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Planning a trip and wondering if you can use your debit card overseas? Not only can you use it, but you will often get better exchange rates than with a credit card.
Learn how to avoid mark-up fees and choose your preferred exchange rates with a travel debit card.
A travel card works like a regular debit card, but it's geared towards overseas purchases and cash withdrawals.
For example, the HSBC Everyday Global Debit Card is linked to the HSBC Everyday Global multi-currency account (EGA). This allows you to enjoy $0 fees[@overseas-withdrawal-fees] in 10 currencies for your retail purchase and cash withdrawals. You can also convert your foreign currencies via the HSBC Singapore app at your convenience.
With most overseas debit cards:
A credit card allows you to use a line of credit based on your given credit limit.
In addition, credit cards:
Credit card interest rates can be quite high. If you can't pay your bill in full, you could end up paying more in fees.
We've explored 2 different HSBC products to compare fees. Other debit and credit card fees will vary. There may be a gain or loss when you convert foreign currency.
| Fees (SGD) | HSBC Everyday Global Debit Card | HSBC TravelOne Credit Card |
|---|---|---|
| Annual card fee | $0 | $194.40 |
| Finance charge | $0 | 26.9% p.a. |
| Foreign currency transaction fee | $0 (when sufficient foreign currency is available in the EGA) | 3.25% |
| Cash withdrawal / advance | $0[@overseas-withdrawal-fees] | Withdrawal deemed as cash advance where finance and withdrawal charges apply |
| Dynamic Currency Conversion (DCC) | $0 (when sufficient foreign currency is available in the EGA) | 1% of the converted transaction amount |
| Late payment charge | N/A | $100 |
| Overlimit fee | N/A | $40 |
| Fees (SGD) | Annual card fee | Annual card fee |
|---|---|---|
| HSBC Everyday Global Debit Card | $0 | $0 |
| HSBC TravelOne Credit Card | $194.40 | $194.40 |
| Fees (SGD) | Finance charge | Finance charge |
| HSBC Everyday Global Debit Card | $0 | $0 |
| HSBC TravelOne Credit Card | 26.9% p.a. | 26.9% p.a. |
| Fees (SGD) | Foreign currency transaction fee | Foreign currency transaction fee |
| HSBC Everyday Global Debit Card | $0 (when sufficient foreign currency is available in the EGA) | $0 (when sufficient foreign currency is available in the EGA) |
| HSBC TravelOne Credit Card | 3.25% | 3.25% |
| Fees (SGD) | Cash withdrawal / advance | Cash withdrawal / advance |
| HSBC Everyday Global Debit Card | $0[@overseas-withdrawal-fees] | $0[@overseas-withdrawal-fees] |
| HSBC TravelOne Credit Card | Withdrawal deemed as cash advance where finance and withdrawal charges apply | Withdrawal deemed as cash advance where finance and withdrawal charges apply |
| Fees (SGD) | Dynamic Currency Conversion (DCC) | Dynamic Currency Conversion (DCC) |
| HSBC Everyday Global Debit Card | $0 (when sufficient foreign currency is available in the EGA) | $0 (when sufficient foreign currency is available in the EGA) |
| HSBC TravelOne Credit Card | 1% of the converted transaction amount | 1% of the converted transaction amount |
| Fees (SGD) | Late payment charge | Late payment charge |
| HSBC Everyday Global Debit Card | N/A | N/A |
| HSBC TravelOne Credit Card | $100 | $100 |
| Fees (SGD) | Overlimit fee | Overlimit fee |
| HSBC Everyday Global Debit Card | N/A | N/A |
| HSBC TravelOne Credit Card | $40 | $40 |
Sources: HSBC TravelOne Credit Card; HSBC Wealth and Personal Banking Fees and Charges/Tariff Document
These cards allow you to preload money onto a card. You may not need to open a bank account to get a prepaid travel card.
You can't overspend on a prepaid card. What's on the card is what you have unless you top up. One possible downside is that the exchange rate is calculated at the time you load the card. If rates fluctuate, you could be getting less for your money by the time you spend it.
Unlike a pre-authorised credit card, it could take a while to access money loaded onto your prepaid card. And you may not be able to use your prepaid travel card for transactions that require a higher limit, like car rentals.
Digital or app-only multi-currency debit and credit cards allow you to make all your transactions through your smartphone. Not having to carry around a physical card can be super convenient. There may, however, be limitations (like cash withdrawals or merchants who don't support contactless payments).
Virtual credit cards are available to existing HSBC customers through the HSBC Singapore app. With the HSBC Everyday Global Debit Card, you can securely view your credit card details to make payments without having your credit card with you.
Most debit cards allow you to perform transactions and withdrawals locally with no extra charges. However, it's worth knowing that not all debit cards are linked to a multi-currency account. This means you may incur additional fees when using your card overseas.
This type of card allows you to hold and exchange multiple currencies and withdraw cash from ATMs. With the HSBC Everyday Global Account Debit Card, you can:
To start earning 1% cashback and 1% p.a. bonus interest, in the same calendar month you must:
You can even get 1% cashback when making your GIRO bill payments! Save money when using your card to pay for your taxes, utility and telco bills, school fees, and even your insurance.
Simply apply for an HSBC Everyday Global Account and you'll be issued the Everday Global Debit Card.
If you're already an HSBC customer, you can log on to apply. New to HSBC and living in Singapore? You can use the QR code to apply via Myinfo or HSBC EasyID.
As every card is different, get in touch with your debit card provider for those details.
If you're using an HSBC Everyday Global Debit Card, you'll need to activate your card when you receive it, and before you travel. To do this, log on to your HSBC Singapore app, select account from the 'Home' screen, tap on 'Manage cards' and then tap on 'Activate physical card' to complete the activation of the debit card.
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