What is your favorite multi-currency account for travel expenses? We recently asked this question on our Telegram channel, and guess which account came out on top? Yes – YouTrip. I think their claim to be “Singapore’s favorite multi-currency wallet” is justified.
YouTrip is a multi-currency digital travel wallet that lets you exchange money on the go and pay with a card abroad. Cash is so old-fashioned and we’re sick of standing in line to exchange huge wads of cash at a money changer and praying we don’t get robbed on the way home.
However, there are tons of multi-currency cards available. What makes YouTrip a popular choice among people in Singapore? Let’s look at their exchange rate, fees, perks and more.
What is YouTrip?
YouTrip is a multi-currency travel wallet developed by EZ-Link (yes, you heard right) in collaboration with You Technologies Group Limited, a company based in Hong Kong and Singapore. YouTrip was launched in 2018
Designed for travelers based in Singapore (and since 2019, Thailand), YouTrip allows you to exchange currency using its smartphone app. You can then spend or withdraw money abroad using your YouTrip card linked to MasterCard.
Since October 2019, YouTrip has an e-money license, making it the main issuer and store of value holder. This means that funds are now managed by YouTrip and no longer by EZ-link. The company has now also expanded to Thailand.
YouTrip’s main competitors are other multi-currency travel wallets such as Revolut, Wise and Instarem Amaze, all of which offer virtually the same service. A comparison of these deserves a whole article in itself; we focus here on revealing the really important details about YouTrip.
Are YouTrip’s exchange rates good?
YouTrip exchange rates are based on Mastercard’s wholesale and mid-market rates.
You can get a YouTrip card and convert currencies in the app with Intermediate courses. The over 150 currencies that are currently not available for exchange in the app are converted with Wholesale prices from Mastercard.
Compared to competitors like Wise and Revolut, who use mid-market rates, YouTrip’s exchange rates may not necessarily be better, but there are cases where they can be.
For example, Revolut charges a 1% surcharge on weekends, so YouTrip may offer better rates on Saturdays and Sundays.
Another factor to consider is the currency you are working with. Since Wise and Revolut are services that originate in the UK, they tend to offer competitive rates for GBP.
So if you are not loyal to any brand and just want the cheapest rates, you should have some of these cards on hand so you can keep track and compare depending on which country and at what time you are exchanging money.
Using multiple cards is also a good idea if you know you’ll be withdrawing more cash abroad. Most of these cards have monthly limits on the amount you can withdraw for free, after which you’ll be charged a fee. YouTrip has the highest free withdrawal limit at S$400, closely followed by Revolut and Wise at $350.
Advantages of YouTrip
Let’s break down the benefits of YouTrip:
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Exchange 10 currencies (SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF and SEK) 24/7 with their app. You can monitor exchange rates to secure the best rates.
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Pay with your linked MasterCard in over 150 countries and pay 0% transaction fees on the wholesale price.
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Withdraw up to $400 in cash for free each month from foreign MasterCard, Maestro or Cirrus ATMs. Additional withdrawals are subject to a 2% withdrawal fee.
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No annual card fees, no minimum income and no minimum account balance required.
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YouTrip also provides you with a virtual card that allows you to easily make in-app and online payments. No need to take out the physical card when paying!
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Add your YouTrip card to Apply Pay or Google Pay for easy contactless mobile payments. You can even YouTrip uses WeChat Pay for payments in China light!
I’d like to tell you a personal story about how useful the last two points are. Last month I was travelling to the UK with my mum. She dug out her YouTrip card about 8 hours before we were due to fly – only to find that it had expired months ago! YouTrip had sent her a new card but she couldn’t find it.
Luckily, she had her virtual YouTrip card in the YouTrip app. This allowed her to add the card to her Apple Pay and paid for practically everything in London! Technology may let us down sometimes, but sometimes digital options are a lifesaver.
How do I sign up for the YouTrip card?
