FSMOne Debit card

[CrashWire]

the fx rate will never beat youtrip or revolut but after factoring the 5%, will certainly will.

i found that the exchange rate was somewhat better compared to Amaze to Card . Cannot really pin point how much different as i dont do side to side comparison (no time), but i think it is good contender with 5 % rebate .
This is in regard to JPY

For USD it looks like it's 0.5% above Mastercard rate. Much better than Amaze's 1.9%.

 

[paurusu]

Well both are technically same backbone to instarem but there should be different routing algorithm to manage the FX spread.
Nevertheless , It is worthy of usage with 5% rebate during the promo.

 

[sohguanh]

Well both are technically same backbone to instarem but there should be different routing algorithm to manage the FX spread.
Nevertheless , It is worthy of usage with 5% rebate during the promo.

When you mean same backbone is referring?

I know FSM debit card is using https://www.nium.com/ and a check in the URL seem to be a local fintech focusing on payment. Unless Instarem is also using nium? Hmmm.... if not using that explain why the fx rates are different since different entities working hard using their own algorithm to get the best deal as you say.

 

[paurusu]

Instarem is Nium.

https://singaporefintech.org/news/i...ds-first-global-enterprise-payments-platform/

 

[sohguanh]

Instarem is Nium.

https://singaporefintech.org/news/i...ds-first-global-enterprise-payments-platform/

If that is the case then it is strange fsm using nium and instarem can give different fx spread if on the same backbone. I can only think there are several teams in the company and each team is improving on their own algorithm to get the best deal like an in-house competition over a period of time before top mgmt decide to adopt which team algorithm? It does not make money sense to maintain different teams unless Nium got lots of monies to pay lor.

Or in one of my previous employer, one team work is actually an "outsourced company" work and my employer decide to take that work and do it ownself so no need to keep paying that outsourced company. During this transition period there are multiple teams essentially doing the same feature but it is not a permanent arrangement as in the end my employer top mgmt will decide to take which team work as final going forward. For some employers it maybe cheaper to do it in-house versus outsourced. One reason is outsourced work based on contract and some outsourced company PM can be hard to deal with when employer has sudden requirements and want it to be done but outsourced company refuse unless give more monies etc.

 

[paurusu]

It is actually simple - I assume it is riding on the same tech platform with configurable FX spread.
Since FSM is technically can be implemented as "wallet" it makes sense that the rate is configurable close to Instarem "wallet". While there is another spread is applicable to direct card deduction.

In gist, it should be done this way but of course the details are shielded from public.
However , it is kinda clear that FSM is not that interested to be card player hence they just outsource this piece to Nium

 

[sibeiTrolled]

Just got my 5% cashback for overseas spend for OCT today

 

[highsulphur]

Just got my 5% cashback for overseas spend for OCT today

so Dec spending rebate will be received in Feb?

5% is pretty good with good FX rates

 

[sibeiTrolled]

so Dec spending rebate will be received in Feb?

5% is pretty good with good FX rates

Ya, at this rate probably NOV spend cashback in JAN and DEC spend in FEB.
Probably it is written somewhere in the TnC, but lazy to go find it.
Was surprised when the app notify me that i got a deposit in my FSMone account, took me some time to figure out it was the cashback since it tallied

 

[revhappy]

I recieved a $10 deposit, but I had opened my account only in Nov and just made a local test transaction of $1 in Nov. I am on holiday in India now and have already spent $400 in FX . Another $600 more to go, lol.

 

[sibeiTrolled]

New promotion till JAN 31 2024 -
https://secure.fundsupermart.com/fsmone/article/rcms285003

5% local / overseas capped at SGD 1000

 

[~sabaisabai~]

New promotion till JAN 31 2024 -
https://secure.fundsupermart.com/fsmone/article/rcms285003
5% local / overseas capped at SGD 1000

5% till end jan?

 

[sibeiTrolled]

5% till end jan?

Ya, 1 Jan till 31 Jan 24

 

[sibeiTrolled]

https://secure.fundsupermart.com/fsmone/article/rcms286981

1Feb till 29Feb 24

5% cashback on groceries and dining

 

[Adi Dassler]

https://secure.fundsupermart.com/fsmone/article/rcms286981

1Feb till 29Feb 24

5% cashback on groceries and dining

Interesting. Tempted to sign up.

 

[sibeiTrolled]

Interesting. Tempted to sign up.

To be honest, this debit card is too generic and dosen't provide anything much outside of its promotion.
Personally feel that it's just useful to use it as a secondary Youtrip or Revolut or Wise card.
Or if you just want to pass it to eldery or teens to use as to monitor and limit spending.

Do consider these points before signing up and also you must register for FSMone account before you can get the card.

 

[Adi Dassler]

To be honest, this debit card is too generic and dosen't provide anything much outside of its promotion.
Personally feel that it's just useful to use it as a secondary Youtrip or Revolut or Wise card.
Or if you just want to pass it to eldery or teens to use as to monitor and limit spending.

Do consider these points before signing up and also you must register for FSMone account before you can get the card.

I’m only interested in the 5% cashback for local dining spends. Currently using DCS card which only gives 2%.

 

[sohguanh]

To be honest, this debit card is too generic and dosen't provide anything much outside of its promotion.
Personally feel that it's just useful to use it as a secondary Youtrip or Revolut or Wise card.
Or if you just want to pass it to eldery or teens to use as to monitor and limit spending.

Do consider these points before signing up and also you must register for FSMone account before you can get the card.

For those who is already fsm customer before they launch the debit card it is just add on offering from fsm.

For those non-fsm customer agree it is waste of time just to get a fsm account in order to get the debit card

 

[revhappy]

I have another overseas trip coming up in towards end march and early april. Too bad the new 5% overseas cashback is only for Mar, but for Apr it will revert back to 1%.

I am considering using this card even in Apr because the 1% cashback nullifies the FX spread.

Are there any other better options? I understand Amaze paired with Citi reward is people's favorite, but the 2% spread on Amaze puts me off.

 

[sibeiTrolled]

Are there any other better options?

Credit Card - ICBC global travel and Trust
Debit - Youtrip / Revolut