Brands: Merchantrade Asia

Exchange Money Before A Holiday? Please. I Took The Money Changer With Me.

• Merchantrade Money is an e-wallet that has several uses, including foreign currency exchange.
• We reviewed it after using it overseas for a few days.

A week ago, my colleagues and I went over to Bali for a couple of days for our annual company retreat. As usual, the last few days prior to leaving were spent frantically running last-minute errands and preparing for our trip.

Having worked with Merchantrade Asia on one of our articles previously, I decided to bring along my Merchantrade Money card and see how it held up in a real-world travel setting.

Did it live up to the promise it held in actual use? Here is a quick review of how things went.

Starting Out

With Merchantrade Money being a multi-currency wallet, an easy way to describe the e-wallet is having a mobile money changer sitting in your pocket. Once I transferred in an adequate amount of MYR into the app, I checked into the app each day to keep an eye on the currency exchange rates.

Pro Tip: Make sure you stay updated on the currency exchange rates before you travel, and wait for the best possible rate before you buy foreign currency.

I finally bought my Indonesian Rupiah a day before the flight, and proceeded to head to Indonesia with less cash than usual. In the spirit of going (almost) cashless, I only brought whatever Rupiah I had lying around the house from previous trips.

As with most millennials, the first thing we did upon touching down was to buy individual sim cards for internet access.

Merchantrade Money works in a slightly different way than normal e-wallets, with a Visa card as the primary mode of payment.

Using the Merchantrade Money Visa card to top up my Indonesian sim card proved to be a smooth experience—no different than using a regular credit or debit card.

Waving Away My Money

While not all vendors in our area were equipped with credit card terminals, I did enjoy the fact that my Merchantrade Money card did come with VISA PayWave. Instead of having to hastily cover my hand over the terminal every time I entered my pin, I simply waved the card to pay for my transactions.

As mentioned by a Merchantrade representative, no transaction fees are charged while using the Visa card overseas (when you purchase currencies via the app)—something that often stops me from using credit cards overseas.

Instead, I usually resort to walking around with a large amount of cash in my pocket, constantly looking over my shoulder and patting my pocket regularly.

Once my card balance ran out, I topped up my card using the Merchantrade Money app via FPX, before proceeding to buy more Indonesian Rupiah. Most Malaysian banks are listed as options to top up, but there is a notable absence of other payment options such as credit cards or even PayPal.

FYI: FPX, short for Financial Process Exchange, is a payment gateway for real-time online payments made from current/savings accounts.

If you’re in a situation where you can’t buy any foreign currency (lack of internet, etc), you can still use your Merchantrade Money card. However, do note that there will be a 1% transaction fee subject to Visa’s exchange rates.

Whilst we were walking around the island, there were quite a few situations where the only form of payment was cash.

A workaround: you can still withdraw money from your Merchantrade Money card overseas using a Visa Plus ATM machine, with a charge of RM10 per transaction. (Some banks do impose a surcharge on top of the transaction amount. Do check with local banks at the foreign country you are visiting to be safe.)

App + Card Integration

In this day and age, a service or product is only as good as as the digital platform on which it is based. In other words, the success and usability of Merchantrade Money’s service is very much dependant upon the Merchantrade Money app.

There is a variety of settings you can twiddle with on the app, with the ability to block your card instantly also a major plus point for me. If you’re a stickler for privacy, you can also regularly change the pin number for your Visa card here as well.

You can also choose to disable options such as Visa PayWave and ATM withdrawals among others, while keeping track of your transactions via the transaction history tab. (something useful for those of us who struggle to keep track of their spending while on vacation)

Verdict

When it comes to e-wallets or even cashless payment options in general, it’s often difficult to make a distinction between the offerings in such a heavily saturated market. Most e-wallets have the same purpose; to negate the need to carry around cash in your wallets.

As Merchantrade Money works as a multi-currency wallet that further differentiates itself by using Visa as the primary payment option, my verdict is based on the experience I had while using it on holiday in Bali.

While there are certain things that I would like to have as part of the app such as different options to top up the e-wallet, the overall user experience for me was one of convenience.

In the past, I’ve mainly bought foreign currency via conventional money changer stores—something that is so time-consuming that I usually just buy the currency without bothering too much about the rate.

For travellers, especially during the holiday season that is upon us, Merchantrade Money offers a way to monitor currency rates and to lock your exchange in when the time (cough, price) is right. As an extra sweetener, there’s also 2% cashback on foreign currency purchases.

We’ve also been told by Merchantrade Asia that 10 additional currencies including Korean Won, Indian Rupees and Hong Kong Dollars have been launched for Merchantrade Money.

• You can download the Merchantrade Money app on the Google Play Store for Android devices and the App Store for iOS devices.
• For more information on Merchantrade Asia, visit them here.

This article is written in collaboration with Merchantrade Asia.

