When customers link their DBS Visa Debit Card to a DBS Multi-Currency Account (MCA), they can spend overseas in 12 major currencies – including Hong Kong, Japan, Australia, the US, the UK and Europe – without incurring additional charges.
DBS Bank, Singapore’s largest debit and credit card provider, has launched an overseas payments solution designed to help travellers and e-commerce shoppers save on overseas spending.
When customers link their DBS Visa Debit Card to a DBS Multi-Currency Account (MCA), they can spend overseas in 12 major currencies – including Hong Kong, Japan, Australia, the US, the UK and Europe – without incurring additional charges.
This scheme is the first of its kind in Southeast Asia.
For example, a Singapore traveller who intends to visit the U.S. can change currencies via their DBS MCA account (e.g. from SGD to USD on-the-go via mobile banking. When spending in the U.S., the traveller can simply use their DBS Visa Debit Card to pay for purchases in USD. The amount is then directly deducted from their DBS MCA’s USD balance with no other charges incurred.
The introduction is said to be “particularly timely”, according to statement, as the bank has witnessed close to a 30% increase in foreign currency payment volumes from debit cardholders since 2014.
According to a Consumer Travel Poll by Visa and DBS, more than half of Singaporeans surveyed take two to four leisure trips a year.
“Visa cardholders are increasingly using their payment cards when they travel and cross border transactions by Singapore debit cardholders is growing close to 15% year-on-year. Today, 95% of Singaporean travellers change money into foreign currencies before they travel and the main reason is because they want to avoid the uncertainty of foreign exchange costs. The introduction of this first in market product in Southeast Asia by DBS and Visa supports Singapore’s move to be truly cashless,” said Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
Customers need to sign up for both the DBS MCA and DBS Visa Debit Card to enjoy the benefits. Details are available at go.dbs.com/sg-mca.