Given how most Amaze discussions tend to focus on its ability to earn credit card miles with lower fees than the banks, it’s easy to forget that it’s also a multi-currency wallet.ย
Funds in your Amaze Wallet can be withdrawn at overseas ATMs, providing convenient access to cash in countries that still require it. However, with a 2% withdrawal fee, most people would be better off using alternatives like Revolut, YouTrip or Trust.
Well, Amaze has now launched a promotion that waives its usual withdrawal fee, which will be helpful not just for those who need cash during their holiday, but those withย funds stuck in their wallet from InstaPoints redemptions or transaction refunds.
Amaze offering free ATM withdrawals for rest of 2024
From 1 October to 31 December 2024, Amaze will be waiving its regular 2% ATM withdrawal fee.
While there is no limit on the maximum funds that can be withdrawn free of charge, there is a S$1,000 (foreign currency equivalent) daily cap. Also, ATM withdrawals will count towards the S$30,000 annual transaction limit for the Amaze Wallet (unlike Revolut and YouTrip, Amaze has yet to increase its annual allowances to S$100,000).
Withdrawals can be made from any ATM that displays the Mastercard, Mastero or Cirrus logo, or that accepts Mastercard bank cards. Keep in mind thatย certain ATMs may charge a fee for withdrawals, so do your homework first.ย
To withdraw cash from an overseas ATM, make sure you do the following:
- Select Amaze Wallet as the payment source on the app
- Enable overseas transactions and overseas ATM withdrawal on the app
You can then use your 6-digit Amaze PIN to make a withdrawal.ย
Use this to cash out “stuck” funds
If you’ve ever made an InstaPoints redemption, or received a refund to your Amaze Wallet (which can happen when the Wallet is selected as the funding source at the time a transaction initially made with a linked card is refunded), you’ll know that those funds are basically stuck.
I mean, you could withdraw them by topping up a GrabPay account and transferring the balance to a bank account, but Amaze has a 1% fee for such transactions, so it’s not entirely frictionless.
This fee-free ATM withdrawal promotion offers another alternative to withdraw those funds overseas and then spend the cash, or bring it home to convert- though needless to say you might end up paying more 1% because of the moneychanger spreads.
What are the alternatives?
If you’re looking to make ATM withdrawals overseas, the following options are also available:
- Revolut: S$350 or five withdrawals per month, after which 2% fee applies
- Trust: Unlimited fee-free withdrawals (do remember to toggle it to debit card mode; you want to make a withdrawal from your Trust Savings Account, not a cash advance from Visa!)
- Wise: S$350 or two withdrawals per month, after which S$1.50 per withdrawal and/or 1.75% of any amount over S$350
- YouTrip: S$400 per month, after which 2% fee applies
There’s also the option of using ChangiFX and picking up your cash before you fly, but fair warning: I haven’t used it in a while and don’t know if their rates are still competitive.ย ย
Conclusion
From now till 31 December 2024, Amaze is offering fee-free withdrawals at all overseas ATMs, waiving the usual 2% fee.
Given that this is only a limited-time promotion, I wouldn’t encourage you to put moreย funds into your Amaze Wallet (in case you can’t cash it all out by the end of the year), but if you already have funds stuck inside, this would be a free way of getting them out.
Otherwise, Trust offers a better year-round option for getting cash while overseas, and it’s the one I’d rather default to.
They are going to have to do way better than that to want people to continue to use their card after the DBS and UOB nurfs.
Anyone know of any resource which lists ATM fees in each country for each of these travel cards? It seems every ATM I try has additional fees. Sometimes a couple of bucks, sometimes a ridiculous 4-5%. Prefer not to have to traipse around looking for the lowest fee.
I use the crypto.com card overseas and apart from the 1% topup fee from credit cards, it seems to enjoy competitive exchange rates.
I was wondering who still needs cash overseas but the last picture made it clear. Thanks for the POS!
A number of countries seem to have issues accepting 6-digit pins for ATMs. A material difference between trust/amaze and youtrip/revolut
Small typo, itโs Maestro, not Mastero.
I have not tried many countries but so far haven’t found an overseas Bank ATM without fees although Wise or YouTrip & now Amaze may not charge fees. Latest was Sept 2024 in Perth. 2.4% was the ATM fees. I cancelled withdrawal.
Most ATMs in Indonesia do not have withdrawal fees. The only country I know which all ATMs have withdrawal fees is Thailand.
I think ANZ has the lowest ATM fees for this card. It is a flat AUD$2.00 so if you withdraw $400 it’s only 0.5% – several years ago NAB had no fee but last time I tried it was about 2.5%.
lol at the last photo, the unfortunate gentleman probably owed $ after done the deed.
Hi Aaron, can I seek your advice pls, or if anyone who knows can chip in too. I booked a room using Amaze tied to UOB card. Didn’t know the charges was immediately deducted though I should only pay upon check-out. I then read about it about using debit card… I’ve made changes to my plan and would now want to cancel the reservation. If I change to a different card tie to Amaze, say Citibank Miles, Rewards cards, or another UOB card, how would it work? Would they deduct the miles or reward points? The room charges are about… Read more »