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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.
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.
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.
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).
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.
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.
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.
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.
| 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 |