Singapore Price Comparison Research
Detailed research by Wise reveals substantial savings compared to Singapore banks and services like Instarem, Revolut, and Youtrip by EZ link.
Heading overseas? Save up to 14x with your Wise Platinum debit Mastercard®.
Are you using a travel money card while you’re overseas? If so, you could save up to 14x by using Wise Platinum debit Mastercard® on your next trip.
The research was carried out in June 2020 by market research agency, Alderson Consulting (Bristol) Ltd, in conjunction with Wise. The data was gathered through publicly available pricing information and mid-market rate comparison data provided by Refinitiv, formerly known as Reuters.
Who we compared
Wise selected six of the top travel card providers in Australia to compare pricing.
- ANZ Travel Card*
- CommBank Travel Money Card
- NAB Traveller Card
- Qantas Travel Money Card
- Travel Money Currency Pass
- Travelex Money Card
- Westpac Global Currency Card
Each of these providers offer similar pre-paid or top-up cards which allow transactions and ATM withdrawals in other currencies.
*ANZ no longer offers new travel cards. Therefore, this research piece for ANZ travel card applies to loading an existing card.
What we researched
The providers in this comparison charge their customers in the same way.
- A markup added to their exchange rate
- ATM withdrawal fees
There are three types of fees recorded for this price comparison:
- Fee 1: The stated upfront top-up fee by each provider
- Fee 2: The mark-up that travel card providers add to their exchange rate, also known as the hidden conversion cost. This is derived by (Mid-Market Rate - Provider Rate) / Mid-Market Rate, displayed as a %.
- Fee 3: Fees associated with ATM withdrawals abroad (Note: In the data below you may see the Wise ATM fees as $0.00 in some instances. Wise allows for the first $350 to be withdrawn for free every 30 days, then applies a 2% fee to the withdrawal amount thereafter. We’re assuming that consumers withdraw from their balance in the local currency, provided by their initial top up. This therefore, does not take Fee 2 into account for calculation of ATM fees.)
To make sure that the comparison was fair, transparent and useful for consumers to understand, Wise built out two travel scenarios based on varying top-up amounts and ATM withdrawals.
- A $1000 top-up and 3 ATM withdrawals (of $200 in total).
- A $5000 top-up and 5 ATM withdrawals (of $500 in total).
Note: Wise always uses the real market exchange rate when converting money - this is the market rate with no hidden markup added. There were some instances where the research indicated that Wise offers rates better than the market rate. For this comparison we exclude these scenarios and use the quoted market rate.
Each customer scenario was evaluated using the same comparison methodology for spending in USD, GBP, NZD, and EUR.
How we did it
“When comparing Wise to the propositions of the specified travel card providers, we apply the assumption that the “Top Up” is for an initial purchase / load of a card and that the ATM withdrawals are made from currency balances*. These assumptions are applied to all providers, including Wise.
When comparing the cost to “Top Up” funds, we go to the provider’s website and capture the rate applied to top up the specified currencies of Euro, GBP, NZD and USD and three specified levels AUD 500, AUD 1,000 and AUD 5,000. We obtain the rates using the calculators provided by the providers. Where the rates are set daily and the date and time is specified, if it is the same as the date of the research, we use the time provided when comparing it to the market rate. Where the update is not on the same date, we capture the time of the data collection. Fees associated with the Top Up are captured from the product information and/or fee documents published on the provider’s website. Where there is any question of interpretation, we obtain further clarification via Social Media before applying the fees reported.
When calculating the total cost of topping up funds, the rate shown by the provider is compared to a “to the minute” accurate mid-market rate provided by Refinitiv, formerly Reuters. The difference between the two rates provides the % taken by the bank, also known as the retail margin. The retail margin value is then added to the fees to provide the total cost to the consumer.
When comparing the cost of “Withdrawal”, information is captured from the product information and/or fee documents published on the provider’s website. Where there is any question of interpretation, we obtain further clarification via Social Media before applying the fees reported.
Research is undertaken on a single week-day during standard trading hours and is currently updated every three months. It is acknowledged that providers may change their propositions during that period and therefore, the published results should be considered indicative and individual experiences may differ.
