What is the most important thing to do before going on a trip? Making sure your passport has not expired yet. Ok, what’s next? Oh yes, changing local currency (SGD) for foreign currency at a nearby money changer.
Or maybe make a troublesome trip down to CBD to change money at the Arcade instead?
Nope. Not anymore.
Disclaimer: Again, this is not a sponsored post.
YouTrip is SG’s first-of-its-kind multi-currency travel wallet
YouTrip is developed by You Technologies Group Limited and is partnered with Singapore’s largest contactless card issuer, Ezlink. It is designed as a disruptor to the money changing industry.
YouTrip boasts 0% transaction fees in 150+ currencies.
That means saying goodbye to bank credit cards and even money changers. With no bank fees involved in card transactions, YouTrip has solved the biggest dilemma of spending money overseas with credit cards or cash in the destination’s local currency.
No more hefty transaction fees and troublesome overseas activation when swiping your Mastercard. And no more risk of holding on to large sums of cash while travelling.
Possible to Withdraw Cash at Overseas ATMs? Answer’s Yes But…
Prefer to hold on to good old cash while travelling? Or maybe the country you are at hardly ever uses cashless payment methods? Fret not! The team at YouTrip had it all figure out.
Overseas withdrawal can be made at any ATM at a small withdrawal fee of 5 SGD (or 5 SGD equivalent for the 10 supported 24/7 money changer currencies).
5SG Withdrawal Fee? Calculate your Breakeven Amount!
Think about it. YouTrip uses live wholesale exchange rates to convert your local currency into other foreign currencies.
That rate is the rate when you search exchange rates on Google. That rate is well above than the rate you see at any money changer.
Depending on how much you are withdrawing, the 5 SGD withdrawal fee potentially outweighs the forex loss if you were to change at a local money changer for cash instead.
Either way, YouTrip is the new way for Singaporeans to spend overseas. And you probably should be on it right now.
Can Things Get Even Better with YouTrip?
Now we have convinced you (hopefully) that YouTrip sounds like the next miracle startup in Singapore, things are about to get even better.
This multi-currency travel wallet also has a 24/7 in-app money changer for 10 currencies.
The supported currencies include:
- Australian Dollar (AUD)
- United States Dollar (USD)
- Euro (EUR)
- Pound Sterling (GBP)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- New Zealand Dollar (NZD)
- Swiss Franc (CHF)
- Swedish Krona (SEK)
And of course, the Singapore Dollar (SGD).
With this function, you can plan and change your currencies beforehand when the rates are at its best. Uh oh, now this sounds like meddling with the Forex market, but of course, there’s a catch.
You can exchange SGD to other currencies back and forth. But at the end of the day, the money in your YouTrip wallet can only be withdrawn overseas.
Cash withdrawal is not supported at local ATMs since YouTrip is meant for overseas spending and not a Forex trading app.
To those poor people who have not read this part and thought they could game the system, fear not. You can still use it as an Ezlink card for your daily commute. Yikes!
Not Going Overseas Yet? You Should Still Apply for YouTrip Now!
Your account details will be verified with SingPass. YouTrip takes up to 8 business days after account approval to mail the physical card to your home address.
Until then, you will not be able to utilise the app in any way until card activation has been completed.
Plan ahead. Even better, get the card now and worry less.
Do note that mobile payment such as Apple Pay and Samsung/Google Pay do not support YouTrip cards at the moment. So be sure to bring the card out if you intend to use it.
Events, Giveaways, Discounts, Promotions… What More Do You Want?!
YouTrip has an overly underrated page on Facebook, which regularly posts lots of travel lobangs that you can participate in.
If you are reading this in August, YouTrip is holding a $25,000 Birthday Month Giveaway. All you have to do is to make one successful Mastercard top-up by 26 August 2019.
Don’t trust your luck? You can also use code <CAKEDAY7> to enjoy FREE S$7 YouTrip Credits (ends 25th August 2019).
This post is also available in: 简体中文 (Chinese (Simplified))