How I saved $100 using YouTrip

YouTrip is a multi-currency travel wallet that allows users to pay in over 150 currencies with no transaction fees.

One of the main benefits of the YouTrip card is that it offers competitive exchange rates, which means that users can save money on foreign currency transactions compared to using traditional banks or credit cards.

Why YouTrip?

YouTrip can be used for a variety of purposes, including:

1. Travel expenses: Payment for expenses while travelling, such as accommodation, transportation and dining.

I used the YouTrip card for payments in Malaysia for merchants that accept Mastercard as the exchange rate was much more competitive (1 SGD = 3.29 RM) compared to using ringgit (prevailing rate at the money exchange is 1 SGD = 3.2 RM)

2. Online shopping: Making online purchases from merchants that accept Mastercard.

3. Overseas shopping: Making purchases at merchants overseas, either in-store or online.

4. Foreign currency exchange: Exchange currencies at competitive rates, either before or during your travels

5. Sending and receiving money: Send and receive money between other YouTrip users at no additional cost

Drawbacks of YouTrip

While YouTrip offers several benefits and advantages, there are also some potential drawbacks that users should be aware of, including:

1. Limited availability: YouTrip is currently only available to residents of Singapore and Thailand

2. Limited currency support: There may be some less common currencies that are not supported

3. No cash withdrawals: Withdrawal of cash from an ATM using a YouTrip card is unavailable

Which payment method to use?

There are several factors to consider before deciding whether to use YouTrip or a credit card for payment, including:

1. Acceptance: You should consider whether the merchant or service provider you wish to pay accepts YouTrip or credit cards. While credit cards are widely accepted, YouTrip may not be accepted everywhere.

2. Currency: If you are making a payment in a currency other than your local currency, you should compare the exchange rates offered by YouTrip and your credit card issuer. YouTrip typically offers more competitive exchange rates, but it's worth checking both to see which one offers the best rate for your transaction.

3. Fees: You should also consider the fees associated with each payment method. YouTrip does not charge transaction fees, while credit card issuers may charge fees for foreign currency transactions or cash advances.

4. Rewards: If you use a credit card that offers rewards, such as cashback or points, you should compare the rewards offered by your card with the benefits of using YouTrip. YouTrip does not offer rewards, but it may be more cost-effective for foreign currency transactions.

5. Convenience: You should also consider which payment method is most convenient for you. YouTrip offers real-time transaction tracking and can be managed through its mobile app, while credit cards may offer additional features such as purchase protection or extended warranties.

Overall, the decision to use YouTrip or a credit card for payment will depend on your individual needs and circumstances. You should consider factors such as acceptance, currency, fees, rewards, and convenience before deciding which payment method to use for a particular transaction.

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