facebookUltimate Multi-Currency Cards Comparison: YouTrip vs Revolut vs amaze vs Wise vs Wirex & More (2023)

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090623 Ultimate Multi-Currency Cards Comparison_ YouTrip vs Revolut vs amaze vs Wise vs Wirex & More (2023)

Ultimate Multi-Currency Cards Comparison: YouTrip vs Revolut vs amaze vs Wise vs Wirex & More (2023)

profileJustin Oh

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.

Source: Tenor

Of course, I’m not advocating for being completely cashless overseas, but with the advent of digital multi-currency cards 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 cards can help you save money on overseas e-commerce sites like ASOS, eBay or TaoBao, where you might have to pay a foreign currency conversion (FCY) fee if you are not transacting in your local currency.

So without further ado, let’s dive into the best digital multi-currency cards that you should consider opening before transacting in foreign currencies.


TL;DR: Multi-Currency Cards in Singapore Comparison

Multi-Currency Card/AccountCurrency Conversion FeesNo. of Supported Currencies (Exchange & Store Currencies)No. of Currencies Available for Overseas SpendOverseas ATM Withdrawal FeesNote
Revolut

Apply Now
0% - 1%

Forex Market Hours (9:30am to 4pm EST time):
0%

Outside Forex Market Hours:
1%
33

(AED, AUD, BGN, CAD, CHF, CLP, COP, CZK, DKK, EGP, EUR, GBP, HKD, HUF, ILS, INR, JPY, KRW, KZT, MXN, NOK, NZD, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR)
150+Free for first S$350 or first five withdrawals (Standard members) per rolling month

2% thereafter or $1.49 whichever is higher
Editor's choice
DBS Visa Debit Card0%11

(AUD, CAD, EUR, HKD, JPY, NZD, NOK, GBP, SEK, THB, USD)
11

(AUD, CAD, EUR, HKD, JPY, NZD, NOK, GBP, SEK, THB, USD)
Up to S$7 per cash withdrawal depending on ATM2% cashback on all foreign spend with S$500 min. spend and cash withdrawals limit of S$400 and below in the same month.
YouTrip0%10

(SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF, SEK)
150+Before 15 June: S$5 per overseas withdrawal

After 15 June 2023: free cash withdrawals of up to S$400 per calendar month, 2% thereafter
Unable to transfer money out
amaze wallet (Instarem)

Apply Now
0%6

(EUR, JPY, GBP, AUD, CHF and NZD)
150+2%1% cashback in InstaPoints
WiseFrom 0.43%
(dynamic, depends on forex market and currencies)
53

(AUD, GBP, HRK, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD and more)
150+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
S$9 card issuance fee
WireX0%11

(AUD, CAD, CHF, CZK, USD, EUR, GBP, HKD, JPY, MXN, SGD)
150+Free for first S$200 per 30-day cycle

2% thereafter
2% cashback in WXT (cryptocurrency)

$5 card delivery fee via SingPost

Revolut vs YouTrip vs DBS VISA Debit Card vs Other Multi-Currency Cards

The best multi-currency card/account would be Revolut, not only for its features but also for its more competitive exchange rate compared to the others.

Here is a quick snapshot of how much Japanese Yen I would get when exchanging on the following platforms (taken within minutes of each other):

  • Revolut: S$1 = ¥101.29
  • Instarem: S$1 = ¥101.15
  • YouTrip: S$1= ¥101.10
  • DBS: S$1 = ¥100.05

Do note that this is only a snapshot on 5 May 2023 for Japanese Yen and your results may differ depending on where you’re heading to!

As you can see, Revolut seems to be giving the best exchange rate by quite a long shot. On top of that, it offers free cash withdrawals of up to S$350 for when you need cash while overseas. You can also easily convert currencies during forex trading hours to avoid the 1% FCY fees.

Compared to YouTrip, Revolut also allows you to withdraw any spare cash you have post-trip back into your bank account.

Moreover, Revolut, along with most other cards except Wise and WireX, have no card issuance or delivery fees.

A close runner-up would be DBS’ new DBS VISA Debit card. This card gives an awesome 2% cashback, but only if you hit the minimum spend requirement of S$500 and a cash withdrawals limit of S$400 and below in the same month. If you are able to hit the cashback, it will completely offset the FX spread loss you will incur compared to Revolut, and you can earn about 0.8% net cashback.

The only reason it isn’t at the top is that it charges you $7 for overseas cash withdrawals and only supports 11 currencies compared to Revolut’s 150+.

There are some things to take note of though:

  • 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.
  • 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.

Find out more about each digital multi-currency card/account below:


How Does a Multi-Currency Card/Account Work?

Before we go ham into the nitty gritty of the best multi-currency accounts and their associated cards, we need to understand what they are and how they work.

