Digital Multi-Currency Accounts & Cards For Travel Spending: YouTrip, Revolut, Amaze and More

Singaporeans are always looking for ways to save cash—especially when travelling. This is where digital multi-currency accounts come in.

The world of digital multi-currency accounts is constantly changing—for better or for worse. A few months after adding Google Pay compatibility in Dec 2023 (finally!), YouTrip has also enabled bank withdrawals. Yup, you can now transfer money from your YouTrip account back to your bank account. About time!

But then there’s Instarem’s Amaze card. It used to be lauded for its lucrative 1% cashback on top of your linked credit card, but has since replaced this with a loyalty points-based system. At the same time, it also slapped on fees for certain top-up methods.

So, with all these changes, how do we know which is the best? Here’s the lowdown on offerings from YouTrip, Instarem, BigPay, Revolut, and Wise (formerly TransferWise). Let’s review and compare them to see which is the best digital multi-currency account.

 

BigPay vs Instarem Amaze vs Revolut vs Wise vs YouTrip: Which is the best multi-currency account? 

	BigPay	Instarem Amaze	Revolut	Wise	YouTrip
Mechanics	E-wallet top-up	Link with Mastercard/Google Pay OR top up Amaze Wallet. Earn 0.5 InstaPoints per S$1 equivalent in foreign currency.	E-wallet top up. Earn up to 1.5% cashback under Metal tier.	E-wallet top-up	E-wallet top-up
Able to remit money	Yes	Yes	Yes	Yes	No
Currency exchange rates	Visa wholesale exchange rate	Mid-market rate	Real-time exchange rates	Mid-market rate	Mastercard wholesale exchange rate
No. of supported currencies	N.A.	10	28	50+	10
Card available for payment	Visa or Mastercard	Mastercard	Visa or Mastercard	Visa or Mastercard	Visa or Mastercard
Overseas withdrawal	Free for first withdrawal, 2% thereafter	2% fee, limit of SGD 1,000 per day	Free up to S$350, 2% afterwards	Free up to 2 withdrawals under S$350, S$1.50 per withdrawal afterwards	Free up to S$400, 2% afterwards
Top-up fee	0.6% – 3.30%	Free amaze wallet top-ups with PayNow	0.51% – 2.08% using credit/debit card; free using linked bank account	2%	Free top-ups for Mastercard credit/debit cards and Visa debit cards
Electronic payments	N.A.	Apple Pay, Google Pay	Apple Pay, Google Pay	Apple Pay, Google Pay	Apple Pay, Google Pay

Swipe left to see the full table.

 

Best digital multi-currency card for rewards: Instarem Amaze Card 

The Instarem Amaze Card’s winning factor is the fact that you can earn Instarem rewards on top of your own credit or debit card cashback or rewards. Double the rewards!

All you have to do is link your Mastercard credit or debit card (up to 5 cards) to your Amaze card or top up your Amaze wallet (via PayNow only, no credit card top-ups) and spend away. This alone introduces a very enticing incentive for people to use the Instarem Amaze card while still spending on their existing cards.

Earning InstaPoints with the Instarem Amaze card

The Amaze card used to give you 1% cashback, but has now switched to a loyalty points system with InstaPoints. When spending overseas on your Amaze card, you earn 0.5 InstaPoints for every 1 SGD-equivalent in foreign currency. You used to be able to earn twice that rate if you topped up your Amaze Wallet and spent from there, but that’s been nerfed as of Jun 2024.

Jun 2024 brought another change (for the worse) for the Instarem Amaze Card: there’s now a cap of 500 InstaPoints you can earn per month. Do the math with me—you earn:

• 0.5 InstaPoints from S$1
• 1 InstaPoint from S$2
• 500 InstaPoints from S$1,000

So 1,000 SGD is the maximum spend amount on which you can earn rewards. Any foreign spending beyond this will still only earn you 500 InstaPoints.

Additionally, take note there’s a minimum spend of S$10 (the equivalent in foreign currency) per transaction for you to earn InstaPoints on that transaction. Read the Amaze Card T&Cs for more information.

There are also certain categories excluded from Amaze Rewards, including healthcare, utilities, education, tolls, and postal services.

Redeeming InstaPoints on Amaze

InstaPoints expire after 12 months, so be sure to redeem yours within a year.

To redeem InstaPoints as cashback, do so directly on your Instarem App.

• 1,000 InstaPoints gets you S$5 cashback
• 2,000 InstaPoints gets you S$20 cashback

If you can afford to accumulate 2,000 points before they expire, there’s no reason to redeem 1,000 InstaPoints earlier instead of 2,000 InstaPoints later. The rate is much better with 2,000 InstaPoints.

