Multi-currency wallet, cashback or miles? How to choose the best way to pay overseas
Travelers are increasingly moving beyond basic fee-free foreign currency transactions as banks and fintech firms introduce bundled perks like travel insurance and eSIMs. This shift reflects a highly competitive market where financial institutions fight for the loyalty of affluent, frequent travelers.
Why it matters
It highlights the evolution of consumer financial services in the travel sector as companies seek to differentiate themselves in a saturated market.
From prepaid cards for children to complimentary travel insurance, banks and fintech firms have moved past offering zero foreign currency fees as the sole selling point for their overseas digital payments services.
Multi-currency digital cards and wallets such as Instarem, Revolut, Wise and YouTrip let travellers manage multiple currencies and avoid poor exchange rates and foreign transaction fees. (Art: CNA/Chern Ling; Photo: iStock)
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