Any reviews on the new launch of Youtrip multi-currency wallet? Is it really better than going to a money changer in terms of rates?

https://youtrip.onelink.me/3xWB/2jl2n9ex

Singapore’s first-ever multi-currency wallet is a godsend for travellers because it’s the cheapest way to go cashless no matter where you are! This is mainly because of how there are no transaction fees but also, competitive exchange rates so you always get bang for every buck! Plus, make the most with your YouTrip card through killer deals and great savings. (Psst, check out YouTrip Perks for more savings!!)

Im answering this in the area of online shopping on taobao. My usual drill is to use ratex, however this time i tried youtrip as youtrip seems a dollar cheaper than ratex.

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Ratex 349 china yuan cost about 71 sgd

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Youtrip - based on their mastercard website 70.14

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Results - Winner ratex

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However at the end, youtrip charge me 360RMB instead of 349RMB. Theres a 3% not sure if its from mastercard or youtrip.

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(Disclaimer: Running YouTrip so please discout my comment if you see anything biased. But I only plan to make factual comments here for your reference)

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Rate wise from our research so far we are very much on par with some of the most competitive money changer. I also see other comments in this post that our user have done the head to head comparison with money changer to show our rate is better.

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Bottom line is - compare. I run a financial comparison site before so I would always encourage user to compare the rate. There is no fee or obligation to sign up the product so it’s relatively straight forward (though you need to wait for your approval), then you can compare the rate.

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One another advantage I would see is the optionality to change, or let the app do it for you when you are making the purchase, from our SmartExchange technology. Meaning that if you make a USD purchase, you can either:

1) Change upfront to USD, then spend, so you 100% lock down the rate before you spend

2) Spend directly without changing, then the app will change it for you. The rate will be the same as if you are actively changing your currency upfront if done at the same seconds / minutes.

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There are quite a few other comments particularly on Seedly facebook group and this site I suggest you can read. Also our website www.you.co should also give some good enough information as well!

So I'll just use USD as an example.

As at 22/08/2018,

xe.com: 1 SGD to 0.731695 USD

YouTrip app: 1 SGD to 0.7299 USD

http://www.raffles1.net/currency.php: 1 SGD to 0.7278 USD

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Of course rates might change but it's always good to have an alternative and this alternative is very straight-forward to use and can be done in the comfort of your home/office. The top up can be done via debit/credit card and exchange rates are displayed on the app.

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You also get to set a 4 digit pin on the app. I know some countries follow a Chip-and-Pin system so no worries on that. It also have contactless payment mode. But it cannot be used as mobile pay such as Google Pay. Hope this helps.