Anonymous
What are the benefits of using this card for overseas spend? Do we need to convert the currency before spending or will it auto convert?
I'm not sure if I should use Dbs altitude or Revolut for my upcoming trip since altitude card give me miles compare to topping up Revolut which give no miles thou the rates is bad.
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Pang Zhe Liang
22 Dec 2019
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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In most cases, traditional bank credit cards charge a fee for overseas spending. The fee is dependent on the bank and credit card, and this information can be found in the terms and conditions.
For Revolut, there is no transaction fee for overseas spending (up to its limit). Instead, it is a prepaid Mastercard where you top-up the amount you need in local currency (SGD). Then one of the two scenarios happen after you top-up the card:
You exchange the currency that you may need based on today's rate. Thereafter, you spend the money in the future.
When you are at the merchant site, you swipe the card and the conversion takes place at the interbank exchange rate for that day.
Either way, it uses the interbank exchange rate, which in most cases is better than the rates that we see at money changer. Furthermore, it reduces our need to carry huge stacks of cash whenever we go.
I will be doing a real world testing in some of my upcoming trips next year. If you are curious to read how it fares, like my Facebook Page and subscribe to my blog's newsletter to receive a notification when the post is up.
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