Is the YouTrip card your perfect travel companion? This YouTrip review will shed light on YouTrip benefits and disadvantages, YouTrip exchange rate, YouTrip promo etc.
Looking to travel soon? It’s no wonder the YouTrip card is on your radar. After all, those in the know would be aware of YouTrip’s edge in helping you dodge annoying fees and charges associated with making payments in foreign currencies.
If you don’t quite know what YouTrip and the YouTrip card have to offer just yet, don’t worry. We’ll share all that you need to know in this five-minute guide below.
YouTrip acts like a wallet/debit card that lets you manage multiple currencies in a single app. It offers the purchase of more than 150 currencies worldwide, with no additional fees or markup.
Table of contents
- What is a YouTrip card?
- [NEW] YouTrip launches Apple Pay
- YouTrip card benefits
- Are YouTrip exchange rates good?
- Is YouTrip a credit or debit card?
- How to top up YouTrip account?
- How to change money on YouTrip?
- YouTrip transfer to bank: is it feasible?
- Where can you use YouTrip?
- Can you get travel insurance with YouTrip?
- Can the YouTrip card be used in Singapore?
- Does the YouTrip card come with an annual fee?
- YouTrip fees
- YouTrip perks & deals
- YouTrip eligibility
- How to sign-up for YouTrip?
Looking for the best credit cards to complement your spending patterns and expenditure in 2024? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.
What is a YouTrip card?
YouTrip is a multi-currency mobile wallet available on both iOS and Android operating systems. Each YouTrip account is linked directly to a contactless YouTrip Mastercard®, which is free upon sign-up with no registration or annual card fees.
You can use your YouTrip card to make payments in more than 150 currencies with no fees and no fuss, both online and in-store.
Within the YouTrip app, you can store any of the following 10 currencies:
- Singapore Dollar (SGD)
- United States Dollar (USD)
- Euro (EUR)
- Great British Pound (GBP)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- Australian Dollar (AUD)
- New Zealand Dollar (NZD)
- Swiss Franc (CHF)
- Swedish Krona (SEK)
⭐ Phase 2 of YouTrip 2.0: New mechanics, no ATM withdrawal fee, and up to 10% cashback with Apple Pay!
If you've been a loyal fan of YouTrip since its inception in 2018, this fresh rebranding comes as a welcome surprise. As technology rapidly advances, so does the adoption and reliance on digital wallets and multi-currency e-wallets in Singapore. Undoubtedly, a digital-native and fintech start-up like YouTrip definitely has to keep up with the times.
"The improved app and modernised physical card is part of YouTrip's ongoing efforts to build a secure, borderless multi-currency e-wallet that promises the best rates, all day."
Caecilia Chu, CEO and Co-Founder of YouTrip
Thus, as part of YouTrip 2.0's rebranding, they've introduced several new features...
New virtual card
Previously, YouTrip only had a physical card version. But now, all existing and new users will receive a complimentary virtual card upon app approval. The virtual card gives instant access to YouTrip's best rates for all online payments.
What's different between the physical and virtual cards is their two different 16-digit PAN numbers. Additionally, the new separate dual-lock kill switch feature allows users to lock and terminate either card without restricting the other.
So now, all your digital payments can be separated from the physical card and instead becomes dedicated transactions via the digital card. Of course, you'll also receive instant notifications to manage your expenses and flag any fraudulent activity.
Enjoy ATM withdrawal fee waivers
Another thing to look forward to is the ATM withdrawal fee waiver, commencing from 15 June 2023 onwards. For every calendar month, enjoy zero withdrawal fees on your first S$400 ATM withdrawal. Subsequent withdrawals are subject to a flat 2% fee.
[NEW] "Simply YouTrip It" campaign: YouTrip now offers Apple Pay!
In celebration of YouTrip's 5th birthday, YouTrip has finally expanded its modes of payment from just online, to now include mobile contactless payment via Apple Pay. From 15 August till 15 September 2023, all YouTrip users will be eligible to earn up to 10% cashback on their daily commutes through Apple Pay – but of course, you'll have to activate your new YouTrip Card (if you haven't) and tag it to your Apple Pay first.
