Hello there, all you 24/7 shopaholics! Yes you, right there, browsing this on your mobile device/laptop. Don’t you just love online shopping? I do! Thanks to the wonders of the internet, I no longer have to to step out of home to shop, nor have to worry about opening/closing hours, long queues at the cashier, or jostling with crowds of fellow shoppers.
Yes, online shopping is my paradise!
But you know what I hate the most about online shopping? Poor foreign currency exchange rates and sky-high conversion fees on my shopping purchases.. It’s practically daylight robbery!
Well, not anymore, with the DBS Multi-Currency Account!
DBS Multi-Currency Account
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 – you could potentially save between 2.5% to 15% of forex fees and Dynamic Currency Conversion charges with your DBS MCA!
How It Works
Your MCA can hold a total of 12 different currencies:
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.
With your DBS MCA, you can convenient buy your preferred foreign currency online via DBS iBanking or mBanking: There is no waiting or processing time, it’s as simple as making a funds transfer!
That means that you can purchase foreign currencies at the most favorable rates, then locking in your foreign currencies at the price you bought it at.
Tip: You can even set alerts on your DBS mobile app (Digibank) to to receive alerts on the rates you want! Just set your ideal currency and preferred rate on digibank and you’ll receive a notification when that rate becomes available.
Once the FX rate is in your favour, you can scoop up as much currency as you want at the price you want at the rate you’re after!
With these foreign currencies held in your DBS MCA, you can then transact directly in foreign currency with your MCA-linked DBS Visa Debit Card!
One of my favourite online stores, Shopbop only transacts in USD. By holding USD in my DBS MCA, I can save so much more! (See how an item that costs $105 USD converts to roughly $141 SGD with the present foreign currency exchange rates? That works out to be a conversion rate of about SGD 1 = USD 1.343. If I’d purchased my USD at its lowest of SGD 1 = USD 1.3, I would potentially save a significant amount just on one purchase!)
The foreign currency transaction will then be directly debited from the foreign currency funds into your MCA. E.g. USD105 spent = USD105 debited from the account with no extra fees!)
I also frequent many Australian labels, such as this one: Sheike. The AUD/SGD is currently at an all-time low so it’s the perfect time to stock up on my Australian currency to hold it in my DBS MCA!
For instance, look at how this purchase from Australian website, Sheike previously cost me $288.53 SGD after conversion from $267 AUD at a rate of 1 SGD = 0.925385 AUD at the time of purchase.
The current SGD/AUD is only 1 SGD = 0.99 AUD, which would mean that a future purchase like this could potentially only cost me $269.70 SGD instead of $288.53 SGD if I lock in my SGD/AUD rates now!!
Furthermore, banks would convert AUD to USD, before we are charged with the final SGD rates. This double conversion means we would have to pay conversion fees twice, which could be prevented with MCA.
Online shopping just got a whole lot better and so much more convenient. Now, I no longer have to fret over fluctuating foreign currency exchange rates or high conversion charges!
Other Perks of the DBS MCA
Just so you know.. The DBS MCA isn’t only good for online shopping – You can even do SAME DAY TRANSFER of funds online from your MCA at zero or lower fees to countries such as Australia, USA and more!
When you’re overseas, you can also save money by buying your foreign currencies via iBanking or mBanking conveniently and at favourable rates, then pay using your MCA-linked DBS Visa Debit Card.
You won’t have to bear any foreign exchange conversion fees ever again as foreign currency funds will be directly debited for your overseas purchases, 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.
With no conversion fees or extra charges, say goodbye to queuing at money changers, searching for the best exchange rates, and foreign currency charges on online shopping or overseas spend – and hello to more time and money saved!
For me, the number one perk is still… ONLINE SHOPPING. Yay to cheaper online shopping, and more substantial savings with my DBS MCA!
Sign up for free today!
If you want to start saving with the DBS MCA, simply pop over to DBS’s website to apply today!
For Existing POSB / DBS customers:
Do it instantly online. Log into your DBS iBanking > select Apply > Deposit Accounts > DBS eMulti-Currency Autosave Account
Note: Remember to apply for the DBS Visa Debit Card separately if you don’t already have it! Link it to your MCA account so that it becomes your primary debiting account when you use the card.
For New DBS customers:
You can apply online for free as well and the DBS Visa Debit Card comes automatically with the account!
Go forth and start saving on foreign currency spending with the DBS Multi-Currency Account today!
This article is sponsored by DBS Singapore; all opinions are of my own.
Terms & Conditions apply. Insured up to S$50k by SDIC.