SINGAPORE -- DBS Bank customers can now make foreign currency payments with their existing Visa debit cards if they hold a multi-currency account with the bank. This will allow them to save on fees they will otherwise incur in making overseas transactions with their existing bank cards in Singapore dollars.
Customers who sign up for the new payment solution will have to link their foreign currency account to their debit cards. They will then be able to use the debit card overseas or for web purchases made from overseas companies in the currency they choose.
DBS says customers will save 7% to 15% in fees they will otherwise incur if they use their Singapore-dollar debit cards for overseas transactions. The new payment solution by DBS will allow customers to make payments in 11 currencies, including the Japanese yen, US dollar and the British pound.
DBS has seen a close to 30% increase in foreign currency payment volumes made with its debit card since 2014. It says customers made about 560 million Singapore dollars ($394.5 million) in overseas cash withdrawals every year.
More than half of the Singaporean population make at least two to four trips a year, according to a recent DBS-Visa survey. It added that travel alone makes up 30% of total spending by Singapore cardholders annually.