Even with the constantly evolving COVID-19 virus situation and authorities advising all Singaporeans to defer all non-essential travel, the travel cards that are sitting around in your room are no sitting ducks. Here’s why travel cards like YouTrip, Revolut and Transferwise can still improve your life to a whole new level!
Even if you are not travelling in 2020.
If you don’t have a multicurrency wallet yet, you might just want to sign up now while the referral bonuses are still available. Click on the links or key in the active promo codes below:
1. EZ-link Card
Do you own a YouTrip card?
Or is your travel card a Mastercard/Visa with its contactless feature enabled?
In YouTrip’s case, it is co-branded with EZ-Link, which means you can use the card for your daily commute on MRTs or buses. And it is likely the same for the rest of your travel cards.
The best part is, you never ever have to top up the card at a physical top-up machine. In fact, it wouldn’t work even if you try as the YouTrip card is not a CEPAS-compliant EZ-link card. It is a prepaid Mastercard.
All you have to do is top-up any amount via the YouTrip app on your phones and you’re good to go!
Fares are charged to your card as a lump sum in 2 different ways: Every 5 days or when total fares exceed 15 SGD.
From time to time, you may also notice a 0.10 SGD Balance Check transaction, which is only used to check whether your card has sufficient balance before taking public transit.
Don’t worry, this balance check will be reversed.
2. Use It For Your Everyday Expenses
Since travel cards can dub as an EZ-link card, you certainly can use it for your everyday expenses.
Have any extra cash in your card balance and want to get rid of it?
Just do it!
Be it groceries, having a meal at your favourite restaurant, or buying a cup of coffee before working from home, your travel card will work just as fine locally!
3. Shopping Online – Amazon, Taobao, etc.
Been eyeing for that dress online for months now?
Yearning for another PS4 game as part of your home entertainment collection?
Or simply waiting for the next Black Friday sale?
But wait, oops. The items are all in USD and you will lose out on the exchange rate if you were to pay via your usual debit/credit card.
Well, utilise those travel cards right now! Multi-currency cards like YouTrip, Revolut and Instarem all supports over 150 currencies when shopping online, without paying any hefty currency conversion fees.
On Revolut, you can even set up the auto-exchange feature, which allows the app to exchange your Singapore dollars to more than 25 foreign currencies beforehand at your desired amount, once the floating exchange rate is at the appropriate mark.
4. Online Financial Trading – Risky!
You can use travel cards for online trading platforms such as eToro and make use of the currency conversion benefits just like online shopping.
However, trading in the stock market is a very risky activity and is not meant for everyone. There is a certain level of risk of losing a substantial or even all of your invested capital, depending on your risk appetite.
That is the reason why YouTrip cards will block any transaction that is related to trading related activities.
In fact, Revolut is the only app used by the Guidesify team currently for the deposit of funds on online trading platforms. Do let us know if other travel wallets are viable options.
No to mention, the COVID-19 situation has also made the market a lot more volatile and harder to predict.
Trade at your own risk.
Alternatively, if you still keen on trading but don’t know or lack the experience to ensure maximum performance of your funds, there are Robo-advisors in Singapore that could do the trick. And the apps are none other than AutoWealth and StashAway.
Sign up now (referral bonuses included): AutoWealth – Enter Referral Code guideSG| StashAway
5. Remitting Money Back to Bank
Don’t fancy any of the ideas we have for you above?
Well, you are in luck if your multicurrency card is a Revolut card. Simply key your bank details and you can transfer the entire remaining balance back to your desired bank account.
For Transferwise users, there will be a small remittance fee in place when doing this transfer.
And for YouTrip? We strongly encourage you to keep your balance for your next holiday.
It can be very disappointing and frustrating to cancel your travel plans for the year. However, all hope is not lost.
Why not spend some time whilst at home to plan for your next holiday until the virus situation improves? Here are some itineraries you can look at and plan the grandest trip of your lifetime:
New Zealand – South Island | North Island (coming soon)
Last updated on March 29th, 2020.
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