- Users can now transfer funds back to their bank accounts
- No fees for up to 10 withdrawals per month
- Restrictions apply based on the source of funds and currency
On July 23, 2024, YouTrip announced that users can transfer money from their YouTrip e-wallet to their bank accounts, a previously unavailable feature. This new capability addresses one of the top user requests, adding a significant layer of convenience.
Since its inception, YouTrip has continuously enhanced its services, including Apple Pay and Google Pay integrations and a major update introducing a digital card to its e-wallet.
This feature rollout marks another step in improving user experience, despite the underlying concerns about water theft, which YouTrip is actively addressing with transparency and user-friendly solutions.
Free and Easy Withdrawals
- No fees for up to 10 withdrawals monthly
- Additional withdrawals may incur charges
Users can perform up to ten free bank account withdrawals per month, a move that aims to enhance financial flexibility without additional costs.
Specific Requirements for Transfers
- Use the mobile number or NRIC linked to YouTrip
- PayNow is the primary method for transfers
To transfer funds, users must use their registered mobile number or NRIC and PayNow. From July 22, 2024, onwards, only money moved into YouTrip via PayNow or the “Linked Bank Account” feature can be withdrawn back to the bank. Funds added through credit or debit card top-ups remain non-transferable.
Introducing Linked Bank Account
- Allows connection of existing bank accounts to the YouTrip wallet
- Previously only PayNow, Mastercard, and Visa transfers were supported
The new Linked Bank Account feature enables users to link existing bank accounts to their YouTrip wallet. This addition provides multiple ways to top up, mitigating situations of inadequate digital cash.
Currency and Local Bank Support
- Only SGD can be transferred back to bank accounts
- Other currencies must be converted to SGD first
- Supported banks are locally issued
Withdrawals can only be made in Singapore Dollars (SGD). Funds held in other currencies need conversion to SGD. YouTrip currently supports only locally issued bank accounts with a comprehensive list available online.
The new bank transfer capability completes the loop for YouTrip users, who can now store, spend, transfer between peers, and withdraw funds back into their bank accounts. This positions YouTrip as a versatile alternative for managing both digital and physical cash.