Revolut vs Youtrip vs Wise (formerly TransferWise): which is the best multi-currency wallet in Singapore?

If you need to spend money in foreign currencies - either when you travel or when you shop online with international retailers - you may be looking for smart ways to cut the costs of overseas transactions.

Revolut¹, YouTrip² and Wise are among the services available here in Singapore which claim to make life easier - and cheaper - for people living an international lifestyle. But how do they measure up? This guide covers all you need to know.

What is a multi-currency account?

A multi-currency account lets you hold and exchange foreign currencies, with facilities for sending international payments, spending with a linked debit card and more. The exact features available with a multi-currency account do vary depending on the type you select.

Traditional banks offer multi-currency accounts which can often be used to manage your money across different currencies at the same time as accessing a full suite of banking services. However, currencies offered can be limited, and you’ll often find relatively high transaction fees and a marked up exchange rate.

An alternative is to look at multi-currency accounts from fintech companies and online specialists. These often have lower fees and better exchange rates, with a broader range of available currencies. You’ll need to manage your money digitally as there’s no face to face service in most cases - but this does mean you can spend, send and transact on the move with nothing more than your mobile device.

This review focuses on the multi-currency accounts on offer from modern fintech providers in Singapore - Revolut, YouTrip and Wise.

Revolut vs YouTrip vs Wise - key differences

Let’s start with an overview of how Revolut vs YouTrip vs Wise measure up on features. Each provider has its own account options and services, which can mean they suit different customer types. Here’s an overview to help you see which may fit your needs - we’ll also dive into the costs of each in more detail later.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

What is Revolut?

Revolut calls itself a financial super-app, with a broad range of ways to manage your money from your phone or other smart device. Accounts range from free standard plans, to the pricier Metal plan which has more features, but fairly high ongoing fees. Even with the free plan you can get a good range of features like multi-currency options, international payments, a linked spending card and more.

Screenshot from https://www.revolut.com/en-SG/

Revolut is registered and regulated by MAS in Singapore so you’ll know your money is safe - it’s also overseen by many other global bodies, and holds a banking license to allow it to operate across many countries in Europe.

What is YouTrip?

YouTrip is available to residents of Singapore, and offers an e-wallet with 10 available currencies, and a linked card to spend and withdraw more widely when you travel. There are very few fees attached to using the YouTrip card - you can exchange currencies with the YouTrip or Mastercard rate when you make purchases, or switch between supported currencies when you see the rates are good if you'd prefer.

Screenshot from https://www.you.co/sg/

YouTrip is aimed at travelers and has limited additional banking features - you won’t get local banking details for example, and you can’t usually withdraw funds back to your linked account if you top up more than you need¹¹. YouTrip is fully licensed and regulated - making it a safe provider to pick.

Read more from our YouTrip card review.

What is Wise (formerly TransferWise)

Wise - which used to be called TransferWise - offers multi-currency accounts for personal and business users, with 40+ supported currencies for holding and exchange. In addition you can send payments to 70+ countries, and spend with your linked card in 160+ countries. If you need to get paid from overseas that’s easy too - with local banking details to allow incoming payments fee free from 30+ countries.

Wise always uses the mid-market exchange rate when you spend, send a payment or convert currencies in your account. Transaction fees¹² are transparent and can often be among the lowest on offer, making this a good all round option to manage your money across currencies. Wise is internationally regulated by a range of bodies, including MAS in Singapore.

Learn more about Wise card's benefits in Singapore here.

Youtrip vs Revolut vs Wise - fees

Getting a multi-currency account and card with low overall fees and great exchange rates is a must if you want to drive down the costs of transacting internationally. Let’s look at how YouTrip vs Revolut vs Wise compare on fees.

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Exchange rates

YouTrip, Revolut and Wise all use the mid-market exchange rate for most currency exchange. Here’s a quick reminder of your options:

• YouTrip uses the YouTrip exchange rate for the 10 supported currencies, and the Mastercard rate for other spending - both offer good value
• If you’re using Revolut you’ll need to remember that Revolut uses their own exchange rate, there are some limits on currency exchange depending on the plan you hold and the currency you’re using - out of hours fees can push up the costs and are well worth looking out for
• Wise uses the mid-market exchange rate with transparent fees that vary by currency, from 0.43%

The mid-market exchange rate is important because it’s the rate banks get, and the one you’ll usually find using a Google search or currency converter. Many currency conversion services - including money exchange stores you’ll find around Singapore - add a markup to the exchange rates offered, which represents an extra fee. This can push up the overall charge for exchange significantly.

To make sure you get the best available exchange rate it makes sense to use a provider which offers the mid-market exchange rate with no markups. You can also choose to use an exchange rate alert tool to get notified when rates improve for the currency you want to switch.

Whichever provider you choose to use for your currency conversion, it pays to compare your options and keep an eye on the market - you could cut the fees and costs you need to pay, and have more left for yourself in the end.

Verdict - Which should you choose in Singapore?

The good news is that there are lots of options out there for Singapore residents who love to travel, need to send international payments, shop overseas or want to get paid in foreign currencies. Which suits you best will depend on what you need.

Revolut has a good range of lifestyle perks - especially if you upgrade to a fee paying account. In this case you’ll unlock extras like free lounge access when you travel, extra accounts for children and priority customer support.

YouTrip is handy for travel if you’re spending a supported currency, and is co-branded with EZLink which is a familiar brand to everyone in Singapore.

Wise is a good all round option with more supported currencies compared to YouTrip and Revolut, and the option to pay and get paid easily internationally. There are no out of hours fees for currency exchange, and you can spend globally with your Wise card. Business accounts are also widely available, which makes this a popular pick with travelers, entrepreneurs and anyone living an international lifestyle.

Use this guide to help you pick the right option for you from Revolut, YouTrip and Wise - and happy travels.