Multi Currency Wallets: A Comparison and Recommendation

If you travel frequently or do business with different countries, you might have encountered the hassle of dealing with multiple currencies and exchange rates. You might have also wondered if there is a better way to manage your money across borders without paying high fees or losing value due to currency fluctuations. This is where multi currency wallets come in handy.

A multi currency wallet is a digital wallet that stores multiple currencies simultaneously. This type of wallet allows you to hold, exchange and spend different fiat currencies - making it easier to manage your funds and payments/transactions from one convenient dashboard.
 

There are many multi currency wallets available on the market, each with its own features, benefits and drawbacks. In this article, we will compare some of the popular ones, such as Revolut, Youtrip, TransferWise and N26, and give you a recommendation for the best one to use overseas. We will also remind you why it is still important to carry some spare cash on hand just in case you visit places that do not support online payment methods.
 

Revolut

Revolut is a UK-based fintech company that offers a multi currency wallet app and a prepaid debit card that can be used worldwide. Revolut allows you to hold, exchange and transfer 30+ currencies at the interbank rate (the rate banks use to trade with each other) with no hidden fees. You can also access other financial services such as budgeting tools, analytics, savings vaults, insurance and rewards within the app.
 

Some of the pros of Revolut are:

• It has a user-friendly interface and a variety of features that can enhance your travel experience.
• It supports contactless payments, Apple Pay, Google Pay and Samsung Pay.
• It offers free ATM withdrawals up to a certain limit per month (depending on your plan).
• It has a 24/7 customer support chat.
   

Some of the cons of Revolut are:

• It is available in 35 countries, mainly within the European Economic Area (EEA), as well as in selected global locations like Australia, Singapore, Japan, and the United States among others.
• It charges a 0.5% fee for currency conversions on weekends or above a certain threshold per month (depending on your plan).
• It has some negative reviews regarding account freezes, verification issues and customer service delays.
   

Youtrip

Youtrip is a Singapore-based fintech company that offers a multi currency wallet app and a prepaid Mastercard that can be used worldwide. Youtrip allows you to hold, exchange and spend 150+ currencies at wholesale exchange rates with no fees. You can also lock in competitive rates for 10 popular currencies in advance.
 

Some of the pros of Youtrip are:

• It has a simple and intuitive interface and a few features such as transaction history, currency converter and card security settings.
• It supports contactless payments and Samsung Pay.
• It offers free ATM withdrawals up to S$350 per month.
• It has a 24/7 customer support hotline.
   

Some of the cons of Youtrip are:

• It is only available in Singapore and Thailand (although they are planning to expand soon).
• It does not support other financial services such as savings, insurance or rewards.
• It has some negative reviews regarding card declines, app glitches and customer service quality.
   

TransferWise

TransferWise is a UK-based fintech company that offers a multi currency wallet app and a debit card that can be used worldwide. TransferWise allows you to hold, exchange and transfer 50+ currencies at the real exchange rate (the rate you see on Google) with low and transparent fees. You can also send money to over 80 countries with fast and secure transfers.
 

Some of the pros of TransferWise are:

• It has a transparent and fair pricing model that shows you the exact fees and rates before every transaction.
• It supports contactless payments, Apple Pay and Google Pay.
• It offers free ATM withdrawals up to £200 per month.
• It has a 24/7 customer support phone and chat.
   

Some of the cons of TransferWise are:

• It does not support some currencies such as MYR, PHP, THB and VND (although they are working on adding more).
• It does not offer other financial services such as savings, insurance or rewards.
• It has some negative reviews regarding verification delays, transfer errors and customer service quality.
   

N26

N26 is a Germany-based fintech company that offers a multi currency wallet app and a debit card that can be used worldwide. N26 allows you to hold, exchange and spend 19 currencies at the Mastercard rate (the rate Mastercard uses to process transactions) with no fees. You can also access other financial services such as savings, investments, loans, insurance and perks within the app.
 

Some of the pros of N26 are:

• It has a sleek and modern interface and a variety of features that can improve your financial well-being.
• It supports contactless payments, Apple Pay and Google Pay.
• It offers free ATM withdrawals in euros and a fixed fee for other currencies.
• It has a 24/7 customer support chat.
   

Some of the cons of N26 are:

• It is available in 25 countries, mainly within the European Union (EU), as well as in selected global locations like the US, Brazil, Mexico and India.
• It charges a 1.7% fee for currency conversions at ATMs or in shops.
• It has some negative reviews regarding account closures, card delivery and customer service quality.
   

Recommendation

Based on the comparison above, we recommend Youtrip as the best multi currency wallet to use overseas. Youtrip offers a balance between convenience, functionality and affordability. It allows you to hold, exchange and spend multiple currencies at wholesale rates with no fees. It also allows you to lock in competitive rates for popular currencies in advance. Youtrip is widely available in Asia and has a reliable customer support system.
 

However, if you are looking for a wallet that offers more financial services or supports more currencies, we recommend Revolut or TransferWise. Revolut offers a range of features such as budgeting tools, analytics, savings vaults, insurance and rewards that can enhance your travel experience. TransferWise offers a transparent and fair pricing model that shows you the exact fees and rates before every transaction. Both Revolut and TransferWise support contactless payments and have 24/7 customer support.
 

Caveat

While multi currency wallets can make your life easier when travelling or doing business overseas, they are not perfect solutions for every situation. There might be times when you need to use cash or other payment methods that are not supported by your wallet. For example, some places might not accept cards or online payments due to technical issues, security concerns or local preferences. Therefore, it is still important to carry some spare cash on hand just in case you visit places that do not support online payment methods. You can use your multi currency wallet to withdraw cash from ATMs at reasonable rates or exchange cash at local bureaus if needed.
 

Conclusion

Multi currency wallets are digital wallets that store multiple currencies simultaneously. They can help you save money, time and hassle when travelling or doing business overseas. However, they are not flawless and you might still need some cash on hand for emergencies or contingencies. We recommend Youtrip as the best multi currency wallet to use overseas, but you can also choose Revolut or TransferWise if you prefer more features or currencies. We hope this article has helped you understand more about multi currency wallets and how to choose the best one for your needs.