VP Verdict is a series where we personally try and test out products, services, fads, and apps. Want to suggest something else for us to try? Leave a comment here or send the suggestion into our Facebook page.

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5 Smart Ways To Use This Money Changer App, Besides Skipping The Long Mall Queue

• Merchantrade is a company that specialises in foreign currencies and digital payments.
• They released a new mobile e-wallet, Merchantrade Money, that has quite a few uses to it.

Ever tried exchanging currency in mid-December? You’ll be there awhile.

Thankfully, the emergence of technology and the growth of the digital sector and e-payment apps have paved the way toward modern convenience.

For Merchantrade Asia, their digitisation has relieved many of us who regularly exchange foreign currency.

But there are actually a number of really useful features on their app known as Merchantrade Money, aside from currency exchange or remittance.

As an e-wallet that has a variety of features that would be useful to regular, intermittent, or even hopeful travellers, here’s a quick rundown:

1. It’s A Multi-Currency Wallet

Instead of just exchanging a single currency, Merchantrade Money allows for multiple currencies to be stored in their e-wallet—up to 10 currencies along with Ringgit Malaysia. (According to a representative from Merchantrade Asia, there are currently plans to double this number by the end of 2018).

Usually, travellers have two options when it comes to overseas purchases. You can either buy a bulk of foreign currency at a local money changer, or you can elect to use a standard payment card options overseas (something that’s usually quite costly due to mark ups on exchange rates and service fees).

A third option now exists, where you can opt to buy foreign currencies to store in an e-wallet like Merchantrade Money—with the rates locked in from the start and no transaction fees. (They currently have a 2% cashback promo on all foreign currency payments from 20 October 2018 to 20 January 2019).

2. You Can Use It Just Like A Regular Visa Card

The prepaid card is a regular Visa card.

Instead of having to worry about looking for that magical QR code on the counter to see if the shop you’re at accepts your form of e-wallet payment, just ask if they accept Visa.

The workaround which Merchantrade Money offers: since you’ve bought foreign currency (at a decent rate) on the app, there won’t be any transaction fees when using the Merchantrade Money Visa card overseas.

If you haven’t purchased any foreign currency prior to your trip (yes, we’ve all been there), you can still use the card. You’ll just have to pay a 1% transaction fee, subject to Visa’s exchange rates.

In the event that you’re in a place that only takes cash, pop the card into any Visa Plus ATM machine, and you’ll be able to pull cash out—subject to a RM10 international transaction fee.
(Do note that the ATM operator in that country might charge an additional fee to complete the transaction).

3. You Can Track Your Expenses On The Go

Merchantrade Money actually functions as a prepaid card, with a mobile app attached to it.

The app has a handy expense tracker to make sure that you’re keeping within budget and not getting caught up in the confusion of all the different currencies (I can’t be the only one who stops bothering with calculations mid-trip and end up overspending during holidays).

So you could even go for a mega-tour around the world and be able to track and control your currencies via the app, as the limit of 10 currencies should be enough for most of us. Just in case you run out, you can also easily top up the e-wallet via online banking options.

4. Oh No, I’ve Lost My Card!

People tend to get nervous with carrying prepaid or even debit cards around, especially while travelling to areas that you aren’t familiar with.

In cases where you lose the card, usually you would call your bank and cancel it.

However, as the Merchantrade Money prepaid card is connected to the mobile app, the process is even simpler. In the unfortunate event you lose your card, you can whip out your phone and block it right away.

The e-wallet acts as a buffer because it isn’t actually linked to your bank account—further acting as a safeguard.

5. Shop Like A Local In International Markets

With the development of globally connected virtual marketplaces like Amazon and eBay, online shopping has never been easier.

But there’s a caveat to all this: you usually have to pay pretty high fees when buying stuff overseas due to conversion because it basically depends on the credit card rates.

Merchantrade Money works a little differently. In a nutshell, you’re not bound by the daily fluctuating rates. Instead, once you “lock in” your currency purchase, that’s the rate you get.

Protip: When you have a multi-currency e-wallet, always pay in foreign currency, never in Ringgit Malaysia. Eg., when shopping online on Amazon UK, and the options are to pay in MYR or GBP, always pick GBP. This will avoid currency conversion fees and the high exchange rates set by the other party.

Here’s a little gift from the folks over at Merchantrade—In collaboration with RevPay, there’ll be a one-day deal on TaoBao. You can keep updated on their Facebook and Instagram pages.

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I’ve always dreaded the inevitable mountain of preparation for long holidays, especially if the vacation spans across multiple countries. I’m the sort of person who lines up at the nearest money changer a day before my flight leaves and takes my chances with the rates. .

The world is getting smaller, and opportunities for us to broaden our horizons (figuratively and literally) are only getting more common. Idealistically, we’d be a world without borders sometime in the future.

And with the development and fine-tuning of more services, Merchantrade Asia is taking that futuristic step towards that ideal scenario.

