- Overview: YouTrip vs Revolut
- Comparison of Currency Exchange Feature
- How to Choose
Overview
Currency Exchange
How to Choose
Overview: YouTrip vs Revolut
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The Revolut Standard and YouTrip multi-currency accounts are among the most popular digital wallets for travelers who spend and exchange foreign currency. With no fees on overseas transactions and an extensive list of available currencies to exchange, both cards are great options for frequent travelers. Despite their similarities, each card offers a few unique features that may make it a better fit for you.
| Account | Annual Fee | Minimum Age | Minimum Income |
|---|---|---|---|
| YouTrip | No Annual Fee | 15 years old | No Income Requirement |
| Revolut Standard | No Annual Fee | 18 years old | No Income Requirement |
Travel Perks & Fees: YouTrip vs Revolut
In terms of basic features, the main difference between these two accounts lies within their ATM withdrawal fees. Depending on the amount and frequency an individual uses the ATM, one account will be more beneficial than the other.
| Account | Fee on FX Purchases | Overseas ATM Withdrawals |
|---|---|---|
| YouTrip | 0% Transaction Fees on FX Spend | S$5 per transaction |
| Revolut Standard | 0% Transaction Fees on FX Spend | Free up to S$350/month (2% fee for subsequent transactions) |
Users can not use YouTrip or Revolut for ATM withdrawals inside of Singapore
Rather than charging based on the total amount of the withdrawal, as most other digital wallets on the market do, YouTrip takes a flat fee of S$5. This is extremely beneficial for individuals who make infrequent, high value withdrawals. Regardless of the total amount, users know how much they will have to pay, ultimately eliminating the worry of paying a variable ATM fee. Alternatively, Revolut’s ATM fee is structured quite differently. Users pay no fees on their withdrawals, up to S$350/month, and then pay 2% on subsequent withdrawals. This generally benefits individuals who make more frequent, lower value withdrawals as they will not be charged on the frequency of their ATM activity, rather on the amount of their withdrawal.
Currency Exchange: YouTrip vs Revolut
One of the more enticing features about a multi-currency digital wallet is its ability to exchange and store different currencies. While both YouTrip and Revolut offer this service, the extent of what they offer is quite different. As far as available currencies, YouTrip is quite limiting, only offering 10 currencies to exchange. Revolut, on the other hand, has 28 currencies available for exchange.
| Account | Available Currencies | Fees |
|---|---|---|
| YouTrip | AUD, GBP, SGD, USD, JPY, SEK, EUR, CHF, HKD, NZD | No Fee |
| Revolut Standard | USD, GBP, EUR, PLN, NZD, CHF, DKK, NOK, RON, SGD, CAD, JPY, AUD, HKD, AED, BGN, CZK, HUF, ILS, MXN, QAR, SAR, SEK, THB, TRY, ZAR | Up to 2.5% per transaction |
While Revolut does offer a wider variety of currencies, it does have a somewhat complex fee system. Depending on the type of currency, time of day, and amount that is being exchanged, individuals have to pay up to 2.5% on their transaction. With these variable rates, it may be more difficult to keep track of the most affordable times to exchange currencies. However, due to its extensive list of currencies, the Revolut account is advantageous for those who utilize currencies not offered by YouTrip.
YouTrip, on the other hand, has absolutely no fees associated with their currency exchange feature. As long as the account holder is exchanging currencies that are supported by the platform, they will not incur any fees. This is especially great for individuals who exchange large sums of money, as they will not have to pay any markup fee for their transaction. No matter the time or place, the YouTrip multi-currency account lets users exchange currency free of charge.
How to Choose
Ultimately, choosing the right digital wallet comes down to understanding your financial needs and habits. Depending on how you use your account will have an impact on which choice is the most affordable. For individuals who have a tendency to make ATM withdrawals with larger sums of money and only require exchanges with 10 of the most common currencies, YouTrip is a better choice. Choosing this digital wallet will reduce the cost of taking out cash overseas, as you will only have to pay a flat fee on each transaction. Additionally, with this digital wallet you get added savings as you will be able to avoid markup fees on your overseas currency exchange.
On other other hand, those who keep their ATM withdrawals below S$350/month and require extensive options for currency exchange, should consider the Revolut Standard. Not only is this digital wallet more affordable when looking to take out cash, but it also provides users with significantly more choices when paying in domestic currency while traveling. If neither end up fitting your needs, you can consider our alternative travel and fx-friendly options like credits cards that have no fx fees.