Since it’ll take you a total spend amount of S$4,000 to earn 2,000 InstaPoints/S$20 cashback, your cashback rate is 0.5%. Think that’s low? The rate is halved if you opt for the 1,000 InstaPoint redemption instead.

You can also redeem points for discounts on your money transfers that are at least S$500. Redeem between 100 to 400 InstaPoints (S$1.25 – S$5) per transaction.

Pros—What we like about the Instarem Amaze Card:

• 0.5% cashback stacks on top of your credit or debit card rewards.
• Google Pay and Apple Pay compatibility for seamless contactless payments
• No foreign currency conversion fees
• No annual, processing, or application fees
• No card issuance, replacement or delivery fees
• The Instarem app automatically categorises your transactions into categories like “Food and Dining” and “Travel”. These days, we need all the help we can get staying organised.
• Since you can link up to 5 cards, the app also combines your cards into 1 and lets you track your spending across all of them regardless of the credit card provider.

Cons—What we don’t like about the Instarem Amaze Card:

• You can only link your Amaze Card to a Mastercard credit/debit card, and not to other card associations like Visa or Amex.
• Low cashback rate. You earn 0.5 InstaPoints per S$1 SGD, and redeem 2,000 InstaPoints for S$20 cashback. That’s a 0.5% cashback rate. However, it’s still better than nothing—most other multi-currency cards don’t offer any reward or cashback.
• Cap of 500 InstaPoints you can earn per month.
• Minimum spend of S$10 (the equivalent in foreign currency) per transaction for you to earn InstaPoints on it.
• We found the linking service a bit wonky. Users have reported random declines or duplicate charges, including myself. To elaborate, I made a skincare haul on Guardian Singapore, had my S$238 charge reversed, and then recharged again.
• As of 1 Apr 2024, Instarem began imposing a 1% domestic fee (min. 0.50 SGD) on SGD transactions when you link a card to your Amaze card. This only applies to your monthly domestic spending in excess of S$1,000.

 

Best $0 fee multi-currency card with free card top-ups: YouTrip

In Jan 2024, we posted a poll on our Telegram channel asking our subscribers to choose their preferred multi-currency card for travel spending. Guess who won by a landslide? Yup, YouTrip:

So why is YouTrip so popular?

What we like about YouTrip

If all you care about is cost, YouTrip is your best option. Its biggest flex is that it has no overseas transaction fees, no currency exchange fees, and top-ups are free for Mastercard credit and debit cards as well as Visa debit cards. Recall that these will incur a 0.5-2% fee with Revolut and 2% with Wise.

YouTrip’s ATM withdrawal fees are also competitive. Your first S$400 for the month is free—slightly higher than that for Wise and Revolut. After this, YouTrip will charge you a 2% withdrawal fee.

And on top of all that, in Jul 2024, YouTrip finally began allowing users to transfer money from their YouTrip accounts back into their bank accounts (i.e. a bank withdrawal). That fixed one of the biggest issues YouTrip naysayers had with the platform.

The catch is that you can only do a bank withdrawal on money that entered your YouTrip account via these means:

• Top-ups done via PayNow and Linked Bank Account (eGIRO)
• Reversals from transactions using PayNow or Linked Bank Account top-ups
• Dispute Credit or Dispute Resolution
• Merchant refunds
• Insurance Cashback
• YouTrip Surprise Cashback
• YouTrip Perks Cashback

If you input money to your YouTrip account via debit or credit card, you cannot transfer it to your bank account. Find a way to spend it instead. If it’s a small amount, I suggest you use your YouTrip card for your bus and MRT rides until you’ve burnt the balance to the ground.

Other restrictions include the fact that bank withdrawals have to be done in SGD (convert other currencies to SGD first) and you’re limited to 10 bank withdrawals each month. Beyond those 10, you’ll have to request for a refund, which will incur a S$10 processing fee.

What we don’t like about YouTrip

So now, what are the disadvantages of YouTrip? For one thing, you can only store up to 10 currencies in its e-wallet.

Its rewards system is also a bit troublesome—you have to dig out your YouTrip card for its Y-number when you want to redeem something from its YouTrip Perks page. Granted, the mobile app does it for you, I find shopping on your desktop is a more comfortable experience because you can multitask, and compare prices between two tabs.  

Better deals can also be had within the app, but it’s on a limited-time basis and not built into the functionality of the card unlike the above mentioned providers. Also, some users have reported that some of the promotions don’t work, like how this anonymous user has sent us a screen recording of a Shopee cashback deal leading to an error page, saying that the “Budget has been exhausted”.

