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Best Visa debit cards
Make cashless payments conveniently at over 61 million merchant locations worldwide with Visa.
With a Visa debit card, you can enjoy a wide array of benefits such as global acceptance, secure payment processing and convenient access to your money.
Use this guide to learn about the various Visa debit cards available and find one that best suits your needs.
What's in this guide?
Compare a range of Visa debit cards in Singapore
What is a debit card and how does it work?
Debit cards are attached to your bank account and allow you to spend the money in that account. You can use your debit card to make purchases online and in-store and withdraw cash from ATMs. As soon as you make a purchase or withdraw money from an ATM using your debit card, the money will be deducted from your bank account.
What is a Visa card?
Visa is a payment processing network that helps consumers, businesses, banks, and governments facilitate electronic funds transfer throughout its global network via its Visa-branded cards. If you make a payment with a Visa debit card, for example, the transaction will be processed on Visa’s network from the merchant to the relevant bank.
Banks in Singapore usually offer cards with different payment processing networks options, such as Visa, Mastercard, American Express Credit Cards, or UnionPay. Whichever network is used, the company’s logo will be visible on the card.
Visa, Inc is headquartered in Foster City, California, United States.
What Visa debit cards are available in Singapore?
Here’s an overview for some of the most popular Visa debit cards in Singapore:
| Visa debit cards | Features | Eligibility and fees |
|---|---|---|
| DBS Visa Debit Card |
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| DBS Takashimaya Debit Card |
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| OCBC YES! Debit Card |
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| OCBC FRANK Debit Card |
|
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| OCBC Plus! Visa Debit Card |
|
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| OCBC NTUC Plus! Visa Debit Card |
|
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| UOB ONE Debit Card |
|
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| HSBC Debit Card |
|
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| HSBC Everyday Global Debit Card |
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| Maybank Manchester United Platinum Visa Debit Card |
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*Information correct as at 2 November 2020
Debit cards in Singapore
How do I compare Visa debit cards?
In order to take full advantage of your debit card, make sure to compare the following features before applying:
- Supported currencies. Some cards allow you to hold multiple foreign currencies, which is beneficial if you travel or shop online often. Check to ensure that the currencies you deal with most are available and if there are any conversion fees.
- Payment options. Most debit cards are equipped with contactless technology and compatible with Apple Pay, Google Pay and Samsung Pay. Check if the card comes with any of these features for convenient payment.
- Annual fees. Check if the debit card you’re applying for comes with an annual fee. If so, find out if there are any fee waiver criteria.
- Fall-below fees. Some banks will require that you maintain a minimum monthly balance in the account and may charge a S$2 to $5 fall below fee if you’re unable to do so.
- Currency conversion charges. In addition to the exchange rate differences, the bank could also be charging you each time you convert your money to another currency.
- Other fees. Read the fine print to see if you are subject to any other transactional fees, such as overseas ATM withdrawal fees.
- Daily limits. Find out if the debit card comes with any spending limits (i.e. $1,000, $2,000, $3,000 per day)
- Promotions. Select a card that offers rewards or rebates that suit your spending habits.
Which Visa debit card is best for me?
The best Visa debit card is one that suits your needs and spending habits. Before you apply for a card, make sure to compare its features, benefits and fees (if applicable) with other alternatives in the market.
What are the benefits of holding a Visa debit card?
- Convenience of cashless transactions. You don’t have to worry about carrying sufficient cash when you’re out and about.
- No risk of accumulating debt. You can easily stay accountable for your spending since the funds are deducted directly from your account balance. This way, you can avoid running a risk of making impulsive purchases that may choke up a debt with credit cards.
- No interest charges. Credit cards are known for charging high interest rates and late payment fees. With debit cards, you don’t need to fret about staying disciplined and paying off your balance every month.
- Use for transport. If your debit card has a SimplyGo function you can use it to tap for payment on buses and trains.
What I should look out for?
- No grace period. Because funds immediately leave your account when you buy things, you can’t borrow funds on credit. A credit card does. It leaves cash at your disposal until the end of your next billing period.
- Fewer rewards. Debit cards don’t usually come with competitive rewards compared to credit cards.
- Doesn’t improve your credit score. By building your credit score, you’ll have access to lower interest rates when borrowing and increased credit limits. Your credit score is an important number that’ll impact your life.
How can I apply for a Visa debit card?
Debit cards have different eligibility criteria you will need to meet in order to apply. These can include:
- Be of a certain age (typically 16 years old and above)
- Be living in Singapore
- Have a certain savings or current account with the respective bank
- You may need to make a deposit
Documents required
You’ll typically need to bring the following with you:
- Identification. For Singaporeans and permanent residents, make sure to bring along your NRIC. For foreigners, you’ll need to bring your passport as well as your Employment Pass (EP), S-Pass or Student Pass.
- Proof of residential address. Your latest utility bill, account statement or letter from any government bodies.
Do note that the documentation and eligibility information we’ve provided is only meant as a general guide. Before proceeding to open a current account at your chosen bank, make sure to check their eligibility criteria and know what are the exact documents required.
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