Multi Currency Cards
Asked on 11 Aug 2018
Youtrip - multi currency digital wallet (https://www.you.co)
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.
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.
23 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!
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.
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.
28 Aug 2018
(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!
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
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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