So i did my maiden test drive of the Youtrip card, and i’m happy to report that it works as advertised.
I used the card in a restaurant in Harbin, China. The exchange rate was 5.0239 vs 5.0361 actual, which is much closer than what you get with a credit card. You may be prompted to enter your card PIN, so make sure you remember your PIN (apparently this is the same PIN as the App 4 digit login PIN so you should be able to remember). I noticed that the final amount charged actually gets amended a few days after the transaction date, but the difference is insignificant, so this does not present a problem.
I recommend using the smart currency exchange – i.e. on-the-fly SGD to foreign currency exchange at the point of transaction. This card is not meant for speculation on foreign currency anyway, right? And you don’t want to be left with foreign currency at the end of your trip. Unfortunately, if you have leftover SGD, you cannot withdraw the monies but can only spend it. So, only top up what you actually need. Anyway, here’s one way you can completely deplete the balance in your account: you need to perform an SGD denominated online transaction which involves an amount that is more than the balance you have. Top up the exact amount of the difference and execute the online transaction, and you’ll be left with zero in your account! (i have not yet tried this so i’m not sure if it really works)
One word of caution – other than the PIN, there are no additional security measures enforced, so if you lose your card, your money is as good as gone if you don’t disable your account in time. There is no SMS OTP required when performing an online transaction. Be very careful in safekeeping the card.
Here’s an idea – if you run out of cash when overseas, you can top up your YouTrip card (with your credit card), and you can withdraw the foreign currency from an ATM (using the 4 digit PIN). Of course, you can also withdraw cash using your bank card, but this may be a useful alternative. Might be safer too, without having to expose your bank card.
I recommend getting the Youtrip card – it’s the best way to save on currency exchange. Get $10 when you sign up through this link!
Update: I have also used the card in Europe and am happy to report it works well. When filling up petrol overseas using the self-service machine, you have to enter the PIN. If you enter the wrong PIN too many times (I don’t know how many, feels like more than 3 times) your account will become disabled. Yeah so it happened to me, and the way to enable your account is to call the hotline. The hotline number can be found on the card. You do need some patience when calling but it works.