Are you planning to travel abroad soon? If so, you might want to consider getting the DBS Multi-Currency Debit Card Singapore. This card offers a convenient and cost-effective way to manage your money while travelling. With this card, you can avoid high foreign transaction fees and enjoy competitive exchange rates.
The DBS Multi-Currency Debit Card Singapore allows you to hold up to 13 different currencies in a single card. This means that you can spend money in the local currency of the country you’re visiting without having to worry about currency conversion fees. The card also offers cash withdrawal at any DBS or POSB ATM in Singapore and overseas, making it easy to access your money wherever you are.
In this article, we’ll take a quick look at the features and benefits of the DBS Multi-Currency Debit Card Singapore. We’ll also provide you with some tips on how to use the card to make the most of its benefits. Whether you’re a frequent traveller or just planning a one-time trip, this card could be a valuable addition to your wallet.
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Traveling abroad soon? Consider the DBS Multi-Currency Debit Card! It simplifies managing your money overseas, letting you spend in up to 13 currencies with zero foreign transaction fees. This eliminates the hassle of currency conversions and saves you money.
Key Features:
- Hold up to 13 foreign currencies in one card.
- Spend overseas without foreign transaction fees.
- Earn cashback rewards on online purchases, transport, and foreign currency spending (up to 4%).
Benefits:
- Avoid high foreign transaction fees.
- Competitive exchange rates.
- Convenient way to manage multiple currencies.
- Cashback rewards on various spending categories.
Who is it for?
- Frequent travelers.
- People who shop online from international websites.
Is it right for you?
Consider applying if you travel often or make frequent international purchases. It can be a valuable addition to your wallet, saving you money on currency conversions and offering cashback rewards.
Overview of DBS Multi-Currency Debit Card
If you’re someone who frequently travels abroad or shops online from international websites, you might be familiar with the hassle of dealing with currency conversions and foreign transaction fees. That’s where the DBS Multi-Currency Debit Card comes in handy.
Key Features
The DBS Multi-Currency Debit Card is a versatile card that allows you to spend in multiple currencies without any additional fees. You can link up to 12 foreign currency wallets to your card and switch between them easily using the DBS mobile app. This feature makes it an excellent choice for frequent travellers who need to access different currencies on the go.
In addition to this, the card also offers cashback rewards on online purchases, transport, and foreign currency spending. You can earn up to 4% cashback on these categories, making it an attractive option for those who shop and travel frequently.
Supported Currencies
The DBS Multi-Currency Debit Card supports a wide range of currencies, including USD, GBP, EUR, AUD, JPY, HKD, CAD, CHF, NZD, CNH, SEK, and NOK. You can check the latest exchange rates for each currency on the DBS website or mobile app.
It’s important to note that while the card allows you to spend in multiple currencies, the exchange rates offered by DBS might not always be the most competitive. It’s always a good idea to compare rates with other currency exchange providers before making a transaction.
Setting Up Your Multi-Currency Account
If you’re planning on travelling abroad or shopping online from overseas merchants, then the DBS Multi-Currency Debit Card is the perfect solution for you. With this card, you can transact in up to 12 foreign currencies without worrying about foreign exchange fees.
Eligibility Criteria
To apply for a DBS Multi-Currency Account, you need to meet the following eligibility criteria:
- You must be a Singaporean Citizen, Permanent Resident, or a Foreigner with a valid Employment Pass or Work Permit.
- You must be at least 18 years old.
Account Opening Process
Here’s how you can open a DBS Multi-Currency Account:
- Download the DBS digibank mobile app from the App Store or Google Play Store.
- Log in to the app using your SingPass.
- Click on “Apply Now” and select “DBS Multi-Currency Account”.
- Fill in your personal details and upload the required documents.
- Review your application and submit it.
Once your application is approved, you’ll receive your DBS Multi-Currency Debit Card within 7 working days. You can then activate your card and start using it to transact in foreign currencies.
Using Your DBS Visa Debit Card
When it comes to using your DBS Visa Debit Card, you have a few options. You can make payments, withdraw cash from ATMs, and make online transactions. Here’s a closer look at each option.
