Mighty FX offers a good balance between features, capabilities and cost and can cater to a wide range of needs and circumstances. Here’s a deep dive into what this multi-currency account can do for you.
Consumers are increasingly waking up to the not-so-hidden costs of cross-border transactions. The use of foreign currency is on the rise, driven not only by travel but also by online shopping and the desire to diversify portfolios through foreign currency-denominated investments.
Today’s travellers, global shoppers and investors are well-served by a range of multi-currency services that offer lower rates and always-online convenience.
Joining the fray is the UOB Mighty FX multi-currency account that allows you to convert and store currencies, and is accompanied by a debit card—either the Mighty FX debit card (if it’s tagged to the UOB One Account) or the KrisFlyer UOB debit card (if tagged to the KrisFlyer UOB Account).
Let’s take a closer look at Mighty FX and see if it lives up to its name.
Table of contents
- How does UOB Mighty FX work?
- What Mighty FX can do for you
- How does Mighty FX compare against other multi-currency accounts?
How does Mighty FX work?
Mighty FX works through two main components – the UOB TMRW mobile app and the Mighty FX or KrisFlyer UOB debit card.
You’ll need to open either a UOB One Account or KrisFlyer UOB Account and add on Mighty FX. Once your account has been opened, you can start converting currencies on the UOB TMRW mobile app.
Mighty FX allows you to convert Singapore Dollars to other foreign currencies and between currencies, all within the UOB TMRW app. You can choose from the following 11 major currencies – Australian Dollar, Canadian Dollar, Chinese Renminbi Offshore, Euro, Great Britain Pound, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Singapore Dollar, Swiss Franc and United States Dollar.
Then, choose your base and required currency to convert. The converted currency will be kept in the respective foreign currency account until you use it. For example, if you convert SGD into USD, the USD will sit in the Mighty FX (USD) account. When you’re ready to use the USD when you’re travelling or buying an item charged in USD, for instance, simply use your Mighty FX or KrisFlyer UOB debit card to make the purchase. Payment will be debited from your Mighty FX (USD) account.
There’s no monthly spending cap and no admin and foreign transaction fees when using your Mighty FX or KrisFlyer UOB debit cards*.
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What Mighty FX can do for you
Convert currencies instantly at your preferred rates
As mentioned, Mighty FX gets you FX-ready by enabling you to convert currencies 24/7 and providing transparent live rates that are displayed before you confirm your conversion. Have the convenience of instantly converting money right where you are on the UOB TMRW app without making the trip down to a brick-and-mortar money changer.
Moreover, you can choose your preferred conversion rate to get a better deal. Simply set an alert to notify you when the rate becomes available – or better yet, leave it to Mighty FX to automatically make the conversion on your behalf.
Save more with competitive rates
Lock in favourable exchange rates when you convert currencies using UOB Mighty FX, so you can get the utmost value when you exchange money before your holidays. What’s more, enjoy these mighty perks from now until end-September 2023:
- Get a S$20 cash credit^ when you’re among the first 580 customers each month to sign up for Mighty FX online from now till 30 Sep 2023
- For new-to-UOB Deposits customers, receive up to S$58 cash^ and an Apple AirTag^ when you apply for a UOB One Account/ KrisFlyer UOB Account online with Mighty FX on a Friday from now till 29 Sep 2023
Shop overseas and pay like a local
Here’s another way Mighty FX helps you save on cross-border transactions.
You can make debit card payments directly from your foreign currency balance—just like a local would—allowing you to bypass administrative fees, which can quickly add up. Supported foreign currencies for this feature include AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD and USD.
As such, you can save on your online shopping by purchasing in foreign currency, and then paying with the UOB Mighty FX debit card. Of course, you’ll need to have sufficient balance in the relevant foreign currency account, which you can quickly check via the UOB TMRW app.
Besides payments, the debit card also allows cash withdrawals at any Mastercard-enabled ATMs overseas**, which is handy if you need cash when overseas. You can locate an overseas ATM near you via the UOB TMRW app.
Get FX ready to invest with Mighty FX
Smart investors know the importance of reducing costs to maximise the amount of capital available for investment.
With Mighty FX, you can convert currencies at your preferred rates through the “set rate alerts” function. You can then use the converted currencies to buy foreign currency-denominated unit trusts or place foreign currency fixed deposits on the UOB TMRW app. This may result in a lower cost when investing if you can lock in favourable FX rates.
Transfer money overseas to your loved ones or to finance your overseas mortgage
For those who need to send money overseas, Mighty FX can help you do so at a lower cost.
If you’re supporting a child studying overseas, you can convert SGD to the required foreign currency on the UOB TMRW app and save on cable charges and agent fees when you transfer it to your child’s Mighty FX foreign currency account. The currency will be stored in the relevant FX account. Your child can then use the Mighty FX / KrisFlyer UOB debit card tagged to that account to pay for school fees, lodging, and daily necessities.