As for non-iOS users, don't worry, you'll be able to earn 5% cashback in the meantime. Google Pay is coming your way soon later this year.
To put things into perspective, this 10% cashback rate is higher than other cashback cards around like UOB EVOL (8% cashback) and DBS Live Fresh (5% cashback). So if you're a daily commuter like us, you definitely want to take advantage of this attractive cashback promo!
All in all, the integration of Apple Pay with YouTrip's ecosystem is a step in the right direction for them. Stemming from their humble beginnings as a multi-currency wallet, they're showing great promise in transforming into a reliable mobile wallet for everyday spend instead.
YouTrip card benefits
#1 The merchant is charged by YouTrip, not you
Unlike traditional credit card providers, YouTrip doesn’t charge any transaction fees or cross-border fees. Unlike money changers, YouTrip doesn’t charge a spread on your exchange rate.
How does YouTrip make money? Whenever you make a purchase with your YouTrip card, YouTrip takes a small commission on each purchase from the merchant through Mastercard.
TL;DR: YouTrip doesn’t make money off you.
#2 Competitive exchange rates
YouTrip offers competitive exchange rates, period. YouTrip users will never have to contend with hidden charges and additional markups. This applies to the more than 150 currencies that YouTrip offers.
Here’s an illustration of what you pay in SGD for a 500€ purchase abroad:
#3 Simple and convenient to use
The YouTrip app has a pretty user-friendly design. It is intuitive for anyone to use. Trust me, it will probably take you five minutes to get a hang of things. If you already use e-wallet apps like GrabPay or PayLah! in Singapore, you’ll like how YouTrip works.
#4 Transaction search
Need to check on a particular transaction or two? YouTrip has you covered with its user-friendly transaction search feature — there’s no need to deal with those tiresome scrolls.
Simply look for the magnifying glass icon at the top-right corner of your screen, beside the YouTrip logo. You can search by merchant name, location, currency code, date or amount. Easy peasy.
Are YouTrip exchange rates good?
YouTrip offers mid-market exchange rates across more than 150 currencies globally without extra fees or markup. In layman's terms, these real-time exchange rates are pretty close to the published rates you see on Google, XE.com or other financial sites. Banks, big companies, and public and private institutions use these exchange rates for large-volume currency transactions.
In case you need more convincing, YouTrip’s exchange rates are likely a whole lot more favourable than those you can get from traditional money changers peppered across the Lion City.
Is YouTrip a credit or debit card?
YouTrip is a debit card. To use YouTrip, you first need to top up money in your account. Your YouTrip wallet storage limit is capped at S$5,000 at any point in time.
While there isn’t any daily spend limit, take note that your annual spend is capped at S$30,000, including overseas ATM withdrawals.
How to top up your YouTrip account?
There are two ways you can top up your YouTrip account:
- PayNow (S$1 minimum)
- Singapore debit or credit card (S$20 minimum)
Note that a 1.5% service fee will be charged for each top-up made using a Visa credit card!
Want to avoid the processing fee? Simply top up via PayNow, Mastercard debit or credit cards, and Visa debit cards!
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How to change money on YouTrip?
After you’ve topped up your YouTrip account, select the currency you want to exchange your SGD for by tapping on the exchange button on the home screen.
For instance, you can exchange SGD for EUR. YouTrip will then show you the ‘live’ exchange rate. If you’re agreeable with the exchange rate, tap ‘Next’ and key in the amount you would like to exchange. You will get some EUR in your wallet, instantly.
You can even lock in and secure a preferred rate for up to 10 currencies within the app. This allows you to pay at your favourable rate the next time you use your YouTrip wallet overseas.
YouTrip transfer to bank: is it feasible?
One of the biggest disadvantages of YouTrip is the fact that YouTrip withdrawal isn’t doable, despite YouTrip’s function as a wallet.
