When Shana Singh, owner of a communications and content company, was in London for vacation last December, her family was targeted by a gang of robbers. Both the 35-year-old and her mother's wallets were snatched from their bags, and they ended up losing about £8,000 ($13,000) in cash.
Prior to that incident, Shana had assumed that you could only get the best exchange rates at “old-school” foreign exchanges. But ever since the robbery, she has changed the way she travelled: No more cash, only cards. Fortunately, she no longer has to deal with high exchange rates and hefty transaction fees with the recent surge of digital multi-currency accounts from fintech companies and online specialists. “I feel that digital payments are less conspicuous, and will probably draw less attention compared to carrying actual cash,” says Shana.
WHAT IS A MULTI- CURRENCY ACCOUNT?
A multi-currency account allows you to hold and exchange a wide range of currencies, and also comes with features that include a linked debit card, as well as international remittance.
Traditional multi-currency accounts offered by commercial banks in Singapore, such as DBS, UOB and OCBC, function similarly to regular savings accounts, with the added perk that you would get to save, invest, and transact in multiple currencies.
Compared to traditional banks, digital multi-currency accounts, such as Youtrip, Revolut and Wise, have similar features, but with no foreign transaction (FX) fees, better exchange rates, and a larger range of available currencies.
Bu hikaye Her World Singapore dergisinin April 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Her World Singapore dergisinin April 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Looking Ahead
Here are three national policies that are making an impact on our lives.
How Did Some Of The World's Iconic Chronographs Become So Famous?
Karishma Tulsidas answers.
What Are Some Fun And Interesting Ways To Wear A Leather Jacket?
Lena Kamarudin answers.
Is My Adult Acne Caused By Hormonal Changes?
Quinn Chen answers.
Is It Ever A Good Idea To Engage In Online Discourse?
Sarah Bagharib answers.
Breaking Down The Benefits Of Hyaluronic Acid
Here's why this popular skincare ingredient is a potent fix for dehydrated complexions.
Heritage in a Bottle
Crafted by Swiss perfumer Christine Nagel, Barenia is the first chypre fragrance from Hermes, a seductive scent that is a dance between the delicate butterfly lily and the vibrant burst of miracle berry.
BEST IN CLASS
MOVING AWAY FROM INTRODUCING ENTIRELY NEW PRODUCTS, BRANDS SUCH AS SHISEIDO, CLE DE PEAU BEAUTE AND SULWHASOO HAVE CHOSEN TO GO BACK TO THE DRAWING BOARD TO ELEVATE TRIED-AND-TRUE FORMULAS. THESE ICONIC CLASSICS ARE MORE EFFICACIOUS AND LUXURIOUS THAN BEFORE.
Sneak Peek
We've got our sights set on these new must-haves that promise to breathe new life into tired-looking eyes.
ACTS OF SERVICE
Beauty brands are enticing customers with a range of in-store treatments and services that offer expert tips, demonstrations and pampering.