How to cash out your NS LifeSG credits
National Servicemen will progressively receive $200 NS LifeSG credits from Nov-2024 (Screenshot from ns.gov.sg)
From Nov-2024, Singaporean who are serving National Service (NS) including those enlisting by 31 Dec 2024, past and present Operationally Ready National Servicemen (NSMen) will each receive $200 into their LifeSG accounts.
This initiative was announced during Budget 2024 in Feb-2024. It is to recognise the contributions of national servicemen to Singapore’s defence and security.
Eligible servicemen will receive a text from gov.sg to inform them it has been disbursed. It can be used at any merchants that accept payments via PayNow UEN QR or NETS QR.
Eligible Servicemen will receive a text from gov.sg with either the MINDEF or MHA handle to inform them about the credit disbursement.
What if you prefer to use it in wherever you want? In this blog, I will be sharing how you could do just that. You can transfer the credit to a Youtrip account and then transfer it to your designated bank account.
But first, you will need to already have a Youtrip account but if you do not have one, you can sign up for one by clicking here to use my referral link. You will get a $5 reward after you make your first top-up to your account. You can then use your own referral link and share it with your friends. Once 10 of your friends signed up and made their first top up, you will be rewarded $50!
You will be rewarded for each friend you referred to Youtrip and an additional bonus if you managed to get 10 friends to sign up and top-up their accounts.
Youtrip is a multi-currency stored value card much like an ezlink card. With its very attractive exchange rates, which you can reference with the rates on xe.com or on google, you can use it for your travels by topping up any amount of SGD you prefer and convert it to your desired foreign currency.
Transferring the credits to the Youtrip account and then transfer to your desired bank account, offers the simplest and quickest way to get access to the funds. If you are traveling, you can choose to keep it in the Youtrip account and use it for your holiday expenses.
First, ensure you got both the LifeSG and Youtrip apps downloaded on your phone. Otherwise, please go to App Store or Google Play store to download them.
Second, open the Youtrip app on your phone and generate a Paynow QR code, which will be used to transfer the credits from LifeSG to your account. Tap on Top-up and enter the amount, in this case it would be $200. In my case, I will transfer all $146.28, as I have used some of it on my Shopee purchase during the 11.11 sale.
Tap Top Up to start the process.
Third, go to your LifeSG app and scroll down until you see the NS LifeSG credits. Tap on scan QR code to pay and enter the amount you want to pay to your Youtrip account. Slide to confirm and you should be able to see the payment success page.
Fourth, go back to the Youtrip app and the NS LifeSG credits should be in your account now.
The funds will be in your Youtrip account after the transfer is successful.
Lastly, tap on Transfer. There are two options and they are either Paynow to your registered mobile number or NRIC. This is the only way to withdraw the funds in the Youtrip app.
In just five steps, your funds would be in your designated bank account and you are now free to use the funds wherever you want. Do remember that the credits left inside the LifeSG app will expire on 31-Oct-2025, so transfer them before it is no longer valid.