Singapore’s DBS Bank has unveiled an overseas payments service to help customers avoid high foreign exchange (FX) and conversion fees on making overseas payments.
The new service, which the bank describes as the first of its kind in South-east Asia, allows DBS Visa debit card holders linked to a DBS Multi-Currency Account (MCA) to pre-convert a foreign currency. This would allow cardholders to spend overseas in the country's local currency without having to pay additional charges.
The bank said that the scheme would help customers save 7% to 15% in fees that they would otherwise incur if they paid with their existing bank cards in Singapore dollars for overseas transactions.
The new scheme will allow customers to make payments in multiple currencies such as the Japanese yen, Swedish krona, Norwegian krone, US dollar and the British pound.
DBS head of consumer banking group (Singapore) Jeremy Soo said: “With the DBS MCA and DBS Visa Debit Card, customers can convert their currencies at a competitive rate using DBS iBanking or mBanking without needing to make a trip to the money changer.
They will also get to skip FX fees and conversion charges for their overseas spends. Our hope is that this will incentivise Singaporeans move towards the security and convenience of cashless payments.”