How to read the following research tables
The tables below contain quite a lot of information, so we've summarised each in a short statement. If you do want to dive into the data, here's what you need to know. There are times where Wise offers a better exchange rate than the mid-market rate, which results in a negative margin %. In these cases, we have assumed our margin to be zero, removing any advantage gained by Wise providing a better rate.
- Product: the provider and the name of the product reviewed in this research.
- Top Up / Reload: the amount loaded onto the card for the initial top-up
- Mid-Market Rate: the market rate used for comparison, provided to the research agency by Refinitiv, formerly known as Reuters.
- Provider Rate: this is the rate the provider offers their customer when they top up. If it's lower than the Mid-Market Rate, it means they are hiding additional cost to the consumer within the rate.
- Margin %: the hidden markup the provider includes within their offered rate, displayed as a percentage.
- Rate Markup (AUD): the “margin %” shown as a value in the source currency
- Upfront fee (AUD): this is the published charge that is applied by the provider to top-up or open an account.
- Total cost of top up: this is the total amount the provider charges you - the published “upfront fee” plus the hidden markup. Some providers claim to have no upfront fee but actually hide that cost within the exchange rate markup.
- ATM Fee ($ or %): this is the per transaction fee for each ATM withdrawal. Most providers have a flat fee, but some use a percentage of the amount withdrawn.
- Total ATM Fees: this is the total amount in ATM charges that a customer would pay on each trip. So if a provider has an ATM fee of $3.00 per withdrawal and you take cash out twice, this will be $6.00.
- Total Cost (AUD): this is the sum total of the “Rate Markup” fee, the “Upfront fee” and the “Total ATM Fees”.
- TW is X times cheaper: this is the number of times Wise is cheaper based on Wise's total cost versus other providers.
The research
For a $1,000 top-up and 3 ATM withdrawals (of $200 in total) in EUR, Wise is on average 12x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $1,000 | 0.6109 | 0.6109 | 0.00% | $0.00 | $4.68 | $4.68 | $0.00 | $0.00 | $4.68 | |
| ANZ Travel Card | $1,000 | 0.6109 | 0.5895 | 3.50% | $35.03 | $0.00 | $35.03 | $3.73 | $11.20 | $46.23 | 10 |
| CommBank Travel Money Card | $1,000 | 0.6128 | 0.5822 | 4.99% | $49.93 | $0.00 | $49.93 | $3.78 | $11.34 | $61.27 | 13 |
| NAB Traveller Card | $1,000 | 0.6109 | 0.5848 | 4.27% | $42.72 | $0.00 | $42.72 | $0.00 | $0.00 | $42.72 | 9 |
| Qantas Travel Money Card | $1,000 | 0.6113 | 0.5775 | 5.53% | $55.29 | $0.00 | $55.29 | $2.60 | $7.79 | $63.08 | 13 |
| Travel Money Currency Pass | $1,000 | 0.6114 | 0.5793 | 5.25% | $52.50 | $0.00 | $52.50 | $4.32 | $12.95 | $65.45 | 14 |
| Travelex Money Card | $1,000 | 0.6112 | 0.5881 | 3.78% | $37.79 | $11.00 | $48.79 | $0.00 | $0.00 | $48.79 | 10 |
