What do you need to know about multi-currency e-wallets in SG?
25 Nov 2023
Multi-currency mobile wallets are increasingly popular with travellers, mainly due to their convenience and exchange rates which are usually better than those of traditional banks or moneychangers. SP’s diploma in banking and finance course chair, Tan Kiang Khiang, said this applies to the other digital-only companies as well. “They have (a) leaner setup than traditional banks. Hence, their cost of operations is lower,” he said. These companies may also maintain pools of currencies in different countries so that cross-border transactions would not require actual money transfers, where fees and exchange rates would apply, he said. He added that cyber security risks are unavoidable. Even with traditional banks, consumers should pay attention to cyber security and try to avoid storing excess money on the platform. Similar news reported in Berita MediaCorp and 8World.