Wise vs Trust card vs Youtrip 2024
Wise, Trust bank and Youtrip are all digital providers which offer services in Singapore. However, what customers can do with these three companies is quite different. Wise specialises in multi-currency accounts and cards, Trust is a digital licensed bank with SGD savings accounts, cards and credit, and Youtrip is a local ewallet and card for travel use.
Which is right for you depends on what you need to do - this guide tells you all you need to know. Read on for more about the accounts and card features offered, as well as fees and exchange rates.
Summary: Wise offers personal and business accounts to hold and manage 40+ currencies, plus a linked Wise debit card. Trust is a collaboration between Fairprice and Standard Chartered and is one of the first licensed digital banks in Singapore. YouTrip offers multi-currency cards backed by Mastercard, and mobile wallets for 10 currencies.
Table of contents
- Wise vs Trust card vs Youtrip: side by side
- The verdict: Which is better, Wise or Trust card or Youtrip?
- Wise vs Trust card vs Youtrip: exchange rates
- About Wise and Trust and Youtrip
- Wise vs Trust card vs Youtrip: Which is cheaper for international payments?
- Wise vs Trust card vs Youtrip: business
Wise vs Trust card vs Youtrip: side by side
Before we get into the details, let’s take a look at Wise vs Trust card vs Youtrip side by side on a few important features:
| Feature | Wise | Trust card | Youtrip |
|---|---|---|---|
| Eligibility | Personal and business customers in Singapore and many other countries | Personal customers in Singapore | Personal and business customers in Singapore and Thailand |
| Account fees | No fee to open a personal account, 99 SGD one time fee for business account features No ongoing fees | No fee to open an account, no ongoing fees | No fee to open an account, no ongoing fees |
| Multi-currency account features | Hold SGD and 40+ other currencies Local account details available to receive payments in 8+ currencies SWIFT details available for receiving additional currencies | Not available | Hold SGD and 9 other currencies |
| Debit cards available | Yes - the Wise international debit card | Yes - the Trust bank debit card | Yes - the Youtrip card |
| Credit cards available | Not available | Yes - Trust bank offers several credit cards | Not available |
| Saving features | Available | Available | Not available |
| Send payments to | 160+ countries, 40+ currencies | Singapore only Overseas payments are not available | Other Youtrip users only - sent funds can not be withdrawn from Youtrip |
| Fully licensed and regulated | Yes | Yes | Yes |
So, to summarise:
Wise offers services to personal and business customers in Singapore and many other countries; Trust is for Singapore personal customers, while Youtrip serves personal and business customers in Singapore and Thailand
Wise has a multi-currency account to support 40+ currencies, Trust accounts hold SGD only, while Youtrip has 10 supported currencies
None of these providers have ongoing account fees - other charges may apply when you use your account
All 3 providers offer debit cards which can be used globally, Trust also has credit card options
Wise offers international transfers to 160+ countries, Trust does not allow overseas payments, and Youtrip overseas payments are to other Youtrip accounts only
All 3 providers are fully regulated and safe to use in the countries where they offer services
The important bits: Which is better?
Costs, features and service options all matter when picking a provider. Here’s a look at some important factors to think about.
| Wise | Trust card | Youtrip | |
|---|---|---|---|
| Rates | Wise exchange rate: Mid-market exchange rate with no markup | Network rate for card spending, no foreign transaction fee | Youtrip rate, no additional foreign transaction fee stated |
| Fees | No fee to open a personal account, 99 SGD one time fee for business account features No fee to spend a currency you hold Transfer fees vary by destination - from 0.33% | No fee to open a savings account or get a card If you choose a credit card, interest and penalty fees can apply | No fee to open a savings account or get a card |
| Speed for international transfer | More than 50% of payments are instant, 90% arrive in 24 hours | Not available | Not available - payments to other Youtrip accounts may be immediate |
| Service | Online, in app and by phone | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (Trustpilot) | 4.3 stars, Excellent rating, from 234,000+ reviews | Not active on Trustpilot | Not active on Trustpilot |
Rates: Wise uses the mid-market rate for all conversion, Trust uses the network rate for card spending, while Youtrip sets its own rates
Fees: none of the providers have ongoing account fees, but they do have transaction fees based on your account use
Speed: Wise overseas payments can be instant, with 90% arriving in 24 hours. The other providers don’t offer the service
Service: All providers offer service online, in-app and by phone
Safety: All providers are fully licensed and regulated.