Making Payments
One of the best things about the DBS Visa Debit Card is that you can use it to make payments at a wide range of merchants. Whether you’re shopping for groceries, dining out, or buying clothes, you can use your card to pay quickly and easily. Plus, with no foreign exchange fees, you can use your card to pay in up to 11 foreign currencies, making it a great option for international travel.
ATM Withdrawals
If you need cash, you can use your DBS Visa Debit Card to withdraw money from ATMs. With the DBS Multi-Currency Autosave (MCA) Account, you can withdraw up to 11 foreign currencies with no foreign exchange and debit card fees. Simply link your DBS Multi-Currency Autosave (MCA) Account with your DBS Visa Debit Card as the primary account to enjoy this feature. You can also withdraw cash in Singapore dollars at any DBS/POSB ATM islandwide.
Online Transactions
Online shopping has never been easier with the DBS Visa Debit Card. You can use your card to make purchases online at your favourite merchants. Plus, with the SimplyGo feature, you can also use your card to pay for public transport in Singapore. With no need to top up your card, you can simply tap and go when travelling on buses, trains and more.
Tip
Excited to make the most of your DBS Multi-Currency Debit Card? Here’s a pro tip: keep an eye out for exclusive promotions and special offers tied to your card. DBS frequently rolls out limited-time deals that can boost your savings even further.
Remember to regularly check your DBS app or website for updates on these exciting opportunities. By staying alert and taking advantage of these perks, you can maximize the benefits of your multi-currency spending experience!
Fees and Charges
When it comes to fees and charges, the DBS Multi-Currency Debit Card is one of the most competitive options on the market. Here is a breakdown of the fees and charges associated with the card:
Currency Conversion Fees
One of the biggest advantages of the DBS Multi-Currency Debit Card is that it does not charge any currency conversion fees. This means that you can spend money in any currency without incurring any additional charges. This is particularly useful if you are travelling overseas or shopping online from international retailers.
ATM Fees
DBS Bank has an extensive ATM network across Singapore and overseas. With the DBS Multi-Currency Debit Card, you can withdraw cash from any DBS or POSB ATM in Singapore for free. However, if you use the card to withdraw cash from an overseas ATM, you will be charged a fee of SGD 7 per withdrawal.
Other Service Fees
Apart from the currency conversion and ATM fees, there are a few other service fees that you should be aware of. For instance, if you use your DBS Multi-Currency Debit Card to make a foreign transaction, you will be charged a fee of 2.8% on the converted Singapore Dollar amount. This includes a 1% fee by Visa/Mastercard or 0.6% fee by UnionPay.
Additionally, if you maintain a minimum average daily balance of SGD 3,000 in your DBS Multi-Currency Account, you can enjoy fee waivers on the account fee and international ATM fee.
Benefits and Rewards
Are you looking for a debit card that offers you amazing rewards and benefits? The DBS Multi-Currency Debit Card Singapore might just be the perfect card for you. Here are some of the benefits and rewards you can enjoy with this card:
Cashback Offers
With the DBS Multi-Currency Debit Card Singapore, you can enjoy exciting cashback offers on your purchases. You can earn up to 4% cashback on food delivery and 3% cashback on transport, including ride-hailing services. To qualify for the cashback, you need to spend a minimum of SGD 500 and withdraw no more than SGD 400 from an ATM each month.
In addition, you can earn up to 5% cashback on your purchases with the DBS UnionPay Platinum Debit Card. If you’re a PAssion POSB Debit Card holder, you can earn up to 9% cash rebates on your daily spend.
Interest Earnings
Another great benefit of the DBS Multi-Currency Debit Card Singapore is that you can earn interest on your account balance. If you have a DBS Multiplier Account, you can earn up to 3.8% p.a. interest on your account balance. The interest rate you earn depends on the number of categories you transact in and the total eligible transactions you make each month.
With the DBS Multi-Currency Debit Card Singapore, you can also save and transact in SGD and foreign currencies under one account, making it simpler and hassle-free.
Comparisons with Other Multi-Currency Cards
If you are looking for a multi-currency card in Singapore, you have several options to choose from. In this section, we will compare DBS Multi-Currency Debit Card with other popular multi-currency cards in Singapore, such as YouTrip, Wise, and Revolut.
