Let’s be honest. It’s easy to get carried away with spending when you’re on a vacation. With the rise of multi-currency e-wallets such as YouTrip, Wise and Revolut, cashless transactions bring another level of convenience into the equation.
However, there may be times when big purchases, like a 10-course meal at a five-star restaurant or a haul of high-end luxury goods from Prada or Givenchy, may far exceed the limits that are currently being placed on most e-wallets.
Luckily, changes made to YouTrip’s e-wallet and annual spending limits might be bringing a swift end to the awkward confusion of handling big payments that once exceeded the old $5,000 e-wallet limit.
MAS Increases Spending Limits Previously Placed On Multi-Currency E-Wallets
In recent years, multi-currency e-wallets have become an extremely attractive option for vacationers.
Unlike traditional money changers and banks, multi-currency e-wallets like YouTrip do not profit from currency conversion and thus have the ability to offer competitive exchange rates.
These e-wallets also do not charge any overseas transaction fees, unlike conventional credit cards that charge a 3% transaction fee for every overseas purchase.
With the Monetary Authority of Singapore increasing the maximum limits stipulated on multi-currency e-wallets, travellers can now save more on making big purchases without the hassle of changing currency or paying transaction fees.
As of 3 January 2024, YouTrip announced that users now have a new e-wallet limit of $20,000, a major upgrade from the old limit of $5,000.
The annual spending limit of YouTrip accounts has also increased from $30,000 to $100,000, which is the current maximum limit set by MAS.
While other multi-currency e-wallets like Revolut and Wise have not rolled out any changes to their current e-wallet and spending limits yet, they are also aiming to raise these limits soon.
Changes Made In Response to the Feedback of E-Wallet Users
MAS first made a proposal to increase spending limits for e-wallet users on 18 October 2022.
In its report titled “Proposed Amendments to Restrictions on Personal Payment Accounts that Contain E-Money”, MAS found that there was a “demand for higher caps, which would facilitate greater customer convenience and innovation in the e-payments landscape”.
In reviewing consumer feedback, MAS found that introducing a higher cap would better fit the payment needs of consumers, especially in the form of travel spending.
As for YouTrip itself, it also received feedback from users requesting higher spending limits to handle large purchases, such as booking flight tickets and accommodation, which were previously obstructed by the old $5000 cap.
YouTrip Reassures Users With Latest Anti-Scam Security Measures
However, curious readers may now be asking: Why do caps in e-wallet spending exist in the first place?
The reason, as it turns out, is to protect the users of e-wallets themselves.
According to MAS, the caps placed on personal payment accounts “have been imposed to protect customers by limiting a customer’s potential loss from the customer’s account”.
MAS’s concerns are not entirely unfounded. Since multi-currency e-wallet services are still relatively new, they may not receive the same stringent regulations and security measures that have been placed on conventional banks, which make them vulnerable to fraudsters.
This has resulted in users falling victim to fraudulent, unauthorised transactions caused by data security breaches. In 2021, a YouTrip fraud syndicate was busted for extracting at least 42 sets of debit or credit card information from 40 cardholders and for laying their hands on at least 20 YouTrip accounts.
However, YouTrip has been making the necessary preparations in tandem with its increased spending limits. The service has put in place a fraud monitoring system that monitors suspicious transactions as well as a One-Lock Switch that allows users to freeze their cards if they suspect that their cards have been compromised.
Revolut and Wise also come equipped with their own anti-fraud measures, such as two-factor authentication systems, real-time transaction notifications, and the option for users to freeze compromised cards.
Watch this for a complete summary of what REALLY happened to Qoo10, and why it's like a K-drama:
Read Also:
- Woman Tried Bribing Officer in S’pore Immigration, Thinking It’s a M’sia Officer
- There Might Not Be Crazy Rich Asians 2 in the Near Future
- Everything About Donald Trump’s Controversial Cabinet’s Picks That Are Known So Far
- Pet-Friendly Cafe Just 10 Minutes Away From JB CIQ Has Furry Floral Decor, Pastries & Mains
- 4 Handrolls For S$4 At Japanese Handroll Bar In Duxton Road On 17 November 2024
- Everything About The Deepfake Nude Photo Scandal in S’pore Sports School
Advertisements
