The Best Multi-Currency Cards for Overseas Travel Spend
TLDRThe video discusses the benefits of multicurrency cards with prepaid wallets for overseas travel spending, highlighting options such as Instarem Amaze, Tiger Boss debit card, YouTrip, Trust, and Wise. It emphasizes the competitive FX rates, cashback rewards, and convenience of these cards over traditional money changers and cash usage. The video also covers the unique features of each option, including earning Tesla fractional shares with Tiger Boss, and the interest-earning potential of Wise's cash funds.
Takeaways
- 💳 The focus of the discussion is on multicurrency cards with prepaid wallets, suitable for those without credit cards or income.
- 💰 With prepaid wallets, users top up funds and use a prepaid debit card for overseas transactions without incurring debt.
- 📈 The markup on the spot FX rate for these cards is typically around 0.3 to 0.5%, which is competitive compared to money changers.
- 🔄 Multicurrency cards are beneficial for individuals like retirees, housewives, or students who may not qualify for traditional credit cards.
- 🌐 InstaRem's Amaze wallet offers better FX rates than its Amaze Link Card and provides 1% cashback in Insta points for foreign currency transactions over SGD 10.
- 🏦 The Amaze wallet allows holding multiple currencies, including controlled currencies like the Malaysian ringgit.
- 📱 The Amaze card can be added to Google Pay for convenience, though it's not yet available on Apple Pay.
- 🚀 Tiger Boss debit card, by Tiger Brokers Singapore, offers the unique benefit of earning Tesla fractional shares on spending.
- 🎉 Tiger Brokers provides attractive welcome offers for new customers, including zero commission trades and bonus trading days with interest rates.
- 💼 YouTrip, Trust, and Wise are grouped together for their similar functions in multicurrency transactions with slight differences in benefits and features.
- 🏦 Trust, a digital bank, offers both debit and credit card options with favorable exchange rates and cashback in Lim points for eligible retail transactions.
Q & A
What is the primary focus of the discussion in the transcript?
-The primary focus of the discussion is on multicurrency cards with prepaid wallets, particularly their benefits and usage for overseas travel spending.
Who is the target group for using multicurrency cards with prepaid wallets?
-The target group includes individuals who do not have an income, such as retirees, housewives, and students, who may not qualify for a credit card.
How does the pricing for transactions using multicurrency cards typically work?
-The pricing is based on a markup from the spot FX rate, which is usually around 0.3 to 0.5%, making it more competitive than money changers.
What are the benefits of using the Amaze wallet by Instarem?
-The Amaze wallet offers better FX rates than the Amaze Link Card, with a markup from the spot rate of around 0.3 to 0.5%, and provides 1% cashback in Insta points for transactions in foreign currency above 10 Singapore dollars equivalent.
What is unique about the Amaze wallet's ability to hold Malaysian Ringgit?
-The Amaze wallet is one of the few multicurrency wallets that allows users to hold Malaysian Ringgit, which is considered a controlled currency.
How can users utilize the Insta points earned from using the Amaze wallet?
-Users can redeem 2,000 Insta points for $20 cashback, which is credited to their Amaze wallet.
What is the Tiger Boss debit card, and how does it reward users?
-The Tiger Boss debit card, powered by Wise, is the first-ever debit card that lets users earn back Tesla fractional shares, with 1% of spend earned as fractional shares on every transaction.
What are some of the welcome offers provided by Tiger Brokers for new customers?
-New customers can enjoy zero commission trades on US stocks for 80 days, Hong Kong and SG and China stocks for 365 days, 30 trading days of interest bonus boosted to 8% per annum, and Apple fractional shares upon meeting certain conditions.
How does the YouTrip card function, and what are its benefits for cash withdrawals?
-The YouTrip card is a prepaid wallet debit card requiring fund topping-up to use. It offers the first $400 Singapore dollars equivalent withdrawals for free and competitive exchange rates, making it suitable for cash withdrawals overseas.
What are the key differences between Trust and YouTrip in terms of multicurrency wallet features?
-Trust is a digital bank offering both debit and credit card functions without the need for a multicurrency wallet, whereas YouTrip requires a prepaid wallet for its card to function, with benefits mainly in cash withdrawals and competitive exchange rates.
What additional feature does Wise offer that can potentially generate passive income?
-Wise offers an interest account where idle cash funds can be invested, earning interest at rates around 3.86% for SGD and 4.47% for USD cash funds.
