Great news! From 27 February 2020, your YouTrip wallet limit will increase to S$5,000! 🎉
You’ll be able to:
- Hold up to S$5,000 (or equivalent in other currencies at the end of the day Singapore time)
- Withdraw up to S$5,000 per day in cash from an overseas ATM
- Spend (including ATM withdrawals) up to S$30,000 (or equivalent in other currencies) annually
Is there still a daily spending limit?
Nope, there won’t be any daily spending limit! However, your annual spending limit will be reduced from S$100,000 to S$30,000.
Why is there a reduced annual limit?
YouTrip is a Major Payment Institution regulated by the Monetary Authority of Singapore. Under the new Payment Services Act (PSA), there’s a limit to how much you can hold, withdraw, and spend with local e-wallets. The annual spending limit is consistent across all e-wallets like YouTrip, GrabPay, and others in Singapore.
We’re also updating our Terms & Conditions and we recommend you read the draft here!
How is the annual limit calculated?
This annual limit is calculated every 365 days, starting from your first top-up on or after 27 February 2020.
Anything else I need to know?
We’ve rolled out a new function last month – Online Payment & ATM Alert– a daily consolidated e-statement of all your online transactions and ATM withdrawals in the past 24 hours.
This ensures that you’ll be notified of any unauthorised online transactions or ATM withdrawals, in case you don’t have access to your YouTrip app.
We hope that these new updates will provide a better overseas payment experience for you in the new year. 😎 If you have any questions, we’re always just a text away at firstname.lastname@example.org.
Frequently Asked Questions
What’s a Major Payment Institution?
According to the Monetary Authority of Singapore, major payment institutions are licensed and regulated under the Payment Services Act to provide payment services without being subject to the specified thresholds.
If I exceed the S$30,000 spending limit, can I apply for another card?
You can only own one YouTrip card as the account is bound to your personal identity.
Can I increase my wallet or spending limit?
The limit and guidelines are set by MAS for every local e-wallet.
Can I top up more than S$5,000 in a day?
Yes, you can. However, your YouTrip wallet can only hold a maximum S$5,000 at any point in time.
Is my money safe with YouTrip?
Yes. Your money is deposited into a dedicated customer segregated account held by us with Standard Chartered Bank (Singapore) Limited. For more information, you can check out our new Terms & Conditions effective from 27 February 2020.
Enjoy a travel experience with no fees worldwide!