FXChange to Issue Multi-Currency Visa Card
FXChange, Singapore’s largest self-service currency exchange network with 100 FXC kiosks serving over 600,000 customers annually, has integrated Wirecard’s digital platform.
FXChange and Wirecard will be launching over the next few months multi-currency Visa cards and a corresponding app which lets travellers combine payment with the possibility to earn and redeem points at hotels, F&B outlets and other amenities. Wirecard will issue and manage the payment solution via its digital platform.
Travellers will be able to exchange and load currencies at self-service kiosks, to paying fully digitally at any of the 61 million Visa merchant locations worldwide. Travellers can travel with carrying cash or avoid dealing with fluctuating exchange rates. Up to 12 foreign currencies can be loaded in the card using Singapore dollars to exchange. Sign up for the card at any of the FXC kiosks and choose from multiple payment methods. Withdraw foreign currencies by scanning a QR code or deposit leftover currencies into the app via the self-service kiosk. A bank account will not be required to obtain the card. There is also no sign-up or annual fee.
FXChange is a Singapore-based financial technology company and is licensed and governed under the Money-Changing and Remittance Businesses Act. It has presence over 100 tourism hotspots in Singapore including Jewel Changi Airport, 7-Eleven outlets and hotels under IHG, Accor and Shangri-La Group. FXChange has plans to introduce their self-service forex kiosks to Malaysia, Indonesia and Thailand by the second quarter of 2020.
Brotzeit Restaurants in Singapore Offer Wirecard Dynamic Currency Conversion for foreigners to pay in home currency
Franchised German concept casual dining restaurant, Brotzeit in Singapore has collaborated with Wirecard to allow foreigners dining at any of its five outlets to pay in their home currency instead of in Singapore Dollars.
Brotzeit has an average of 21% for foreign credit card transactions per month.
Dynamic Currency Conversion is not new in Singapore. Wirecard also offers this solution to other merchants but Brotzeit is one of the few restaurants that is offering this solution.
Wirecard has responded to our query whether it is better to pay in the currency of the cardholder’s country currency or to pay in the currency of the country visited. Their response was that there are no foreign exchange rate surprises for cardholders who pay in their home country currency when they receive their statements as the transaction amount has already been converted and reflected in their home currency upon payment.