Your money can go in, but not out.
This means once you have topped up money into YouTrip, the only way is for you to spend it. Alternatively, you may also choose to transfer it to someone else who wants money in their YouTrip account via YouTrip Send. This can only be done if the transfer currency is one of the 10 wallet currencies.
In the event that you’d like to close your YouTrip account, you can contact YouTrip to request for your YouTrip balance to be refunded to you. Take note YouTrip charges an administration fee of S$10 for this.
Looking for travel insurance? You can consider Singlife's travel insurance that offers coverage for rainfall and trip cancellation for any reason! Valid for selected plans only.
Where can you use YouTrip?
The short answer: Any merchant that accepts MasterCard, in-store and online.
Can you get travel insurance with YouTrip?
In tandem with YouTrip's impressive array of benefits, there's another useful perk recently added to their list. You can now apply for travel insurance with YouTrip x HL Assurance (HLAS)'s new insurance collaboration – HL Assurance COVIDSafe Travel Protect360 Enhanced Plans.
This travel insurance scheme provides some of the most comprehensive and flexible COVID-related coverage with enhanced features including flexi-date changes, overseas hospital cash benefits, and reimbursements to travel delays, postponements and disruptions.
Under YouTrip, users will be entitled to purchase a single-trip policy via their app with up to 65% savings on the plan. Curious to know how? Here's the breakdown:
- Guaranteed 15% cashback on every purchase of their single-trip policy under the Enhanced Plans
- Up to 10% No Claim Discount (NCD) for customers who don't make a claim*
Not to mention, since YouTrip operates under Mastercard, this builds upon the Mastercard Flight Delay Pass announced earlier this year. This travel benefit potentially entitles Mastercard holders (and their companions) to more than 1,000+ LoungeKey™ airport lounges globally.
Can the YouTrip card be used in Singapore?
Absolutely. You can even use your YouTrip card as your EZ-Link card if you wish. That being said, keep in mind that you don’t get to earn cashback or miles on your YouTrip transactions, in Singapore and abroad.
Does the YouTrip card come with an annual fee?
Nope. You’ll never have to pay an annual fee.
Before or on 14 June 2023: YouTrip charges a S$5 fee each time you withdraw cash at an ATM machine using your card.
[NEW] After 14 June 2023: YouTrip charges a 2% withdrawal fee each time you withdraw cash at an ATM machine using the card.
Apart from that, the card doesn’t come with other fees and charges.
YouTrip perks & deals
Did you know YouTrip users are automatically in for a YouTrip card promotion galore? YouTrip Perks let you slash your spendings by doling out deals and promos from your favourite local and international brands across travel, beauty, fashion, F&B, e-commerce marketplaces and more.
YouTrip users who patronise foreign brands and e-commerce marketplaces regularly will surely be pleased to stack these savings, while enjoying the benefits of avoiding foreign exchange fees and charges.
Where can you access YouTrip Perks? You can do so within the YouTrip app. Tap on the ‘Perks’ tab at the bottom of the homepage.
Anyone 15 years and above in Singapore with a valid NRIC or FIN can apply for YouTrip.
In case you’re wondering, there’s no income requirement to apply for YouTrip! There are no account fall-below fees or annual card membership fees either!
How to sign-up for YouTrip?
All it takes is three minutes to sign up for a YouTrip account.
- Download the YouTrip app on App Store or Google Play
- Sign up with MyInfo
- Wait to get verified
- Receive your spanking new YouTrip card in the mail in 5-8 business days
Once you’ve received your YouTrip card, follow the instruction in-app to activate your account. You are now ready to start your YouTrip experience!
Should you get a YouTrip card?
There's no harm in getting one since it's free anyway. If you are looking to travel in the near future, or if you like to shop on international e-commerce websites, getting a YouTrip card isn't a bad idea at all.
Consider topping up only the amount that you need to avoid having excess funds stuck in there!
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