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BigPay is a new mobile wallet that has entered the rather saturated sector.
With so many mobile wallet and cards in the market, what makes BigPay stand out among the crowd?
Here’s how this card works and whether it’s worth using:
BigPay Review
BigPay is another multi-currency card worth considering, especially since you are able to withdraw from your BigPay wallet. However, the rewards for using this card is not as attractive compared to other debit and credit cards out there.
Here is BigPay reviewed in-depth:
What is BigPay?
BigPay is a mobile wallet with a digital prepaid card issued by AirAsia. It aims to challenge the banking systems by giving you full control of your money.
Initially, it started off in Malaysia in 2018, where AirAsia is based in. However, it has since expanded into Singapore as well.
BigPay is not a bank. They are a financial service provided by AirAsia to challenge the banking system and make spending easier for you.
How do I get a BigPay card?
You can receive your BigPay card by mail after following these steps:
Sign up for BigPay
Top up minimum $20 to your card
Receive your card via delivery
Start spending with your BigPay card
#1 Sign up for BigPay
You will first need to sign up for a BigPay account.
You can use my promo code ‘HPJJIDK7B4‘ when you sign up. You will receive SGD$5 credited to your wallet once you activate your card!
You will also need to verify your identity by uploading your NRIC.
#2 Top up your card
After uploading your NRIC, you will need to top up $20to your card before it will be delivered to you.
You can top up your BigPay card using a debit or credit card. Currently, BigPay only accepts top ups from Mastercard or Visa cards.
You are unable to top up your BigPay card using an AMEX card.
You will also not be charged any fees for topping up your card.
When I topped up my BigPay card using the JumpStart debit card, I was able to receive the 1% cashback! This is an added bonus as I do not receive the cashback when topping up my YouTrip card.
#3 Get your card delivered
You will need to wait for your card to be delivered.
It took 6 days for my card to be delivered to me.
After receiving your card, you will need to enter the CVV to activate it.
#4 Start spending using your BigPay card
Once you’ve activated your card, you will be able to start spending!
You will need to activate Visa payWave when you make your first transaction. For this transaction, you will need to enter your PIN.
What can I use the BigPay card for?
Here are the 3 main ways that you can use your BigPay card:
#1 Local spending
You are able to use your BigPay card for any contactless transactions. Your BigPay card will work like any other Visa card that you have.
As such, you can use your BigPay card in any shops or online merchants that accept payWave as a payment method.
Since BigPay does not charge any fees, you can leave the bank fee as 0.
You will receive a notification whenever you make a payment with your BigPay card.
You can also view the exchange rate that BigPay used for your transaction.
Without having to spend any foreign conversion fees, your overseas transactions will be much cheaper!
Use the country’s local currency
When you are making an overseas transaction, don’t forget to ask the cashier to pay in the country’s local currency.
For example, if you are in the US, you should request to pay in USD instead of SGD. This will allow BigPay to use Visa’s exchange rate at the point in time of the transfer.
Exchange of currency is only done when the merchant settles the payment
The exchange rate that you ultimately will use very much depends on the merchant. If the merchant settles the payment immediately, you will use the exchange rate at that point in time.
If the merchant decides to settle the payment later, the exchange rate will only take effect at that time.
As such, you may make a slight gain or loss, depending on the exchange rates.
You can’t store multiple currencies in the BigPay wallet
For other multi-currency cards like YouTrip, you are able to store 10 different currencies in your mobile wallet.
However, this feature is not available with BigPay. You can only convert to the foreign currency when you make the transaction.
#3 ATM withdrawals
You are able to use BigPay to make ATM withdrawals overseas. You can only withdraw up to SGD$2,500 in the foreign currency of your choice.
However, you are unable to make any withdrawals with your BigPay card at a Singapore ATM.
Fees for ATM withdrawals
The first ATM withdrawal that you make is free. However, you will incur a 2% transaction fee for every other withdrawal you make.
What features are available on the BigPay app?
Here are some features that BigPay offers you:
#1 View your transactions
You are able to view your transactions all in one place.
This will help you to keep track of your spending when you use your BigPay card.
#2 Earn AirAsia BIG points when you spend
BigPay is part of AirAsia. As such, you are able to earn BIG points when you spend using your BigPay card.
For every $5 that you spend, you will receive 1 BIG point.
Your points will be credited to your account within 5-7 working days.
These BIG points can then be redeemed for flights to certain destinations.
The exchange rate for the BIG points is pretty low. Moreover, your points will expire within 24 months!
