Tq.

hi all, kinda surveying this card at the moment. actually planning to preload it and exchange to yen, then redraw them in japan... so am wondering what will the extra charges be like :/ anyone has any idea?

RM10 for overseas withdrawal...
Not sure Japan ATM has extra charges or not

u can't do that
u preloaded it in yen
you're suppose to swipe the card like a credit card/debit card and yen will be deducted from each transaction

i do not think u can preload yen and withdraw yen from ATM, u better confirm that with merchant trade CS
AFAIK that's not how the multi currency wallet works

Hi all. From what I understand from reading this is that you only have money in the card/app. If you want to go somewhere that only accepts cash, you need to use the card to withdraw money from an ATM. Then there will be an extra charge. Is this correct?

you are correct.

https://www.merchantrademoney.com/how-it-works/
https://www.merchantrademoney.com/fees/

You can withdraw yen from the ATM in Japan if you already exchange yen in the wallet.
If you do not have enough yen, it will be deduct from your MYR wallet.

This post has been edited by lkwah86: Aug 20 2019, 10:46 AM

correct. when you travel, you gotta have both with you. some cash & some money in ewallet maybe 50:50 ratio. that way you should be covered.

Please don't spread misinformation if you are not sure of it.

I am just back from Japan, so here are my experience of using this card:

1. You can preload it with yen and withdraw from their ATM. Granted that you find those that accept overseas Visa cards. Some examples include 7Bank (can be found in 7-11) and Japan Post Bank.

2. Minimum withdrawal is 10,000 yen (for both 7Bank and JP bank that I tried). 7Bank processes a fee of 108 yen for 10,000 yen withdrawal, 216 yen for 20,000 yen withdrawal. Now I don't think there is ATM that does not have a fee anymore.

3. Merchantrade charges RM10 for each withdrawal. This transaction will NOT be recorded. So do take note.

4. Including all the fees, it is still worth it compared to exchanging money at money changer, as long as you transact more than RM50. Granted you can find ATM that accepts <10,000 yen withdrawal.

5. If you have enough yen, everything will be deducted in yen. If not, it will deduct yen first, then top up the remaining yen from your RM, with an extra small fee.

6. Japan is a little bit behind in cards acceptance. Most shops still swipe your card. Do make sure your magnetic stripe is still in good conditions. (No pins anywhere, signature please)

7. Major tourist shops and restaurants accept cards. I am able to get by with 30,000 yen cash for 2 weeks. (Well, I don't spend that much actually, so a bit of salt please)

8. Do carry some cash before you go. Transit tickets machine do not accept cards.

even if u can, it's not worth to do so
there will be a RM10 surcharge for withdrawing the money from ATM


please also do not spread way that will cost user more money
because when u preload it with yen and swipe it....it deduct from your yen wallet...no additional charges
but if u withdraw from your yen wallet...it's already stated that there will be a FROM RM10 charges should u withdraw from ATM

u use this multi currency wallet to save money, end up it's no different than any credit card out there
it's not worth it to do it that way

Ohh, the poster asked about the extra charges. You however do not provide any useful information whatsoever. There are times, especially in Japan where cash is a must. Japan is very backwards in terms of monetary transactions. They use cash more.

It is cheaper to withdraw from ATM than exchanging in money changer. Also this card rate is better than some of the credit cards out there.

for japan usage, it's better to change cash earlier or change yen using the multi currency wallet earlier
both option is better than using it for withdrawal(which has extra charged)

i for one are holding a lot of yen(3.6XX) that i've changed many months ago before the sudden spike last month
inside my MCW also have 88k yen that is changed between 37.8-38....basically i can sell it now for a profit

when i apply for this card, i'm only interested in it's MCW function
other than the MCW, this is not a very good card based on it's fees...there are many card out there that offer better benefit...1 of which is bigpay but bigpay is unable to let u lock in your desired rate like this MCW
this card also has an annual fee that can't be waived
and if u ran out of yen and need to using your MYR wallet, rate follow visa(not mtarate's rate) +1% service charge(which bigpay don't have)

Of course it is better earlier, just like saying it is better to change to yen in 2007 than today.

But if you are to get the money TODAY and comparing with exchanging at money changer TODAY, it is better to withdraw from ATM, with all those fees counted. The poster asked about the fees associated with overseas ATM withdrawal.

So, it is 108 yen (charged by Japanese bank) + RM 10 (charged by Merchantrade, this fee also applies to Bigpay card) for 10,000 yen.
Or, 216 yen + RM 10 for 20,000 yen.

He may or may not care about the currency rate lock in function of the card.

FYI, for BigPay card the fee for withdrawal is ONLY RM10 per withdrawal. There are no 108 yen charge. And maximum withdrawal for BigPay card per withdrawal is 100,000 yen @7bank ATM. And for this 100,000 yen, RM10 is charged for withdrawal fee

It is charged by the bank, not Bigpay. Unless Bigpay somehow is able to waive the fee with the bank?

By the way, did you own BigPay card and tested it in Japan yourself? I own it and have done the 100,000 yen withdrawal in Japan @SevenBank ATM. NO CHARGE WHATSOEVER by the ATM. Only RM10 charge for withdrawal. Still don't believe me? Head over to BigPay thread and read on your own on page 1.

I do not. By the way, the one you quoted me on was actually about the RM 10, not the 108 yen.

I read somewhere that 108 yen charged by the bank is conditional? I am not quite sure myself. I got charged on my Merchantrade card for 108 yen and RM 10 when I withdraw 10,000 yen.

If that's so, BigPay should be a better choice at least in Japan.

Depends on the time you buy the currency, can buy anytime on merchantrade, there is a flexibility
Bigpay can withdraw 100,000 yen, better

This post has been edited by lkwah86: Aug 21 2019, 03:27 PM

max limit to withdraw in Japan only 20,000 yen using Merchantrade VISA?