Lately, money changers everywhere have been attracting crowds now that more Malaysians are travelling overseas for work and leisure. However, queuing and carrying cash can be quite inconvenient and unsafe. Thankfully, there is another alternative to managing your travel finances: go cashless!
The best cashless option is definitely using e-wallets. Now, there are even e-wallets that allow you to save while you spend! How? Read on to find out the benefits of going cashless while travelling abroad!
1. You no longer need to carry tons of cash which is unsafe
If you only spend with cash when you’re overseas, you can run out of money which would be inconvenient. Plus, some countries in Europe charge a 20% commission fee when you use their local money changers. There’s also the risk of theft or losing your money since you’ll be carrying cash all the time.
By going cashless, you can avoid withdrawing or converting money since everything is available on your phone. It’s also a lot safer since you can deactivate and reactivate your card or e-wallet in case of theft.
2. Convert, spend and track your money easily when you go cashless
Using a cashless option like an e-wallet will allow you to convert, manage and track your spending directly through your phone. This way, you can have a digital trail of your spending so that it can help you to stick to your budget!
Another plus point is you can easily divide and conquer! Certain e-wallets now come with prepaid cards which allow transfers to the same e-wallet users in just a few clicks and you can easily split group bills too. This way, you no longer have to go through the fuss of looking for small change every time you have to pay your travel buddies back.
3. Avoid overspending by getting an e-wallet that pairs with a prepaid card
Nowadays, there are e-wallets that come with prepaid cards which is ideal if you want to limit your spending. You can enjoy full transparency as all transactions will be tracked by the app.
With prepaid cards, you can also avoid the high interest rates that credit cards generally charge for fund advancements (up to 5%!). Plus, some prepaid cards have lower annual fees, with little to no interest charged for overseas spending. Psstt… this is why credit card users are now migrating to using prepaid cards! ?
4. Cashless methods are compatible with multiple currencies
Planning to tour across Europe or visit a few countries in one go? Instead of converting cash into multiple foreign currencies, why not convert them from your e-wallet?
That’s why it’s more convenient to use a multi-currency e-wallet with a larger spending limit. You can travel and spend seamlessly from one country to another using multiple currencies. Plus, certain multi-currency e-wallets will also let you enjoy a better conversion rate if you lock in and purchase foreign currencies in advance for later usage. More on this later! ?
5. Avoid foreign currency wastage in coins and smaller notes
It’s almost impossible to not end up with foreign coins whenever you’re overseas (and paying with cash). The problem with coins is that local money changers won’t accept them so you’ll end up with wastage!
However, this is something you don’t have to worry about with cashless options, especially with a multi-currency e-wallet, as you can convert any amount back to MYR at any time! Easy peasy!
6. Withdraw cash from Visa ATMs via your multi-currency e-wallet
Planning to visit a store or restaurant that only accepts cash? With a multi-currency e-wallet that comes with a prepaid card, there’s a special feature that allows you to withdraw cash from local ATMs too. This will definitely be useful in case you need emergency cash but don’t want to carry wads of cash around.
Doesn’t it sound like going cashless is the better way to travel abroad? If you’d like to experience this level of convenience the next time you go on vacation, we’d recommend checking out a multi-currency e-wallet, like Merchantrade Money, for a fuss-free travel experience!
Merchantrade Money is a multi-currency eWallet which comes with a Visa prepaid card that lets you purchase and spend with up to 20 foreign currencies all through your phone or card!
The award-winning Merchantrade Money not only lets you spend conveniently while abroad, but you also have complete control over the rates you want to convert so it can help you save money! Read on and we’ll tell you!
Here’s everything that you will love about Merchantrade Money:
From the compatibility to the locked-in rates, here are some of the multi-currency eWallet’s best features:
- It’s a digital money-changer in your pocket – A homegrown, multi-currency eWallet with a money-changing feature (licensed).