| Westpac Global Currency Card | $1,000 | 0.6128 | 0.5888 | 3.92% | $39.16 | $0.00 | $39.16 | $3.40 | $10.19 | $49.35 | 11 |
For a $1,000 top-up and 3 ATM withdrawals (of $200 in total) in NZD, Wise is on average 10x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $1,000 | 1.0691 | 1.0693 | 0.00% | $0.00 | $4.98 | $4.98 | $0.00 | $0.00 | $4.98 | |
| ANZ Travel Card | $1,000 | 1.0691 | 1.0374 | 2.97% | $29.65 | $0.00 | $29.65 | $4.34 | $13.01 | $42.66 | 9 |
| CommBank Travel Money Card | $1,000 | 1.0692 | 1.0185 | 4.74% | $47.42 | $0.00 | $47.42 | $3.44 | $10.31 | $57.73 | 12 |
| NAB Traveller Card | $1,000 | 1.0693 | 1.0235 | 4.28% | $42.83 | $0.00 | $42.83 | $0.00 | $0.00 | $42.83 | 9 |
| Qantas Travel Money Card | $1,000 | 1.0695 | 1.0116 | 5.41% | $54.14 | $0.00 | $54.14 | $2.47 | $7.41 | $61.55 | 12 |
| Travel Money Currency Pass | $1,000 | 1.0697 | 1.0144 | 5.17% | $51.70 | $0.00 | $51.70 | $3.45 | $10.35 | $62.05 | 12 |
| Travelex Money Card | $1,000 | 1.0697 | 1.0466 | 2.16% | $21.59 | $11.00 | $32.59 | $0.00 | $0.00 | $32.59 | 7 |
| Westpac Global Currency Card | $1,000 | 1.0693 | 1.0311 | 3.57% | $35.72 | $0.00 | $35.72 | $2.91 | $8.73 | $44.45 | 9 |
For a $1,000 top-up and 3 ATM withdrawals (of $200 in total) in GBP, Wise is on average 11x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $1,000 | 0.5580 | 0.5581 | 0.00% | $0.00 | $4.68 | $4.68 | $0.00 | $0.00 | $4.68 | |
| ANZ Travel Card | $1,000 | 0.5581 | 0.5403 | 3.19% | $31.89 | $0.00 | $31.89 | $3.70 | $11.10 | $43.00 | 9 |
| CommBank Travel Money Card | $1,000 | 0.5576 | 0.5318 | 4.63% | $46.27 | $0.00 | $46.27 | $3.76 | $11.28 | $57.55 | 12 |
| NAB Traveller Card | $1,000 | 0.5580 | 0.5341 | 4.28% | $42.83 | $0.00 | $42.83 | $0.00 | $0.00 | $42.83 | 9 |
| Qantas Travel Money Card | $1,000 | 0.5583 | 0.5277 | 5.48% | $54.81 | $0.00 | $54.81 | $2.37 | $7.11 | $61.92 | 13 |
| Travel Money Currency Pass | $1,000 | 0.5584 | 0.5291 | 5.25% | $52.47 | $0.00 | $52.47 | $3.78 | $11.34 | $63.81 | 14 |
| Travelex Money Card | $1,000 | 0.5583 | 0.5406 | 3.17% | $31.70 | $11.00 | $42.70 | $0.00 | $0.00 | $42.70 | 9 |
| Westpac Global Currency Card | $1,000 | 0.5576 | 0.5380 | 3.52% | $35.15 | $0.00 | $35.15 | $2.79 | $8.36 | $43.51 | 9 |
For a $1,000 top-up and 3 ATM withdrawals (of $200 in total) in USD, Wise is on average 10x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $1,000 | 0.6870 | 0.6871 | 0.00% | $0.00 | $4.68 | $4.68 | $3.00 | $0.00 | $4.68 | |
| ANZ Travel Card | $1,000 | 0.6870 | 0.6649 | 3.22% | $32.17 | $0.00 | $32.17 | $3.00 | $11.28 | $43.45 | 9 |
| CommBank Travel Money Card | $1,000 | 0.6892 | 0.6583 | 4.48% | $44.83 | $0.00 | $44.83 | $3.00 | $11.39 | $56.23 | 12 |
| NAB Traveller Card | $1,000 | 0.6869 | 0.6577 | 4.25% | $42.51 | $0.00 | $42.51 | $3.00 | $0.00 | $42.51 | 9 |
| Qantas Travel Money Card | $1,000 | 0.6874 | 0.6556 | 4.63% | $46.26 | $0.00 | $46.26 | $3.00 | $8.92 | $55.18 | 12 |
| Travel Money Currency Pass | $1,000 | 0.6875 | 0.6611 | 3.84% | $38.40 | $0.00 | $38.40 | $3.78 | $11.34 | $49.74 | 11 |
