaction of S$10 and above. To qualify for the cashback, users will have to spend S$1500 per quarter with the maximum cashback capped at S$50 per quarter.
- You can stack the amaze cashback on top of your existing bank cards’ cashback/miles.
- Instapoints rewards system that gives discounts on the currency you wish to send to a recipient.
- Link up to five other Mastercards (debit/credit) into the amaze card.
- No need for top-ups.
- Expense tracking feature.
- Google Pay support.
What We Don’t Like About Instarem
- Instarem charges foreign transaction fees ranging from 0 to 1 per cent per transaction.
- You can only add Mastercards to Instarem.
- Does not support overseas ATM withdrawals
- Some users have reported issues with linking such as declined or duplicate transactions.
Is Instarem Safe?
NIUM Pte. Ltd. (formerly known as Instarem Pte. Limited) is the holding company of NIUM and Instarem subsidiaries globally. NIUM’s is regulated by the Monetary Authority of Singapore (MAS) as a major payment institution in Singapore under License No. PS20200276 to provide:
- Account Issuance Service
- Domestic Money Transfer Service
- Cross-border Money Transfer Service
- E-money Issuance Service.
Instarem Singapore Promo
New users get 75 Instapoints as a welcome bonus and 400 Instapoints when they make their first transaction.
Instapoints can be used to offset Instarem transfers amounting to at least S$500. Only a maximum of 400 Instapoints can be redeemed per transaction.
Revolut Singapore
The London-based digital bank was launched in 2015 and claimed that it has over 14.5 million retail users across Asia, Europe and Australia in its 2020 annual report.
The company aims to be an all-encompassing platform for personal finance management, complemented by its Visa-enabled card for everyday use.
What We Like About Revolut
- Has multiple price plans to cater to all your currency needs, including insurance coverage for premium and metal plans.
- Users get access to disposable virtual cards.
- The account’s exchange rate is mid-market, and they do not charge additional fees.
- Users get free ATM withdrawals overseas for the first S$350 (Standard members) every 30-day cycle.
- Expense tracking feature.
- You can use Apple Pay and Google Pay for Revolut’s physical and digital cards.
What We Don’t Like About Revolut
- Certain currencies like the Thai Baht (TBH) and Ukrainian hryvnia (UAH) have a 1 to 2 per cent currency conversion fee depending on when you convert the currencies.
- You’ll be charged an additional 0.5 per cent fair exchange fee if you transact more than S$5,000 per month for the standard plan.
Is Revolut Safe?
Revolut Technologies Singapore Pte. Ltd. is regulated as a major payment institution by the Monetary Authority of Singapore (MAS) to provide
- Account Issuance Service
- Domestic Money Transfer Service
- Cross-border Money Transfer Service
- E-money Issuance Service.
Revolut Singapore Promo
At the time of writing, the company is running a public transport cashback campaign till 30 June 2022.
All existing Revolut users who hold a card can receive up to 20% cashback on eligible (bus and MRT) public transport fares.
| Method of Top Up | Amount Topped Up | Cashback |
|---|---|---|
| Bank Top Up | SGD $100 and above | 20% cashback on public transport fares |
| Bank Top Up | Anything less than SGD $100 | 2% cashback on public transport fares |
| Debit/ Credit Card Top Up | Any amount | 2% cashback on public transport fares |
First, you will have to top up S$100 to your Revolut account using a bank transfer each calendar month. Here is what you have to do.
Next, you can pay your bus or MRT fares with your physical Revolut Mastercard or your virtual Revolut Mastercard, which can be added to your Google Pay or Apple Pay.
Do note that the amount that you topped up to your Revolut account can be easily withdrawn.
Revolut Singapore Referal Programme
The company is also running a referral programme for new users.
The referrer will receive S$60 in their Revolut account if the referee fulfills all the following conditions:
- Signs up using a Revolut account using a referral link from existing Revolut users.
- Verifies their identity (Pass KYC).
- Adds money by debit card or bank transfer. Please note: internal transfers do not count.
- Orders a free Revolut card.
- Makes three card payments of at least S$10 each (can be using a virtual card while they wait for their physical one).
Remember to ask the friend who referred you to split the referral reward with you!
YouTrip Singapore Review
Incepted in 2016 by You Technologies Pte Ltd, YouTrip lays claim to being the first digital multi-currency account in Singapore.
The company has since branched beyond its focus on overseas transactions for travelers; the card can be used for everyday transactions, or even on public transport.
What We Like About YouTrip
- No currency conversion fees or overseas transaction fees.
- You do not have to pay additional fees or maintain a minimum balance to keep your YouTrip account.
- You can use the YouTrip card as an EZ-Link card in Singapore.
What We Don’t Like About YouTrip
- YouTrip does not offer features like sub-accounts and disposable virtual cards.
