A Quick Guide To The YouTrip Card – The Convenient Multi-Currency Travel Wallet With 0% Transaction Fees
Admit it, Singaporeans love to travel. Be it a quick getaway to Bali or a two-week vacation to Japan, we love it all. However, one of the main concerns most people have is whether they brought enough cash along or if they are able to use their credit cards at foreign countries.
On top of that, you might be scratching your head thinking of which card to use. Should you use the air miles credit card? The all-purpose card or the dining card? Decisions to be made.
And just to add on, credit cards and debit cards from banks usually carry an overseas transaction fee that falls between 2.5% to 3.5%.
Well, you’re not going to believe it, but making cashless payments overseas just got easier.
Introducing YouTrip, the card that helps you pay overseas with no fees. A fuss-free travel is what they want to give their consumers. Started by a team passionate about travel and technology who wanted to make overseas payment easier, YouTrip is Singapore’s first multi-currency travel wallet with a prepaid Mastercard so you can pay overseas with no fees.
Here’s How YouTrip Works
Here we go – all you need is the physical YouTrip card and the YouTrip app. YouTrip is not a credit card but a mobile wallet.
Simply top up your YouTrip wallet on your mobile with any Singapore debit or credit card. The card limit is $3,000. Next, you can observe and exchange currency rates of more than 150 currencies through the app. Finally, pay with your YouTrip Mastercard for cashless payments overseas at no fees.
YouTrip also allows you to monitor exchange rates from SGD to many other currencies including USD, GBP, JPY, HKD, EUR, AUD, NZD, CHF and more.
If you are travelling overseas, you will be able to withdraw money in cash from an ATM machine that takes Cirrus, Maestro, and Mastercard, and do so at an exchange rate that is considered wholesale. There is a withdrawal fee of only $5 for this, or an equivalent in the country’s local currency. Wholesale exchange rate is the rate given to large corporations, private and public institutions, and banks since they transact large amounts of money. This amount is in real time and is very close to the amount listed on financial sites, XE.com, and Google.
The wholesale exchange rate that YouTrip uses is actually managed by YouTrip working with MasterCard and its foreign currency partners. The marginal difference is generally 0.1% – 0.4% and the live rates can be viewed in app for the 10 stored currencies. Not only is this much cheaper for you, but it also eliminates the inconvenience of having to find a forex bureau in a foreign country in which to change your cash to local currency before you can spend.
In short, YouTrip card works like an EZ-Link card (and yes they do collaborate with EZ-Link, hence, increasing their credibility). Top up the card and spend conveniently overseas.
How Do I Get My YouTrip Card?
If you are travelling and need a convenient card to use, or if you’re unsure whether you have exchanged enough cash, this might be the card for you. The YouTrip card brings convenience, saves time which means you will have more time to travel and enjoy your vacation!
Step 1: Download the YouTrip app from Android Play Store or iOS App Store.
Step 2: The app will then prompt you for an e-mail address or a mobile number that you wish to use with YouTrip.
Step 3: First-time users who do not have a physical YouTrip card will be required to click on the button that says, “Get A YouTrip Card For FREE.”
Card delivery is said to be between 7 – 12 business days so do apply for your YouTrip card in advance of your travels!
Step 4: Singaporeans can also use their SingPass MyInfo, which makes it easy for them to sign up because no further documentation is needed. Sign-up and verification is relatively fast.
Log into your SingPass and grand access to YouTrip to gain specific information. The information needed will include your name, date of birth, NRIC, status of citizenship and gender. Your work will be simply be to confirm that the details are accurate.
If you are not a Singapore Citizen or a Singapore Permanent Resident (PR), fret not because YouTrip is available for you as well! Since you might not have SingPass, you will need to upload the necessary documents in soft copy. Alternatively, take pictures of the documents and upload them. All these can be done within the app and the documents acceptable include: Training Work Permit, Long-Term Visit Pass, Dependents Pass and EntrePass.
Step 5: Customization of your YouTrip Card. Now you are able to customize the physical card by having your name on it. The name you use on the card will need to be the same name that you have entered into the app registration to avoid having the card rejected.
Step 6: If you have a promo code, you will need to enter it at this point and then go on to confirm that you have indeed read, understood, and accepted the YouTrip terms and conditions.
The process is as simple as that. It only takes a few minutes to sign up and then you can get ready to receive your card in 7 to 12 days and enjoy the convenience and benefits it brings.
Apply for your card through Money Kinetics here to receive a credit of $7!
The Pros Of Using YouTrip
1. Signing up is free and there is no minimum balance required. There are no annual fees as well. Spend SGD overseas at 0% transaction fees.
2. Conversion rates are very competitive. The rates on the YouTrip app are usually better than the rates at physical money changers or at least the same. Typically, there are only marginal differences of 0.1% to 0.4%.
3. You can look at the exchange rates months before your trip to observe the values. This means that you can choose to exchange your money at the right time, at the best rates without having to visit a physical money changer. You get to save time.
