Travellers have always lament about the ridiculous exchange rate bank credit card charges when they travel overseas. This has changed over the past 2 years with the introduction of multi currency wallet bank debit/credit cards. Although that allows you to exchange that to the standard currencies like USD, GBP, AUD, NZD non controlled currencies, the exchange rate is usually 2% to 3% higher than the spot rate (those rates you see on google or bloomberg).
Apply for the Revolut card today.
Nowadays, we are no longer tied down to bank issued debit/credit cards for such transactions local or overseas. Revolut is just one of the latest to jump on this bandwagon with it’s Revolut Debit VISA.
Revolut is a e-money service which allow users to spend globally with close to spot exchange rates without hidden fees. It comes in the form of a virtual and a physical VISA card which you can top up in your local currency using other credit/debit cards. You can convert them to other supported 29 currencies in the app or just let it auto convert it for you. It comes in 3 different plans. For example, the standard plan offers
No fee exchange in 28 fiat currencies up to S$9000 per month
No fee International ATM withdrawals up to S$350 per month
In addition, the app also provide built in budgeting, split bill, scheduled and recurring payment and bank transfer. You can also create disposable virtual card for e-payment for one time payment. If you happen to lose the card, the payment feature can also be disable through the app.
So, how does Revolut perform against players like YouTrip, Transferwise and Crypto card ? We did a test in Kuala Lumpur, Malaysia. See next page.