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Hui Wai Kit

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Hui Wai Kit

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  • Answers (24)
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  • Reviews (7)

Multi Currency Cards

Credit Cards

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 24 Feb 2020
Within the past few months we saw the launch of quite a number of MCCs in Singapore - Revolut, Transferwise etc, which could have led to its recent popularity. This probably made such products more visible, and more people were now aware that they could be saving money they never thought they could while overseas/buying things online in FCY. In terms of visibility i believe these MCCs have made their mark here in recent months. As to the comparison to rewards, i guess the cards would appeal more to users who dont regularly chase miles or etc and even then, perhaps paying mid market rates could save you more money than a 1 or 2% cashback. Last thing is just conveninence and transparency i guess? I use revolut and with the app i always know how much i'm paying at the point of purchase but i wouldnt know the exact rates other cards charge me when purchasing in FCY.
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Investments

Robo-Advisors

Savings

Syfe

Promo Codes

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 22 Feb 2020
Here's my Syfe referral code: SRPTW8B5G If anyone's deciding you can take a look at what others have to say here: https://seedly.sg/reviews/robo-advisors/syfe
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Investments

Syfe

Robo-Advisors

StashAway

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Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 21 Feb 2020
I use both and I can say that little separates the two for me? I went with the highest risk possible on both portfolios and my stashaway one is very barely performing better than the syfe one. It's still a little early for me to make a complete judgement on returns though. Ultimately, with robos i dont think its as important to have a specific "primary" one you use. Outside the two mentioned, I've helped my parents invest some of their SRS money in endowus and that has been outperforming my two portfolios with Syfe and Stashaway. So, it doesn't hurt to have money in more than 1 robo as long as the offerings & interface (i realised this is surprisingly important) appeals to you? If you do put money in multiple robos, you can monitor the returns and only top up the portfolio which appeals to you the most. Back to the 2 in discussion, Syfe recently launched their android app and the IOS one is following soon so again the (non-returns based) gap with stashaway is closing. The former also recently launched a REITS product, so if you're interested in trying that out, it could be a pull factor as well. All the best!
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Multi Currency Cards

Promo Codes

InstaReM

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 20 Feb 2020
Here's mine: https://www.instarem.com/invite/sUERov We'll both get instapoints upon referral
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Investments

StashAway

Robo-Advisors

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 19 Feb 2020
The perks of using a robo-advisor is that you dont have to actively monitor your investments and still get a respectable return. You can literally set and forget if you so wish. Just make sure to choose a portfolio that suits your risk appetite if you do not intend to monitor it closely. Robo-advisors also give you easy access to global ETFs which you may not be able to purchase on your own in small units. On top of that they manage and rebalance for you for a small fee. It's a good place to start investing, but if you're talking about learning how to invest, it may not teach you as much since you're only leaving money in without really handling it yourself. You probably want to read up yourself, or attend a course. If you are interested, perhaps you can find one here: https://seedly.sg/reviews/investment-courses Ultimately, even in the robo-advisor space, Stashaway isn't the only option, though their app does make things very easy for you. I'd do my research on which robo suits me best based on their offerings/fees before committing. Or you can even try multiple at once! You can read up more here before deciding: https://seedly.sg/reviews/robo-advisors
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Investments

DBS digiPortfolio

StashAway

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 14 Feb 2020
I believe the latter is the more popular choice and most people have had a positive experience. The latter's app is really easy to use and understand and also track your portfolio, so if these factors appeal to you i would say StashAway comes out strong. The app also provides access to content pieces and a efficient support channel through whatsapp. I haven't used digiportfolio but my choice here would still be StashAway between the two. Nevertheless there are more than these 2 robos in the market so I'd try understand better which robo offers me what and which suits me best before committing. You can also find out more about what others are feeling here: https://seedly.sg/reviews/robo-advisors
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Savings Accounts

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 14 Feb 2020
You can check out one of the remittance services here:https://seedly.sg/reviews/remittance They'll allow you to remit(send) money at or if not very close to the mid-market rate (essentially the rate you get when you google online)
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InstaReM AMAZE Card

Multi Currency Cards

TransferWise

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 14 Feb 2020
The former isn't released yet so as of now you'll only be able to use Transferwise's. That being said, InstaReM's AMAZE sounds very promising though, considering you can link up to 10 cards to it, even your transferwise card if i understood correctly (let that sink in now..) But ultimately, the card isn't released yet so we'll see when it does. Meanwhile there are other MCC's that are worth taking a look at as well! I personally use Revolut and really like how easy it is to find and use everything. You can find second and third opinions here: https://seedly.sg/reviews/multi-currency-cards
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Cryptocurrency

Robo-Advisors

MCO Visa Card

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 14 Feb 2020
I believe this is present in crypto invest within crypto.com's app? Here you can deposit a fixed amount of money (in the form of BTC or MCO iirc) and set a risk profile for your portfolio. There the auto invest feature will split the base currency into different coins as per the risk profile set, a more conservative portfolio should see higher weightages in more stable coins. They then take a 9% cut off your profits so no charge if you dont earn.
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Investments

StashAway

Robo-Advisors

Stocks Discussion

Hui Wai Kit
Hui Wai Kit
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Top Contributor (Feb)

Level 6. Master
Answered on 14 Feb 2020
The risk involved depends on your risk appetite. You can adjust the risk you want to take on a specific portfolio. For StashAway, on a more conservative portfolio you can have a minimum of 6.5% downside risk and on a more aggressive portfolio you can have up to 36% downside risk based on personal experience. Ultimately the algo helps you re-adjust your portfolios as well so its really a hands-off experience. The only level of experience i think one might need is the basic understanding of how robo-advisors work and the basics behind ETFs, so that you won't panic when there are short term losses/fluctuations in your portfolio. In terms of "safe" i believe most if not all robos have separate custodian accounts where customers' funds are stored, so not much of a risk there. You can explore what others have to say about the different robo-advisors here: https://seedly.sg/reviews/robo-advisors If you're interested in knowing more, i would recommend this as well: https://seedly.sg/questions/topic/seedlytv-ep04 but some things may have changed since this session last year.
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