If you are thinking how, you can return the funds in YouTrip account back to your bank account, here is the good news. YouTrip is progressively rolling out this feature to users over the next few days.
YouTrip is my go-to card whenever I am overseas. I have been using it (along with other card) for my overseas trips for years. I can understand the pain-point of not being able to transfer back my money from YouTrip account.
YouTrip has heard us and now, it is rolling out this feature to allow users to transfer funds back to their bank account. At the same time, users can also link their bank account for seamless top-ups. These services are free (with some terms and conditions – Read the Press Release to understand).
Do note that withdrawals are available to all new top-ups made through PayNow or the newly introduced
‘Linked Bank Account’ method, starting from 22 July 2024, 00:00 hrs onwards.
You can check out the Press Release for more information.
Press Release
YouTrip Users Can Now Transfer Funds Back To Bank Account, Offering Greater Control and Flexibility Over Their Digital Wallet
- Users can also link their bank account for seamless top-ups, adding to its suite of fee-free options
- The features will be progressively rolled out to all users over the next few days
- New security safeguards, such as top-up limits and transfers back only to users’ registered PayNow, to ensure better security and control
SINGAPORE, 23 July 2024 – YouTrip, Singapore’s favourite multi-currency digital wallet, announces that users can now transfer funds back to their bank account. Additionally, users can also link their bank account for a convenient top-up process. These enhancements are designed to foster greater exibility and spending con dence among users. YouTrip users will receive invitations to experience the new features in phases progressively over the next few days.
Seamless Top-Ups and Withdrawals Back to Your Bank Account, With No Fees
In response to one of the most requested features by users, YouTrip now allows new funds to be withdrawn back into their bank account through the user’s mobile number or NRIC tied to their YouTrip account. Withdrawals are available to all new top-ups made through PayNow or the newly introduced ‘Linked Bank Account’ method, starting from 22 July 2024, 00 00 hrs onwards.
Only funds within the Singapore Dollar (SGD) wallet can be withdrawn. Users who wish to withdraw funds from other currency wallets will have to first convert them back to SGD. Funds that are withdrawable back to bank accounts will be reflected as the ‘transferable balance’. Users can perform up to 10 free withdrawals per calendar month.
YouTrip has also introduced a new top-up method where users can link their bank account directly for effortless wallet top-ups. This new ‘Linked Bank Account’ option was added to its existing suite of fee-free methods such as PayNow, Mastercard, and Visa (Debit). Users are only required to key in their bank information and complete the authentication process once to enjoy the convenience of topping up their YouTrip account moving forward.
Caecilia Chu, CEO and Co-Founder of YouTrip shared: “At YouTrip, we are constantly innovating to provide users with the best payment experience. From being the first to roll out the increased wallet limits to introducing free bank transfers and withdrawals, our commitment to meeting localised demands underscores our dedication to empowering users with greater control and flexibility over their finances. We believe these enhancements will encourage users to spend confidently with YouTrip, knowing they can seamlessly manage their funds and enjoy a truly convenient payment experience.”
The new features come after YouTrip’s increased limits earlier in January this year. YouTrip was the first digital wallet in Singapore to raise its limits to S$20,000 for wallet hold and S$100,000 annual spending, previously S$5,000 and S$30,000 respectively, following the updated regulations.
Heightened Security for Greater Peace of Mind
User security continues to be the key priority for YouTrip. For greater control over their finances and enhanced security, users have the option to set top-up limits and an expiry date after which the bank account linkage will be invalidated.
To further strengthen security controls, funds can only be withdrawn back into the PayNow account tied to the user’s YouTrip registered mobile number or NRIC. This measure prevents fraudulent transfers in the event of account takeover attempts.
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About YouTrip
YouTrip is the leading and fastest-growing multi-currency payment platform in Southeast Asia, dedicated to creating the next generation of digital finance services for consumers and businesses. In 2018, YouTrip pioneered the region’s first and #1 multi-currency digital wallet and is now trusted by millions across the region, processing over US$10 billion in total payment value annually.
With its consumer and corporate products, YouTrip and YouBiz, the company empowers users with the most affordable and convenient financial innovations. YouTrip is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS) and is recognised as a Top Startup in Singapore by Linkedin and a Top Fintech Leader by MAS and the Singapore Fintech Association. YouTrip closed its latest US$50 million Series B fundraising led by global venture capital fund Lightspeed Venture Partners, a testament to its commitment to revolutionising digital financial services in Southeast Asia.
For more information, please visit www.you.co.
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