As the June school holidays approach, Trust Bank is helping travelers save significantly on foreign exchange fees with its 0% fee offering. Over the past year, Trust Bank customers have saved a remarkable S$18 million on foreign currency transactions, highlighting the card’s growing popularity among Singaporean travelers.
Wide-Ranging Destinations and Spending Patterns
In the past 12 months, Trust Bank customers have made over 7 million foreign exchange transactions across more than 160 countries. Malaysia tops the list of destinations, followed by Japan, the UK, the United States, and South Korea. Interestingly, adventurous Singaporeans also ventured to less common destinations such as Nicaragua, Bermuda, Senegal, and the Solomon Islands. The farthest recorded travel was to Ecuador, nearly 19,000 km from Singapore.
Culinary Adventures in Malaysia
Food remains a significant expenditure for Singaporeans traveling to Malaysia. One-third of the total food spend abroad was in Malaysia, with popular items including local favorites like lok lok and claypot chicken rice. Surprisingly, Famous Amos cookies were among the top food purchases, indicating a sweet preference across the border.
Japan: A Favorite for Long-Haul Travel and Luxury Shopping
Japan emerged as the preferred long-haul destination for Trust Bank customers, drawn by seasonal attractions such as cherry blossoms and winter sports. The favorable Yen to Singapore Dollar exchange rate further boosted spending. Uniqlo was a popular shopping destination, with spending in Malaysia’s Uniqlo stores surpassing that in Japan.
Luxury shopping also saw significant activity, with Japan leading in Asia, followed by Hong Kong, Malaysia, and Thailand. France remained the top luxury shopping destination globally, with Chanel, Louis Vuitton, and Hermes accounting for nearly a quarter of the spending.
Cash Withdrawals and Overseas Education
Despite the shift towards digital payments, cash remains essential in some countries. Malaysia, Taiwan, and Thailand saw the highest ATM usage among Trust Bank customers, primarily for street food purchases. Customers saved almost S$500,000 in ATM fees using Trust Bank cards abroad.
Education spending also revealed interesting trends, with one-third of the total education expenditure made in foreign currencies. The United States, Britain, and Australia were the top destinations, with Monash University in Australia being a notable recipient. Professional qualifications like the ACCA and CFA programs also saw significant spending.
Top Tips for Travelers
As Singaporeans prepare for their next adventures, Trust Bank offers three tips to save money:
- Opt to pay in foreign currency for overseas purchases to get favorable exchange rates.
- Secure travel insurance quickly through the Trust App for peace of mind.
- Use Trust Bank cards for ATM withdrawals to avoid extra fees.
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