Singaporeans are always looking for ways to save cash-especially when travelling. This is where digital multi-currency accounts come in. The world of digital multi-currency accounts is constantly changing-for better or for worse. A few months after adding Google Pay compatibility in Dec 2023 (finally!), YouTrip has also enabled bank withdrawals.
The world of digital multi-currency accounts is constantly changing-for better or for worse. A few months after adding Google Pay compatibility in Dec 2023 , YouTrip has also enabled bank withdrawals. Yup, you can now transfer money from your YouTrip account back to your bank account. About time!
All you have to do is link your credit or debit card to your Amaze card or top up your Amaze wallet and spend away. This alone introduces a very enticing incentive for people to use the Instarem Amaze card while still spending on their existing cards.The Amaze card used to give you 1per cent cashback, but has now switched to a loyalty points system with InstaPoints.
Since it'll take you a total spend amount of S$4,000 to earn 2,000 InstaPoints/S$20 cashback, your cashback rate is 0.5per cent. Think that's low? The rate is halved if you opt for the 1,000 InstaPoint redemption instead. We found the linking service a bit wonky. Users have reported random declines or duplicate charges, including myself. To elaborate, I made a skincare haul on Guardian Singapore, had my S$238 charge reversed, and then recharged again.As of 1 Apr 2024, Instarem began imposing a 1per cent domestic fee on SGD transactions when you link a card to your Amaze card. This only applies to your monthly domestic spending in excess of S$1,000.
Other restrictions include the fact that bank withdrawals have to be done in SGD and you're limited to 10 bank withdrawals each month. Beyond those 10, you'll have to request for a refund, which will incur a S$10 processing fee.So now, what are the disadvantages of YouTrip? For one thing, you can only store up to 10 currencies in its e-wallet.
Also, some users have reported that some of the promotions don't work, like how this anonymous user has sent us a screen recording of a Shopee cashback deal leading to an error page, saying that the "Budget has been exhausted". At the other end of the spectrum, Revolut offers their $19.99/month Metal plan. This card lets you withdraw $1,050 per month overseas for free, on top of unlimited fee-free currency exchange on weekdays, unlimited fee-free international transfers and up to 1.5per cent cashback.
Revolut only charges you a two per cent withdrawal fee after the first S$350 or first 5 withdrawals per month. And of course, YouTrip is the lowest cost option here with no Mastercard top-up fee and free ATM withdrawals for the first S$400 per month.Great integration with current phone payment methods, most notably Apple Pay and Google Pay. True story: I applied for a Revolut card four hours before my flight. Approval was instant, and I linked my virtual card to my Apple Pay within a minute.
This is kinda silly, but Revolut cards let you have some fun with their card faces. You can customise your card and make it yours. Do note this comes with a fee though.Surcharges to top up your Revolut account with a card range from 0.30 per cent to 2.08 per cent depending on the card type. You have to top up from a linked bank account to avoid top-up charges.
BigPay is completely free to sign up for and comes with no annual fees. Does Big sound familiar? It’s the subsidiary of low-cost Malaysian carrier, AirAsia, and that means you can use it to redeem discounted flights, meals from AirAsia food, travel insurance and even investments. Sometimes, BigPay users also get flight deals and promotions on AirAsia.
There is something I like about Wise that's specific to my bad travel habits. I often underestimate the cash I need overseas and end up looking for a money exchanger or ATM. If you're like me and don't want to pay ATM withdrawal fees, Wise lets you withdraw up to $350 for free each month.If you're looking for loyalty points or travel perks , Wise may disappoint you.
This is because many countries are still very dependent on cash and the limit of S$350 for Wise and S$1,050 for Revolut without fees may not be sufficient for long trips.
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