The good thing is that you can stack the BIG points with other rewards points you can earn, such as:
Google Pay will send your money to your friend’s bank account that is linked via PayNow.
2. Local bank transfer
You can send the money in your BigPay wallet to a local bank account.
However, you will be charged a $1 fee for any transfer.
You may also want to note that you will not be awarded any BIG points when you make a transfer with your BigPay account.
3. International bank transfer
You are also be able to make an international bank transfer with BigPay. You can see the exchange rate and fees that BigPay will charge you.
There are 10 different countries where you can make a transfer to:
Australia (AUD)
Bangladesh (BDT)
China (CNY)
India (INR)
Indonesia (IDR)
Malaysia (MYR)
Nepal (NPR)
Thailand (THB)
The Philippines (PHP)
Vietnam (VND)
For your very first international bank transfer, you will not be charged any fees.
For any subsequent remittances, you will be charged a fee based on the country that you remit to.
Country
Remittance Fee
Malaysia
SGD$1
Indonesia Nepal India Bangladesh
SGD$3
Vietnam
SGD$4
Thailand
SGD$5
Australia
SGD$6
China
SGD$8
These remittances fees are a flat fee instead of other services that charge you a percentage. As such, the higher the amount that you remit, the more worth it the remittance fee will be.
Are there any limits for the BigPay card?
Here are some limits that you may encounter with the BigPay card:
Limit
Amount (SGD)
Spending Limit
SGD$30,000 for next 12 months from first transaction
ATM Withdrawal Limit
SGD$2,500 per day
Daily Spending Limit
SGD$300 per day
Maxmimum Amount In Card
SGD$5,000
Transfer Limit (Singapore)
SGD$100 daily and not more than SGD$300 monthly
Transfer Limit (Other Countries)
SGD$5,000 daily and not more than SGD$10,000 monthly
As such, BigPay is a regulated and approved mobile wallet that you can use in Singapore.
BigPay allows you to lock your BigPay card
If you have misplaced your BigPay card, you are able to use the freeze function in your BigPay app.
This will prevent anyone from spending the money you have in your BigPay wallet.
BigPay is a prepaid card
Your BigPay card is also a prepaid card that is not linked to any bank account. As such, the maximum amount that you can spend is the amount in your BigPay wallet.
Is the BigPay card worth getting?
Here are the main points about this prepaid card and mobile wallet:
#1 A multi-currency card with no foreign exchange fees
BigPay’s main selling point is that you are able to make overseas transactions without incurring foreign exchange fees.
However, you are unable to store foreign currency in the card, which can be found in other cards like YouTrip and MCO.
Your SGD will only be converted to the foreign currency when the transaction goes through.
#2 The rewards aren’t that enticing
The exchange rate for BIG points ($5 spent for 1 point) is rather low. There are many other debit cards that provide better benefits, such as:
As such, there is no compelling reason for you to use your BigPay card for local transactions.
#3 You are able to withdraw your money into a bank account
Your BigPay wallet is a prepaid wallet. However, it does allow you to withdraw your money to a Singapore bank account for $1.
GrabPay and Singtel Dash also allow you to withdraw your money in their mobile wallet. However, there are certain requirements you’ll need to meet first!
#4 Remittance services may be useful
BigPay provides remittance services that they claim to be cheaper than banks. This might be useful if you want to reduce your fees when remitting money overseas.
However, the fees thatBigPay charges is a flat fee. As such, other remittance services with a percentage fee may be cheaper if you are only remitting a small sum.
#5 Other services are only useful if you use the BigPay card for all of your spending
BigPay gives you some really useful features to track your spending, such as:
Expenditure tracking
Ability to export your reports to PDF or CSV
Upload receipts to your transactions
However, these features will only be useful if you use your BigPay card for all your spending.
Since the rewards are pretty unremarkable, I would not think that you will use your BigPay card frequently.
Conclusion
The BigPay card provides an interesting alternative to other multi-currency cards out there. It does have some useful functions like tracking your expenses.
However, the rewards that come with using your BigPay card aren’t really that enticing. There are many other cards out there that can provide you much better rewards!
As such, I believe that BigPay will be most useful for you if:
You make a lot of overseas transactions
You need to remit money to other countries
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
BigPay referral code (Get $5 credited to your BigPay account)
If you are interested in signing up for the BigPay card, you can use the promo code ‘HPJJIDK7B4‘ when you sign up. You will receive $5 in your BigPay wallet after you’ve activated your card!
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