| Travelex Money Card | $1,000 | 0.6874 | 0.6700 | 2.53% | $25.31 | $11.00 | $36.31 | $0.00 | $0.00 | $36.31 | 8 |
| Westpac Global Currency Card | $1,000 | 0.6892 | 0.6617 | 3.99% | $39.90 | $0.00 | $39.90 | $3.02 | $9.07 | $48.97 | 10 |
For a $5,000 top-up and 5 ATM withdrawals (of $500 in total) in EUR, Wise is on average 9x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $5,000 | 0.6109 | 0.6108 | 0.01% | $0.50 | $23.40 | $23.90 | $3.00 | $3.00 | $26.90 | |
| ANZ Travel Card | $5,000 | 0.6109 | 0.5895 | 3.50% | $175.15 | $0.00 | $175.15 | $3.73 | $18.66 | $193.81 | 7 |
| CommBank Travel Money Card | $5,000 | 0.6131 | 0.5822 | 5.04% | $252.00 | $0.00 | $252.00 | $3.78 | $18.89 | $270.89 | 10 |
| NAB Traveller Card | $5,000 | 0.6109 | 0.5848 | 4.27% | $213.62 | $0.00 | $213.62 | $0.00 | $0.00 | $213.62 | 8 |
| Qantas Travel Money Card | $5,000 | 0.6113 | 0.5775 | 5.53% | $276.46 | $0.00 | $276.46 | $2.60 | $12.99 | $289.45 | 11 |
| Travel Money Currency Pass | $5,000 | 0.6114 | 0.5793 | 5.25% | $262.51 | $0.00 | $262.51 | $4.32 | $21.58 | $284.09 | 11 |
| Travelex Money Card | $5,000 | 0.6112 | 0.5893 | 3.58% | $179.16 | $55.00 | $234.16 | $0.00 | $0.00 | $234.16 | 9 |
| Westpac Global Currency Card | $5,000 | 0.6131 | 0.5888 | 3.96% | $198.17 | $0.00 | $198.17 | $3.40 | $16.98 | $215.16 | 8 |
For a $5,000 top-up and 5 ATM withdrawals (of $500 in total) in NZD, Wise is on average 8x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $5,000 | 1.0691 | 1.0690 | 0.01% | $0.37 | $24.90 | $25.27 | $3.00 | $3.00 | $28.27 | |
| ANZ Travel Card | $5,000 | 1.0694 | 1.0374 | 2.99% | $149.62 | $0.00 | $149.62 | $4.34 | $21.69 | $171.31 | 6 |
| CommBank Travel Money Card | $5,000 | 1.0693 | 1.0185 | 4.75% | $237.54 | $0.00 | $237.54 | $3.44 | $17.18 | $254.72 | 9 |
| NAB Traveller Card | $5,000 | 1.0693 | 1.0235 | 4.28% | $214.16 | $0.00 | $214.16 | $0.00 | $0.00 | $214.16 | 8 |
| Qantas Travel Money Card | $5,000 | 1.0695 | 1.0116 | 5.41% | $270.69 | $0.00 | $270.69 | $2.47 | $12.36 | $283.04 | 10 |
| Travel Money Currency Pass | $5,000 | 1.0697 | 1.0144 | 5.17% | $258.48 | $0.00 | $258.48 | $3.45 | $17.25 | $275.74 | 10 |
| Travelex Money Card | $5,000 | 1.0697 | 1.0466 | 2.16% | $107.97 | $55.00 | $162.97 | $0.00 | $0.00 | $162.97 | 6 |
| Westpac Global Currency Card | $5,000 | 1.0693 | 1.0311 | 3.57% | $178.62 | $0.00 | $178.62 | $2.91 | $14.55 | $193.17 | 7 |
For a $5,000 top-up and 5 ATM withdrawals (of $500 in total) in GBP, Wise is on average 9x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $5,000 | 0.5580 | 0.5580 | 0.00% | $0.03 | $23.40 | $23.43 | $3.00 | $3.00 | $26.43 | |
| ANZ Travel Card | $5,000 | 0.5581 | 0.5403 | 3.19% | $159.47 | $0.00 | $159.47 | $3.70 | $18.51 | $177.98 | 7 |
| CommBank Travel Money Card | $5,000 | 0.5575 | 0.5318 | 4.61% | $230.49 | $0.00 | $230.49 | $3.76 | $18.80 | $249.30 | 9 |
| NAB Traveller Card | $5,000 | 0.5580 | 0.5341 | 4.28% | $214.16 | $0.00 | $214.16 | $0.00 | $0.00 | $214.16 | 8 |
