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YouTrip Vs Regular Charge card: How Much Are you able to Save When Spending Overseas?
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If you're reading this article, it's likely a secure assumption that you have heard about YouTrip, or might even have used it before.
We have covered YouTrip extensively in the past. From our experience utilizing it for A 3 week period in the united states to some guide on how you can make an application for your own YouTrip card, we know that the YouTrip card may be worth having, particularly if you are a frequent traveler. It is not only easy to use, but also saves you money on your travel.
But we were still curious, just how much exactly can YouTrip save us?
Brief Summary of YouTrip
For people who are new to this card, or require a quick refresher, let's briefly introduce what YouTrip does.
YouTrip is really a multi-currency mobile wallet that permits you to pay in additional than 150 currencies when you're shopping on the web or travelling abroad, without incurring any currency conversion fees. It taps on the Mastercard network – meaning if you are able to pay for an invoice using a Mastercard issued credit card, you may also use your YouTrip card to pay for the balance.
If you are interested in discovering more about how YouTrip work, do read our comprehensive guide around the card here.
Using Our YouTrip Card In Western Australia
On a recent trip to Wa with your family, we spent a couple of days at Margaret River. Among a lot of things, Margaret River is well known because of its many wineries. If some time and budget permits, having lunch at a winery can also be an event you need to go for.
We had lunch at Fishbone Wines on a single in our days. While we are not a food review website, we would like to say that the food (and wine) were excellent and the ambience, excellent. For our group of six adults and two toddlers, the price of our meal came up to AUD193.
In my previous trips to Australia, the Singapore Dollar (SGD) had always been weaker than the Australian Dollar (AUD). With this trip however, the exchange rate was in our favour with the SGD being the stronger currency. Which means this means that the price of your food was going to be less than S$193. But because when much exactly?
How Much The Meal Costs Depend On How We Pay For It
The interesting thing about paying in forex is that how much we end up paying for a product won't only rely on the exchange rate, but additionally our payment method. So a couple can purchase the same things on the day that, yet end up paying two different prices (in SGD) due to the way they decide to pay it off.
For this meal, we chose to use our YouTrip card. Since our YouTrip card had very little AUD left, we'd to do an instant top-up and currency conversion first, which can be done easily and quickly so long as you have internet connection. All you need to do is make use of your charge card to top-up funds to in SGD your YouTrip account, and then make use of the YouTrip app to complete the currency conversion from SGD to AUD.
YouTrip rate tomorrow (15 February 2021) for SGD/AUD was 1.064. This means for each S$100, we receive A$106.40. Since our meal was AUD193, this means it costs us S$181.39, assuming we pay using our YouTrip card.
For reference, the exchange rate on 15 February was 1.069 (according to XE.com). So the YouTrip rate comes very close to the SGD/AUD spot rate during the day. YouTrip doesn't earn any revenue from currency conversion you are making on its platform, hence there is no reason for them to mark up the rates unlike a traditional moneychanger.
Source: XE.com
But Just how much Would The Meal Cost (In SGD) When we Paid Utilizing a Regular Credit Card?
To find this out, we depend on transactions that we made using a regular credit card yesterday. We made two transactions for that day.
From the screenshots above, the currency conversion rate we got was about 1.034 for spending, that have been made on 14 February. This may come as no real surprise since most credit cards in Singapore would charge an overseas currency transaction fee of approximately 2.5% to three.0%.
In other words, had we paid utilizing a regular charge card, our meal might have cost us about S$186.65, or about S$5.26 more when compared with paying using a YouTrip card.
YouTrip Card | Regular Credit Card | |
Cost of Meal In AUD | A$193 | A$193 |
Cost Of Meal In SGD | S$181.39 | S$186.65 |
Final Thoughts & Analysis
Some people may feel that $5.26 isn't much. Perhaps this may be true if you are making a small, one-off purchase. Or if you are someone who typically uses only cash when travelling overseas, with the occasional charge to your charge card made only when it is necessary.
However, for somebody (like me) who would rather hold very little cash as possible while travelling overseas, both for safety and convenience sake, the total overseas transactions made utilizing a credit card can also add up.
Sometimes, being ignorant is bliss. But after going back to Singapore and achieving checked on my credit card statement, I could not help but think how much I could have saved around the trip if I had just used YouTrip entirely.
In total, I spent AUD$4,353.67 on my small regular charge card for the trip, including the cost of accommodation and rental car. When converted to SGD, I had been charged S$4,205.75, or perhaps a conversion rate of about 1.035. Throughout the period, the SGD/AUD conversion rate was between 1.06 to at least one.07.
If I had used YouTrip instead through the trip, I'd have paid S$4,091.79 (according to SGD/AUD of 1.064) instead, which may have saved me about S$113.96.
Don't get me wrong. I'm not suggesting that people all dump our charge cards entirely for overseas trips. Given only one choice, I would still decide to carry and pay using my regular credit cards and incur the forex transaction cost, rather than be caught carrying thousands of dollars in cash around.
Also, credit cards are incredibly useful if you need to place a deposit down for the hotel and car bookings. In the event of an emergency, it's also best to make use of your charge cards.
At the same time however, for regular payments for items such as food, gifts, attraction cost, pointless why people shouldn't just use their YouTrip cards more regularly.
DollarsAndSense Exclusive:
Use the promo code DNS5 during your YouTrip registration to receive a welcome credit of $5 in your YouTrip account.