Today, I will introduce a card that will solve the currency exchange problem that many people worry about when traveling abroad. This is the Travel Wallet card, created by a domestic fintech company called Travel Wallet in collaboration with VISA. When you use this card, there are no currency exchange fees, no ATM fees, or card payment fees. We will now explain in detail what the benefits of this card are and what the pros and cons are.
<Table of Contents>
1. Travel Wallet Card so you don’t have to worry about currency exchange when traveling abroad
2. Travel Wallet Benefits
3. How to issue and use the Travel Wallet Card
4. Travel Wallet Pros and Cons
1. Travel Wallet Card so you don’t have to worry about currency exchange when traveling abroad!
The biggest thing to worry about when traveling abroad is how to exchange currency. If you take a lot of cash with you to exchange currency, there is a risk of it being stolen or lost, and you are worried about using a credit or check card because you don’t want to pay exorbitant overseas transaction fees. There is a really good card that will solve this problem. This is a travel wallet card created by a domestic fintech company.
Travel wallet card with 0% foreign transaction fee and currency exchange fee
Travel wallet card with 0% foreign transaction fee and currency exchange fee
Travel Wallet is a ‘rechargeable foreign currency check card’ that stores foreign currency from 15 countries and only pays in local currency for the amount shown on the receipt when making overseas payments. General Visa and Master Card accept Korean won rather than foreign currency, so not only currency exchange fees but also overseas payment fees are charged. However, because Travel Wallet is a check card that uses pre-loaded foreign currency, there are no foreign transaction fees, and if you recharge foreign currency in advance when the exchange rate is low, you can also enjoy the effect of reducing costs.
2. Travel Wallet Benefits
Benefits of the Travel Wallet Card
Benefits of the Travel Wallet Card
Travel Wallet can simultaneously load foreign currencies from 15 countries onto one card. And, you can recharge at the exchange rate at the desired time. Therefore, if you exchange your money in advance when the exchange rate is low and use this card when you travel abroad, you can achieve extreme efficiency. Additionally, there are no local overseas payment fees, and only the amount stated on the receipt is deducted from the foreign currency you have loaded. This benefit also applies when purchasing directly from overseas. Lastly, there are no foreign currency withdrawal fees from overseas ATMs.
※Travel Wallet currency exchange fee
US Dollar, Japanese Yen, Euro: Exchange fee 0 won
Comparison of Travel Wallet currency exchange rates and trading base rates
Comparison of Travel Wallet currency exchange rates and trading base rates
When I tried to exchange US USD on the Travel Wallet app, the exchange rate of 1,423 won was applied as of 9/25. The standard trading rate on the same day on Naver was the same at 1,423 won, confirming that there was no currency exchange fee at all.
12 currencies excluding dollar, yen, euro: 0.5% fee charged
Comparison of Vietnam VND Travel Wallet exchange amount
Comparison of Vietnam VND Travel Wallet exchange amount
In the same way, we found out the exchange rate for Vietnamese VND. In Travel Wallet, 6.03 won was applied for 100 dong, which was 0.5% higher than the standard selling rate of 6.00. When you exchange 100,000 won for currencies other than dollar, yen, and euro, you can expect a currency exchange fee of about 500 won.
3. How to issue and use the Travel Wallet Card
Obtaining a Travel Wallet card is very simple. First, you must download the ‘Travel Wallet’ app from Google Play Store or Apple App Store. Afterwards, proceed with account verification and card issuance in the order below.
① Agree to Travel Wallet terms and conditions → ② Enter your mobile phone number and verify your identity → ③ Enter the first 7 digits of your resident registration number.
First, agree to the Travel Wallet Terms and Conditions and then proceed with mobile phone authentication. Afterwards, you must enter the first 7 digits of your resident registration number.
How to issue a Travel Wallet card
How to issue a Travel Wallet card
④Enter the account number to register → ⑤Enter email → ⑥Remit 1 won to account number Enter 3-digit name of depositor →④Set 6-digit password
After completing identity verification, register an account and enter your email address. When registering an account, 1 won is transferred from Travel Wallet, and you must go through the authentication step of entering the name of the depositor.
How to issue a Travel Wallet card
How to issue a Travel Wallet card
When you sign up for Travel Wallet, the Travel Wallet card issuance screen will appear as shown below. Here, you can authenticate your resident registration card or driver’s license and receive a card. It usually takes about a week to receive the physical card.
How to issue a Travel Wallet card
How to issue a Travel Wallet card
※How to use the Travel Wallet Card
As explained earlier, the Travel Wallet Card is a rechargeable foreign currency check card. Therefore, to use the card, you must first recharge foreign currency. If you press Recharge in the middle of the app, you can select the foreign currency for recharge among 15 countries. You can recharge the desired amount here and use the card in your country.
How to recharge foreign currency with Travel Wallet card
How to recharge foreign currency with Travel Wallet card
4. Travel Wallet Pros and Cons
As explained earlier, the advantage of the Travel Wallet Card is that the currency exchange fee and overseas payment fee are 0 won. In addition to this, it has the following advantages:
※Advantages of Travel Wallet
Transportation cards available (London, Barcelona, etc.)
Contactless function
A common European method of payment can be used by simply touching the terminal.
Card ON/OFF function
If the card is lost, the card can be turned off through the app.
Even a good card like this has its drawbacks. Disadvantages to be aware of when using the Travel Wallet Card are as follows:
※Precautions when using the Travel Wallet Card
Since it is a rechargeable check card, you may have money left over or you may run out.
Minimum exchangeable amount is $50
There is a refund function to exchange the remaining foreign currency into Korean won, but the exchange rate is applied when selling, resulting in exchange loss.
Local ATM fees may apply, so you should check in advance which banks offer free fees before traveling.
In the case of Nha Trang, Vietnam, where I am planning to travel, only one VP Bank is free, and the remaining ATMs incur a fee of about 3,000 won.
Personally, I think it would be very useful to use Travel Wallet when going to major currency countries such as the United States, Europe, and Japan. However, if you are visiting other countries, it would be a good idea to exchange cash and use the Travel Wallet card at the same time.