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.
This story is from the April 2023 edition of Her World Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2023 edition of Her World Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
How Can I Imbue An Element Of Fun To My Watch Wardrobe?
Karishma Tulsidas answers.
Who Says Women Aren't Funny?
You might have chuckled at their satirical take on Singaporean idiosyncrasies, or perhaps even shared their tongue-in-cheek parodies on Tiktok. Meet Chiou Huey, Farah Lola and Nicole Liel - three Singapore comedians who are shaking up the local entertainment scene.
The Beauty Of Speaking Up
Why are we so afraid of sharing feedback at beauty establishments after an unsatisfactory experience? Instead of complaining on social media or leaving a bad Google review, one could consider a different and more constructive) approach.
Should You Travel With Your Work Bestie?
While not all trips result in ruined friendships, the potential fallout is even trickier to manage when your colleague's involved. Content strategist Cherry Tan learnt her lesson the hard way.
Invest, Don't Trade
Managing funds for Asia's wealthiest families changed Stephanie Leung's relationship with money. The chief investment officer for Stashaway tells us how she takes a personal approach to her investment strategy.
How Do I Show Someone I Care About Them At Work?
Jason Wee answers.
Hey Bosses,Get Ready For Gen Z
They're not lazy, entitled or difficult; their lives just don’t revolve around work how a new generation is reshaping the workplace and why employers should care.
Are You Feeling Anxious About Money?
You're not alone. With higher costs of living, increased GST and inflation, plus the real risk of being laid off, it’s no wonder that many individuals are worried about making ends meet. We speak to experts about how to recognise and manage the effects of financial anxiety.
"I SHARED MY BREAK-UP ON INSTAGRAM...AND MY EX TRIED TO SUE ME FOR IT"
How does one move on from a partner's infidelity? For Maya, domestic life could not have been more perfect, until the housewife discovered her husband's affair with their daughter's preschool teacher.
Not just a vessel
Behind social media's obsession with the Stanley water bottle.
