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.
Singapore has become a cashless society for several years now and fin-tech apps have been thriving during this revolution. A YouTrip card can save you so much time and money instead!
Looking to remit money instead? Transferwise is the perfect Fintech app for this. Find out more about Transferwise on their official website (link opens in new tab) or continue reading below for our full guide on saving all kinds of money forex-related.
YouTrip Promo Code 2021
Starting 14 October 2019, you can travel like a boss with free travel credits on YouTrip! Use promo code GUIDESIFY5 during the signup process and receive 5 SGD for free!
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).
Think about it. This is extremely worth it if you are withdrawing a large sum of cash at one go.
Oh, you are only withdrawing a small amount? Then you are probably better off with a Revolut card instead.
Revolut has free overseas withdrawals for up to 350 SGD and that’s what we call a good complementary product for YouTrip.
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.
A Little Catch About The YouTrip App
Cash withdrawal is not supported at local ATMs since YouTrip is meant for overseas spending and not a Forex trading app.
To the poor people who have not read this part and thought they could game the system, fear not. You can still use it as a debit card or an Ezlink card for your daily commute. Yikes!
As the YouTrip app interface is made to be user-friendly to the masses, it doesn’t have a ton of features like its competition, i.e. Revolut and Transferwise.
Tip: You can compare your travel credit cards and debit cards here on Finty.
Can you remit money with YouTrip?
No. It is currently not possible to send money to other YouTrip users or remit money to a local/overseas bank account. This may change in the near future. Watch this space.
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 your YouTrip card.
Events, Giveaways, Discounts, Promotions… What More Do You Want?!
Bad news. As of now, there are no referral programmes and $10 promo codes. So make use of our YouTrip promo code GUIDESIFY5 while it still stands!
That being said, YouTrip has an underrated page on Facebook and Instagram, which regularly posts lots of travel lobangs that you can participate in.
They also organise lots of mini-contests for new and existing YouTrip users which usually offers SGD credited straight to your YouTrip card as travel credits!
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