YouTrip balances can now be withdrawn to a bank account

While I’m usually not a big user of multi-currency cards like YouTrip or Revolut (simply because I prefer to earn miles with my credit card), they can come in useful when travelling to a country where cash-based transactions are the norm.

However, topping up a YouTrip wallet has always been a one-way trip, for lack of a better word. While I’m sure some enterprising people managed to find workarounds, the general rule was that any leftover funds could only be spent via the YouTrip card, or at the most withdrawn from overseas ATMs.

This has now changed, with YouTrip announcing that withdrawals to bank accounts are being rolled out. 

YouTrip balances can now be withdrawn to bank account

Details

From 23 July 2024, YouTrip users will be able to withdraw balances from their YouTrip wallet to their bank account. The feature is being rolled out progressively, so you may not see the option straight away.

The following balances can be withdrawn:

• Top-ups from PayNow and linked bank accounts (eGIRO)
• Reversals from transactions using PayNow or Linked Bank Account top-ups
• Dispute Credit or Dispute Resolution
• Merchant refunds
• Insurance Cashback
• YouTrip Surprise Cashback
• YouTrip Perks Cashback

Any balances not listed above, including card top-ups via debit and credit cards, cannot be withdrawn. This means you can’t use YouTrip as a means of withdrawing balances in your Amaze Wallet (though you can use Grab for that purpose, albeit with a 1% fee).

On the other hand, you can use YouTrip as a means of cashing out LifeSG credits, since LifeSG supports payments to PayNow-linked UENs.

One catch: you can only transfer balances topped up to your YouTrip account from 22 July 2024 onwards. Any balance that existed in your account prior to this, wherever it was from, is not transferrable.

Important things to note

Bank withdrawals can only be made in SGD. If you have other currencies in your YouTrip wallet, you must first change it back to SGD, then make the withdrawal. 

While there is no limit on the amount per withdrawal, there is a limit of 10 bank withdrawals per calendar month. If you wish to make more than 10 bank withdrawals, you will need to request a refund, for which a S$10 admin fee applies. Send an email to customer@you.co with the subject “Refund Request”. 

Funds can only be withdrawn to a bank account associated with your PayNow-linked mobile number or NRIC registered with your YouTrip account. Sending money to other mobile numbers is possible, but the amount will not be withdrawable to a bank account.

YouTrip wallet limits have been increased

Details

At the start of 2024, YouTrip became the first multi-currency wallet to increase its stock and flow limits, allowing customers to hold up to S$20,000 in their wallet at any point in time, and spend up to S$100,000 per year.

This makes it much more feasible to use YouTrip on big ticket transactions, which would formerly be credit card only territory.

Revolut eventually followed suit in June 2024. 

When would I use YouTrip?

As mentioned at the start, I’m not a regular YouTrip user, simply because I prioritise credit card rewards over minimising the cost of the transaction. By pairing my card with Amaze, I pay about a 2% FCY fee and get to earn up to 4 mpd.

However, there are two main situations where I’d consider using YouTrip. The first is when I’m dealing with a category where rewards can’t be earned, such as education or charitable donations. If so, then it’s simply a question of “damage minimisation” (i.e. minimising the total cost of the transaction), and YouTrip would offer better rates than my card.

The second is if I needed to make ATM withdrawals overseas. YouTrip offers up to S$400 of free withdrawals a month (after which a 2% fee applies), and if I needed anything beyond that, I’d switch to Trust and use its debit card mode to make fee-free withdrawals from overseas ATMs at the prevailing Visa rate.

Be careful not to use YouTrip in situations that require an authorisation hold, such as car rentals or hotel stays. YouTrip is a debit card, and since debit cards don’t support authorisation holds, the hold amount is automatically deducted from your available funds, leaving you with less money on hand.

Conclusion

YouTrip customers can now withdraw their wallet balance to a bank account, with up to 10 withdrawals per month free of charge. 

This makes it easy to withdraw any extra funds leftover from a holiday, or even cash out LifeSG credits or anything else that supports payment to a PayNow-linked UEN.