Outlines
💳 Multicurrency Cards and Prepaid Wallets Overview
This paragraph introduces the concept of multicurrency cards and prepaid wallets as an alternative to traditional credit cards, particularly for those who cannot qualify for credit cards due to lack of income. It explains how these options work, involving topping up funds to a prepaid wallet and using a prepaid debit card for overseas transactions. The benefits of using such cards are highlighted, including the absence of credit terms and debt, and the competitive markup rates from the spot FX rate, which are better than those offered by money changers. The target audience for these options includes retirees, housewives, and students. The paragraph also mentions the focus on sharing information about multicurrency wallet options and encourages joining a Telegram group for further inquiries.
🌐 Detailed Analysis of Multicurrency Wallet Options
The paragraph delves into the specifics of various multicurrency wallet options available in the market, starting with Instarem Amaze. It compares the Amaze wallet with the Amaze Link Card, highlighting the better FX rate of the former. The benefits of using the Amaze wallet, such as earning 1% back in Insta points for foreign currency transactions above a certain threshold, are discussed. The paragraph also covers the ability to store multiple currencies, including the Malaysian ringgit, and the option to cash out Insta points. Further, the script discusses the limitations of using Amaze for cash withdrawals due to high fees and recommends using it solely for card transactions. Information on the Tiger Boss debit card, which allows users to earn Tesla fractional shares, is provided, including how the cashback mechanism works and the benefits of using the card for eligible spending. The paragraph also mentions the Tiger Brokers welcome offer for new customers, which includes commission-free trades and other incentives for funding accounts and completing trades. The discussion then shifts to other multicurrency wallets, specifically YouTrip, Trust, and Wise. YouTrip is described as a prepaid wallet debit card with good exchange rates but without cashback or rewards. Trust is introduced as a digital bank offering both debit and credit card options with favorable exchange rates and cashback on eligible retail transactions. The benefits of using Trust for overseas cash withdrawals and tax refunds are highlighted. Lastly, Wise is presented as a multicurrency bank account with competitive FX rates, free ATM withdrawals, and an interest account for earning passive income. The paragraph concludes by reminding viewers that the presenter is sharing available options without advocating for one over the others.
Mindmap
Keywords
💡Overseas Travel Spend
💡Multicurrency Cards
💡Prepaid Wallet
💡FX Rate
💡Cashback
💡Google Pay
💡Tesla Fractional Shares
💡Wise (TransferWise)
💡TRIS Refunds
💡Passive Income
Highlights
The focus of the discussion is on multicurrency cards with prepaid wallets, which are suitable for individuals who do not have an income or cannot qualify for a credit card.
Multicurrency cards allow users to top up funds to a prepaid wallet and use a prepaid debit card for overseas transactions, with no credit terms or debt involved.
The markup from the spot FX rate for these cards is around 0.3 to 0.5%, which is more competitive than what is offered by money changers.
Instarem Amaze wallet offers better FX rates than the Amaze Link Card and provides 1% cash back in Insta points for foreign currency transactions above 10 Singapore dollars equivalent.
Amaze wallet allows users to store multiple currencies, including the Malaysian ringgit, which is considered a controlled currency.
Insta points earned can be cashed out for $20 cash back once a user has accumulated 2,000 points, which is credited to the Amaze wallet.
The Amaze card can be added to Google Pay, but it is not yet available on Apple Pay.
Amaze is not recommended for cash withdrawals due to a 2% withdrawal fee.
Tiger Boss debit card, launched by Tiger Brokers Singapore, allows users to earn back Tesla fractional shares, with 1% of spend earned as fractional shares on every transaction.
The Tiger Boss debit card offers competitive foreign exchange rates and is powered by Wise.
Tiger Brokers offers a welcome package for new customers, including zero commission trades and interest bonus boosts, as well as Apple and Tesla fractional shares for certain deposits and trades.
YouTrip is a prepaid wallet debit card with no cashback mechanism but offers good exchange rates and free cash withdrawals up to 400 Singapore dollars equivalent.
Trust is a digital bank offering both debit and credit card options with favorable exchange rates and cashback in Lim points for eligible retail transactions.
Trust debit card is suitable for overseas cash withdrawals and TRIS tax refunds due to its favorable exchange rates and no limit on cash withdrawals.
Wise, previously known as TransferWise, offers a multicurrency bank account with a digital debit card, competitive FX rates, and free cash withdrawals up to 350 Singapore dollars.
Wise also provides an interest account that can yield passive income from idle cash funds, with interest rates of around 3.86% for SGD and 4.47% for USD cash funds.
The discussion provides an overview of five multicurrency wallet options, highlighting their unique features and benefits for different user needs and preferences.