- Locked-in exchange rates for 20 foreign currencies*: It’s the only eWallet in the market that allows you to get the best competitive rates by purchasing foreign currencies ahead of time at your preferred rates and keeping them in the wallet for later usage. For instance, imagine you purchased USD 2,000 back in April and kept it in your eWallet. Based on the rates now, the conversion has saved you hundreds of Ringgit!
- Smart multi-currency eWallet: The payment currency is detected based on your location. For instance, if you’re in Japan, your eWallet auto-detects that you’ll be spending in Japanese Yen. No presets or further instructions needed!
- Largest combined eWallet capacity of RM50,000: With a RM20,000 eWallet limit and the option to open a Hybrid Current Account-i (HCA-i) with AmBank Islamic with an additional RM30,000 wallet limit (making a combined limit of up to RM50,000), you can easily transfer funds from your eWallet and vice versa! This also saves you from loading your eWallet multiple times.
- Fast card-to-card transfer: The fastest way to transfer funds is definitely from one Merchantrade Money eWallet to another, no matter where you are. Need to transfer immediate funds from KL to your loved ones in the UK? Now you can!
- Accepted worldwide: Travel and make payments seamlessly from one country to another. Whether you’re a student or travelling overseas, you can make payments seamlessly for train rides, food outlets and more via Visa payWave or PIN.
- Heightened card security: Easily manage the card’s settings via the app where you can block the card (in case of theft), change PIN or enable and disable the card usage (for payWave, overseas usage, ATM withdrawals, etc.).
- Easy conversion: No more wastage! Convert whatever balance currency you have back to Ringgit Malaysia (MYR) with the simple push of a button.
- Linking to local apps: Travel and eat like a true local by linking Merchantrade Money to local e-hailing or food delivery apps! Not familiar with foreign public transport? Just order an e-hailing ride and pay using Merchantrade Money for a smoother process with no extra charges.
- Withdraw money overseas: If you’re ever in need of cash when you’re abroad, it’s convenient to withdraw funds from local ATMs using the prepaid Visa card.
- Best competitive rates alert: Set rate alerts for any currency so you can buy and sell foreign currencies at your preferred exchange rates.
*Applicable to MYR, USD, SGD, GBP, AUD, IDR, EUR, THB, YEN, SAR, CNY, TWD, HKD, KRW, INR, PHP, CAD, NZD, AED, CHF, VND.
Another thing that we love about Merchantrade Money is that it can give you peace of mind as you’re able to really enjoy your trip without worry. This is especially important for trips like performing your Umrah! With this eWallet and Visa prepaid card, it will be easier for you to focus on your pilgrimage instead of having to worry about all the cash you have in hand. It is also very secure as it is not linked to your bank cards or accounts so you won’t have to worry in case of theft!
Cool! How can I start using Merchantrade Money for my next holiday?
Good news! It’s super easy to set up your Merchantrade Money account! Here’s how:
- Download the app via App Store or Google Play.
- Register your account (You would need to take a picture of your IC or passport, take a selfie of yourself, fill in your personal details and submit it for verification).
- Top up a minimum of RM100 into the eWallet during registration (RM10 for card issuance, RM20 for refundable deposit, RM10 for annual fee and RM60 for the balance in your card to spend). That’s it!
You can visit the nearest Merchantrade branch to get your card issued instantly too. It’s great for last-minute travellers (this is the only multi-currency e-wallet that can issue a card immediately via its branches!). If you’re not in a hurry, sit back and choose to have your card delivered to you in 7 working days.
Got any travel plans coming up? Your timing’s perfect because…
Merchantrade Money will be at the MITM Travel Fair this 28th to 30th July at the Mid Valley Exhibition Centre!
Visit them at Booths C002-C006 (Hall 3) to get RM50 eWallet cashback, play games for free gifts, exchange physical currencies at live competitive rates and check out Merchantrade Money’s Multi-Currency eWallet for that whole new level of convenience!
Don’t just take our word for it! Visit Merchantrade Money’s website here to discover how easy it is for everyday use. You can also follow them on Instagram and Facebook for updates!
