Are you a cash-and-carry tourist or a cashless traveller? Despite being common ways to transact overseas, they both come with a fair share of headaches.
Headache #1: Lugging Cash
If it’s just a weekend trip to Malaysia, carrying hundreds of dollars isn’t that big a deal. But when you are going on a long trip to the US or Europe, you might have to carry thousands of dollars or even more – and losing your bag or wallet comes at a greater risk. Even with multiple wallets, you’ll always need to tally your cash to make sure you have it all together. When you are travelling, the last thing you want is to double as a security guard AND an accountant.
YouTrip Fix: Simply top up sufficient amount in your mobile wallet and you are ready to spend anywhere in the world!
Headache #2: Excess Cash
How often do you come to the end of a trip only to realise you still have excess foreign currency left? It’s definitely not worth converting your money back to SGD, so you store them in your “my next trip” wallet. However, you’ll be subjected to fluctuating exchange rates and your foreign currencies may just devalue when you finally take that next trip.
YouTrip Fix: If you know your ticket to Tokyo Disneyland is JPY ¥7,400, then simply top up the SGD equivalent of JPY ¥7,400 in the mobile wallet. What’s more, Wholesale Exchange Rates are far better than the money changer’s. How’s that for a change?
Headache #3: Queueing and Opening Hours
It’s only natural that the best rates in town have long queues. So if you want good rates, expect to wait. On top of that, you’ll have to make it before the money changer closes, so that means either crowding during lunch or rushing after work. Or worse, you could even risk getting fake money after all that effort.
YouTrip Fix: Your mobile wallet gives you 24/7 access to currency exchange so that you can spend on the go, and even lock down a good rate whenever you see one (for the 10 major currencies).
Headache #4: Hidden Card Fees
When you make card payments overseas in a foreign currency, the bank charges a 2.5% to 3.5% admin fee to convert your SGD to the merchant’s currency. You might also be offered to pay in SGD – a process called Dynamic Currency Conversion (DCC), offered by merchants to display your transaction in SGD. It usually comes with a hefty markup up to 5%+.
YouTrip Fix: Zero fees! The JPY ¥7,400 yen ticket might cost you as much as SGD $94.72 with bank-issued cards, instead of the SGD $90.21 when you pay with YouTrip. *Based on YouTrip Exchange Rates as of 21 Oct 2018 5:43pm 1JPY to 0.01219.
Headache #5: Card Theft
Card skimming is also not uncommon, where thieves install illegal devices on top of real card readers to steal card information for personal use. Dishonest merchants can also make fraudulent charges when you attempt to pay through bank-issued cards. Losing your card overseas is equally distressing – anyone who gets hold of your card can go on a shopping spree before you can even contact your bank in time.
YouTrip Fix: If you ever lose your YouTrip card or notice that something is amiss, the one-tap lock function instantly blocks it. Through instant notifications, you’ll also be able to see unauthorised transactions in real-time.
Whether you’re travelling for work or leisure, the last thing you need is money headaches tripping up your plans. Leave your money headaches to us and start planning for your next trip!
Need inspiration? Here’s 5 unique getaways for your long holidays during Chinese New Year 2019!
Trade your overseas money headaches for a peace of mind!