Anyone using this Merchantrade money VISA prepaid card? Signed up when visited MATTA fair.

https://www.merchantrademoney.com

The benefit of this wallet is you can buy the foreign currencies with cheaper rate before you going to oversea and spend.


Promotion:
https://www.merchantrademoney.com/news-promotions/


What is a Multi-Currency Wallet?
A Multi-currency wallet is one of the features of the Merchantrade Money VISA Prepaid Card where you can pre-load up to 20 different foreign currencies. The available foreign currencies are US Dollar (USD), Singapore Dollar (SGD), British Pound (GBP), Australia Dollar (AUD), Indonesia Rupiah (IDR), Euro (EUR), Thai Baht (THB), Japanese Yen (YEN), Saudi Riyal (SAR), Chinese Renminbi (CNY), New Taiwan Dollar (TWD), Hong Kong Dollar (HKD), South Korean Won (KRW), Indian Rupee (INR), Philippines Peso (PHP), Canadian Dollar (CAD), New Zealand Dollar (NZD), United Arab Emirates Dirham (AED), Swiss Franc (CHF) and Vietnamese Dong (VND). The default currency is Ringgit Malaysia (MYR). This feature allows you to pay in the local currency of the country you are visiting, as long as you have pre-loaded your card with sufficient funds before travelling abroad or shopping online.

You can exchange MYR with the listed 20 foreign currencies or exchange any of the listed 20 foreign currencies to MYR via Mobile Application and Web Portal.
The foreign exchange rates can be found in Mobile Application and Web Portal.

The maximum amount you can exchange and store will be based on your card’s overall wallet size in Ringgit Malaysia (MYR). The total cumulative value of your multi-currency wallets must not exceed your card’s overall wallet size in Ringgit Malaysia. Transactions made in any of the 20 listed foreign currencies supported by Merchantrade Money VISA Prepaid Card but with insufficient available balance, the value of the transaction will be processed using respective Listed Currency Wallet(s) in the following order of priority: MYR, USD, SGD, GBP, AUD, IDR, EUR, THB, YEN, SAR, CNY, TWD, HKD, KRW, INR, PHP, CAD, NZD, AED, CHF and VND at conversion rate set by VISA international. The number of listed currencies available may vary from time to time.

What are the benefits of the Card?
Benefits include the following:
a) Enjoy peace-of-mind of not having to carry physical cash, especially when you shop or travel overseas.

b) Convenience in making payments for goods and services at more than 120,000* VISA merchant in Malaysia and 46 million* VISA merchant locations worldwide.

c) Cash withdrawals at Merchantrade branches, participating agents as well as more than 11,000* VISA Plus ATMs in Malaysia and more than 2.5 million* worldwide.

d) Access to a range of services 24 hours a day including convenient management of your funds through Merchantrade Money web service.

e) No hidden forex or cross-currency charges for the listed currency wallet(s) if Cardholder makes payment for overseas purchases using their stored corresponding foreign currencies in the wallet.
(*Note: The figures shown are approximate as at June 2018 and may vary from time to time).

This post has been edited by lkwah86: Apr 16 2019, 11:04 AM

Not a frequent traveler?
Anything better besides that?

I signed up because it has promotion 50% cashback for the first spend at that time.

I think this card good for travelers. Besides that, I seldom using this card.

Just cancel my card last month. Donno what to do with this card... haha

Just got the card last week. Not enough info though.
Planning to use it on my next oversea trips

Nice offer
Why is it nice?

This rebate is based on MCC code. You can use agoda/booking.com voucher and get additional rebates.

You can start to check the currency rate, buy it when you think is good rate.
Can set rate alert in the app.

Can reload with any credit card?

Basically a prepaid card like Bigpay...

Aside from traveling purposes, you can also use it as usual like a normal prepaid card for daily cashless payments.

This post has been edited by xperiaDROID: May 3 2019, 04:26 PM

Cannot

i have set the rate but donno why it send alert eventhough not reach the set rate

yaya, bugs may be... need to tell the developer

Not a bad promo if you can hit minimim RM100 swipe

looks like a good prepaid card, can just register online?

1) Register online or via the Merchantrade Money app.
2) Verify your identity with your Malaysian NRIC/PR and a ‘selfie’.
3) Top up with any Malaysian online bank account (FPX).
4) Receive your card at your doorstep within 5-7 days.
5) Activate your card online or via Merchantrade Money app.

