When Shana Singh, owner of a communications and content company, was in London for vacation last December, her family was targeted by a gang of robbers. Both the 35-year-old and her mother's wallets were snatched from their bags, and they ended up losing about £8,000 ($13,000) in cash.
Prior to that incident, Shana had assumed that you could only get the best exchange rates at “old-school” foreign exchanges. But ever since the robbery, she has changed the way she travelled: No more cash, only cards. Fortunately, she no longer has to deal with high exchange rates and hefty transaction fees with the recent surge of digital multi-currency accounts from fintech companies and online specialists. “I feel that digital payments are less conspicuous, and will probably draw less attention compared to carrying actual cash,” says Shana.
WHAT IS A MULTI- CURRENCY ACCOUNT?
A multi-currency account allows you to hold and exchange a wide range of currencies, and also comes with features that include a linked debit card, as well as international remittance.
Traditional multi-currency accounts offered by commercial banks in Singapore, such as DBS, UOB and OCBC, function similarly to regular savings accounts, with the added perk that you would get to save, invest, and transact in multiple currencies.
Compared to traditional banks, digital multi-currency accounts, such as Youtrip, Revolut and Wise, have similar features, but with no foreign transaction (FX) fees, better exchange rates, and a larger range of available currencies.
هذه القصة مأخوذة من طبعة April 2023 من Her World Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة April 2023 من Her World Singapore.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
How Can I Use Artificial Intelligence (AI) More Effectively At Work?
Govtech engagement manager Nicole Lim answers.
BACK TO BOLD
Say goodbye to low-key and hello to decadence with over-the-top makeup trends. Here's why maximalist beauty is taking over.
THE CORTISOL CONNECTION
Is it possible to undo the ravages of stress while living in a fast-paced world? We dive into how our levels of cortisol - our body's primary stress hormone - can be regulated, and ways to manage its effects.
Air-dry or blow-dry - which is worse for your mane?
Haircare experts share their advice.
Book Club
More than just a vision-enhancing tool, prescription glasses are shaping up to be quite the fashion statement.
BEHIND CLOSED DOORS
Swing by these intimate, hidden bars featuring unique concepts and inventive cocktails.
THE ORANGE PEEL THEORY
Would you break up with your partner over peeled fruit? This latest social media trend might just be the unlikely dealbreaker.
The rise of tradwives
Is this just another fancy name for a stay-at-home mum?
HOW MUCH IS FAMILY PLANNING ACTUALLY COSTING YOU?
It's always prudent to be financially sound and savvy - especially if you're planning to start a family. Find out how you and your partner can map out a financial plan that is realistic, based on advice from parents and experts.
IN THE THICK OF ACTION
Doctor by day, champion for change by night: Dr June Goh-Rin is a whirlwind of energy. This multi-hyphenate doctor, advocate and former president of the Singapore Council of Women's Organisations (SCWO) tackles every challenge whether at work or advocating for women's issues - head-on.