YouTrip now lets you transfer funds back to your bank account

Note: This article was first published on 23 July 2024.

As of today (23 July 2024), YouTrip users can now transfer funds from the YouTrip e-wallet back into their bank account. This was previously impossible. YouTrip said this was one of its users' most requested features.

Moving money back into your bank account incurs no extra fees, and users can perform up to 10 free withdrawals back into bank accounts. 

According to YouTrip, moving funds from its e-wallet to a bank account requires either the user’s mobile number or NRIC tied to YouTrip. They can move the funds back via PayNow, but only money that's been moved to YouTrip via PayNow or the newly built-in “Linked Bank Account” method from 22 July 2024 onwards can be moved back to the bank. That means that YouTrip funds from credit/debit top-ups still cannot be transferred back to the bank account.

Linked Bank Account is a new feature that allows users to link an existing bank account to their YouTrip wallet. Previously, topping up the YouTrip wallet required either a PayNow transfer, a Mastercard transfer (debit and credit), or a Visa transfer (debit only). It may seem like the same result to the end user, but having multiple paths to payment helps mitigate situations where users are caught without digital cash on hand.

Only YouTrip funds in Singapore Dollars (SGD) can be returned to a bank account. Funds in other currencies must first be converted to SGD. YouTrip currently only supports locally issued bank accounts. The list of supported bank accounts can be found here.

“We believe these enhancements will encourage users to spend confidently with YouTrip, knowing they can seamlessly manage their funds and enjoy a truly convenient payment experience,” said Caecilia Chu, CEO and Co-Founder of YouTrip.

With this feature, the loop is now complete. YouTrip, by design, lets you store funds in its wallet and allows peer-to-peer transfers between YouTrip users. Closing the loop is the new ability to move money back into bank accounts, allowing users to use YouTrip as an alternative to giving and receiving cash that is not locked in a digital wallet.

Since its inception, YouTrip has been improving its feature set and services. Its most recent milestones include Apple Pay and Google Pay integration, as well as a major revamp that added a digital card to the e-wallet.

For a quick overview of all the added features to YouTrip, check here.

Note: The feature is in the midst of its rollout and it should be completed by 26 July 2024.

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