Overseas Spending Cards in Singapore: A Research Paper

here’s a summary of all six overseas spending cards available in Singapore mentioned in the research paper:

1. InstaRem Amaze

InstaRem Amaze is a credit card that offers low foreign transaction fees ranging from 0.3% to 0.5%. In addition, the card provides 1% cashback for foreign currency spending and 0.5% cashback for SGD spending. The card has no other fees, including no annual fee, no late payment fee, no over limit fee, and no fee for replacement or additional card. InstaRem Amaze also offers discounts on flights and hotels through its partner websites.

2. Revolut Card

Revolut Card has a small spread of around 0.3% and offers free cash withdrawals up to SGD 350 worth of foreign currency. However, the card has a higher foreign currency spread during weekends, which might not be ideal for some users. Revolut Card also offers travel insurance, mobile device insurance, and other benefits. The card has a premium version that offers additional features, including higher ATM withdrawal limits and free airport lounge access.

3. YouTrip

YouTrip is a multi-currency wallet and debit card that offers no foreign transaction fees and a SGD 5 signup reward. However, it requires a top-up wallet, which can be inconvenient for some users. On the bright side, the app allows you to monitor your spending, track your transactions, and set spending limits for various categories. YouTrip also offers discounts on travel and lifestyle products through its partner websites.

4. TransferWise Card

TransferWise Card allows you to spend money in any currency with low conversion fees. The card has no annual fee, no foreign transaction fee, and no ATM withdrawal fee up to SGD 350 per month. Moreover, you can get real-time exchange rates for more than 40 currencies through the TransferWise app. TransferWise Card also offers borderless accounts that allow you to hold and manage money in multiple currencies.

5. DBS Multi-Currency Account and Debit Card

DBS Multi-Currency Account and Debit Card allows you to hold and manage up to 12 different foreign currencies in one account. The card has no annual fee, no foreign transaction fee, and no currency conversion fee for online purchases. However, it charges a 3% fee for foreign currency cash withdrawals, which might not be ideal for frequent travelers. DBS Multi-Currency Account and Debit Card also offers discounts on travel and dining through its partner websites.

6. Citi PremierMiles Card

Citi PremierMiles Card is a travel credit card that offers 1.2 miles for every SGD 1 spent on overseas transactions. The card has no annual fee for the first year and no foreign transaction fee. However, it charges a currency conversion fee of 3.25%, which might add up if you spend a lot abroad. Citi PremierMiles Card also offers travel insurance, airport lounge access, and other benefits. The card has a premium version that offers additional features, including higher miles earning rates and free hotel stays.

As you can see, each card has unique features and benefits that cater to different types of travelers. Consider your spending habits, travel preferences, and financial goals carefully before choosing the right one for you.

Card Name Foreign Transaction Fee Cashback Currency Conversion Fee ATM Withdrawal Fee Other Fees InstaRem Amaze 0.3–0.5% 1% for foreign currency spending, 0.5% for SGD spending None None None Revolut Card Around 0.3% None Higher during weekends Free up to SGD 350 worth of foreign currency None YouTrip None None None None Top-up wallet TransferWise Card None None Low conversion fees Free up to SGD 350 worth of foreign currency per month None DBS Multi-Currency Account and Debit Card None None None for online purchases 3% for foreign currency cash withdrawals None Citi PremierMiles Card None for the first year None 3.25% None None

Summary: This research paper compares six overseas spending cards available in Singapore. The cards include InstaRem Amaze, Revolut Card, YouTrip, TransferWise Card, DBS Multi-Currency Account and Debit Card, and Citi PremierMiles Card. The table compares their foreign transaction fees, cashback, currency conversion fees, ATM withdrawal fees, and other fees. The paper aims to help readers choose the best card for their overseas spending needs.