| Qantas Travel Money Card | $5,000 | 0.5584 | 0.5277 | 5.50% | $274.89 | $0.00 | $274.89 | $2.37 | $11.84 | $286.74 | 11 |
| Travel Money Currency Pass | $5,000 | 0.5584 | 0.5291 | 5.25% | $262.36 | $0.00 | $262.36 | $3.78 | $18.90 | $281.26 | 11 |
| Travelex Money Card | $5,000 | 0.5583 | 0.5417 | 2.97% | $148.67 | $55.00 | $203.67 | $0.00 | $0.00 | $203.67 | 8 |
| Westpac Global Currency Card | $5,000 | 0.5576 | 0.5380 | 3.52% | $175.75 | $0.00 | $175.75 | $2.79 | $13.94 | $189.69 | 7 |
For a $5,000 top-up and 5 ATM withdrawals (of $500 in total) in USD, Wise is on average 9x cheaper.
| Product | Top Up / Reload | Mid-Market Rate | Provider Rate | Margin % | Rate markup | Upfront Fee | Total Cost of Top Up | ATM Fee($ or %) | Total ATM Fees | Total Cost | TW is X times cheaper |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Wise Account | $5,000 | 0.6871 | 0.6870 | 0.02% | $1.09 | $23.40 | $24.49 | $3.00 | $3.00 | $27.49 | |
| ANZ Travel Card | $5,000 | 0.6871 | 0.6649 | 3.23% | $161.55 | $0.00 | $161.55 | $3.76 | $18.80 | $180.35 | 7 |
| CommBank Travel Money Card | $5,000 | 0.6892 | 0.6583 | 4.48% | $224.17 | $0.00 | $224.17 | $3.80 | $18.99 | $243.16 | 9 |
| NAB Traveller Card | $5,000 | 0.6869 | 0.6577 | 4.25% | $212.55 | $0.00 | $212.55 | $0.00 | $0.00 | $212.55 | 8 |
| Qantas Travel Money Card | $5,000 | 0.6874 | 0.6556 | 4.63% | $231.31 | $0.00 | $231.31 | $2.97 | $14.87 | $246.18 | 9 |
| Travel Money Currency Pass | $5,000 | 0.6875 | 0.6611 | 3.84% | $192.00 | $0.00 | $192.00 | $3.78 | $18.91 | $210.91 | 8 |
| Travelex Money Card | $5,000 | 0.6873 | 0.6707 | 2.42% | $120.76 | $55.00 | $175.76 | $0.00 | $0.00 | $175.76 | 6 |
| Westpac Global Currency Card | $5,000 | 0.6892 | 0.6617 | 3.99% | $199.51 | $0.00 | $199.51 | $3.02 | $15.11 | $214.62 | 8 |
Thinking of using Wise? Check out our product disclosure statement first. This advice has been prepared without taking account of your individual objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. TransferWise Australia Pty Ltd is registered at Level 40, Gateway, 1 Macquarie Place, Sydney NSW 2000. TransferWise Limited is registered at 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom and is the parent company of TransferWise Australia Pty Ltd. In Australia, TransferWise Ltd holds an Australian Financial Services Licence (AFSL 456295) issued by the Australian Securities and Investments Commission (ASIC). TransferWise Australia Pty Ltd is an authorised representative of TransferWise Ltd AFSL (authorised representative number: 001269088).
The Wise Platinum debit Mastercard® is issued by TransferWise Australia Pty Ltd. under license by Mastercard Asia/Pacific Pte. Ltd. For full conditions of use refer to wise.com/legalstuff. Mastercard is a registered trademark, and the circles design on the card is a trademark of Mastercard International Incorporated.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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