Can..except for the multi currency function which u still need to visit branch to activate.

Yeah , i think its better to go their branch directly to apply for the card and get it on the spot with MCA activated as well.
I apply thru the app and still go to their branch to activate it.
I buy some currency and keep it when the rate is good.
Too bad the limit set by BNM is 10k for each prepaid card.

Anyone used this card and how are the rates compared to BigPay?

different way of converting. for bigpay, u only convert when purchase, & will only know the conversion rate at that time. for merchantrade, u can convert earlier to foreign currency. so u can choose to convert when the rate is low. u can check the rate on the apps before converting.

Noted. thanks for the info

now they introduced referral rewards program

anyone using this card? Not much discussion here.

For me it's another debit/prepaid card which I think is very common.
Since top-up via credit card is not allow, it's probably very similar to other debit card in the current market.

Multi-currency feature is unique, let's see if anyone can share experience using this. I got mine and activated the card, but no time yet to activate this at their nearest branch.

i register at the counter yesterday, got the card and MCW activated
asked their CS
it seems, u just change the currency u want in their app
then go to that country to swipe the card and it will deduct the amount of "foreign currency" that you've preloaded inside the MCW

at least thats what the CS have told me just now

just got the card yesterday
still experimenting with it
got it mainly for the multi currency wallet and their lower than counter rate only

yes, you're correct.

Exchange the foreign currency anytime in the wallet, use it in oversea... It will deduct from the multi currency wallet in foreign currency.
Good to have it if you plan to go oversea next few months/year.
If your foreign currency not able to finish, can sell to exchange back to MYR.

it can also be used to make money via forex as well(if hold it long enough)

Now I get it. Thanks for sharing the usage of foreign currency via the card.

I initially thought when we have foreign currency, we can go any dedicated multi-currency ATM to withdraw cash in that specific currency. Look like I'm wrong. But good for me as I'll be traveling to Thai soon.

True, within the limit allow to store in this card.

to clarify to those
if u have preloaded MYR in there and spend overseas, they will convert it back to MYR and deduct the MYR inside your wallet
but if u have changed foreign currency within the app, if u spend 300thb for example, it will deduct 300thb from your wallet

that's their definition of "lock in rate and spend abroad"

ohh, tq for sharing. it's very useful information to me and forumers.

Just a thing to add, preloading your wallet with foreign currency has no additional charge compared to change on the spot if you don't have the currency preloaded.

Hi Bro,

Have you returned from Thailand? Please share us your experience.

BTW, if you register physically at the branch, you can only get the Merchantrade card + multicurrency wallet verification on the spot if you opt for the non-personalised card with no name.

If you register at the branch and want a personalised card with your name, you'll have to wait for 2 weeks and come to the branch again for verification.

If you register through the app (card with name OR no name), you'll receive the card in the post in 2 working days. After receiving the card, you'll still need to go to a branch for the multicurrency wallet verification.

Confirmed this yesterday at the KL Sentral branch. Tried registering myself but I wanted a card with my name, so will register online instead. The app registration process is currently under maintenance.

This post has been edited by greenstuffs21: Jul 29 2019, 10:57 AM

for me, i don't bother wanting a name
why?
the card itself isn't as high quality as the ones issued by banks
the font itself doesn't protrude from the card

Not yet. Coming Nov. WIll share..haha
I hardly use credit card previously in Bangkok due to high exchange rate. I use cash instead.

been using this card on my recent trip to uk. it's so convenient having loaded it with pound. over there u can even buy ticket bus with it. u can immediately see what u have spent. just a small issue since it records in malaysia time.

bare in mind that the paywave is limited to RM250 so means about 50 pound or less, which can be a little hassle after u reach your limit where u need to use it old fashion way (slot & sign)

if you go travel oversea, i fully recommend to have it.

yeah.. multi-currency feature is very convenient. got 3 currencies on my card currently. pound for my last visit to uk, AUD for my next visit to australia, & RM of course

Mr. Ajay ! Is it possible to withdraw GBP from any ATM machine in UK using Merchantrade Money Visa? Or only certain ATM ? Is there any charges for withdrawal? Tq.

yes possible. any ATM with visa sign should be accepted, but i have not tried it myself, & there will be extra charge incurred as well. for me, beter to stick to visawave or normal CC slot in payment.

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?