However, if you already have a YouTrip card sitting in your wallet, make use of the 0% foreign transaction fee to buy stuff online in other currencies or link it to foreign mobile apps such as WeChat or Taobao.

Pros—What we like about YouTrip

• Free top-ups for Mastercard credit/debit cards and Visa debit cards—this is a big win compared to other cards!
• No overseas transaction fees
• No currency exchange fees
• First $400/month free ATM withdrawal
• Supports Apple Pay and Google Pay
• You can now do 10 bank withdrawals a month

Cons—What we don’t like about YouTrip

• You can only exchange and store 10 currencies
• Desktop experience is cumbersome
• No cashback benefits
• You can’t do a bank withdrawal on money that you added to YouTrip using a credit or debit card.

 

Runner-up for best low/no-fee multi-currency card: Revolut

If you ask me, Revolut plays second fiddle to YouTrip as far as non-rewards focused multi-currency cards go. Let’s talk a bit about the plans it offers and how it works, then compare it to YouTrip.

Revolut gives us 3 plan options, the most basic of which is free. Here’s a quick comparison of the everyday benefits of all 3 cards:

And here’s a summary of their travel benefits:

For a noob traveller like me who doesn’t often leave Singapore’s sunny shores, I like the Standard plan.

First of all, it’s completely free to get. Even the card delivery to your doorstep is free (assuming it’s your first Revolut card).

Secondly, it provides one of the most essential services I’d be interested in during overseas trips—currency exchange (fee-free on weekdays), overseas spending, and overseas cash withdrawal.

The limit for cash withdrawal is $350 per month under the Standard plan. Admittedly, that’s not a very high limit. It’ll do if you’re strapped for cash overseas, but you can’t depend on this card for cash during long haul trips, like if you’re backpacking across Asia for a month.

At the other end of the spectrum, Revolut offers their $19.99/month Metal plan. This card lets you withdraw $1,050 per month overseas for free, on top of unlimited fee-free currency exchange on weekdays, unlimited fee-free international transfers (up to the allowed regulatory limit) and up to 1.5% cashback.

The Revolut Metal card costs S$19.99 a month or S$199 a year. You get a discount if you pay upfront—it’s S$199 as opposed to S$239.98 if you were to pay monthly.

How does the Revolut card work?

Unlike the Instarem Amaze card, you can’t just link your credit card to your Revolut card and call it a day. The Revolut card works more like the Amaze Wallet or YouTrip—top up money, spend it later overseas directly using your card or by withdrawing cash from an ATM.

Unfortunately, there are charges for pumping money into your Revolut account via card—yes, even their free Standard plan has these fees:

Card Type	Surcharge Rate
Mastercard debit card (Singapore issued, consumer card)	0.51%
Mastercard credit card (Singapore issued, consumer card)	0.62%
Visa debit card (Singapore issued, consumer card)	0.30%
Visa credit card (Singapore issued, consumer card)	1.97%
International consumer debit & credit cards	2.08%
Commercial debit & credit cards	1.12%

How do you avoid paying top-up fees on Revolut? You have to link a Singapore bank account instead of a card and top up your Revolut account from there.

The first top-up is free even if you use a card.

Comparing apple to apple, top-ups to the Amaze Wallet and YouTrip are free for Mastercard credit cards but chargeable at 0.62% for Revolut. So as far as top-ups go, YouTrip and Amaze win.

But what if you’re paying in cash? Factor in Instarem’s 2% ATM withdrawal fee, and suddenly Revolut’s 0.62% Mastercard top-up fee looks way more enticing. Revolut only charges you a 2% withdrawal fee (minimum $1.49) after the first S$350 or first 5 withdrawals (whichever comes first) per month. And of course, YouTrip is the lowest cost option here with no Mastercard top-up fee and free ATM withdrawals for the first S$400 per month.

Pros—What we like about the Revolut Card:

• Slickest UI
• Great integration with current phone payment methods, most notably Apple Pay and Google Pay. True story: I applied for a Revolut card 4 hours before my flight. Approval was instant, and I linked my virtual card to my Apple Pay within a minute. I then used Revolut via Apple Pay for my entire 1-week trip to the UK.
• Free ATM withdrawals (up to $350, $700, or $1,050 per month depending on your plan)
• Choice of 3 plans, including a basic Standard plan with no fees
• Premium and Metal plans come with other perks like airport lounge access and travel insurance coverage.
• Fee-free currency exchange on weekdays. This is unlimited for Metal plan users, but capped at $5,000/month and $15,000/month for Standard and Premium plan users respectively. If you exceed this limit, Standard will be charged a 1% fee, while Premium customers will be charged a 0.5% fee.
• Up to 1.5% cashback on Revolut Metal card, capped at the monthly subscription fee of S$19.99.
• You get 5 free transfers to bank accounts or cards in Singapore each month.
• Supports a large number of currencies—send money in 50+ currencies and convert 30+ currencies in the app.
• This is kinda silly, but Revolut cards let you have some fun with their card faces. You can customise your card and make it yours. Do note this comes with a fee though.

