Wise vs YouTrip: Card, account & international transfer [2024]
If you’re looking for a simple way to spend money in foreign currencies - for a trip abroad, or when you’re shopping online - you might have heard of both Wise and YouTrip.
Both Wise and YouTrip offer digital multi-currency accounts and cards which can support a selection of currencies and which can be used for global spending. However, it’s helpful to note upfront that while YouTrip has been widely reported to be expanding its services to Malaysia, it’s not yet offered to people with a Malaysian residential address. Wise on the other hand, is available for Malaysian customers.
If you’re eligible for both Wise and YouTrip - or if you just want to get a measure of YouTrip ahead of its Malaysian launch - this guide is for you.
Summary: Wise multi-currency accounts and debit cards offer spending in 150+ countries, mid-market rate currency exchange and international payments with low, transparent fees. YouTrip has cards and digital multi-currency accounts to hold 10 currencies and spend globally, plus options to make international payments to other YouTrip account holders. YouTrip is not available for Malaysian residents at the time of writing, but is widely reported to be planning an expansion to Malaysia.
Table of content:
- Wise Vs YouTrip: Side by side comparison
- The important bits: Wise or YouTrip?
- Wise card vs YouTrip card comparison
- Pros and cons: Wise or YouTrip?
- Wise card vs YouTrip card: Where can you use them?
- Wise Vs YouTrip fees
- Wise Vs YouTrip: which is cheaper for international transfers?
- Can I apply for YouTrip in Malaysia?
Wise Vs YouTrip: side by side
Let’s start with an overview of Wise vs YouTrip so you can get a feel for what services each provider has, and how they measure up. As we’ve already mentioned, YouTrip isn't available in Malaysia yet, so we’ll use the relevant fee and feature detail from YouTrip Singapore wherever relevant in this guide.
| Feature | Wise | YouTrip |
|---|---|---|
| Service availability | Online and in app - available in most countries globally | Online and in app - available for people with a residential address in Singapore or Thailand only |
| Multi-currency account | Hold and convert more than 40 currencies | Hold and convert 10 currencies |
| Debit card | Y | Y |
| Spend with debit card | Free to spend a currency you hold, conversion fee from 0.43% for other currencies | Free to spend a currency you hold, conversion uses the network rate for unsupported currencies |
| Local account details for receiving payment | Y - available in 10 currencies | N |
| Send money to | More than 160 countries | Other YouTrip account holders online, in 10 currencies |
| Transfer speed | 45% of payments are instant, 90% arrive in 24 hours | Instant |
| Exchange rates | Mid-market rate | YouTrip rate for 10 supported currencies, network rate for unsupported currencies |
| Regulated | Y | Y |
| Open a business account | Y | Y |
So, to summarise:
Wise is available in app and online, in most countries globally - YouTrip is offered to customers with residential addresses in Singapore and Thailand only
Both YouTrip and Wise offer digital accounts and card services, which you can manage with just your phone
Wise supports 40+ currencies for holding and exchange; YouTrip supports 10
All Wise currency exchange uses the mid-market rate with fees from 0.43%; YouTrip uses its own rate for currency exchange on supported holding currencies, and the network rate for spending in unsupported currencies
Wise offers local account details for receiving 10 currencies including MYR - YouTrip does not
Both providers are fully regulated, and offer both personal and business services
The important bits
| Wise | YouTrip | |
|---|---|---|
| Rates | Mid-market exchange rate | YouTrip or network rate depending on the payment type |
| Fees | Free to spend currencies you hold No monthly charges Transaction fees apply | Free to spend currencies you hold No monthly charges Transaction fees apply |
| Speed | 50% instant, 90% same day | Instant payments to other YouTrip accounts |
| Service | Online, Desktop browser and mobile app | Online, Desktop browser and mobile app |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3, Excellent, 1923,000+ reviews | Not active on Trustpilot |
To summarise:
Rates: Wise uses the mid-market rate, whereas YouTrip uses its own rate for converting supported currencies, and the network rate when converting an unsupported currency for spending
Fees: No monthly fees with either provider. Free to spend currencies you hold with both providers
Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, while YouTrip transfers can be sent instantly to other YouTrip accounts
Service: Both providers have online and in-app service
Safetly: Both providers are fully regulated and licensed
Reviews: Wise has an Excellent rating on Trustpilot from 192,000+ reviews, YouTrip isn’t active on the site and so does not have a rating
Pros and cons
| Wise | YouTrip |
|---|---|
| ✅Multi-currency accounts to hold 40+ currencies ✅ Payments to 160+ countries ✅ Local receiving account details for 10 currencies ✅ Payment cards for use in 150+ countries ✅ Mid-market exchange rates | ✅ Trusted and well known Singaporean provider ✅ Hold 10 currencies and spend globally with your card ✅ Instant free payments to other YouTrip accounts ✅ Fair exchange rates ✅ Some reward and promotional offers available |
| ❌ Some service fees apply ❌ No physical location for face to face services | ❌Not available for Malaysian residents ❌Some service fees apply |
Wise Vs YouTrip: The verdict
Whether Wise or YouTrip is right for you might just depend on whether you hit the eligibility requirements for both services. YouTrip isn’t available to customers with a Malaysian residential address at the time of writing, while Wise is freely available to customers in Malaysia.