100,000 if not wrong, depends on bank actually.

it works
loaded yen into my multi-currency wallet back when it's still 37.8
used it in a restaurant and it deduct the same amount as to what is being charged and no extra charges

Remit money overseas in the app

https://www.merchantrademoney.com/move-your...chantrade-money



This post has been edited by lkwah86: Oct 30 2019, 03:45 PM

thank you so much for the insights and sharing! I'd seen guidelines on redrawing from Japanese ATM but you have to choose saving or credit right? did you pick saving or credit?
Going Japan next month and still debating to exchange 90% here first or 50% here 50% through the Merchantrade card cz the rates are getting much better

If I recall, there should be one option saying if you are not sure, choose this.

Hi there

Can I withdraw the foreign currency like USD or SGD in hard cash from any of the merchantrade outlet in Malaysia?

you can try their e-forex service to exchange currency

i dont think you can do that. you can always buy back RM with your extra foreign currency & use the card in malaysia

No. You can’t. You can only withdraw MYR from any Merchantrade outlets.

Yay! My online application approved yday. Parking.

yes, can

Post deleted

This post has been edited by ShadowBlack2014: Feb 2 2020, 05:17 PM

anyone can share experience on using this ? How does it compare with bigpay? Still thinking to apply or not?

Merchantrade Receives BNM Approval to Increase E-Wallet Limit Size to RM 20,000

https://fintechnews.my/23009/e-wallets-mala...ze-to-rm-20000/

Wow, wanted to sign up previously but didn't.

Went to open a merchantrade account. Cashier asked for $100 but when I checked the app, balance is only $70. Why is it so?

RM10 join fee, RM20 refundable deposit, RM70 balance.
that RM20 won't show up in balance

Thank you. The customer service did not tell me this although she should have. You just save me a trip to merchantrade today.

Where can we top up merchantrade prepaid card using credit card?

Not able to use credit card to top up

cash or FPX only.

Merchantrade forex is no good. Was thinking of converting MYR to SGD and deposit into my Singapore bank account but the forex rate was even worse than a normal money changer's rate. In addition, still have to pay fees on top of the forex rate

Just noticed, merchantrade doesn't have MYR to USD prepaid card wallet conversion? Anyone can confirm.

This post has been edited by leo_kiatez: Mar 12 2020, 08:35 AM

I saw USD in multi currency wallet

Deleted... Double post

This post has been edited by lkwah86: Mar 12 2020, 12:00 PM

But for Remit it's missing rite?

ohh... I think so
you call their CS to confirm

https://www.eremit.com.my/home

Yep. Can't see it

Hello, I just recently signed up for this card and activated it. Means this card charged rm10 for annual fee? Meaning Rm70 balance plus RM 20 deposit can be used for my transaction rm90?

No, you can only use RM70. RM20 will be refund if you terminate the card

RM10 is issuing fee. RM8 is annual fee (1st year waived)

This post has been edited by lkwah86: May 21 2020, 02:38 PM

Do I get borderless accounts with this merchantrade visa?

https://www.merchantrademoney.com/wp-conten...Y4U_Generic.pdf

There is multi currency wallets, can be use in multiple countries

I emailed them and ask about the free RM50, this is what she replied.

Please be informed that you will be entitled for 5% cash back from minimum spending of RM200.Also take note that the RM50 is the maximum pay out and not entitled for your entire minimum spending.

This campaign will be ending on 30th June 2020 and the cash back will be credited three weeks from the end date of the campaign.

The mechanism is to reward 5% cash back from your highest spending throughout this campaign period. Example is you have spent RM200 twice and RM250 once, the cash back will be applied on RM250 and you will rewarded with RM12.50.

no difference than the T&C

4.2 Cash Back of 5%

4.2.1 Eligible Cardholder(s) are entitled to receive FIVE percent (5%) Cash Back for an
eligible retail spend (“Eligible VISA Transaction”) amounting to Ringgit Malaysia
RM200.00 or more during the Campaign Period.

4.2.2 If an Eligible Cardholder(s) makes more than one transaction above Ringgit Malaysia
RM200.00 during the Campaign Period, the Cash Back shall be awarded to the
highest Eligible VISA Transaction only.

4.2.3 Eligible Cardholder(s) shall only be entitled to receive the Cash Back once and the
Cash Back shall be capped at a maximum of Ringgit Malaysia Fifty (RM50.00) only for
each Eligible Cardholder(s) as illustrated in Table B below. Every subsequent spend
beyond the capped amount shall not be entitled to the Cash Back.