• You can download the Merchantrade Money app on the Google Play Store for Android devices and the App Store for iOS devices.
• Register on the app and have the card delivered to you in 5 to 7 days—remember to activate the multi-currency feature at one of Merchantrade’s branches.
• If you want to find out more about Merchantrade Money, view their site here.

This article is written in collaboration with Merchantrade Asia.

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Look Out For This Booth At MATTA Fair 2018 If You Want To Go Cashless When Travelling

Another year, another fair aimed for Malaysians who are suffering from a serious case of wanderlust.

The Malaysian Association of Tour and Travel Agents (MATTA) Fair 2018 opens its doors for visitors from September 7 to September 9. With a tagline of “Buy Smart, Travel Great at MATTA Fair”, you can expect to see a lot of booths with a variety of travel and tour packages to suit your vacation needs.

But after perusing through those irresistible discounted airfares and travel packages, visitors should remember another thing that affects their trips—foreign currencies.

Thankfully, the fair has already considered that by featuring a particular booth that should be on your “to-check-out” list.

Merchantrade Asia is back at the fair for the fourth year in a row to help give visitors an entire trip planning experience through their variety of currency related solutions.

Their end goal is to help travellers just focus on having fun on their holidays without needing to burden themselves worrying about fluctuating exchange rates, and they want to help users track their spending.

And this year, they’re bringing in a digital fintech solution that could help you BIG time.

“Travel Global, Spend Like A Local”

Anyone who really travels knows the hassle it can be to exchange foreign currencies.

Thankfully, we live in a generation where innovation has brought forth digital currency through many Fintech initiatives like e-wallets that could really ease your travelling.

Merchantrade Money Visa Prepaid Card is a multi-currency prepaid card that comes with its own app and functions as an e-wallet.

The card can store up to 10 currencies (Ringgit, US dollar, Singapore Dollar, British Pound, Australian Dollar, Indonesian Rupee, Euro, Thai Baht, Yen, Saudi Riyal, China Renminbi) currently with more potentially being added soon.

In collaboration with Visa, the card can be used to make payments and withdrawals anywhere around the world.

Using Merchantrade’s Money can give you quite a value for money as you can lock-in exchange rates at the time of purchasing foreign currencies without it being affected by the fluctuation of foreign currency exchange rates when travelling abroad.

Users can conveniently convert pre-loaded Malaysian ringgit into multiple currencies digitally, at competitive exchange rates. The app can also be used to perform overseas money transfers, free card-to card transfers, track expenditure, top-up and manage your card security features – such as blocking your card in case it gets lost directly from the mobile app.

So If you’re thinking of signing up for one, you can choose to register whilst you’re at Merchantrade’s booth during the MATTA Fair because there’s a special 50% cashback promotion on your first transaction if you do (capped at RM100 per customer).

They’re also kind enough to help prepare you for the shopping damage you could do with the card by giving a complimentary shopping bag for every successful registration!

On-Demand Live Money Changing

But Merchantrade understands that visitors may still want to have physical currencies on hand during their trips.

Hence why they’re also offering money exchanging for physical currencies.

With their live money changing counter, you can exchange foreign currencies at the best exchange rates for your overseas trip, making it pretty convenient when you’re browsing around for travel packages too.

To further entice visitors, Merchantrade is also offering a special deal for their visitors who perform “buy” transactions through their service.

For purchases of currencies above RM12,000 up to RM20,000 equivalent in a single receipt, you can redeem a 20-inch luggage bag for free. Purchase of currencies above RM20,000 will get you a 28-inch luggage bag.

Buy Online, Pick-Up In Store

The company also has an app called eForex which essentially lets you buy currencies online with great rates and you can then just pick it up at one of their branches. It’s part of their efforts to make it convenient for people to save time instead of queuing up in long lines at money changers.

Besides the option to deliver the currencies straight to your office doorstep, you can also pick up your exchanged currencies at their booth during MATTA Fair too.

Aside from having the same luggage bag deals as above, those who make purchases above RM10,000 can redeem a RM50 cashback while those who make purchases from RM5,000 to RM10,000, can redeem a RM25 cashback.

If you decide to register while you’re at their booth, Merchantrade will also gift you a RM10 cashback and a luggage tag too.

These are just some of the exciting deals and offers that Merchantrade has in store at their booth, so if you’d like to find out more, you can check out the official page here.

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So there’s a lot that you can do aside from getting great deals on those travel plans during this three-day fair. With an expected amount of 110,000 visitors this year, it’s a travel exhibition you should have in your schedule.

The MATTA Fair will be held from Sept 7 to 9 at the Putra World Trade Centre and the admission fee is RM4 per person with it being free for children aged below 12. While you’re there, look out for Merchantrade’s booth at Booth F1 to F4, which is outside Hall 3.

• For more information, you can check out Merchantrade’s official website here.
• To stay up to date with their latest updates and promotions, you can check out their Facebook page here.

This article is written in collaboration with Merchantrade Asia.

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