YouTrip launches user referral programme

Source: YouTrip. YouTrip has launched a referral programme where users earn S$5 with each successful referral. Those referred also receive S$5.

YouTrip, Singapore's leading multi-currency mobile wallet, is gearing for growth with its biggest user referral programme since its launch in 2018.

From 30 March 2021, YouTrip users will earn S$5 with each successful referral, along with a S$50 bonus when they complete their first 10 referrals.

Despite the pandemic’s impact on global travel, YouTrip saw a 300% increase in overseas e-commerce payments last year after pivoting to promote international online shopping with payments in foreign currencies at sites such as Taobao (RMB), ASOS (British pounds), and Amazon (US$).

Caecilia Chu, Co-Founder, and CEO of YouTrip, said “Our users have always been our best spokespersons, and word of mouth has naturally been a huge part of our growth over the years. Despite travel coming to a standstill over the last year, many of our users have continued to use YouTrip to save on their foreign currency spending online.

"As more people make foreign currency payments online, we feel we’re in a good position to reward our existing users who continue to support us, along with those who come on board.”

To receive referral rewards, existing YouTrip users must copy the unique referral link generated in the YouTrip app and send it to anyone who isn’t already a YouTrip user. New users will have to accept the invite via the unique referral link and sign up for a YouTrip account.

Both referrer and referee will receive S$5 in their YouTrip accounts upon the first successful top-up. In addition, existing users will receive a one-time S$50 bonus upon completing their first 10 referrals, and will continue to receive S$5 per referral thereafter.

As a launch exclusive, the first 250 users to complete three successful referrals will also enjoy an additional S$15 bonus.

The launch of the referral programme is part of YouTrip’s plans to be the region’s leading multicurrency mobile wallet. Most recently, YouTrip announced a six-year partnership with Visa to accelerate its expansion into the rest of Southeast Asia, starting with Malaysia and the Philippines.

Currently operating in Singapore and Thailand, YouTrip has amassed over 1 million downloads to date.

Details:

Read the terms & conditions for the referral programme.

High denomination notes in the current series no longer accepted in India

The Central Board of Directors of the Reserve Bank of India (RBI) has recommended that bank notes in the Rs500 and Rs1,000 denominations of the existing series be made worthless. As of 9 November they stopped being legal tender, and all ATMs, cash deposit machines, cash recyclers and other machines used for receipt and payment of cash are shut on 9 and 10 November, 2016. Bank branches and government treasuries are open on 10 November, however.

The Indian government has explained that it has been difficult to easily identify genuine bank notes from fake ones and that the use of fake currency notes is affecting the economy adversely. The total number of bank notes in circulation rose by 40% between 2011 and 2016. Strangely enough, there was a 76% increase in the number of Rs500 notes and a 109% increase for Rs1,000 notes during this period. Another reason for the move is the loss of taxes from the practice of storing high-denomination bank notes as "unaccounted wealth".

The government further said that the old notes will be exchangeable for new ones. New series bank notes in the same denominations will be introduced for circulation from 10 November, 2016. The addition of Rs2,000 bank notes will be monitored and regulated by RBI. The new banknotes which be different from the current ones in terms of look, design, size and colour, the government said.

Under the new rules:

• Old notes may be deposited by individuals into their bank accounts and/or exchanged in bank branches or Issue Offices of the RBI till the close of business hours on 30 December, 2016
  
  
• Old notes totalling Rs4,000 or below in value can be exchanged by an individual at any bank branch or Issue Office of RBI for any denomination of bank notes having legal tender character, provided a requisition slip (format to be specified by RBI) is presented with proof of identity along with the notes. Similar facilities will also be made available in post offices. The limit of Rs.4,000 for exchanging notes at bank branches or at RBI issue offices will be reviewed after 15 days.


• There will not be any limit on the quantity or value of old notes to be credited to a bank where the individual has an account, at any bank in accordance with standard banking procedure and on production of valid proof of identity. However, in accounts where compliance with extant 'know your customer' (KYC) norms is not complete, a maximum value of Rs50,000 of old high-denomination notes may be deposited.
   
• The value of the old notes can be credited to a third-party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering.


• Cash withdrawal from a bank account over the counter will be restricted to Rs10,000, subject to an overall limit of Rs20,000 per week for the first fortnight, until the end of business hours on November 24, 2016.


• Withdrawal from ATMs is restricted to Rs2,000 per day per card up to November 18, 2016. The limit will be raised to Rs4,000 per day per card from November 19, 2016 onwards.


• There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.


• For those who are unable to exchange their old high-denomination notes or deposit them in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the Reserve Bank of India (RBI) on later dates along with any documentation specified by RBI.


• The affected notes will continue to be accepted at government hospitals and pharmacies in these hospitals; railway ticketing counters and ticket counters of government/public sector outlets handling buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of public sector oil marketing companies; for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount. 

Interested?

Read the FAQs at the RBI website
Read the notifications at the Finance Ministry website

posted from Bloggeroid

UAE Central Bank adds raised marks on selected currency notes for sight-impaired

The Central Bank of the United Arab Emirates has begun circulating AED1,000, AED20 and AED10 currency notes that have been printed with raised marks for the sight-impaired, reports WAM, the Emirates News Agency.

The new banknotes have new tactile features achieved through the intaglio printing process on the breadths. The AED1,000 note has a pair of four horizontal lines, separated by a fixed distance, on the right and left sides of the note.

The AED20 denomination has three separate horizontal lines in the same part of the note, while the AED10 denomination has two separate horizontal lines. The design and other specifications of the currency notes will remain the same as for currency notes currently in circulation.

Interested?

View the Central Bank's currency gallery

Mashreq offers existing customers foreign currency support

Source: Mashreq Bank.

Mashreq in the UAE is offering an instant Foreign Currency Account (FCY) to existing customers, who can open the new account online, at no additional cost and with full transactional capability.

Once open, customers can transfer funds from any existing account to buy foreign currencies like US$, the Euro, British pound and A$ for the FCY-denominated account. It can also be used for inward or outward remittances.

Tooran Asif, Head of Personal Banking, Mashreq said, "We understand our customers’ needs for convenient banking services, and we know the hassle people go through with currency exchange and services. Mashreq is currently the first bank in the UAE to offer the new instant FCY facility to customers. This is yet another showcase that Mashreq is advancing rapidly and we are committed to creating innovative products and services that provide quick and reliable solutions."

Aref Al Ramli, Head of Electronic Business Innovation commented, "We want to provide our customers with the most advanced and secure platforms to carry out their everyday banking transactions. The FCY is aimed to provide customers with instant, efficient and a smooth service and with this service we reflect on Mashreq’s commitment to continue extending its customers with the best banking services and products."

For additional accessibility, select Mashreq branches will allow US$, Euro and British pound balances to be withdrawn.