DBS Launches Foreign Exchange Solution

Robbie Lawther

19 April 2017

has launched foreign exchange capabilities for customers who have a DBS multi-currency account in Southeast Asia.

Customers will be allowed to carry out exchanges in 12 major currencies 24 hours a day and avoid any additional charges such as foreign exchange fees and any other conversion charges, the bank has said in a statement.

DBS has said the introduction of the new solution is expected to increase customer interaction with online banking.

The introduction of the 24/7 foreign currency exchange capability is also expected to accelerate customer take-up of the scheme as more customers will be able to access foreign currency exchange services at competitive rates via their DBS iBanking or mBanking platforms, anytime and anywhere.

DBS said the solution was designed to help customers avoid carrying large amounts of cash overseas. It stated it is “part of DBS’ larger plan to drive cashless payment behaviour and to bring innovation into financial services, taking the nation one step closer to its shared vision of a smart nation”.