Your guide to digital multi-currency accounts in Singapore: Revolut vs YouTrip vs Wise

Launched in 2015, this London-based fintech company has more than 25 million retail customers worldwide. Revolut terms itself as a “financial superapp”, and aims to be an all-encompassing platform for personal finance management from your phone or other smart device. It offers a diverse array of services, including remittances, exchanging and holding multiple currencies in your account, and cryptocurrency trading.

Revolut has been operating in Singapore since 2019, and is registered and regulated by MAS. As a global service provider, it’s also overseen by a range of other regulatory bodies around the world.

Pros

– Supports more than 25 currencies

– You can request for a free physical Revolut card, which can be used for Visa and Mastercard payments for over-the-counter purchases, including in Singapore

– One of the top features of Revolut is the ability to create free disposable virtual cards for one-time usage; this is a safer option when you’re travelling as it prevents your card details from being stolen

– You can withdraw up to S$350 per month in cash at overseas ATMs (Note that you will be charged 2% of the value if you exceed the limit)

– No foreign currency exchange fee (for most currencies) if you exchange S$5,000 and below per month (for Standard account holders only)

– It’s free to top up your account using credit/debit cards, bank transfers, as well as Apple Pay and Google Pay

Cons

– Revolut has tiered plans; the Standard account is free and has a pretty expansive range of features, but you can pay either S$9.99/month for Premium or S$19.99/month for Metal to unlock more benefits. The full breakdown of the different plans can be found here

– Currency exchanges for certain countries made outside of the foreign exchange market hours, such as weekends, will be subjected to a flat-rate surcharge (it will range between 0.5% to 2%)

– For those who are exchanging more than S$5,000 per month, you will incur a flat 0.4% fee (for Standard account holders only)

– Limited to five ATM withdrawals per month (for Standard account holders only)

– No ATM withdrawals in Singapore

Touted as “the first digital multi-currency account in Singapore”, YouTrip is a mobile-only platform available on both iOS and Android operating systems. The multi-currency mobile wallet is linked directly to a prepaid Mastercard, which is available for free upon sign-up with no registration or annual fees.

Available to residents of Singapore and Malaysia, YouTrip is fully licensed and regulated by MAS as a major payment institution.

Pros

– Allows you to pay in over 150 currencies when you’re travelling or making transactions such as shopping online, without incurring extra currency conversion fees or markups – currency exchange is carried out using Mastercard’s wholesale exchange rate

– Of the 150, 10 supported currencies can be exchanged and stored in the mobile wallet, allowing you to quickly exchange your selected currencies when you spot a good rate via the real-time wholesale exchange rates in the app

– You can withdraw up to S$5,000/day from overseas ATMs

– Lock and unlock your card in the YouTrip app for additional security

– You can use your YouTrip card for contactless fare payments on public buses and trains

– No service fee for top-ups made via PayNow, Visa debit cards, and Mastercard debit or credit cards

– No overseas transaction fee or additional fees to maintain a minimum balance to keep your YouTrip account

– No sign-up fees

Cons:

– Only 10 currencies can be exchanged in your digital wallet

– Due to regulations in Singapore by MAS, wallet limit is capped at S$5,000 and annual spend is capped at S$30,000

– You’ll have to pay for a 1.5% service fee charge for top-ups to your account made with Visa credit cards

– Withdrawing cash through overseas ATMs costs S$5 per transaction

– No ATM withdrawals in Singapore

– No Apple Pay and Google Pay support.

Formerly known as TransferWise, the British-based fintech firm offers a wide range of features through its platform. Available in 175 countries, Wise not only allows you to convert currencies, but also to send money overseas, pay international bills, and even receive payments like a local with your own UK account number, Euro IBAN, US routing number, and more.

Wise always uses the mid-market exchange rate – the rate the market naturally sets, and is tyypically quoted as the “fairest” market rate – from Reuters, which is updated in real time while the trading market is open.

Pros

– Wise allows you to convert and hold more than 50 currencies in your account – which is currently the most number of currencies out of all the digital multi currency account providers on the market

– You can transact in more than 175 countries with the Wise card

– Rates are based on the mid-market exchange rate, and there are no additional markups

– You can withdraw cash from overseas ATMs for free twice a month and up to S$350 (Note that you will be charged S$1.50 per withdrawal if you exceed the withdrawal limits)

– No ongoing account fees or additional fees to maintain a minimum balance

– Free to top-up your account through bank transfer or PayNow

– You can use your Wise card with Google Pay and Apple Pay

Cons

– Every currency conversion has a minimum 0.41% fee charge (which varies based on the currency)

– No ATM withdrawals in Singapore

– Not all services are available in all locations

– You’ll have to pay for a 2.5% service fee charge for top-ups to your account made with credit cards, and 2.7% service fee charge for those made via debit cards

– A physical card from Wise has to be requested and will cost you S$10