YouTrip users in Singapore can transfer money from app to bank account
On Tuesday (23 July), multi-currency digital wallet app YouTrip unveiled a new feature named “Bank Withdrawal” that allows users to transfer funds back to their bank accounts with zero fees.
Source: YouTrip
The new feature will be “gradually rolled out” to users over the coming days.
However, YouTrip stated that only funds topped up into the app after 12am on 22 July can be transferred out using the new feature.
Here are the types of balances eligible for the new withdrawal method:
- Funds topped up via PayNow and Linked Bank Account (eGIRO)
- Reversals from transactions using PayNow or Linked Bank Account top-ups
- Dispute Credit or Dispute Resolution
- Merchant refunds
- Insurance Cashback
- YouTrip Surprise Cashback
- YouTrip Perks Cashback
Funds topped up using debit or credit cards cannot be withdrawn.
To withdraw funds from their accounts, users must also ensure that the funds are in Singapore Dollars (SGD).
Each user may submit up to 10 bank withdrawals per month. After the 10th withdrawal, users would have to request for a refund, which comes with a S$10 processing fee.
Steps to withdraw funds from app
Here are the steps users should follow to transfer funds from the YouTrip app back to their bank accounts:
- Update YouTrip app & tap on ‘Transfer’
- Select “Withdraw to Own Account”
- Enter desired amount
- Select the transfer method to receive the funds
- Slide to transfer after reviewing transfer request
Also read: S’pore-Based Digital Wallet App YouTrip Raises S$68M In Funding, Has S$1 Flight Giveaway
S’pore-Based Digital Wallet App YouTrip Raises S$68M In Funding, Has S$1 Flight Giveaway
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Featured image adapted from YouTrip.
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