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? - Seedly
 

YouTrip

Multi Currency Cards

Asked by Bill Tng

Asked on 11 Aug 2018

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?

Youtrip - multi currency digital wallet (https://www.you.co)

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Eng You Guan
Eng You Guan
Level 4. Prodigy
Updated on 07 Jun 2019

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

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.

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.

1 comment

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Kelvin Lam
Kelvin Lam

23 Aug 2018

We are glad you like it. Please keep the comments coming in! :)
Wilfred Ling
Wilfred Ling
Level 3. Wonderkid
Updated on 07 Jun 2019

I used the youtrip to purchase an item from Amazon. The currency USD/SGD conversion rate was even better than google rate! So I am quite happy with the card in terms of its currency exchange. I also received the promised $20 after I topped up my card.

However, my name printed on the card had my surname placed in the wrong order due to the first name / last name swop. In western country, the displayed name is first name last name . But this is often not the case in Asia. When making the application for the card, there is no provision to specify how your name should be displayed on the card. So your full name (supposely according to your NRIC) will appear on the card. This is unlike when you apply for a credit card issued by a bank, the credit card application form allows you to specify how your name should appear.

Another thing I am not happy with is that it is not possible to opt out of their marketing spam. So far I haven't get spam.

The terms and conditions are shown after you upload your NRIC. This means if you are not happy with the T&C, it would be too late because you would have uploaded your NRIC to them. You can't find the T&C on the website if you are searching from the homepage. It appears they tried very hard to to hide the terms and conditions. BTW, the terms and conditions can be found here: https://www.you.co/en-SG/terms-and-conditions/. So read it carefully before you upload the NRIC. I was not happy with the following:

8.1. By providing your personal information to us, or using our website, or signing up for or accessing products or services we offer during any of our interactions, either directly with us or through our agents and / or partners, you are consenting to the following:

...

8.1.2 The Company and its partners may reach out to you regarding our services or marketing of other related services to you via email, phone, SMS, mobile application, and other applicable channels.** **

As it can be seen above that the T&C clearly states that we are deemed to have consent to allow our data to be given to its partners once we sign up the youtrip service. I have reach out to youtrip on why I cannot opt out of marketing spam and they said they will include the opt-out in the app eventually. However, after reading the T&C above, it is impossible to opt out.

2 comments

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Kelvin Lam
Kelvin Lam

23 Aug 2018

Hey Wilfred - thanks for the comment! Am from YouTrip and if you don’t mind want to just do a quick response: 1. Name on card: We do know that this is not the best option for some, and sorry to let you down on this one :( This is primarily due to our system limitation - but for sure we are looking to see how to improve it! 2. Marketing consent: In fact for new user since our latest app version from around late last week, we no longer need to require marketing consent. It is made optional for our users. For your case and like you mention, we do not spam and there are two options you can do: a) write to our data privacy officer at [email protected] to completely withdraw your marketing consent. I don’t advise that simply because we will really be planning to give out offer to existing base that is good, at least in our opinion; or b) every future marketing email for sure will come with an unsubscribe function, and we perfectly respect your option to unsubscribe from it. Hope it can help!!
Wilfred Ling
Wilfred Ling

24 Aug 2018

I do not mind marketing information coming from youtrip itself but I have problem with T&C 8.1.2 which clearly state that youtrip partners may 'reach out' too implying that user data has been transmitted to those outside youtrip.
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 16 Aug 2018

I actually have a YouTrip account! Thankful to have been invited to the media release and launch party.

They gave all of us an actual card and it took around 1 week for it to be activated. It was pretty straightforward, the typical KYC stuff, take photo of IC front and back etc. After that you get a SMS which says that you are activated.

After that, the card can be used. I only used it locally so far (at any merchant which accepts Mastercard) which is a lot of them in Singapore, comes with a very nice app which shows you all the various currencies in the market which you can hold (up to 10 currencies).

Will update again when I go overseas sometime in November :) Will definitely use this card while travelling, functions like a debit card. Only thing is that when you wanna withdraw money overseas it is $5 withdrawal fee in SGD.

Hope that answers you and all the best! Just try it out I guess? One of the real big competitors to the DBS MCA!

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0 comments

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Answered on 12 May 2019

I just used Youtrip on my Japan trip, and found rates to be comparable to what I could get from the Raffles Place money changers.

Another big plus - when I was out of JPY for a transaction, it converted my SGD to JPY. Which also means, no small change that I need to change back to SGD when I get back! For me, that's a nice plus since I typically don't like to change it back to local currency.

0 comments

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Jefferson Soh
Jefferson Soh
Level 4. Prodigy
Updated on 07 Jun 2019

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.

Ratex 349 china yuan cost about 71 sgd

Youtrip - based on their mastercard website 70.14

Results - Winner ratex

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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1 comment

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Kelvin Lam
Kelvin Lam

28 Aug 2018

Hey Jefferson, Thanks for your comparison and if you don't mind I can just quickly respond: TL;DR: Taobao is a rare online merchant that charges ALL Visa / Mastercard card an additional fee of 3%, which is not charged by Visa / Mastercard, nor the your bank / or non-bank card manager like YouTrip. I have done further checking on your case because it is weird that YouTrip would charge additional 3% fee, which I think is unacceptable. What I then find out when I check out from Taobao is the screenshot below, showing that Taobao itself will charge additional 3% to ALL Visa / Mastercard: https://imgur.com/a/F9Wirdw This is an additional fee by the merchant (i.e. Taobao), meaning that if you use a SG bank card then you will need to pay 3% (Taobao fee) + 2.5% - 3.5% (Bank overseas transaction fees) = 5.5% - 6.5% for the payment, whereas as your case pointed out in YouTrip you will see 3% (Taobao fee) + 0% (YouTrip No fee) = 3% fee to your purchase. My personal take (unaffiliated to YouTrip's view) is the way for them to encourage their own payment platforms like Alipay. And indeed RateX skips the 3% fee for you, because RateX is done through a 代付 (i.e. You Pay RateX, RateX pay to Taobao for you) model, where the payment between RateX and Taobao is not carried via a Visa / Mastercard. Hope this helps clarify, and once again thanks for your detailed comparison!
Kelvin Lam
Kelvin Lam
Level 3. Wonderkid
Updated on 07 Jun 2019

(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)

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.

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.

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.

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!

2 comments

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Boon Chong Lau
Boon Chong Lau

25 Aug 2018

Hi Kelvin, Does chip and pin work (the 4-digit we set) with YouTrip card for merchants who don't accept contactless payment e.g. some New Zealand merchants not allow to use mastercard paypass due to high transaction fee?
Hm Lim
Hm Lim

03 Dec 2018

Hi Kelvin, May I know if there are online merchants that do not accept a prepaid card payment? I think there are some websites that accepts MasterCard but not prepaid MasterCard. Additionally, if I were to sign up now, May I know how long will it take for me to receive the card?
Pao J-wei
Pao J-wei
Level 2. Rookie
Updated on 30 Apr 2019

Adding my short 2 cents on to the RateX versus Youtrip comparison :)

Payments via RateX at Amazon will - on top of the FX savings - still award the cardholder with their bonus points/cashback, as RateX's MCC is classified as "ACCESSORY & APPAREL STORES".

Screenshot (from DBS Virtual Assistant): https://ibb.co/Bf0GwKX

0 comments

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Jeff Yeo
Jeff Yeo, amateur Social contributor at School of social sharing
Level 7. Grand Master
Answered on 16 Sep 2018

I think the rates are competitive and the wase of topping up on the go credit card is great !

to maintain you just have to make a spending even locally to prevent the inactive fee of 5 dollars

will definely use this

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