Cons—What we don’t like about the Revolut Card:

• Surcharges to top up your Revolut account with a card range from 0.30% to 2.08% depending on the card type. You have to top up from a linked bank account to avoid top-up charges.
• 1% currency exchange fee on weekends. This applies even if you use your bank account as the top-up method.
• Beyond the 5 monthly free transfers to bank accounts and cards in Singapore, you’ll be charged S$2.99 per transfer.

Revolut vs YouTrip

Revolut and YouTrip are my top picks for multi-currency cards which main purpose is to let you spend overseas with no or low fees. (If you’re looking for a multi-currency card that can earn you cashback, you are basically limited to Instarem Amaze or Revolut’s Metal tier.)

Revolut and YouTrip are almost neck to neck in many ways, but YouTrip comes up on top for convenience with topping up your e-wallet:

	YouTrip	Revolut
Top-ups	Free top-ups for Mastercard credit/debit cards and Visa debit cards	0.51% – 2.08% for debit or credit card top-ups. Free top-ups if you used a linked bank account.
Currency conversion fee	No currency exchange fees	Fee-free currency exchange on weekdays
ATM withdrawals	First $400/month free	Free ATM withdrawals up to $350, $700, or $1,050 per month
Bank withdrawals	10 free bank withdrawals a month, but not applicable to money you added via credit/debit card	5 free transfers to bank accounts or cards in Singapore each month

 

Best free digital multi-currency card for travel perks: BigPay

BigPay is completely free to sign up for and comes with no annual fees. Does Big sound familiar? It’s the subsidiary of low-cost Malaysian carrier, AirAsia, and that means you can use it to redeem discounted flights, meals from AirAsia food, travel insurance and even investments. Sometimes, BigPay users also get flight deals and promotions on AirAsia.

It’s also useful if you already have an AirAsia account because you can link the 2 up to reap even more benefits. Receive 1 AirAsia point for every S$5 you spend on your BigPay card. These points expire after 24 months.

Do note that there’s a limit of S$300 daily on contactless payments. Plus, chip + pin transactions are subject to the MAS yearly limit of S$30,000. 

Pros—What we like about BigPay

• Free—no joining fee, annual fee, or account service fee
• First overseas ATM withdrawal is free
• AirAsia benefits

Cons—What we don’t like about BigPay

Essentially, its fees:

• Overseas ATM withdrawal fee: 2% after first withdrawal
• Currency conversion fee: Up to 1% + network charges
• Cross-border transaction fee: 0.5% + network charges
• Debit and credit card top-up fees:
  • Mastercard Debit: 0.60% (Domestic) / 3.05% (International)
  • Mastercard Credit: 0.70 (Domestic) /3.30% (International)
  • Visa Debit: 1.25% (Domestic) /2.50% (International)
  • Visa Credit: 2.30% (Domestic) / 3.00% (International)

I’m not a fan of BigPay because the top-up fees already set you back before you’ve even begun spending. Add the currency conversion fees to that, and possibly the ATM withdrawal fees, and you’re going to end up paying a lot in fees. I doubt the AirAsia perks BigPay comes with will make up for that.

 

Best multi-currency account for remitting money: Wise

Wise (formerly TransferWise)’s strength lies more in its ability to remit and hold multiple types of currencies as opposed to spending money through its e-wallet. This is shown by the fact that, out of all the digital multi currency account providers, it supports one of the highest number of currencies to store and send, at over 40. 

There is something I like about Wise that’s specific to my bad travel habits. I often underestimate the cash I need overseas and end up looking for a money exchanger or ATM. If you’re like me and don’t want to pay ATM withdrawal fees, Wise lets you withdraw up to $350 for free each month.

	Less than S$350 per month	More than S$350 per month
2 or less withdrawals per month	Free	1.75% of the amount over 350 SGD
3 or more withdrawals per month	1.5 SGD per withdrawal	1.5 SGD + 1.75% of amount over 350 SGD

If you’re looking for loyalty points (like the Instarem Amaze card) or travel perks (like BigPay), Wise may disappoint you. The multi-currency card provides no special benefit to everyday consumers other than the ability to spend from the wallet. You’re better off using Wise to send money to your loved ones overseas, but it depends on the region that you’re sending to as well. Find out what I mean in this article about the best remittance services.

