What are the fees, rates, and other features of the DBS Multi-Currency Account? If you’re considering opening a DBS multi-currency account (DBS MCA) or getting a DBS multi-currency card, this comprehensive guide will cover everything you need to know.
Multi-currency accounts like the DBS multi-currency account are gaining popularity in Singapore. Traditional credit cards often come with hidden fees and unfavourable exchange rates when paying in foreign currencies, negating any rewards earned. Multi-currency accounts offer a solution to these issues, providing better control over foreign transactions.
Given the popularity of standalone multi-currency accounts like YouTrip, it’s needless to say that banks have, too, entered the multi-currency space. Thus, with the influx of multi-currency account options, it may be tough to identify which one works best for you. That’s why we’ve come up with a guide to the best multi-currency cards in Singapore. But for now, here’s a deep-dive into the DBS Multi-Currency Account and card to help you make a more informed decision.
DBS Multi-Currency Account Overview
Image Credits: lunfardo.com.ar
The DBS MCA is available through two main accounts: My Account and the DBS Multiplier Account. My Account is primarily branded as the main DBS MCA, while the Multiplier Account is a traditional savings account with the same multi-currency features. Here’s a closer look at both, including fees and other considerations.
Account Type | Account Eligibility | Account Fees |
DBS Multiplier Account | At least 18 years old | S$5/month if your average daily balance falls below S$3,000 (waived for account holders under 29 years old) |
DBS My Account | No age restriction | S$2/month (for hardcopy statements) |
DBS Multi-Currency Account And Card Guide 2024: Check out the best multi-currency cards in Singapore here
How to Apply for a DBS Multi-Currency Account
Applying for a DBS MCA is straightforward. You need to be at least 18 years old to open a Multiplier Account, while My Account has no age restrictions.
DBS Multi-Currency Account And Card Guide 2024: Check out the top 10 trending travel destinations for 2024
Fees Associated with DBS Multi-Currency Account
Although DBS MCA features are free to use, some fees apply:
- Multiplier Account: S$5/month if the average daily balance is below S$3,000 (or its equivalent in available foreign currencies). This fee is waived for account holders under 29 years old
- My Account: S$2/month for hardcopy statements, avoidable with eStatements.
DBS Multi-Currency Account And Card Guide 2024: Check out how the JPY is doing!
Using the DBS Multi-Currency Account
Both account types offer similar features. You can make currency exchanges in 12 foreign currencies (AUD, CAD, CNY, EUR, HKD, JPY, NZD, NOK, GBP, SEK, THB, USD) and transact with these currencies using a DBS Visa Debit Card. Transactions and expenses can be managed via the Digibank app.
Exchange rates are determined by DBS and may include markups compared to rates seen on financial websites like xe.com. Overseas ATM withdrawals in foreign currencies from your account’s 12 currency wallets will incur a fixed fee of S$7 per cash withdrawal.
DBS Multi-Currency Account And Card Guide 2024: Check out how to make ATM withdrawals in Malaysia with YouTrip
YouTrip VS DBS Multi-Currency Account: Comparing Features
Features | YouTrip | DBS Multi-Currency Account |
---|---|---|
Currencies Available | 150+ currencies 10 wallet currencies (SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF, SEK) | 12 currencies (AUD, CAD, CNY, EUR, HKD, JPY, NZD, NOK, GBP, SEK, THB, USD) |
Exchange Rates | Wholesale Exchange Rates | Determined by bank |
Multi-Currency Card | YouTrip Mastercard | DBS Visa Debit Card |
Foreign Transaction Fees | None | 3.25% |
Overseas ATM Withdrawal Fees | Free up to S$400 monthly with a 2% fee thereafter Resets every month | S$7 per withdrawal |
While the DBS multi-currency card is a convenient option for overseas spending, it charges a foreign transaction fee of up to 3.25% for unsupported currencies or insufficient currency balances. Plus, it charges an overseas ATM withdrawal fee of S$7 per withdrawal transaction.
DBS Multi-Currency Account And Card Guide 2024: Here’s an overview of the OCBC multi-currency account
Final Thoughts
If you’re looking for a travel card that offers the best exchange rates with zero fees, consider YouTrip! YouTrip is a multi-currency wallet with no minimum balances or account fees. With a YouTrip card, you can pay in 150+ countries with no foreign transaction fees or exchange rate markups! Plus, you can lock in the best rates in 10 popular currencies anytime, anywhere.
Bonus: YouTrip also offers free monthly withdrawals of up to S$400 in foreign currency, with a 2% fee only after you’ve surpassed the threshold. This will reset every month!
So whether you’re scouring the globe or doing your shopping online on international sites, you can pay with your YouTrip card in practically any currency, anywhere – with the best rates. Plus, you’ll also be able to send any of your wallet currencies to other YouTrip users at zero fees!
For more great guides like this, join our Telegram Channel (@YouTripSG) and subscribe to our free weekly newsletter here or down below! And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 💜
Related articles
Make The Most Of Your Touch ‘n Go eWallet In Malaysia 2024
Best Travel Credit Cards In Singapore 2024
A Guide To ATM Withdrawals With YouTrip In Malaysia