4. The app is pretty user-friendly and straightforward.
5. YouTrip collaborates with EZ-Link, increasing the reliability of the card. You can also use the YouTrip card for public transport.
6. Good security features. If you were to lose your card overseas, you can simply deactivate the card with a single switch on the app. Should you find your card again, you can reactivate the YouTrip card in the same way as well. Of course, if you lost both your phone and your card, you can still make a call to deactivate the card.
7. You don’t have to link your card to your bank or savings account which reduces the amount you could possibly pay should your card goes missing.
8. The YouTrip card does not charge any dormancy fees so don’t worry if you are not travelling any time soon.
The Cons Of Using YouTrip
1. Since the card is not linked to any bank or savings account, you will not be accumulate points, earn rebates or earn miles from your spendings. If you are really aiming to earn miles from your air miles credit card, then perhaps it would be better to charge on your credit card instead.
2. As YouTrip is a mobile wallet and not a savings account, users will not be able to earn interest by depositing money with them. As a rule of thumb, it might be better to only top up the amount you intend to spend.
There is a charge of $5 if there is inactivity after 12 months. Nonetheless, you can easily fix this by using the YouTrip card as an EZ-Link card for your usual public transport. (UPDATE: As of 22 July 2019, dormancy fees will no longer be applied for all users.)
4. If you are withdrawing cash overseas, there will be a $5 fee charged upfront by YouTrip.
5. Although having the card allows you to withdraw cash overseas conveniently, do check to make sure that the place you’re travelling to is under the coverage of Mastercard. There are still rural areas where they do not have enough facilities.
6. You won’t be able to top up your card if there is no internet. The YouTrip system is heavily powered by the internet and the app. Having no internet access might put you in a sticky situation if it’s your turn to pay.
7. Users will not be able to get their money back with the termination of the card. It’s a one-way mobile wallet. So, if you are planning to terminate the card, make sure to spend all the money in it first. Also, a daily spending limit of $6,000 applies.
4 Scenarios Where You Can Use Your YouTrip Card
1. Paying For Purchases In Singapore And Overseas
Used to going cashless when paying for your meals or items?
As YouTrip supports Mastercard transactions, you can make payment with the card for both local and overseas purchases. The difference in exchange rates is usually minimal.
2. Exchanging Currency Before Your Trip
Current exchange rate is good but not travelling until months later?
YouTrip is a mobile wallet that allows you to exchange currency beforehand and store them until you need to use it. This helps you get the best rates.
3. Withdrawing Cash Overseas
Ran out of cash overseas?
Not having enough cash in a foreign land can be quite troublesome. Worry less as YouTrip allows you to withdraw cash from ATMs overseas with a small charge.
4. Taking Public Transport In Singapore
Take the bus or MRT with your YouTrip card.
The YouTrip card also works like an EZ-Link card where it supports payment for public transport. You can also use this function to ensure at least one card usage per year.
Who Holds The Money?
One of the questions that people often ask is who holds the money once it is topped up on YouTrip.
Since it is not possible to get your money back even with the termination of the card, it might be wise to find out where exactly your money is at.
The funds are are actually kept with EZ-Link Pte Ltd in segregated bank accounts. EZ-Link is YouTrip’s card issuer in Singapore and also a licensed Mastercard prepaid card stored value facility. All transactions performed will follow the standards and rules of Mastercard.
Who Is Behind YouTrip?
Curious about who developed this multi-currency mobile wallet and app? You Technologies Group Limited is the company that developed YouTrip.
The company is currently based in Singapore and Hong Kong. The group is enthusiastic about payment, technology and travel and they have a background in top financial institutions and leading tech brands. With a focus on travelers, You Technologies Group Limited is dedicated to the creation of the very best in mobile financial services in the continent of Asia.
Working with EZ-Link Pte Ltd, they have partnered to create a top-notch travel experience for Singaporeans with this mobile wallet that deals in multiple currencies without charging conversion fees. This makes it one of their unique selling point as credit cards and debit cards offered by banks usually carry an overseas transaction fee of 2.5% to 3.5%. This also makes it an ideal card for public transport in Singapore and for making purchases online and across the world wherever Mastercard is accepted.
All in all, this is a card that is said to bring convenience to your travels and holidays. YouTrip’s website is pretty straightforward and user-friendly. Based on their features, the card might be most suitable for frequent travellers or people who prefer cashless payment methods. Though they charge a small fee for overseas cash withdrawal and that it’s a one-way ticket when depositing money into the card, their 0% transaction fee, competitive currency conversion rates (it’s the same or slightly better than physical money changers) and cashless payment methods make it a pretty convenient card to carry around.
One last thought is that if you’re planning to travel, it might be wise to deposit a part of your spending money into the YouTrip card and convert the other part to cash so that you still have some flexibility. Or, you can simply make use of the internet and transfer funds over from your debit account when you need it.