Reviews: Wise gets a 4.3 star, Excellent rating, from 234,000+ reviews on Trustpilot; the other providers don’t have active Trustpilot accounts
Wise vs Trust card vs Youtrip: Pros and cons
| Wise | Trust | Youtrip |
|---|---|---|
✅Accounts support 40+ currencies ✅ Accounts for personal and business use | ✅Licensed Singapore digital bank ✅ Savings accounts and credit card options ✅ No foreign transaction fee for card spending ✅ No overseas ATM fee from Trust ✅ Earn rewards as you spend and transact | ✅ Hold and exchange 10 wallet currencies ✅ No separate foreign transaction fee for card use ✅ No fee to spend a currency you hold in your account ✅ Send money to other Youtrip card holders ✅ Accounts for personal and business use |
| ❌ Transaction fees apply to some services ❌ You pay currency conversion fees from 0.31% | ❌ No multi-currency features ❌ Interest and other fees may apply depending on how you use your account | ❌ No international bank transfers ❌ Transaction or exchange fees amy still apply |
The verdict: Which is better, Wise or Trust card or Youtrip?
There’s not a simple winner when it comes to Wise vs Trust card vs Youtrip. Each offers different services and are popular for their own reasons.
Wise is well loved for its low cost, flexible multi-currency accounts which are available for personal and business customers. Wise is a good bet if you want to send, receive, hold and exchange 40+ currencies with mid-market rates and low fees, for travel business or making regular payments.
Trust is a licensed digital bank which offers SGD savings accounts and cards, including credit cards which have cash back options and rewards. Trust accounts don’t have multi-currency features, but the cards can be used overseas with no foreign transaction fee. Trust may be a good choice if you want a Singapore credit card and savings account.
Youtrip is an ewallet and travel card which supports 10 currencies, and also has some business account services including multi-currency accounts and payments. Youtrip is a popular pick for travellers who need a travel card for occasional use or as a backup in case of emergencies.
Wise vs Trust card vs Youtrip: cards
All three providers offer cards, but their propositions are pretty different. Wise has debit cards which can be used in 150+ countries, with the mid-market rate and low conversion costs. Trust has both debit and credit cards which can be used overseas - but you can’t hold foreign currencies in your account for ease of spending. YouTrip is primarily an ewallet and card for travel use, with 10 supported currencies and no credit facility. Here’s a brief comparison:
| Wise card | Trust card | Youtrip card |
|---|---|---|
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Wise vs Trust card vs Youtrip card: Where can you use them?
The Wise card can be issued as either a Visa or Mastercard. Trust offers a Visa debit card, while Youtrip is Mastercard. Both networks are very widely accepted all over the world.
Wise vs Trust card vs Youtrip: exchange rates
Wise uses the mid-market exchange rate for currency conversion. There’s then a conversion fee to pay, which is shown separately for transparency, and which starts from 0.33%.
Trust uses the network rate for overseas spending. This is usually pretty fair and can be seen on the Visa website or Trust app.
Youtrip manages currency exchange in your account with its own exchange rate which you can find in the app. There’s then no separate fee to pay when you spend overseas.
About Wise and Trust and Youtrip
Wise was founded in 2011, and offers personal and business accounts to hold and manage 40+ currencies, accept payments and spend using a linked Wise debit card. You can also send money to 160+ countries with the mid-market exchange rate and low, transparent fees.
Trust is a collaboration between Fairprice and Standard Chartered and is one of the first licensed digital banks in Singapore. You can open a savings account, get a debit or credit card, and earn rewards as you spend and transact.
YouTrip was founded in 2018, and operates out of Singapore and Thailand, with multi-currency cards backed by Mastercard, and mobile wallets for 10 currencies. Accounts have no ongoing fees to pay.
## Wise vs Trust card vs Youtrip: fees
Wise, Trust and Youtrip have slightly different features and fees. Here’s a quick overview - read the terms and conditions for the product you pick carefully.
| Service | Wise | Trust | Youtrip |
|---|---|---|---|
| Open an account | No fee to open a personal account, 99 SGD one time fee for business account features | No fee | No fee |
| Order a card | 8.5 SGD for personal customers 4 SGD for business customers | No fee | No fee |
| Spend with your card | No fee to spend currencies you hold Currency conversion from 0.33% when you don’t hold the right balance | No foreign transaction fee | No fee to spend currencies you hold No foreign transaction fee |
| ATM withdrawals | 2 withdrawals a month, to the value of 350 SGD free - 1.5 SGD + 1.75% after that | No in network fee - out of network withdrawals in Singapore might have fees No Trust fee for overseas use | Withdraw up to 400 SGD/month for free, then 2% fees apply |
| Receive a payment | Free to receive payments in 8+ currencies using local account details Receiving a payment with SWIFT details has no Wise fee, but third party costs may apply 10 CAD fee to receive payments via SWIFT in SGD 6.11 USD to receive a USD wire (ACH payments are free) | You can only receive payments in SGD - no fees apply | Receive payments from other Youtrip cardholders with no fee, in 10 currencies Received funds can not be withdrawn from Youtrip |
| Send a payment | From 0.33% for overseas payments | Local payments are free, international payments are not available | Transfers to other Youtrip cards are free, international payments are not available |
| Currency conversion | Mid-market exchange rate | Network rate | YouTrip rate |
Wise vs Trust card vs Youtrip: Which is cheaper for international payments?