Similarly, to finance an overseas mortgage or international property loan, simply convert SGD to the foreign currency you require, and the relevant Mighty FX account will be deducted for your monthly mortgage repayments.
How does Mighty FX compare to other multi-currency accounts?
Overseas non-UOB ATM withdrawal: S$5 per transaction
Exchange, hold, spend, invest or transfer funds across 10 foreign currencies
DBS My Account
Overseas ATM withdrawal: S$7 per transaction, with exceptions
Exchange, hold and pay with up to 11 foreign currencies
Citi Global Foreign Currency Account
Overseas ATM withdrawal: Free at all Citi ATMs
Exchange, hold and pay with up to 14 foreign currencies
SCB Bonus$aver Multi-Currency Feature
Overseas ATM withdrawal: S$0
Exchange, hold and pay with up to 13 foreign currencies
Overseas ATM withdrawal: 2% of the amount withdrawn after the first S$400 per month
Exchange over 150+ foreign currencies
Overseas ATM withdrawal:
- Free for the first S$350 or five withdrawals each month
- Otherwise, 2% or S$1.49 per transaction, whichever is higher
- Standard (Free)
- Premium (S$9.99/mth)
- Metal (S$19.99/mth)
Exchange, hold and send money in over 30 currencies
Overseas ATM withdrawals
- Free for two withdrawals up to S$350 each month
- S$1.50 per withdrawal from the third withdrawal onwards
- 1.75% if the amount drawn is over S$350
Convert, hold and spend in over 40 currencies.
Information has been retrieved from publicly available sources and is accurate as at 5 September 2023.
Mighty FX – Full-featured, low-fee, multi-currency account
Mighty FX stands out from the crowd by striking a good balance between features, capabilities and cost.
It facilitates savings on cross-border transactions with competitive forex rates and fee waivers while also catering to a wide range of needs, including travel, online shopping, global investing and overseas funds transfer.
Digital natives will also be able to view live exchange rates, automate conversions at preferred rates, and make foreign currency fixed deposits and direct investments in unit trusts – all through just the UOB TMRW app.
If you’ve been looking for an all-in-one multi-currency account that can see you through various scenarios, look no further than Mighty FX. Be among the first 580 customers to sign up for Mighty FX online by 30 September 2023 to enjoy a S$20 cash credit^!
This article was written in partnership with UOB.
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- Pros And Cons Of Multi-Currency Savings Accounts
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- Best UOB Credit Cards In Singapore (2023)
- KrisFlyer UOB Credit Card Review (2023): Exclusive 3 Miles Per Dollar on SIA Purchases & Everyday Spend
*No spend limits on the Mighty FX Debit Card and KrisFlyer UOB Debit Card as long as there are sufficient funds in your debit card account(s). No admin fee when you spend in the supported currencies.
**You can withdraw supported currencies such as SGD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD and USD. Chinese Renminbi Offshore (CNH) is not available for point-of-sale/online transactions and overseas ATM cash withdrawals. Each overseas non-UOB ATM withdrawal will incur a flat fee of S$5 or its foreign currency equivalent. The overseas ATM bank may also charge withdrawal fees or dynamic currency conversion fees at their sole discretion.
^T&Cs apply. Visit the official Mighty FX webpage for more details.
The information in this publication is strictly for general information purposes only and without obligation. It does not constitute accounting, legal, regulatory, tax, financial or other advice and shall not be regarded as an offer, recommendation, solicitation or advice to buy or sell any investment product, securities or instruments, or to make any investment, or to undertake any particular investment strategy. Any description of investment products is qualified in its entirety by the terms and conditions of the investment product and if applicable, the prospectus or constituting document of the investment product. The information in this publication does not have regard to any specific objectives, financial situation, and/or the particular needs of any specific person or circumstance. Investors investing in investment and/or treasury products denominated in non-local currency should be aware of the risks of exchange rate fluctuations that may cause a loss of principal when foreign currency is converted back to the investors' home currency. Foreign currency trading is subject to rate fluctuations, which may provide both opportunities and risks. If in doubt, you should consult your own professional advisers about issues discussed herein. In the event that you choose not to seek advice from a professional adviser, you should consider carefully whether the relevant product is suitable for you.
The information herein, including any data, projections and underlying assumptions, are based on certain assumptions, management forecasts and analysis of known information and reflects prevailing conditions as of the date of the article, all of which are subject to change at any time without notice. Although every reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this publication, United Overseas Bank Limited (“UOB”), its employees, officers and directors make no representation or warranty of any kind, whether express, implied or statutory, and shall not be responsible or liable for its completeness or accuracy. As such, UOB, its employees, officers and directors accept no liability for any error, inaccuracy, omission or any consequence or any loss/damage howsoever suffered by any person, arising from any reliance by any person on the views expressed or information in this publication.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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