Simply download the YouTrip app from the Apple App Store or Google Play and fill out the registration form. You must have your NRIC handy.
Then just wait for your YouTrip MasterCard to arrive in the mail. It takes between 7 and 15 days to arrive. When it arrives, you’ll need to enter the 10-digit Y number on the back of your card to link the card to your account. This number is only for things like activating and verifying the card – it can’t be used to authorize payments.
YouTrip Fees
Perhaps the best thing about YouTrip is that there are no fees to use the platform. There are no foreign exchange fees, no annual membership fees, no transaction fees, no under-balance fees, or anything like that.
If you withdraw more than $400 a month, you may have to pay for ATM withdrawals. The fee after the first $400 is 2% and cannot be waived.
YouTrip coupon codes and discounts
If you don’t have a YouTrip card, register at IGYT5 to get S$5 free in your account.
YouTrip users enjoy some discounts at selected retailers just for having the card. There are a number of rewards that users can claim by entering their card’s Y number. However, the rewards are limited in redemption and only valid until a certain date.
As of April 18, 2024, I have counted 21 perks you can redeem. That’s definitely a lot more than when YouTrip started. The perks include:
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Up to 10% cashback on Shopee – valid until December 31, 2024
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Up to 15% off Don Quijote (also known as Don Don Donki) – valid until October 1, 2024
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Up to 10% cashback on Booking.com (stays only) – valid until August 31, 2024
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Up to 12% cashback at Amazon Singapore – valid until December 31, 2024
Visit the YouTrip Perks page to redeem these offers.
YouTrip vs. Revolut vs. Wise: How does YouTrip compare to similar cards?
YouTrip offers a very similar experience to similar multi-currency travel wallets like Revolut and Wise.
YouTrip is pretty competitive and transparent – they’re not lying when they say they don’t charge any extra fees, other than the fee that applies when you withdraw more than S$400 per month from ATMs abroad. For comparison, Revolut can charge surcharges on weekends if you pay in certain currencies. (Not that Revolut hides this fact; it’s shown in the app when you try to convert a currency on a weekend.)
YouTrip was also the first multi-currency e-wallet to offer its Wallet limit of S$20,000 And Annual spending limit of S$100,000following a change in MAS regulations. That’s an increase of S$5,000 and S$30,000 respectively, so it’s already a pretty big deal. If you know you’re going to make a big purchase abroad, YouTrip is your best option until Revolut and Wise catch up – they still cap wallet and spending limits at S$5,000 and S$30,000 respectively.
READ ALSO: Digital multi-currency accounts and cards for travel spending: BigPay vs. Instarem Amaze vs. Revolut vs. Wise (formerly TransferWise) vs. YouTrip
A minor downside to YouTrip is that it doesn’t offer some of the other benefits of Revolut and Wise, such as the ability to make international money transfers.
However, YouTrip’s biggest weakness lies nearby.
YYou cannot transfer remaining YouTrip funds back to a bank account in Singapore.
While it seems that this is possible for users in Thailand, it is not possible for users in Singapore. They also cannot withdraw the money from local ATMs in Singapore. So we have to come up with creative ways to withdraw money from YouTrip cards. The two main schools of thought are:
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Consume it in Singapore: Use them for everyday expenses in Singapore – groceries, transport, retail and more.
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Transfer it: Use YouTrip Send to send your extra money to a friend or family member’s YouTrip account if they are traveling abroad soon, and then get the money paid back to you in SGD.
A Redditor suggested this solution: buy a NETS FlashPay card, load it with the money on your YouTrip, and then get the NETS FlashPay card refunded at an ATM. Note that each NETS FlashPay card can only store up to $500.
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The article YouTrip Review – Guide to YouTrip Card, Exchange Rates and Promo Codes appeared first on MoneySmart Blog.
Original article: YouTrip Review – Guide to YouTrip Card, Exchange Rates and Promo Codes.
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