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Best Wise Digital Multi-Currency Accounts in Singapore 2024
Enjoy better conversion rates with a Wise multi-currency account card when you are travelling or remititing money overseas without extra bank charges.
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Best Digital Multi-Currency Accounts & Wallets In Singapore 2023
With the ever-growing demand for travel despite the global inflation situation, you’ll probably be looking for ways to save some money while still satisfying your wanderlust. This is when digital multi-currency accounts can give you a hand. Compare the best digital multi-currency accounts and wallets in Singapore with MoneySmart’s comparison tool and find your ideal one to bring along on your holiday or business trip.
What Is A Multi-Currency Account (MCA)?
A MCA is essentially a bank account that lets you keep your currencies and transact them, whether in Singapore dollars or in foreign currencies such as USD, GBP, AUD, CAD, EUR, etc., when the exchange rates are favourable, without incurring any extra bank charges.
How Does A Digital Multi-Currency Account (MCA) Work?
A digital multi-currency account works like a savings account where you can stash away your savings in Singapore dollars to earn interest rates and there are several ways to use a MCA.
No extra conversion and overseas charges
With a multi-currency account, you’ll be able to avoid any foreign exchange conversion fees when you withdraw, remit or receive foreign currency funds directly from another account. If you have a debit card linked to your MCA, you conveniently spend straight from the account, again with no foreign exchange conversion fees.
Virtual wallet for up to more than 50 currencies
Having a MCA allows you to manage all your different currencies in just one account and it usually can hold 8 to 12 different currencies, including SGD (or even up to more than 50 currencies i.e. Wise MCA). Some MCAs by certain banks require you to maintain a minimum account balance while others like the DBS Multi-Currency Account do not need any minimum account balance, but that’s only if you are below the age of 29.
Cashback and bonus interest
Being able to earn interest and getting cashback or cash rewards are one of the best things about having a MCA too. Some accounts have ongoing or seasonal promotions which give you a certain percentage of cashback with a minimum charge in foreign currency to a debit or credit card you have (that is linked to your MCA).
Pros and Cons Of A Digital Multi-Currency Account
Pros
- No foreign exchange conversion fees
- Bonus interest
- Cashback or cash rewards
- Convenience of overseas remittance and overseas withdrawal with no charges
- Better conversion rates than banks
- Loose cents can be converted or spent overseas unlike those loose cents in bank accounts which can’t be converted
- Transparent rates and fees
Cons
- Minimum account balance required for some accounts
- SGD cannot be withdrawn in Singapore
Should I Open A Multi-Currency Account?
If you travel frequently for business, leisure or studies, it is definitely a yes to open a MCA as the benefits of owning one are too good to resist as compared to not having a MCA.
With no extra foreign currency fees when you transact in foreign currencies and many other advantages which we shared above, having a MCA can help you save a substantial amount and eliminate the need to carry large quantities of cash, whether you’re a shopaholic, e-commerce retailer, a parent who have to pay for your child’s education abroad, or even renting out your place overseas as a property owner.
Overseas remittance
When certain currencies are at an ideal rate, you’ll want to hold them before exchanging them for another currency so that you can use the converted currency (which is now of higher value) to make purchases or payments for education, properties, and other purses. A MCA allows you to do that without incurring any fees.
Online shopping
For those who love to shop via overseas shopping websites, linking your debit or credit card to your MCA will help make your shopping more seamless, help you earn some cash back on your retail purchases and avoid any foreign exchange fees.
Investments
As someone who invests in foreign currencies, you’ll be able to gain an advantage by holding a particular currency/currencies until it/they reach a “profitable” rate. This shelters you from exchange rate fluctuations which may affect earnings from your investments.
Comparing Digital MCA: YouTrip vs. Revolut
| YouTrip | Revolut | |
|---|---|---|
| No. of currencies | 10 | 28 |
| Currency exchange rates | Mastercard wholesale exchange rate | Real-time exchange rates |
| Overseas remittance | N.A. | Available with no fees charged |
| Overseas withdrawal | Available with no fees charged | Available with no fees charged |
| Cashback rewards | % cashback | 1% cashback (only for the Revolut Metal card) |
| Minimum top-up amount | None (PayNow) | $20 |
| Electronic payment type | N.A. | Apple Pay, Google Pay |
Frequently Asked Questions
What is a Multi-Currency Account (MCA)?
- A MCA is essentially a bank account that lets you keep your currencies and transact them, whether in Singapore dollars or in foreign currencies such as USD, GBP, AUD, CAD, EUR, etc., when the exchange rates are favourable, without incurring any extra bank charges.
Can I hold multiple currencies in a YouTrip account?
- Yes, a YouTrip account supports up to 10 different currencies which include Singapore Dollar (SGD), United States Dollar (USD), Euro (EUR), Great Britain Pound (GBP), Japanese Yen (JPY), Hong Kong Dollar (HKD), Australian Dollar (AUD), New Zealand Dollar (NZD), Swiss Franc (CHF) and Swedish Krona (SEK).
Is a Multi-Currency Account (MCA) better than a regular savings account?
- If you’re talking about the range of benefits, then yes, a MCA does offer a wider variety of benefits which makes it better than a regular savings account, because a MCA enables you to make overseas remittance and withdrawals overseas without incurring any fees. Moreover, linking your debit or credit card to your MCA and shopping with those MCA-linked cards will let you earn some cash back on your retail purchases and avoid any foreign exchange fees.
What kind of currency exchange rates do YouTrip and Revolut offer?
- Instarem, YouTrip, Wise and Revolut offer mid-market rate, Mastercard wholesale exchange rate, mid-market rate, and real-time exchange rates, respectively.