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With Singaporeans leading the way in international travel for the Asia Pacific region¹, it’s no wonder that local banks are working on solutions to make travel easier. The popular bank, RHB, is offering a TravelFX multi-currency card to help Singaporeans spend and get local currency in 10 different markets. The card is linked to an app that can also help customers keep track of foreign exchange rates.
If you are looking for easier ways to move around the globe without dealing with money exchangers, then keep reading to learn more about the RHB TravelFX multi-currency card.
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The RHB TravelFX multi-currency card is a prepaid card where you can hold different currencies. The card is used in conjunction with the RHB TravelFX App, which provides the platforms for top-ups into the wallet. So you purchase into the designated currencies at any time you need or when you find the rates favorable.
You can use the currency on the card to buy locally without any additional fees or charges and take out cash from local ATMs. One convenient aspect of the account is that you do not need to have a bank account with RHB to get the TravelFX card.
You can sign up for the card by downloading the RHB TravelFX App through Google Play Store or iOS. To be eligible, you must be at least 18 years old and have proof of the following documents²:
- Have and provide proof of Singapore or Malaysia residential address
- Have a Singapore NRIC, MyKad or International Passport
- Have a valid email address
- Have a valid mobile number
- Have a valid Singapore or Malaysia mailing address
The card is great for any type of travel to the 10 markets it can hold currencies in. It works at any business or merchant that takes VISA, even those online, and only VISA Plus ATMs outside of Singapore³. So if you are traveling to Switzerland for the holidays, you can load up your RHB TravelFX card through the app by buying Swiss francs before you leave or even while you are there.
Once you are in Switzerland, you can use the card at all VISA enabled merchants or get Swiss francs in hand using a local VISA Plus ATM. The money will then be deducted from the Swiss francs you had loaded onto the card. If you don’t have enough Swiss francs, the money will then be taken out of any other currencies you may be holding on the card- for a fee.
It is important to keep in mind that the card can only hold a total sum of the equivalent of SGD 25,000 across all currencies at any one time. The maximum you can top up is SGD 25,000 per month or SGD 100,000 per year⁴. If you require access to more than these amounts, you may want to look at other multi-currency card options out there.
Another thing to remember is that this is a travel card, so you won’t be able to use this card or withdraw cash in Singapore.
If you are overseas in one of the 10 currency supported markets and looking to take out cash, you can do it for free with the RHB TravelFX card at any VISA PLUS ATM. You are only allotted 20 free withdrawals annually, and there are caps on how much you can withdraw⁵:
|Usage Frequency||ATM Transaction Number Limit on RHB TravelFX||ATM Withdrawal Amount Limit (SGD)|
|Daily||A maximum of 5 withdrawals||SGD 5,000|
|Weekly||A maximum of 5 withdrawals||SGD 5,000|
|Monthly||A maximum of 10 withdrawals||SGD 10,000|
|Yearly||A maximum of 20 withdrawals||SGD 20,000|
There may be additional fees if you don’t use a VISA Plus ATM when you are withdrawing cash, and if you use the card in a market that doesn’t have a supported currency. Also, if you do not have enough money in the specific currency you are requesting to take out, the money will be pulled from the other currency amounts you have on the card, but with a fee attached. See our fee section below on how much this could cost you.
The Wise Platinum debit Mastercard can be used for purchases and withdrawals overseas and in Singapore. If you are on holiday, you get free overseas withdrawals up to SGD 350. And with Wise there are no limits on how many withdrawals you can make. So not being able to take out cash should never hold you back from getting those one-of-a-kind items, wherever you are in the world.
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There are 10 currencies that the RHBTravelFX card can hold. They are:
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Euro (EUR)
- Great Britain Pound (GBP)
- Hong Kong Dollar (HKD)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
- Swiss Franc (CHF)
- Thai Baht (THB)
- United States Dollar (USD)
If you are looking for more extensive currency access for Asia, Africa or South America, you may want to look at other multi-currency accounts that offer more global options.
While there are no annual fees, top-up fees, currency conversion, or minimum fall-below fees, there are still fees that can take a bite into your money. The fees can be felt more acutely too if you don’t have enough in your wallet or are in need of unsupported currencies.
The fees are as follows⁶:
|RHB TravelFX fee||Spending (Transaction) Fee||ATM Cash Withdrawal*|
|Supported Currency in Wallet||Free||Free|
|Insufficient Supported Currency Funds (converted from other currency in wallet)||1.8%||1.8%|
|Currency not supported by wallet||2.8%%||2.8%%|
*from VISA Plus ATM; there may be additional charges if other ATMs are used.
While the fees can appear to be quite low on the RHB TravelFX card, one additional charge that can easily be overlooked is the exchange rate offered in the card. RHB uses an exchange rate determined by VISA, and it is usually one that doesn’t match the rates the bank use, also called the mid-market rate.
By setting exchange rates different from the mid-market rate that you see on Google, the companies are able to take a cut every time you top-up your card. And that can start to add up to quite a bit that you don’t have anymore when you travel. This is why it is important to find a travel card partner that is transparent and clear with fees and the exchange rate so that you can explore the world knowing you got the best deal out there.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
Travel is to be enjoyed, so don’t be limited by your travel card company. With the Wise borderless card, you get the freedom to spend, send, and receive money in over 40 currencies. So whether you are vacationing in Costa Rica, working with suppliers in Thailand or talking to your team in Poland, the Transferwise card supports them all- at 7x cheaper than the banks.
This is because Wise gives you the mid-market rate, the same rate you see on Google and uses smart technology to make the fees as low as possible. So pack your bags, Wise has made traveling more cheap, easy and flexible for you with the Wise borderless card.
Sources used for this article:
- Singaporeans Lead Asia Pacific in Travel
- RHB TravelFX card
- Using RHB TravelFX card
- ATM Withdrawals
All sources checked as of 17th October, 2019
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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