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The pandemic is behind us, and a significant number of Singaporeans have resumed their regular travel routines.
Whether it’s work trips or long-overdue family holidays, travelling overseas would require us to have the appropriate foreign currency of the country to which we are travelling. For example, when we travel to Japan, it’s essential to have Japanese Yen on hand for our expenses.
In order to maximise our spending power, we would want to get the best exchange rate for our currency conversions. Some of us may opt for a multi-currency travel wallet that comes together with a travel card and may require us to download a separate mobile app. We may designate it as our travel-exclusive card, using the funds in the wallet only when we are paying for foreign currency spending. In fact, over the past year, I have had many people ask me which multi-currency travel wallets they should be getting before they travel overseas.
However, did you know that one of the best multi-currency cards and wallets is one that you might already have?
Introducing The DBS Visa Debit Card – Your Multi-Currency Card
Many of us, myself included, may already have a DBS Visa Debit Card.
This is the card that we may have received from DBS when we opened a savings account. It may also be one of the cards that we use the most to withdraw funds from a DBS ATM machine.
However, if we are only using the DBS Visa Debit Card as an ATM card or for occasional promotions when we need to pay using a DBS Card, we are only scratching the surface of what the card is capable of doing. Let me explain why.
Like all debit cards, our DBS Visa Debit Card is tied to a savings/current account. One account that you can primary-link it to is My Account, which is a multi-currency account by DBS. By primarily linking it to your DBS Visa Debit Card to My Account, you can access and spend on 11 different foreign currencies without incurring foreign transaction fees as well as the Singapore Dollar. The foreign currencies are:
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Euro (EUR)
- Hong Kong Dollar (HKD)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
- Norwegian Kroner (NOK)
- Sterling Pound (GBP)
- Swedish Kroner (SEK)
- Thai Baht (THB)
- US Dollar (USD)
Beyond providing the ability to hold these major foreign currencies paired together with our Singapore Dollar, what we really like about My Account is how user-friendly it is. With zero service charges and no minimum balance required, it is an inclusive savings account that meets everyone’s needs.
Don’t have a DBS Visa Debit Card? Apply now and get up to 10% cashback when you shop overseas or online in foreign currency. Exclusively for new DBS Visa Debit Cardmembers only.
How To Use The DBS Visa Debit Card + My Account
Using the DBS digibank app, we can easily convert one currency to another. Whether it’s the Singapore Dollar or other foreign currencies that we hold, all currencies will be kept in My Account.
- First, link our DBS Visa Debit Card to My Account as the primary account.
- Convert our SGD to the foreign currencies that we want in our foreign currency wallets for My Account
- Use the DBS Visa Debit Card to pay for foreign currency transactions. The foreign currency will be debited directly from the respective foreign currency wallet within My Account. There will be no foreign exchange fees incurred.
In other words, if we are in Australia and paying AUD 100 for a meal, we can pay using the DBS Visa Debit Card, and the AUD 100 will be debited directly from My Account. The only thing we need to ensure is that we have sufficient AUD in the account to make the transaction. This is no different from most other multi-currency wallets, apps, and cards. It’s also particularly useful if we are travelling to areas where it’s hard to find money changers, or even if we do find one that accepts the Singapore Dollar, we may get poor conversion rates for our Singapore Dollar.
Similar to all other multi-currency wallets and cards, the DBS Visa Debit Card, when used in conjunction with My Account, will allow us to enjoy the convenience of making cashless foreign currency payments with no foreign exchange fees. This applies not only to physical payments but also to online payments that are made in foreign currencies.
Pro Tip: If we do not have sufficient foreign currency in My Account, the amount will be debited from our SGD savings, and there will be foreign exchange fees incurred. To avoid this, one simple tip will be to do the conversion from SGD to foreign currency first in our digibank app to ensure we have sufficient foreign currency before paying.
Enjoy Competitive Exchange Rates & Bonus Cashback With DBS Visa Debit Card
As with all foreign currency conversions, we always want to ensure that we get the most competitive rates for our SGD. So we were curious how the exchange rate on the DBS digibank app compares against traditional moneychangers in Singapore.
To find out, we went to The Arcade at Raffles Place, a location that is typically frequented by many people in Singapore looking for the best exchange rates.
Here, we narrowed our search to three moneychangers that boasted the longest queues during our visit. We then compared the exchange rates for three foreign currencies – USD, JPY and AUD – and how much they are quoted in SGD.
All rates are taken on 5 December 2023, between 2:00pm to 2:30pm (Singapore Time). Rates are quoted in SGD. We look at how much foreign currencies we can get for 100 SGD. Photos of exchange rates were not allowed to be taken at The Arcade.
| USD | JPY | AUD | |
| DBS digibank app | 74.16 | 10,861 | 112.22 |
| Moneychanger 1 | 74.46 | 10,917 | 113.12 |
| Moneychanger 2 | 74.52 | 10,920 | 112.86 |
| Moneychanger 3 | 74.57 | 10,920 | 112.99 |
We can see from the table above that the rates we enjoy with the DBS digibank app are as competitive as the rates offered by some of the most popular money changers in Singapore. So for anyone who is doing foreign currency conversion, rest assured that you are getting competitive exchange rates.
Besides enjoying competitive rates that are in line with what some of the most popular moneychangers in Singapore are giving, another benefit that we enjoy when using the DBS Visa Debit Card is the ability to earn cashback on our spending in three different categories: online food delivery, local transport, and foreign currency spend.
Online food delivery: 4% cashback on online food delivery.
Local transport: 3% cashback on local transport. These include ride-hailing, taxis, and transit link – SimplyGo.
Foreign currency spend: 2% cashback on all foreign currency spend (including online purchases).
To qualify for the cashback above, customers must meet a minimum spend of S$500 and maintain their cash withdrawals under the limit of S$400 for the same calendar month. Click here for the full Terms and conditions.
Pro Tip 2: If you need to withdraw more than S$400 a month from the ATM, consider having someone else in the family withdraw and pass you cash instead. For example, my spouse is in charge of withdrawing cash using her ATM card so that I don’t exceed the S$400 per month withdrawal limit.
Enjoy Competitive Rates For Foreign Currencies & Bonus Cashback With DBS Visa Debit Card
As more of us start travelling overseas, we will increasingly look to get competitive exchange rates to stretch the purchasing power of our SGD. The DBS Visa Debit Card (when used with DBS My Account) provides us with an easy solution to get competitive exchange rates 24/7, while also offering us the convenience of being able to make cashless transactions overseas. Furthermore, we can even enjoy bonus cashback if we meet the eligibility criteria for foreign currency spend.
Moreover, we get to enjoy all these useful solutions within the familiar DBS banking ecosystem. This means enjoying the same privacy and security that we would expect from a Singapore bank, as well as the accessibility that we can enjoy through the DBS digibank app regardless of where we are.
So, instead of worrying about which multi-currency wallet or card to sign up for before your next trip, why not consider using the DBS Visa Debit Card that you might already own to start paying in foreign currencies for your overseas expenses?
Read Also: TGIF: How I Use DBS PayLah! To Get Free Lunches At Hawker Stalls On Fridays
Deposit Insurance Scheme:
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual
The post Find It A Hassle To Have A Separate Travel Card Or App? Why DBS Visa Debit Card Is An Easy Solution For Your Foreign Currency Spend appeared first on DollarsAndSense.sg.
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