DBS vs YouTrip
DBS Multi-Currency Debit Card and YouTrip card are both popular choices for travellers in Singapore. While both cards offer competitive exchange rates and no annual fees, there are some differences to consider.
One of the main advantages of DBS Multi-Currency Debit Card is that it allows you to withdraw cash at any DBS or POSB ATM without any fees. YouTrip, on the other hand, charges a withdrawal fee of SGD 5 per transaction.
Another advantage of DBS Multi-Currency Debit Card is that it offers a wider range of currencies than YouTrip. With DBS, you can hold up to 13 different currencies in your account, while YouTrip only supports 10 currencies.
DBS vs Wise
Wise (formerly known as TransferWise) is another popular multi-currency card in Singapore. Wise card is known for its low fees and competitive exchange rates, but how does it compare to DBS Multi-Currency Debit Card?
One advantage of Wise card is that it allows you to hold up to 50 different currencies in your account, compared to DBS Multi-Currency Debit Card’s 13 currencies. However, Wise charges a small fee for currency conversion, while DBS offers free currency conversion.
Another advantage of DBS Multi-Currency Debit Card is that it allows you to withdraw cash at any DBS or POSB ATM without any fees, while Wise charges a withdrawal fee of SGD 2 per transaction.
DBS vs Revolut
Revolut is a UK-based fintech company that offers a multi-currency card and app. Like DBS Multi-Currency Debit Card, Revolut offers competitive exchange rates and no annual fees. However, there are some differences to consider.
One advantage of Revolut is that it allows you to hold up to 28 different currencies in your account, compared to DBS Multi-Currency Debit Card’s 13 currencies. However, Revolut charges a small fee for currency conversion, while DBS offers free currency conversion.
Another advantage of DBS Multi-Currency Debit Card is that it allows you to withdraw cash at any DBS or POSB ATM without any fees, while Revolut charges a withdrawal fee of SGD 5 per transaction.
Exchange Rates and Currency Conversion
If you are someone who travels frequently or makes international transactions, then understanding exchange rates and currency conversion is crucial. With DBS Multi-Currency Debit Card, you can easily convert your foreign currency to SGD and vice versa. Let’s dive into the details of how exchange rates work and how DBS Multi-Currency Debit Card handles currency conversion.
Understanding Exchange Rates
Exchange rates refer to the value of one currency compared to another. It is the rate at which one currency can be exchanged for another. Exchange rates fluctuate constantly and are affected by various factors such as political stability, economic performance, and market demand.
Mid-Market Rate vs DBS Rate
When it comes to currency conversion, there are two main rates that you should be aware of – the mid-market rate and the DBS rate. The mid-market rate is the midpoint between the buy and sell rates of a currency pair. It is the rate that banks and other financial institutions use to trade currencies among themselves.
On the other hand, the DBS rate is the exchange rate used by DBS Bank for currency conversion. It is a wholesale rate that includes a markup. The markup is the profit that DBS Bank makes on currency conversion. The markup varies depending on the currency pair and the amount being converted.
It is important to note that the DBS rate is not the same as the mid-market rate. The DBS rate is usually lower than the mid-market rate, which means that you will get less SGD for your foreign currency than you would if you were to exchange it at the mid-market rate. However, the DBS rate is still competitive compared to other banks and money changers in Singapore.
Travelling with Your Debit Card
When you travel abroad, you need a debit card that can handle foreign currencies and overseas transactions. The DBS Multi-Currency Debit Card is a great option for Singaporean travellers, offering a range of features that make it easy to manage your money while you’re on the go.
Overseas Spending
With the DBS Multi-Currency Debit Card, you can spend in 11 different foreign currencies without incurring any foreign exchange fees. This means you can shop, dine, and explore without worrying about hidden costs or unexpected charges. Plus, you can use your card at any merchant that accepts Visa, which is a widely accepted payment network around the world.
Travel Wallet Functionality
One of the key benefits of the DBS Multi-Currency Debit Card is its travel wallet functionality. This allows you to store multiple currencies on a single card, so you can easily switch between them depending on where you are in the world. You can also link your card to a Multi-Currency Account (MCA) to manage your currencies and exchange rates more easily.