Wise offers international payments to 160+ countries which use the mid-market exchange rate and have fees from 0.33%.
Trust does not allow you to transfer out from your account in any currency other than SGD. While Youtrip does allow you to send foreign currencies from your wallet, these can only be sent to other Youtrip cards. Once received, the funds can not be withdrawn to a bank, they must be spent.
Wise vs Trust card vs Youtrip: Which is faster?
If you’re sending money to a bank account, Wise transfers can be instant in about 45% of cases, and over 90% arrive in 24 hours.
Wise vs Trust card vs Youtrip: business
Wise and Youtrip offer business services, while Trust only markets to personal customers. Here’s a quick overview of Wise business vs Youtrip business.
| Wise Business | Youtrip Business |
|---|---|
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Wise vs Trust card vs Youtrip: Payment methods
Wise lets you top up your account using the following:
Linked bank account
Debit card
PayNow
International credit card (must not be issued in Singapore)
You can also receive payments with local and SWIFT account details in many currencies.
Trust card customers can add money to their account, or receive payments with PayNow or FAST.
YouTrip customers can add money using the following:
Linked bank account
Debit card
PayNow
Credit card
How do they work?
With each of the 3 providers you’ll register an account online or in-app, before having your card sent to you in the post. All 3 providers also offer virtual cards which means you can add money as soon as your account is verified and start to spend. To comply with law and keep everyone safe, Wise, Trust and Youtrip will all complete verification checks before you can sign up - this is usually done with Singpass, although you can also get verified manually if you want to.
Receiving payments
Wise lets you receive payments in a broad selection of currencies using local and SWIFT account details. Just give your details to the person sending you money and they can arrange the transfer.
Trust lets you receive in SGD through PayNow or by giving your SGD account details to the person sending money.
You’ll need to top up your Youtrip account yourself - you can’t have someone else send you money other than from another Youtrip balance. Top up options include bank transfer and cards.
Making payments
Wise offers international payments to 160+ countries which use the mid-market exchange rate and have fees from 0.33%.
Youtrip and Trust do not support overseas payments. Trust can be used to send money to others locally in SGD, while Youtrip customers can transfer to other Youtrip accounts only.
Wise vs Trust card vs Youtrip: international transfer limits
The international transfer limits with Wise can depend on whether you have a personal or business account, and the currencies involved. You can see the limits for different currencies and transfer types in the Wise app.
It’s also helpful to know that under MAS rules you can not hold more than the equivalent of 20,000 SGD in a Wise personal account at the end of any business day. These limits do not apply to Wise business accounts, or to balances held with Wise in Interest or Stocks.
Supported currencies
Wise: Wise accounts can hold 40+ currencies and come with local account details for 8+ currencies.
Trust: Trust supports SGD only.
Youtrip: YouTrip supports 10 currencies for holding and exchange.
Ease of use
Creating an account:
Wise: Wise accounts are opened and operated online or using the Wise app
Trust: Trust accounts are opened and operated online or using the Trust app
Youtrip: Youtrip accounts are opened and operated online or using the Youtrip app
Making a transfer:
Wise: Wise offers international payments to 160+ countries
Trust: Trust offers local payments in SGD through PayNow and FAST
Youtrip: Youtrip lets you send money in wallet currencies to other account holders
Languages:
Wise: 15 supported languages
Trust: Not specified
Youtrip: English and thai
Safety
All 3 providers are authorised by the Monetary Authority of Singapore (MAS). The terms of their licences may be different, but they’re all safe to use. Trust is a licensed digital bank, while Wise and Youtrip are money service businesses.
Wise vs Trust card vs Youtrip: customer support
Get in touch with Wise through an app chat, 24/7. With Trust you can get in app and call support 24/7, and with Youtrip you can complete an email form to ask for a call back.
Conclusion: Comparing Wise vs Trust card vs Youtrip
Use this guide to weigh up the features and fees from Wise vs Trust card vs Youtrip and decide which is best for you. If you’re a frequent traveller or want to receive and hold foreign currencies, check out Wise. For Singapore credit card options, why not look at Trust, or for a travel card which makes a great back up plan, consider Youtrip.
FAQs
Wise offers personal and business accounts to hold and manage 40+ currencies, plus a linked Wise debit card. Trust is a collaboration between Fairprice and Standard Chartered and is one of the first licensed digital banks in Singapore. YouTrip offers multi-currency cards backed by Mastercard, and mobile wallets for 10 currencies.