Digital multi-currency accounts & cards for travel spending: BigPay, Instarem Amaze, Revolut , Wise, YouTrip

SINGAPORE: As international travel resumes amidst concerns about the Omicron variant, Singaporeans seek cost-effective solutions. The spotlight turns to digital multi-currency accounts, with leading platforms like YouTrip, Instarem, BigPay, Revolut, and Wise according to MoneySmart. Looking for the best digital multi-currency accounts & cards for travel spending? Let’s compare them.

BigPay

BigPay, a subsidiary of AirAsia, offers a free and accessible digital multi-currency account. Beyond basic services, users can enjoy AirAsia perks, making it an enticing choice for those with an affinity for the low-cost carrier.

• Pros:
  • Free sign-up, no annual fees.
  • AirAsia perks, including discounts on flights and meals.
• Cons:
  • Fees for overseas transactions.
  • Daily limit on Visa PayWave payments.

Instarem Amaze

Formerly known for its 1% cashback, the Instarem Amaze Card has transitioned to a loyalty points system. Users can link multiple cards, earning rewards for overseas spending and benefiting from a user-friendly app interface.

• Mechanics:
  • E-wallet top-up or link with Mastercard/Google Pay.
  • Up to 1.5% cashback at metal tier.
• Pros:
  • 1% cashback per quarter on top of other card rewards.
  • Google Pay compatibility.
  • No foreign currency conversion fees.
• Cons:
  • Limited card associations for linking.
  • 5% fee for Visa card top-ups.
  • Challenges reported with linking service.

Revolut

Revolut stands out with its three-tiered plans, offering flexibility to users with varying needs. The platform boasts a sleek user interface and provides essential services, with additional perks available at higher subscription tiers.

• Mechanics:
  • E-wallet top-up.
• Pros:
  • Slick UI.
  • Free ATM withdrawals.
  • Up to 1.5% cashback at the Metal tier.
• Cons:
  • Surcharges for top-ups.

Wise (Formerly TransferWise)

Wise, formerly TransferWise, focuses on remittance services, supporting over 50 currencies. It distinguishes itself by offering free overseas ATM withdrawals, making it an ideal choice for those who frequently send money internationally.

• Mechanics:
  • E-wallet top-up.
• Pros:
  • Free overseas ATM withdrawals.
  • No joining fee.
  • Wide currency support.
• Cons:
  • No cashback or reward benefits.

YouTrip

YouTrip positions itself as a fee-friendly option, offering no overseas transaction fees and free top-ups for Mastercard and Visa debit cards. However, it has limitations in terms of supported currencies and a less intuitive rewards system.

• Mechanics:
  • E-wallet top-up or link with Mastercard/Google Pay.
• Pros:
  • No overseas transaction fees.
  • No currency exchange fees.
  • Free top-ups for Mastercard and Visa debit cards.
• Cons:
  • Limited to 10 currencies.
  • Cumbersome desktop experience.
  • No cashback benefits.

As per MoneySmart, the Instarem Amaze Card emerges as the best all-round digital multi-currency card, offering a unique rewards system, no foreign currency conversion fees, and user-friendly features.

Travelers are advised to consider individual preferences and habits when selecting the most suitable platform for their needs./TISG