Pros—What we like about Wise

• Free overseas ATM withdrawals—Up to 2 withdrawals (less than $350) per month.
• No joining fee
• High number of currencies: 40+ different currencies in 160 countries.
• Transparent currency conversion fees that you can easily check online.
• Supports Apple Pay and Google Pay.

Cons—What we don’t like about Wise

• No cashback or reward benefits
• There is a 2% fee for Account Funding transactions, including topping up your e-wallet. The good news is this fee does not apply to transactions in these currencies:
  • Visa: AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD
  • Mastercard: AUD, CAD, CHF, EUR, GBP, HUF, JPY, NZD, PLN, SGD, USD
• S$8.50 fee to order your card (digital card is free)

 

Between mid-market rates, wholesale rates, and real-time exchange rates: what’s the difference?

As a consumer, this is not something that you should base your decision on. Essentially what those above mentioned terms are talking about is the constantly changing rates of foreign currencies, and you can check it through the tools provided by Visa, Mastercard and Reuters. The difference will mostly boil down to the nearest cent, as illustrated in the Instarem Amaze card review.  

 

Does that mean I don’t have to exchange foreign currencies ever again?

For short trips and urban cities, you may be able to get away with not having the local currency in cash, and just rely on debit. In most cases though, I reckon you’d still want to make a trip to Change Alley or Mustafa Centre to prepare some cash on hand.

This is because many countries are still very dependent on cash and the limit of S$350 for Wise and S$1,050 for Revolut (with Metal Plan, S$350 otherwise) without fees may not be sufficient for long trips.

Don’t forget that you’d have to hunt down the right ATM terminal overseas to get fee-free withdrawals. Otherwise, admin/processing fees may apply.

 

Is using a digital multi currency account better than a bank’s?

Electronic multi-currency account (e.g. BigPay, Instarem, Revolut, Wise, YouTrip)	Banks’ multi-currency savings accounts (e.g. DBS Multiplier, HSBC Everyday Global)
Better conversion rates, transparent fees	Worse conversion rate with some markup, opaque fees
Able to withdraw overseas (up to S$400). Not able to withdraw SGD in Singapore.	Able to withdraw in Singapore and overseas (sometimes with no fee).
No need to maintain a minimum balance	Usually has a minimum balance requirement
Loose cents can be spent overseas or converted	May end up with loose cents that can’t be converted in various balances

Banks rely on legacy structures that are still in place, which can mean unfavourable exchange rates and high fees.

However, borderless multi-currency accounts like Instarem, Revolut and Wise are not tied to legacy structures like the SWIFT network and multiple bank partnerships. Therefore, they can provide much lower fees, up to 6 times cheaper for currency conversion and remittance.

 

Example: SGD to THB on 6 Dec 2023

	S$1	S$1,000
DBS Multiplier account	THB 25.86	THB 25,861
Airport money changer	THB 25.92	THB 26,000
Wise	THB 26.28	THB 26,281
XE live rate	THB 26.28	THB 26,285

*Before fees are applied.

As you can see, Wise’s rate is the closest to XE’s live rate. Factoring in Wise’s transfer fees of approximately 0.58%, converting S$1,000 costs $5.80, yielding a net of THB 26,281. Overall, that still yields the most. 

A digital multi-currency account may be more convenient to apply for as well. Opening a bank account comes with requirements, one of which is to maintain a minimum balance. You don’t have to do that for electronic multi-currency accounts.

An irritating thing about using a multi-currency savings account is that you’d retain cents in various currencies that can’t be converted back after your travels.

With a digital multi-currency account like Wise, you can spend with your borderless Mastercard or Visa card and have the system choose the best existing currency to convert from. This gives you a chance to spend loose cents that you can’t convert back to Singapore Dollars.

That said, using a local multiplier savings account is convenient as you can use it to pay and withdraw money in Singapore seamlessly. You can also earn interest rates on certain foreign currencies.

In contrast, you can only withdraw up to $350 per month with no card fees overseas. This is with an electronic multi-currency account, and you can’t withdraw local currency in Singapore when the Payment Services Act was enforced in 2019.

That being said, the world is a lot different from what it used to be 3 years ago. Digital multi currency card accounts have caught up to the level of banks in terms of rewards and cashback promotions, whilst being on the bleeding edge of financial technology. Don’t miss out!

 

Know anyone who’s making travel plans? Share this article with them!