YouTrip has announced a new feature for its multi-currency, zero-FX-fee digital wallet platform.\u00a0<\/p>\n
Called YouTrip Family<\/b>, this feature is targeted at parents who want a more convenient, yet safer way to hand money to their children who are seconded overseas for enrichment or further pursuits.<\/p>\nWhat is YouTrip Family? Just hand my card over to the little one, cannot meh?<\/h2>\n
YouTrip noticed that existing users, some of whom are parents, would simply hand over their primary YouTrip card to their child when they are temporarily posted overseas.\u00a0<\/p>\n
Some examples of such overseas postings include immersion programmes, exchange programmes, short trips organised by their academic institutions, an internship abroad, a quick nearby vacation with friends, or even family holidays with separate schedules.<\/p>\n Key features of YouTrip Family.<\/p>\n Image: YouTrip<\/p>\n<\/figcaption><\/figure>\n The newly launched YouTrip Family is the neater solution to this problem. YouTrip now allows parents to give their offspring (ages 7-18) their own primary YouTrip card, while the parent retains full oversight of spending limits and top-ups.\u00a0<\/p>\n To that end, the card serves as a platform that allows parents to dole out spending money at regular intervals, adding a layer of security to transactions and making their child less of a walking target, since they wouldn\u2019t be plodding about with a fat stack of bills.<\/p>\n How to setup your YouTrip Family account.<\/p>\n Image: YouTrip<\/p>\n<\/figcaption><\/figure>\n The main YouTrip user (parent) must sign up for a Child account in the app and complete the Singpass verification process.<\/p>\n Once done, the child\u2019s YouTrip card arrives between 5 and 7 working days. The app will also show the card\u2019s control features, including real-time notifications and parental controls.<\/p>\n The card-carrying children do not need to download the YouTrip app to their phones, but it would be helpful, as the app can show them their card\u2019s balance and past transaction history. Logins are linked to the child\u2019s registered mobile number, email address, and 2FA, with the verifier being their parents\u2019 YouTrip app.<\/p>\n Additionally, it comes with all the YouTrip features one would need. Top-ups can come from the parents\u2019 main YouTrip balance, via linked bank accounts, or via PayNow. It can also be linked to the child\u2019s phone\u2019s payment communicator, such as Apple Pay and Google Pay (app download required on the child\u2019s phone).<\/p>\n The child card can also withdraw cash from overseas ATMs (2% fee), and parents can set spending permissions to teach personal finance literacy, such as savings, spending, and money accountability. In adverse situations, the parent can also help freeze a lost card. That\u2019s not forgetting that it can also function as a local spending card and has a zero FX fee structure across other currencies.<\/p>\n The catch is that child cards are not included in YouTrip\u2019s Perks programme (the Perks tab inside the app).<\/p>\n Each main YouTrip user is entitled to one YouTrip Family card per child, up to 10 children (aged between 7 and 18 years old). Too bad if you\u2019re the 11th kid of your parents, though.<\/p>\n What YouTrip thinks a family should look like (holding up cards in the middle of a picnic).<\/p>\n Image: YouTrip<\/p>\n<\/figcaption><\/figure>\n Many of our users today, including myself and many of our colleagues, are parents. YouTrip Family felt like a very natural next step as we guide our children toward smarter, more relevant ways of spending. It bridges the gap we notice about traditional allowances and the digital world we live in today, and gives parents a modern and secure way to introduce digital spending habits early, while helping children build financial independence at a young age, whether it\u2019s at home or while travelling.<\/p>\n Caecilia Chu, Co-Founder and CEO of YouTrip<\/p>\nHow to set up YouTrip Family<\/h2>\n
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