A multi-currency card is linked to a multi-currency account. When you spend on a multi-currency card, you are tapping on the funds in the multi-currency account. A multi-currency card is hence akin to a debit card linked to a bank account.

There are primarily two ways to spend with multi-currency cards. The first is to convert your SGD into foreign currency to be stored in the multi-currency account before heading overseas to spend it. This lets you “lock-in” the exchange rate which can be a good thing if you foresee that the exchange rate will become unfavourable in the future. In this article, we will refer to this feature as “Exchange & Store Currencies”.

The second way is to top up your multi-currency account with local currency and paying with your multi-currency card overseas. If you do not have foreign currency in your account, the foreign currency conversion will take place instantly during the transaction using real-time foreign exchange rates. Most multi-currency cards support over 150 currencies using this feature.

All multi-currency accounts listed here are free to open unless you want to upgrade your plan with Revolut or Wirex.


Revolut

Revolut is a London-based digital bank launched in 2015 with over 25 million retail as announced in July 2022.

And for good reason too!

The company aims to be an all-encompassing platform for personal finance management, complemented by its multi-currency card for everyday use.

What We Like About Revolut

  • The account’s exchange rate is mid-market and one of the most competitive
  • 33 currencies available to exchange and store
  • 150+ currencies for spending
  • Disposable virtual cards for extra security overseas
  • Free ATM withdrawals overseas for the first S$350 every 30-day cycle
  • Ability to withdraw leftover currency to your bank account
  • Expense tracking feature
  • Apple Pay and Google Pay for Revolut’s physical and digital cards
  • Has multiple price plans to cater to all your currency needs, including insurance coverage for premium and metal plans

What We Don’t Like About Revolut

  • 0% currency conversion fees only applies during forex trading hours (9:30am to 4pm EST time)

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 Review: Is Revolut Worth It?

100% yes! It has a huge leg up over the competition right now with its features and competitive exchange rates that even YouTrip cannot beat. 

So if you aren’t using this card when travelling, you are definitely missing out!

Apply Now

Revolut Singapore Referral Programme

The company is also running a referral programme for new users.

The referrer will receive S$80 in their Revolut account if the referee fulfills all the following conditions:

  1. Signs up using a Revolut account using a referral link from existing Revolut users.
  2. Verifies their identity (Pass KYC).
  3. Adds money by debit card or bank transfer. Please note: internal transfers do not count.
  4. Orders a free Revolut card.
  5. 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!

Apply Now

DBS VISA Debit Card

Yes, DBS has finally caught up with the competition with their refreshed DBS VISA multi-currency Debit Card. 

It is a little different than the other multi-currency cards here as this card is linked to your DBS My Account and you must convert your currency to store in the respective foreign currency wallet before you spend overseas to enjoy 0% FCY fees. Otherwise, you will be hit with the typical 3.25% FCY fees.

What We Like About DBS VISA Debit Card

  • 2% cashback on all foreign currency spend (Valid with a minimum of S$500 on Visa and cash withdrawals limit of S$400 and below in the same month)
  • Links to a DBS My Account which most Singaporeans have (no need to sign up for another account)
  • Apple Pay and Google Pay available

What We Don’t Like About DBS VISA Debit Card

  • Only supports 11 currencies to exchange and store
  • Must convert currency beforehand into foreign currency wallet to enjoy 0% FCY
  • Terrible exchange rate compared to the competition
  • S$7 overseas ATM cash withdrawal fee

Is DBS Safe?

They are the biggest bank in Singapore soooo

DBS VISA Debit Card Review: Is the DBS VISA Debit Card Worth It?

If you can hit the S$500 minimum spend and limit your withdrawals to below $400 for the 2% cashback, it will be worth it even though it has a worse exchange rate than Revolut.

Other than that however, it really loses out when it comes to features and especially when it comes to the number of currencies that you can spend and enjoy 0% FCY. 

To make matters worse, it has the heftiest fee for overseas cash withdrawal at S$7.

YouTrip

Incepted in 2016 by You Technologies Pte Ltd, YouTrip lays claim to being the first digital multi-currency account in Singapore.

The card is quite popular among Singaporeans with its ease of use, as well as it being created by a local Singaporean company.

What We Like About YouTrip

  • 0% foreign currency conversion fees 
  • 150+ currencies to spend
  • Simple app with a focus on foreign currency wallets
  • Deals with many partners

What We Don’t Like About YouTrip

  • S$5 per ATM withdrawal overseas (From 15 June 2023 onwards, there will be free cash withdrawals of up to S$400 per calendar month, 2% thereafter)
  • Only supports 10 currencies to exchange and store
  • Inability to transfer money to a bank account
  • 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 Review: Is YouTrip Worth It?

The YouTrip card is popular among Singaporeans due to its first-mover advantage. However in the current landscape, other multi-currency cards have more features, free cash withdrawals overseas and the ability to integrate with Apple or Google Pay. 

