The Best E-wallets for Travel Junkies

The Covid-19 global pandemic has restricted many travel plans. Most leisure, business or personal trips have been adjourned until further notice. However, it is now a good time to reevaluate the financial solutions available in the e-wallet market. Fintech players and banks are hard at work to meet the rising demands and standards of globalization, which seeks more convenient and budget-friendly payment solutions. E-wallets are constantly challenged to produce a variety of offerings that will advance the experience of financial transactions. 

If you’re an avid traveller, you’d know that carrying a heavy weighted wallet isn’t ideal. 

A digital wallet offers greater security. Access to users’ credit cards and data is encrypted in most digital wallet systems, then it is further protected through the passcodes or fingerprint identification. While no security system is flawless, the level of security users can obtain with a digital wallet compared to a leather one should give them a considerable peace of mind as they’re travelling from one place to another. 

Recent research has shown that one-third of consumers expect travel providers to present e-wallets as a payment option. If it’s not offered, the majority of the public would rate the travel provider as poor in service. This is why airline providers are rapidly adding digital wallet payment methods to their offerings. Going cashless on the go has been acclaimed as a basic rule of thumb in traveling today. 

Digital wallet fulfills the role of global interoperability which enables high security, convenience and consistency in payments across multiple platforms. E-wallets are the  epitome for the best bang for your buck when it comes to long journeys, as it acts as an all-in-one app. That means no more standing in long queues at the money changer just to get a good rate or paying extra in fees when using a local debit card to pay in a foreign currency. 

GrabPay 

GrabPay is one of the most sought after payment methods for travel enthusiasts as it comes with a user-orientated transaction history to ensure people will not spend beyond their means, and it has the ability to hold/receive/send out differing currencies to ensure people are able to go about their days in foreign lands. 

• GrabPay users can look forward to the upcoming launch of GrabPay card, an easy tap and pay solution that will become available to millions of online/offline Mastercard merchants. It will come with a reliable, transparent and real-time display of conversion rates for FX transactions. It is currently a new scheme that is only available in Singapore but we look forward to making use of it in Malaysia soon. 

• GrabPay users can easily book hotels through the app itself, as Grab is partnered with Agoda and Booking.com, two of the world’s most reliable hotel booking platforms. This allows users to be connected to 2 million hotels worldwide. By making hotel reservations with GrabPay, users can enjoy the lowest prices from partnered hotels and offset their purchases with GrabRewards Points. 

• GrabPay provides PayLater, an instalment plan that allows users to consolidate payments for Grab services such as rides, food and deliveries in a single bill at the end of the month. The monthly bill will be cleared off with one’s GrabPay balance. This helps travellers journey to different areas without much financial worries as they only need to settle payments in a single seating for the month. If they’re worried about over-spending, they can always revisit their transaction history to monitor their spendings. Please note that PayLater is only applicable to certain users in Malaysia for the time being (if you’re an active GrabPay user, you’re more likely to be selected for this feature). 

• GrabPay users can easily top-up  mobile credits through the app itself. This makes it easy for travellers to stay connected to their loved ones while they are on the move as Grab supports several telco services across the nation such as Celcom and Maxis.  

Currencyfair

Travellers who need to actively perform international fund transfers merged with multiple currency changes can benefit from Currencyfair, an e-wallet that seamlessly transfers funds that brings the lowest fees by far. Currencyfair provides an accessible and comprehensive customer support service to aid any mishaps.  

• It provides multi-currency accounts that enable users to send and receive international fund transfers to and from over 150 countries from any device, at any time.

• Users can hold, send and receive 20 currencies and receive same-day transfers on major currencies such as USD and EUR currency. 

• It helps users avoid high rates of international banking fees when users utilise local bank accounts around the world. The usage of Currencyfair transfers are treated as local transfers, which helps users save both time and money. 

• Users can receive email alerts for their desired exchange rates that fit their travel plans. The exchange rates are live and reflect currency market fluctuations throughout the trading day. Users have the option to receive daily, weekly or custom made alerts on the exchange rate they have their eyes on. 

• It comes with a peer-to-peer FX function that allows users to quickly and safely exchange funds with other Currencyfair users at no extra cost. This function helps users find other customers who want to buy the currency they are selling at the rate they've chosen. If users aren’t in a rush to exchange, they can simply set their rate, and wait for a match.

Transferwise 

Transferwise is leading a rising number of global citizens, expats, freelancers and nomads who are seeking alternatives to opening multiple bank accounts at different locations. 

• The app comes with a Transferwise Platinum Debit MasterCard, which is  meant to aid those that are struggling to find transparent and user-friendly sources of funds overseas. It provides cross-currency transactions that are transparent at the lowest possible cost.

• TransferWise covers about 1000+ routes (country combinations) across 49 currencies and users will not be charged with high rates of international transaction fees or outrageous exchange rates. They can send, receive and convert currencies all within the app.

• Users can also be rewarded with £50 (equivalent to RM273.39) in their accounts if they successfully refer TransferWise to 3 people. This is perfect for people traveling in groups. 

E-wallets come with seasonal promotions and deals that are advantageous for people that will be getting on one plane after another once travel bans are removed. Keep yourself updated on all upcoming benefits from a list of e-wallets here.