In addition, the DBS Multi-Currency Debit Card comes with a range of travel-related perks, including discounts on airport lounges, travel insurance coverage, and access to exclusive travel deals. You can also use your card to withdraw cash from overseas ATMs, although you may incur some fees for doing so.
Additional Services and Features
Local Bank Details
The DBS Multi-Currency Debit Card comes with a host of additional services and features that make it an excellent choice for Singaporeans looking for a reliable and convenient banking solution. One of the key features of the card is that it is linked to your local bank account, which means that you can easily manage your finances and access your funds from anywhere in the world.
With the DBS Multi-Currency Debit Card, you can also enjoy a range of banking services, including online banking, mobile banking, and SMS banking. This means that you can easily view your account balance, transfer funds, and pay bills, all from the comfort of your own home.
Currency Service Options
Another great feature of the DBS Multi-Currency Debit Card is its currency service options. With this card, you can easily manage multiple currencies, including SGD, USD, EUR, AUD, and many more. This is particularly useful if you frequently travel abroad or make international purchases, as it allows you to avoid currency conversion fees and enjoy competitive exchange rates.
In addition, the DBS Multi-Currency Debit Card also offers top-up options, allowing you to easily add funds to your account whenever you need to. There is no minimum balance required, so you can add as much or as little as you like.
Eligibility and Application
For Singapore Citizens and PRs
If you are a Singapore Citizen or Permanent Resident, you are eligible to apply for a DBS Multi-Currency Debit Card. To apply, you must be at least 16 years old and have a DBS/POSB savings or current account. Additionally, you must earn a minimum annual income of S$30,000.
Application Steps
To apply for a DBS Multi-Currency Debit Card, simply follow these easy steps:
- Log in to your DBS/POSB iBanking account.
- Click on “Apply” and select “Debit/ATM Card”.
- Fill in the required details and select “DBS Multi-Currency Debit Card” as your preferred card type.
- Submit your application and wait for approval.
Once your application is approved, your new DBS Multi-Currency Debit Card will be mailed to your registered address within 7 business days.
It’s that simple! With a DBS Multi-Currency Debit Card, you can enjoy the convenience of making purchases in multiple currencies without having to worry about conversion fees. So what are you waiting for? Apply now and start enjoying the benefits of a DBS Multi-Currency Debit Card.
Frequently Asked Questions
What are the exciting perks of using a DBS Multi-Currency Debit Card?
Using a DBS Multi-Currency Debit Card comes with a range of perks and benefits. One of the most exciting benefits is the ability to spend in over 10 different currencies without incurring any currency conversion fees. Additionally, you can enjoy cashback on your overseas spending, making your travels more rewarding.
How swiftly can you expect your new DBS Debit Card to pop through your letterbox?
Once you have applied for a DBS Multi-Currency Debit Card, you can expect to receive it within 7-10 business days. If you have an urgent need for the card, you can also opt for express delivery at an additional cost.
Is a Multi-Currency Card genuinely beneficial for globetrotters?
Yes, a Multi-Currency Card is genuinely beneficial for globetrotters. With a Multi-Currency Card, you can avoid the hassle of carrying multiple currencies and exchanging money at high rates. You can also enjoy the convenience of being able to manage your money in different currencies with ease.
Can you merrily tap your DBS Multi-Currency Card abroad for seamless transactions?
Yes, you can merrily tap your DBS Multi-Currency Card abroad for seamless transactions. The card is accepted at millions of merchants and ATMs worldwide, making it a convenient payment option for your travels.
In which countries can you use your DBS Multi-Currency Card with absolute ease?
You can use your DBS Multi-Currency Card with absolute ease in over 150 countries. Some of the most popular travel destinations where the card is accepted include Japan, Australia, the United States, and the United Kingdom.
How does the DBS Multi-Currency Card fare against contactless travel payments like EZ-Link?
While the DBS Multi-Currency Card is primarily designed for overseas spending, it can also be used for contactless payments in Singapore. However, for frequent commuters, it may be more beneficial to use a dedicated travel card like EZ-Link for contactless payments on public transport.
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