Wednesday, 22 August 2018

YouTrip Travel Card and Wallet - How it works

I saw the YouTrip booth back when it was exhibiting at the Innovfest Unbound 2018 Singapore event, so at the time it seemed like an interesting concept. If they could offer better currency exchanges rates, lower fees and different currencies, that would make it a compelling option.  So I am keen to see how they deliver.

As I would like to see how "prepaid travel cards" have evolved from the traditional payment and travel providers such as CommBank's Travel Money Card and Travelex Money Card, though through personal experience using them, it has always been the rates and fees that haven't been the most favourable for me during my travels and my traveling style.

So when YouTrip launched a couple of weeks back so I signed up to give it a try.

Primarily with the goal to see how competitive they would be and if they are indeed a cheaper alternative to the other players out there. As I see that it has a lot of potential as a good cash outh/ withdrawal card when local cash is needed when I travel.

My experiences signing up with YouTrip (you.co)

Here's some early thoughts and early review so far, along with some screenshots to show you what the sign up process flow is like. You can also read more details on YouTrip on their website here.

How does it work?

  • You will receive a physical Mastercard like a normal credit card, which you charge up with a debit card and/or credit card. 
  • You can also view and manage the multi-currencies in their Android and/or iOS mobile app, where you can see your travel wallet and change money like you would at a money change in app (so you can lock your preferred the currency rate when you see it favourable).

YouTrip benefits are marketed to be:

  • Ability to lock down the best currency exchange rates anytime
  • YouTrip allows users to pay in over 150 currencies with no extra fees
  • No incurring of fees typically charged for currency exchange at banks or money changers
  • No incurring of online currency conversion and transaction fees typically incurred for cross-border payments.

Other notes:

  • You Technologies Group is a Hong Kong-based fintech start-up.
  • Runs off the Mastercard network. So they've noted that 30 million Mastercard merchants worldwide.

Youtrip currency exchange rates

Exchange rates are meant to be close to your local money changers. The below is in Singapore dollars and using Singapore currency exchange options and providers.



I compared their currency rates with xe.com's rates for an upcoming Australian trip. So I was checking the SGD to AUD rates. 

1 SGD to 0.9948 AUD in the app, vs. 
1 SGD to 0.9978 AUD on the xe.com app.

So that looks quite competitive so far.  





You can sign up and/or more details on YouTrip via their website here.

YouTrip Screenshots of their card and mobile app

Here's some screenshots of the Mastercard you'll receive when you sign up and screenshots from their mobile app.



When you receive your card, you can activate it by entering the Y-number into the mobile app. 



Then you can confirm your email address.


You can then choose to top up your card with your debit card or credit card. 



You can sign up and/or more details on YouTrip via their website here.

I will write another post when I give it a test run during my travels. As I will have a chance to when I am in Australia next week. Stay tuned!

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