DBS launches multi-currency commercial debit card

Businesses can lock in rates 1 year in advance.

DBS has partnered with Visa to launch the DBS Business Advance+ Card (BAC+), its first multi-currency commercial debit card.

BAC+ aims to help businesses navigate market volatility through foreign exchange rate hedging. It also provides savings on overseas transactions and better cash flow management, DBS said in a press release.

In designing BAC+, DBS noted a 30% growth in cross-border e-commerce transactions on commercial cards in Singapore.

DBS promised three unique offerings by BAC+. First, businesses can leverage DBS’ online foreign exchange capabilities to lock in rates for up to one year in advance.  

Second, businesses can save cost thanks to BAC+ offering zero FX conversion fees across more than 200 countries, and an up 2% cashback on select business-to-business transactions worth S$2,000.

Third, DBS touted BAC+ as the first commercial debit card in Southeast Asia that enables companies to manage multiple accounts and transactions via a one-stop portal, DBS IDEAL. 

With DBS IDEAL, finance teams can simultaneously track and manage multiple debit card accounts, including checking account balances and managing transactions in real-time.