If you’re eligible for both providers, it’s worth comparing both based on the services you need and the type of transaction you’ll make often to decide which suits you best.
YouTrip is a popular digital account and card provider which covers 10 major global and regional currencies for holding and spending - plus you can use your card globally to get the network rate whenever you spend an unsupported currency.
Wise has more international features including 40+ supported currencies for holding and exchange, local bank details to get paid in 10 currencies, and a linked card for spending in 150+ countries. All Wise currency exchange uses the mid-market exchange rate too, with low fees from 0.43% which can work out cheaper than using a bank card with a foreign transaction fee.
About Wise and YouTrip
Wise: Wise was launched in the UK in 2011, and today offers cross border transfers, multi-currency account services, debit cards and business products. Wise has a focus on making it cheaper and easier to manage your money across currencies, with low, transparent fees every time.
YouTrip: YouTrip is a Singapore based digital account and card provider which was launched in 2018. It has a vision to allow anyone to pay in foreign currencies easily, with no transaction fees for many services and options to convert currencies conveniently in app.
How do they work?
YouTrip offers a handy digital wallet you can top up in SGD and then convert with the YouTrip exchange rate to any of 10 supported currencies. It’s then free to spend a currency you hold when you’re abroad. Plus, you can send payments to other YouTrip account holders instantly and for free in any of the 10 supported currencies for holding and exchange.
Wise accounts let you hold, send, spend and exchange 40+ currencies, and order a linked payment card for use in 150+ countries.
You can also get local bank details for 10 currencies - including MYR if you’re a Malaysian resident - to get paid conveniently. Wise international transfers are available to 160+ countries, and as they’re processed through Wise’s own payment network, the fees are kept low for customers.
With both providers you’ll need to get verified before you can start. If you’re in Singapore you can pick either provider and apply with your SingPass and phone - if you’re in Malaysia check out Wise which lets you apply with your passport or MyKad.
Wise Vs YouTrip card
Both Wise and YouTrip have linked debit cards you can use for local and international payments and withdrawals. Here’s a quick side by side feature comparison.
| Provider card | Card features |
|---|---|
| Wise card |
|
| YouTrip card |
|
Related: How to get a Wise card in Malaysia
Wise Vs YouTrip card: Withdrawing cash in Malaysia.
Explain if users can withdraw cash with the Wise and Youtrip card issued abroad in Malaysia with 3-5 sentences.
Wise vs YouTrip card: Where can you use them?
You can use a Wise card in 150+ countries, to spend 40+ currencies. Wise cards are issued on either Visa or Mastercard networks, which are widely accepted around the globe.
YouTrip cards are usually issued on the Mastercard network, for use in 150+ countries.
Related: How to use Wise card abroad
Ease of use
Creating an account: Create your account online or in-app with both YouTrip and Wise
Making a transfer: Wise typically allows local bank transfers and FPX payments, while YouTrip’s transfers are funded by the money you have on your wallet balance
Ways to send money: Send payments to other Wise accounts, or to your recipient’s bank account directly with Wise; with YouTrip you can send to other YouTrip accounts only
Languages: Wise offers 15 languages, plus multi-lingual support services; YouTrip is primarily offered in Singapore and Thailand
Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type. YouTrip’s maximum payment limit is dictated by the wallet holding limits
Wise Vs YouTrip fees
Let’s look at the key costs you’ll need to know about - you’ll also want to review the providers’ own fee schedules before you pick between Wise vs YouTrip.
| Service | Wise fee | YouTrip fee |
|---|---|---|
| Ongoing fees | No fee to open a personal Wise account | No fee |
| Card fee | 13.7 MYR | 10 SGD delivery fee |
| Spend currencies you hold | No fee | No fee |
| Spend currencies you don’t hold | From 0.43% | Network rate applies |
| ATM fee | 2 withdrawals, to 1,000 MYR/month free - then 5 MYR + 1.75% | 400 SGD withdrawals/month fee free, then 2% |
| Overseas transfers | From 0.43% | No fee ( send to YouTrip accounts only) |
Fees correct at time of writing -26th July 2023
Wise Vs YouTrip: which is cheaper?
Whether Wise or YouTrip is cheaper for you will depend on the specifics of your transaction or transfer.
