YouBiz: How SME Businesses Can Use This Corporate Card To Improve Their Business Transactions

Running a small business isn’t easy. For first-time business owners and freelancers, the transition to managing business accounts, invoices and transactions may be more daunting than expected. Aside from business bank accounts, SME businesses can also tap on corporate cards, such as YouBiz, to facilitate their business transactions.

YouBiz is a SME corporate card developed by the same people at YouTrip, the multi-currency mobile wallet (with a pre-paid Mastercard) that allows consumers to pay in over 150 currencies when shopping online or travelling abroad, without incurring currency conversion fees. Similar to the YouTrip card, the YouBiz card allows businesses to enjoy 0% FX fees and make seamless bill payments with a free multi-currency account.

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SMEs Can Earn 1% Cashback

For freelancers, the switch from personal accounts to business accounts may be most jarring when it comes to corporate cards. While there are plenty of cashback options for personal credit cards, it is hard to find a business account that offers cashback rewards for spending.

However, YouBiz changes this by offering an unlimited 1% cashback on all card spend with no cap. In fact, this card may be more powerful than many personal credit cards because of the lack of hurdles in obtaining the cashback. There is no minimum spend requirement, or cap in the maximum cashback you can earn. Similar to other cashback cards, there are transaction exclusions such as bank or payment wallet, bill payments, brokerages, etc

The unlimited cashback is calculated on a monthly basis for each calendar month and will be credited to your YouBiz account on or before the 15th of the following month.

For SMEs, this may be one of the best savings (1%) you can easily apply to your business expenses.

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Save On FX Fees When Making Overseas Transactions

From paying overseas vendors, online subscriptions to managing payments and invoices for overseas suppliers and clients, businesses often to have to make overseas transactions.

This is where YouBiz shines with 0% FX fees. Most credit cards or payment processors will charge additional FX fees for making foreign exchange transactions. YouBiz offers a straightforward way of payments without additional FX fees.

Once you have set up the account, you can use the YouBiz card like a debit card to make Mastercard payments in more than 150 currencies for cards linked to an SGD account. YouBiz cards that are linked to other non-SGD currency accounts (i.e. USD account) can only be used at merchants that deduct in the same currency (i.e. USD).

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Secure The Best Exchange Rates And Hold Foreign Currency With 9 Currency Wallets

Additionally, YouBiz makes it easy to exchange and hold foreign currency for your future business expenses. Each YouBiz account can hold up to 30 currency accounts that act as foreign currency wallets.

You can hold, send and receive money using YouBiz in 9 different currencies: Singapore Dollar (SGD, USD Dollar (USD), Euro (EUR), British Pound (GBP), Japanese Yen (JPY), Hong Kong Dollar (HKD), Australian Dollar (AUD), Swiss Franc (CHF) ad Thai Baht (THB).

Note: sending and receiving is currently not available for Thai Baht.

For businesses with business operations using these currencies, the ability to hold foreign currency may be invaluable. You can lock in favourable exchange rates with the 0% FX fees and hedge against currency fluctuations. Additionally, if the recipient is a DBS Account holder, local transfer can be done in any of the 9 supported currencies.  

Easy Corporate Management With Virtual Cards, Expense Management And Xero Integration

The greatest difference between using a personal account and a corporate account is the corporate management functions. As an Admin, you can invite your employees to join under the different roles of Finance, Accountant and General user. You can easily assign roles, issue virtual or physical cards to employees, track transactions and make spending approvals (including team budgets and individual spend limits.

Virtual cards do not require activation and can be used immediately once it is created. This is perfect for immediate online transactions.

Physical cards will be sent to your preferred mailing address within 5-8 business days and can be used for overseas cash withdrawals at any overseas ATM that displays Mastercard, Maestro and/or Cirrus logos. While YouBiz currently waives the withdrawal fee, additional fees may be imposed by overseas ATM operators.

Expense management is easy as you can generate expense reports directly from YouBiz. Additionally, YouBiz is now integrated with Xero which makes accounting even simpler. You can easily sync your YouBiz expenses into your company’s Xero account with a few clicks.

If you are interested to make your overseas transactions more seamless, sign up for YouBiz with our DollarsAndSense Exclusive promotion.

Use the promo code YBDNS30 during sign up to enjoy automatic credit of S$30 into your YouBiz account upon account approval and first card spend of $5 (virtual/physical).

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