Singapore Digital Bank Trust shared that its customers have saved more than S$18 million on foreign currency transactions in the past year, thanks to the bank’s 0% exchange fee policy.
Data revealed that Trust Bank cards were used for more than 7 million overseas transactions during this period.
moreover, trust bank Customer saved S$500,000 in overseas ATM withdrawal fees.
The 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 2024 Travel Report It also highlights that its customers travel to over 160 countries, with Malaysia topping the list, followed by Japan, the UK, the US and South Korea.
In particular, adventurous travelers have reached far-flung destinations such as Nicaragua, Bermuda, Senegal, and the Solomon Islands.
Food emerged as a major spending category, with Malaysia in particular accounting for one-third of global food spending outside Singapore.
Japan has long been a popular destination for long-haul flights due to its seasonal attractions and favorable exchange rates. Uniqlo is a popular shopping choice, with people spending twice as much at the brand’s outlets in Malaysia as in Japan.
Luxury shopping is also active, with France being the top destination for purchasing luxury goods.
In Asia, Japan was the main choice for luxury shopping, followed by Hong Kong, Malaysia and Thailand.
A third of total education spending on Trustcards is in foreign currency, with the US, UK and Australia leading the way.
Monash University in Australia had the highest spend on university fees, but professional qualifications such as ACCA and CFA programs were also important spending categories.
Featured image credit: Edited from freepic