With Wise you can easily see all the fees you may pay for any specific transaction or transfer online or in app before you confirm. In fact, if you model your payment online you can even see the costs of a few other competitors - and if one is cheaper you’ll be shown that, too, so you can compare which is best for you.
YouTrip doesn’t have many fees to pay, but to get the full details of costs and exchange rates available you’ll need to register an account and download the app, as not all details are published publicly.
Learn more about Wise fees.
Wise Vs YouTrip exchange rates
Wise and YouTrip work a little differently on exchange rates.
Wise uses the mid-market rate for currency exchange - that’s the exchange rate banks and money transfer services get themselves - and the one you’ll find using a currency conversion tool. All the costs you need to pay are shown separately so you can easily compare and check the total amount.
YouTrip uses its own rate if you’re converting from one currency to another in the YouTrip app. You can see the rate in the app and compare it to the mid-market rate to see if any extra fee has been added here. If you’re spending a currency you don’t hold in your account with a YouTrip card, you’ll get the network rate, which is usually pretty fair.
Wise Vs YouTrip: which is faster?
Wise money transfers are sent to other Wise accounts, and to bank accounts, and in some destination countries other payment options - like mobile wallets - are also supported. Wise to Wise payments are instant. 50% of Wise money transfers to banks are instant, and 90% arrive in 24 hours.
YouTrip offers transfers in 10 supported currencies to other YouTrip accounts. Transfers are instant and fee free.
How long it takes for an international bank transfer to be deposited depends on the destination, how you want to pay, and the value of the transfer.
Wise Vs YouTrip international transfer limits
YouTrip transfers are sent from your YouTrip wallet, which has a holding limit of 5,000 SGD or the currency equivalent. There are also annual limits. You’ll be able to see all the details in the YouTrip app once you register an account.
Wise has transfer limits on some currencies, but they’re usually set very high - at around the equivalent of 1 million GBP - so people can transact freely. If you’re sending from MYR in Wise you can send up to 30,000 MYR a day as a Malaysian citizen or expatriate, or up to 5,000 MYR a month if you’re a foreign worker. There’s also a holding limit of 20,000 MYR at the end of any given day.
Supported currencies
Wise accounts can hold 40+ currencies, YouTrip supports 10 currencies.
Safety
Wise is regulated by Bank Negara Malaysia in Malaysia. As a global business, Wise is also overseen by other regulatory bodies in the countries and regions in which it operates.
YouTrip does not offer services to people living in Malaysia, but is licensed in Singapore by MAS, and in the other regions in which it operates. It is safe to use.
Conclusion: Comparing Wise and YouTrip
The main thing to bear in mind when comparing these popular providers is that while Wise is available for residents in Malaysia, YouTrip is not.
If you’re not a Malaysian resident and live in Singapore or Thailand, it’s well worth checking out the services on offer from YouTrip, but if you’re living in Malaysia you’ll not be able to apply at the time of writing. Keep a look out for YouTrip’s planned expansion to Malaysia so you can apply when the service becomes available.
Wise is available in Malaysia with accounts you can open for free online and in the Wise app. Hold 40+ currencies and spend and withdraw with your Wise card in 150+ countries. You’ll also be able to get local bank details to get paid for free in MYR, and can hold a ringgit balance in your account - so you can use your account freely when you’re at home and whenever you need to travel.
Wise vs YouTrip FAQs
Both Wise and YouTrip offer digital multi-currency accounts and cards. However, YouTrip isn’t available for Malaysian residents. Wise accounts can hold 40+ currencies, spend in 150+ countries, and send payments to 160+countries. You’ll also get easy ways to get paid by others in foreign currencies, including ringgit. YouTrip accounts can hold 10 currencies, and you can spend with your YouTrip card in 150+ countries.
Neither Wise nor YouTrip is better - it all comes down to what services you’re looking for and where you are. If you’re a Malaysian resident you can’t open a YouTrip account right now. If you’re based in a country where both providers are supported, it’s worth looking at the features and fees of each to see which is best for your specific needs.
Whether Wise or YouTrip is cheaper for you will depend on the services you need. Compare them both based on the transaction types you need to make, to pick the right one for you.
Wise to Wise transfers are instant - Wise also offers fast international payments to bank accounts in 160+ countries, which can even arrive instantly. YouTrip offers transfers to other YouTrip accounts only, which arrive instantly.
Wise accounts can hold 40+ currencies, YouTrip supports 10 currencies.
You’ll be able to view the YouTrip exchange rate in the YouTrip app. For currencies supported for holding a balance, wholesale rates, plus a margin of up to 0.1% are used. For unsupported currencies, the card network rate is used. In both cases, this reflects a pretty fair rate for customers. Compare the YouTrip rate with alternatives such as the Wise card rate, to see which is best in your specific circumstance.