DBS Visa Debit Card X Multi-Currency Account: Fuss-free Shopping Online & Overseas!

Do you travel the world frequently, or are you a savvy online shopper, like I am? 😉 If you’re like me, I’m sure you totally understand the frustration and pains of shopping and paying in foreign currencies both online and overseas – I sometimes get a rude shock when I see the poor foreign exchange rates and high conversion fees on my purchases! 🙁

One of my favourite overseas-based online shops!

For instance, Shopbop is one of my favourite overseas-based online shops, but it only charges in $USD, and we all know how much the USD can fluctuate from time to time.

I really don’t have patience when it comes to shopping. When I want something, I want it straight away, and usually just bite the bullet to buy what I want at a more expensive price even when the foreign exchange rates aren’t the best or the conversion fees are high HAHA.

It’s just not ideal to wait for exchange rates to drop or the most favorable time to shop from my favourite online websites (what if the item I want goes out of stock???), you know what I mean? It’s like Murphy’s Law – Those darn foreign exchange rates always soar sky-high just when you’re about to need that particular currency, yet when they’re at their all-time lows, you have no use for them! I’ve experienced this phenomenon more than once, and it’s downright frustrating!

Here’s where DBS x Visa‘s overseas payment solution for travellers and e-commerce shoppers, the first of its kind in Southeast Asia, comes into the picture – It’s an easy, fuss-free and smart way to shop online and overseas!

Skip FX fees & Conversion Charges with DBS x VISA!

All you need is a DBS Visa Debit Card linked to a DBS Multi-Currency Account (MCA), and you’ll no longer need to fuss over foreign exchange (FX) fees and conversion charges for cross-border payments – Ultra convenient when it comes to online shopping or even shopping overseas!! D:

Best of all, it’s so simple to apply for a Multi-Currency Account (MCA) and DBS Visa Debit Card!

Step 1. Sign Up For A Multi-Currency Account!

I already have a DBS account, so it was easy peasy to sign up for my Multi-Currency Account. For existing DBS/POSB customers, your MCA Account will be opened instantly online.

You can even link your MCA to an existing ATM/Debit Card so that it’s totally fuss-free! 

With your MCA account, you can access up to 12 foreign currencies and the Singapore dollar conveniently with one account and transact at your preferred rates wherever you are.

The 12 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) and CNH (Renminbi).

Note: CNH (Renminbi) is not available for direct Visa Debit payments as it is a restricted currency. 

I also applied for my DBS Visa Debit Card, which was sent to me within a few days time. 

Do make sure that your DBS MCA is linked to your DBS Visa Debit Card as a primary account! When applying for the visa debit card, just select your MCA in the primary account field to link your new DBS Visa Debit Card to your MCA account.

YAY! (And also my new DBS Visa Debit Card has Visa PayWave, ultra convenient woohoo!)

Step 2. Do A Foreign Currency Fund Transfer Into Your MCA To Lock In The Rates

No need for any hassle, it can be done via DBS iBanking or mBanking! There is no waiting or processing time, the fund transfers will happen instantly.

It really is straight forward, just keep an eye on the foreign currency exchange rates (you can find them on DBS’s website) and once you see favourable rates for the foreign currency you wish to purchase, you can then transfer from your own savings account in SGD to your Multi-Currency Account and select the foreign currency to hold in your MCA!

For instance, I did a fund transfer into my MCA for Thai Baht – I frequently travel to Thailand, so if the exchange rates are good, it’s definitely a good idea to keep my money in Thai currency for my future spending 😉

You’ll also be shown the exchange rate as well as the transfer currency’s equivalent amount.

With these foreign currencies held in your MCA, you can then transact directly in foreign currency with your DBS Visa Debit Card!

All Ready To Go!

Be it overseas and online purchases as well as cash withdrawals from global ATMs, you won’t have to bear any foreign exchange conversion fees ever again, or worry about carrying huge amounts of cash in foreign currencies on you! You can also check your transactions and balances on-the-go via mBanking, no matter where you are.

For example, if I know that I’ll be heading to Europe later this year, I can choose to do a fund transfer to my MCA and hold EUR currency at any point of time in advance. If I wish to make a EUR300 purchase in Italy using my MCA linked DBS Visa Debit Card, this EUR300 purchase will be deducted directly from the funds in my EUR wallet, with no foreign exchange conversion fees and additional FX administrative card fees at purchase! 🙂

One huge benefit I really enjoy from using my MCA and DBS Visa Debit Card is that I can access and convert Singapore dollar and foreign currencies conveniently no matter where I am, and at the best possible rates simply via DBS iBanking or mBanking!

For a frequent traveller like me, it saves me a whole lot trouble because I don’t need to waste time making trips to the money changer, or even looking for money changers when I run out of foreign currency abroad!

Shopping made easy no matter where you are. Gotta love that!

Online shopping just got a whole lot better and more convenient too! You can bet that I’m waiting for the next time the USD and AUD dips so that I can buy in on those currencies and shop to my heart’s content hehehehe.

This DBS x Visa Debit Card that’s linked to my MCA is going with me where ever I am!

Keen to sign up for your own Multi-Currency Account and DBS Visa Debit Card too? Find out how you can skip FX fees and conversion charges with DBS x VISA and visit DBS’s website here to sign up straight away! 🙂

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