- You will have to pay S$5 per ATM withdrawal overseas.
- You cannot make withdrawals from ATMs in Singapore with your YouTrip card.
- YouTrip only supports 10 in-app fiat currencies.
- No Apple Pay or Google Pay support.
Is YouTrip Safe?
You Technologies Group (Singapore) Pte Ltd (“YouTrip”, “our”, “we” or “us”) is licensed by MAS as a major payment institution to provide:
- Account Issuance Service
- Domestic Money Transfer Service
- Cross-border Money Transfer Service
- E-money Issuance Service.
YouTrip Singapore Promo
Sign up for YouTrip with promo code: YTPERKS and activate your card to receive S$5 in your YouTrip account.
Wise Singapore (Formerly TransferWise Singapore)
The British money remittance provider was founded in 2011, and places emphasis on spending, sending, and receiving money based on real-time exchange rates.
What We Like About Wise
- Convert and hold 53 currencies in your account.
- Wise only charges a low upfront currency conversion fee and allows you to convert foreign currencies at the real exchange rate, without adding any margin.
- If you work abroad, you can receive payments like a local in nine currencies.
- You can use Apple Pay and Google Pay for Wise cards.
What We Don’t Like About Wise
- S$10 fee for the issue of your debit card.
- You cannot make withdrawals from ATMs in Singapore with your Wise card.
Is Wise Safe?
Wise Asia-Pacific Pte. Ltd. is licensed by MAS as a major payment institution under the Payment Services Act 2019 (PSA) to provide:
- Account Issuance Service
- Domestic Money Transfer Service
- Cross-border Money Transfer Service
- E-money Issuance Service.
Wise Singapore Promo
Sign up via referral links to remove or reduce the fee on your first transfer.
Wirex Singapore Review
Wirex is a borderless payment platform that lets you buy, store, exchange and spends crypto and traditional and currency anytime, anywhere.
The multicurrency Wirex Visa card lets you spend cryptocurrency in real life. Simply exchange it for traditional currency, tap your card and earn rewards.
What We Like About Wirex
- Supports over 150 currencies, it automatically makes payments in the local currency – with zero exchange fees.
- Earn extra with X-tras. Get up to 2% Cryptobac rewards back on both your in-store and online shopping in Wirex Token (WXT), the platform’s native crypto token.
- Enjoy up to 6% annual Savings Bonuses on your WXT balance and a wide range of exclusive merchant offers.
- Effortlessly buy, hold, exchange and spend your choice of traditional fiat currencies and cryptocurrencies in one handy app – and with one futuristic payment card.
What We Don’t Like About Wirex
- Wirex only allows users to store 11 traditional fiat currencies.
- Unlike the other providers on this list, Wirex currently does not have a MAS license.
- If you don’t transact using the Wirex Service for nine months up to 18 months, Wirex will charge you a storage fee to store your balances:
- £/US$/€5 per month, per balance at the current prevailing exchange rate.
- While for cryptocurrency balances, a fee of 0.20% of the balance, of at least US$5 per month, applies.
- No Apple Pay or Google Pay support.
Is Wirex Safe?
Before you use Wirex, you need to be aware of the risks of dealing with cryptocurrency.
As Wirex is an unregulated digital payment token (DPT) service provider, MAS regulation requires them to publish this risk warning:
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
Your DPT service provider is exempted by MAS from holding a license to provide DPT services. Please note that you may not be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
But Wirex has been given a temporary exemption to operate in Singapore under the PS Act.
The company is also currently in the midst of applying for a license under the new PS Act.
Wirex Promo
Here’s how to take part:
- Click on ‘Rewards’ in the Wirex app, then ‘Invite Friends’.
- We’ll give you and the person you refer US$5 in WXT once they buy $100 worth of crypto through Wirex.
- You’ll find a unique referral link that you can share with your contacts.
- You’ll each get another $5 in WXT when the person you refer uses their Wirex card for the first time.
Other: HSBC Everyday Global Account (EGA)
Not a card per se, the HSBC Everyday Global Account (EGA) is a multi-currency account that facilities transactions in 11 currencies.
The currencies available include the following:
- Australian Dollar
- Canadian Dollar
- Chinese renminbi
- Euro
- Hong Kong Dollar
- Japanese Yen
- New Zealand Dollar
- Pound Sterling
- Swiss Franc
- US Dollar
There are $0 fees when you make retail purchases and cash withdrawals in these 10 currencies.
When using the HSBC Everyday credit card or debit card, you will be able to earn 1 per cent cash back on all eligible spends and GIRO payments, and a 1 per cent bonus interest on every increment in SG average daily balances.
As you participate in the HSBC Everyday+ Rewards Programme, you can also earn a one-time bonus cash reward of S$300!
Do you carry multiple multi-currency cards, or would you rather stick to just one? Let us know!
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