Business

DBS customers to have access to 24/7 foreign exchange

DBS customers to have access to 24/7 foreign exchange
Reuters File Photo
Published: 5:30 PM, April 18, 2017
Updated: 11:48 PM, April 18, 2017

SINGAPORE — DBS Bank customers will be able to transact currency exchanges in 12 major currencies through their DBS Internet banking and mobile banking platforms sometime in the third quarter of the year, said the Singapore bank on Tuesday (April 18).

For example, a Singapore traveller who intends to visit the United States can change his or her Singapore dollars to US dollars via a DBS multi-currency account. This can be done on-the-go or when rates are favourable via DBS mBanking or iBanking. When spending in the US, the traveller can simply use his or her DBS Visa debit card to pay for purchases in US dollars. The amount is then directly deducted from the linked DBS multi-currency account with no other charges incurred.

Since January, bank customers have been able to avoid foreign exchange fees and conversion charges for cross-border payments in 12 major currencies by linking their DBS multi-currency accounts with their DBS Visa debit cards.

The major currencies include the Singapore dollar, US dollar, Euro, British pound, Hong Kong dollar, Japanese yen, Thai baht, Australian and New Zealand dollar.

Since the overseas payment solution was offered, foreign currency transaction volumes have risen by 30 per cent within a month, said the bank. The number of DBS Visa debit cardholders have gone up by 8 per cent while the number of linked cards to multi-currency accounts within the bank has jumped by 18 per cent since the start of the year.

The bank has also seen a shift in customer behaviour towards cashless spending in foreign currency, said Mr Jeremy Soo, head of DBS’ consumer banking group in Singapore.

“No more scrambling to locate a money changer while overseas or being forced to accept an unfavourable rate. We believe this will further incentivise Singaporeans to move towards the security and convenience of cashless payments.”

The Republic’s largest credit and debit card provider also offers a mobile wallet solution through its DBSPayLah! application for local cashless transfers.