Trust Bank’s 0% FX Fees Result in Over S$18 Million in Customer Savings

Trust Bank’s 0% FX Fees Result in Over S$18 Million in Customer Savings

by May 20, 2024

Singapore’s digital bank Trust shared that its customers have saved over S$18 million on foreign currency transactions in the past year, thanks to the bank’s 0% foreign exchange fee policy.

The data revealed that Trust Bank cards were used more than 7 million times for foreign transactions during this period.

Additionally, Trust Bank customers saved S$500,000 on overseas ATM withdrawal fees.

Countries with the highest ATM usage were Malaysia, Taiwan, and Thailand, reflecting the continued importance of cash for street food and other local transactions.

Trust Bank’s travel report for 2024 also highlights that its customers traveled to over 160 countries, with Malaysia topping the list, followed by Japan, the UK, the United States, and South Korea.

Notably, adventurous travelers reached destinations as far-flung as Nicaragua, Bermuda, Senegal, and the Solomon Islands.

Food emerged as a major spending category, particularly in Malaysia, where it accounted for one-third of global food spend outside Singapore.

Japan was a favorite long-haul destination for its seasonal attractions and favorable exchange rate. Uniqlo was a popular shopping choice, with spending at the brand’s outlets in Malaysia doubling that in Japan.

Luxury shopping also saw significant activity, with France leading as the top destination for high-end purchases.

In Asia, Japan was the primary choice for luxury shopping, followed by Hong Kong, Malaysia, and Thailand.

One-third of the total education spend on Trust cards was in foreign currencies, with the United States, Britain, and Australia being the top countries.

Monash University in Australia had the highest spending on university fees, while professional qualifications like the ACCA and CFA programmes were also significant spend categories.

 

Featured image credit: Edited from Freepik