One other downside is that your cash is “stuck” in YouTrip once you top it up. You can’t transfer leftover money from your trips to your bank account and the only way you can get it out is to spend it. 

Pro Tip: One workaround is to find a friend who is going overseas and transfer any leftover amount in your YouTrip account to theirs! Just make sure they transfer that amount back to your bank account.

YouTrip Singapore Promo

Sign up for YouTrip with promo code: YTPERKS and activate your card to receive S$5 in your YouTrip account.

amaze Wallet by Instarem

Here, we have another homegrown company, Instarem, who has made waves with its amaze card since it came into the scene in 2014.

Some of you may know about the amaze card hack, but for this article, we will focus solely on its multi-currency card/account feature, the amaze wallet.

What We Like About amaze Wallet

  • One of the most competitive exchange rates
  • 1% cashback for transactions processed in any foreign currency (i.e. non-SGD)
  • 0% foreign currency conversion fees
  • Expense tracking feature
  • Google Pay support

What We Don’t Like About amaze Wallet

  • Only supports 6 currencies to exchange and store.
  • 2% overseas ATM cash withdrawal fee
  • Cashback criteria are rather restrictive

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.

amaze Wallet Review: Is amaze Worth It?

The amaze Wallet has the second most competitive exchange rate based on my testing.

Sadly, with only 6 currencies to exchange and store, a 2% overseas cash withdrawal fee and a rather restrictive cashback requirement (plus long as hell wait time for the cashback to be funded into your account), it is hard to recommend the amaze wallet.

The amaze card feature that links up to 5 Mastercards though is another story!

Apply Now

Wise (Formerly TransferWise)

Wise was founded in 2011 and the Wise multi-currency account offers a mid-market exchange rate for foreign currency conversions.

What We Like About Wise

  • Competitive mid-market exchange rates
  • 53 currencies to exchange and store
  • 150+ currencies to spend
  • Free overseas ATM cash withdrawals for first S$350 & the first 2 withdrawals per 30-day cycle
  • Virtual cards for extra security overseas
  • Apple Pay and Google Pay integration

What We Don’t Like About Wise

  • From 0.43% foreign currency conversion fee
  • S$9 card issuance fee

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 Review: Is Wise Worth It?

Wise is no doubt a great multi-currency card with competitive exchange rates and a whopping 53 currencies that you can exchange and hold. It also has free cash withdrawals up to a limit and virtual cards for extra security.

Feature wise, it is quite similar to Revolut, but what holds it back is the S$9 card issuance fee. Wise will be worth it if you want more currencies to exchange and store, otherwise, Revolut would be the cheaper option.

Wise Singapore Promo

Sign up via referral links to remove or reduce the fee on your first transfer.

Wirex

Wirex is another London-based payments company founded in 2014. While other multi-currency card companies also have features related to cryptocurrency, Wirex has a heavier emphasis with a cashback program that rewards users with 2% cashback (for the basic plan) in terms of WXT, their native cryptocurrency.

What We Like About Wirex

  • Competitive exchange rates
  • 2% cashback in WXT
  • 0% foreign currency conversion fee
  • 150+ currencies to spend
  • Free overseas ATM cash withdrawals for first S$200 per 30-day cycle
  • Virtual cards for extra security overseas
  • Apple Pay and Google Pay integration

What We Don’t Like About Wirex

  • Only supports 11 currencies to exchange and store
  • Too crypto-focused
  • S$5 card delivery fee

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 Review: Is Wirex Worth It?

If you’re into crypto, Wirex could be a great card for you to spend with cryptocurrencies. Features wise, it is also up there with Revolut and Wise. However, the S$5 card delivery fee and limited currencies to exchange and store holds it back from taking the top spot.


Other Multi-Currency Accounts

These traditional multi-currency accounts are offered by banks and have a poor exchange rate when compared to the ones above. They also do not have as many useful features compared to the ones offered by digital multi-currency accounts.

We generally do not recommend them unless you are already within the bank’s ecosystem and do not want the extra hassle of signing up for yet another account.

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 10 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.

UOB Mighty FX

The UOB Mighty FX is a multi-currency account with 11 major currencies:

  • Australian Dollar
  • Canadian Dollar
  • Chinese renminbi
  • Euro
  • Great Britain Pound
  • Hong Kong Dollar
  • Japanese Yen
  • New Zealand Dollar
  • Singapore Dollar
  • Swiss Franc
  • US Dollar

They offer no conversion fees, admin fees, and the ability to withdraw from overseas ATMs.


Do you carry multiple multi-currency cards, or would you rather stick to just one? Let us know!

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About Justin Oh
Your average Zillennial who is obsessed with anime, games, movies and of course, personal finance. Join me as I break down personal finance into easily digestible and fun bits!
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