Instant virtual debit card demand in Singapore is on the rise. With the increasing emphasis on digital payments and the need for enhanced security measures, virtual debit cards have emerged as a popular choice for individuals and businesses.
In Singapore, major financial institutions and fintech companies continue to offer instant virtual debit cards for better financial management and control.
If you’re a Singaporean looking for an Instant virtual debit card online in Singapore, you’re in the right place. Here we’ve reviewed the features and benefits of Popular Instant Virtual Debit Card Providers in Singapore but before that let’s know what a virtual card is.
What Is a Virtual Card?
A virttual card is a digital version of payment whereby you’re not required to use the physical card to transact. It enables online transactions without revealing the actual details. Many financial institutions offer virtual cards to enhance security and convenience for online shopping. The best part is that, virtual cards comes with features like customizable spending limits, temporary usage, and easy cancellation. These features make virtual cards ideal for managing subscriptions and one-time purchases. Thus, offer enhanced protection against fraud and unauthorised charges.
Best Instant Virtual Cards In Singapore
- Wise: Best International Instant Virtual Card
- DBS: Best Travel Instant Virtual Debit Card
- HSBC: Best Online Instant Virtual Card for Businesses
- Revolut: Free Instant Virtual Debit Card Without a Bank Account
1. Best International Instant Virtual Card: Wise
The Wise virtual card, also known as the Wise digital card, is a versatile payment option that allows users to make payments online and in stores using their phones.
It offers the convenience of mobile payments or contactless payment, making it ideal for travellers, online shoppers, and business owners who need to manage expenses efficiently.
You must first create a wise account to get a Wise Card or prepaid debit card.
Wise Virtual Card offers features like:
- Hold and exchange 40+ currencies, making it suitable for international travellers and online shoppers.
- Available for both personal and business customers in Singapore, offering financial autonomy and flexibility in managing expenses.
- No ongoing fees, providing a cost-effective solution for those who want to avoid unnecessary charges.
- Easy ways to spend in person, on the move, and online, ensuring convenience in various payment scenarios.
- Secure transactions with mid-market exchange rates, low currency conversion fees and currency exchange, transparent fees, enhancing financial security for users.
2. Best Travel Instant Virtual Debit Card: DBS
DBS is a popular instant virtual debit card. It offers 3 debit cards and 9 credit cards. To get one, you must first open a DBS account, then set-up a digibank online banking service. Once the account is approved, your virtual card details will display on the DBS banking app or mobile banking app. Add your preferred wallet for easy mobile and online spending.
The DBS virtual debit card is ideal for individuals or companies that travel most. A company that wants to consolidate all their employees’ travel expenditure will better have a DBS virtual debit card . With a DBS virtual card, it’ll help in tracking all business expenses like car rentals, air tickets, accommodations, and more.
By offering instant virtual card generation and a seamless digital banking experience, DBS banking apps empowers users to manage their finances efficiently. With the ability to set spending limits, access a variety of supported cards, and enjoy the benefits of virtual transactions.
3. Best Online Instant Virtual Debit Card for Businesses: HSBC
Another instant virtual debit card online in Singapore is the HSBC virtual credit card. It offers several key benefits for businesses in Singapore.
- Businesses can instantly generate virtual card numbers online.
- Virtual card numbers are unique for each transaction, reducing fraud risk.
- It offers fraud detection software and zero liability for deliberate misuse.
- Businesses can also set spending limits, expiry dates, and merchant restrictions.
- The solution integrates with accounting software making it easy for your finance team to track payments.
- Detailed reporting that facilitates transaction reconciliation and spending analysis.
- Virtual cards can be generated via web portal, batch file uploads, or AP.
To apply for an HSBC Virtual Card, ensure you’re an existing HSBC customer registered for online banking and have the HSBC Singapore app installed on your mobile device. Then log into your HSBC Singapore app, where you can securely view your credit card details and access the virtual card service.
If you want to make an online purchase but left your physical card at home, open the HSBC Singapore app to retrieve your credit card number, expiry date, and CVV for online transactions.If you’ve been approved for a new credit card, you can view the card details instantly in the app. This allows you to start using the virtual card for online purchases while waiting for the physical card to arrive.
4. Free Instant Virtual Debit Card Without a Bank Account: Revolut
If you’re looking to produce multiple virtual cards, Revolut is the perfect. It is a global financial technology company based in the Uk.
Revolut is an all-in-one money management app, allowing users to spend, transfer and save money, transact internationally, and trade stocks and cryptocurrencies. It has various account plans including a free standard plan and a top tier plan which have fees up to 19.99 SGD/month. It also holds more than 25 currencies.
Moreover, the Revolut Virtual Card offers users the flexibility to set spending limits, define expiration dates, and easily revoke cards at any time, providing better control over their finances.
All Revolut account holders can generate at least one virtual card while top tier account holders can generate more than one Revolut virtual card. Revolut virtual cards generate a new card number for each online transaction. After the purchase, the card details are immediately deleted, preventing them from being reused or skimmed by criminals.
The best part? There is no fee for using the Revolut Virtual Debit Card for online purchases. The virtual card can be used just like a regular card for making payments on websites and apps without incurring any additional charges. In addition it supports Google Pay, Apple Pay, and more.
Benefits of Instant Virtual Debit Cards
- Convenience and Accessibility
- Ability to create a virtual card instantly online
- No need to wait for a physical card to be delivered
- Can be used for online transactions immediately
- Enhanced Security
- Virtual cards have unique card numbers, reducing risk of fraud
- No physical card to be lost or stolen
- Easy to cancel and replace a virtual card if needed
- Flexible Spending Control
- Set spending limits on virtual cards
- Ability to create multiple virtual cards for different purposes
- Convenient for managing personal or business expenses
How Can I Get a Virtual Debit Card Instantly?
- Choose your preferred instant virtual card provider: There are various virtual card providers. Each has its own features and fees, while others provide free virtual cards.
- Sign up with a provider: Once you get your preferred provider, you’ll have to open an account by providing your personal details and verifying. Some providers will need you to provide additional documents such as a driver licence or a passport.
- Add funds to your account: Once you verify your account, you’ll have to top up your account to use your virtual card. You can add funds via bank transfer, cryptocurrency, debit or credit card.
- Receive your details instantly: Once you add funds to your account, you can now generate a virtual card instantly, by choosing debit or credit card.
- Use your card: Start using the card for online transactions.
Tips for Using Instant Virtual Debit Card Effectively
When using an instant virtual debit card to shop online, safety is the major concern. Virtual cards offer an extra layer of security of your personal details. Here are tips for using instant virtual debit cards effectively.
- Secure your details: It’s important to secure your details, including the card number, expiration date, and CVV code. Save the details in a secure location, such as a password-protected file or a reputable password manager.
- Set spending limits: The key benefit of instant virtual debit cards is that you can set spending limits. This will prevent overspending and unauthorised transactions.
- Monitor Transactions Regularly: Keep track of your transactions regularly to detect any unauthorised or unusual activity promptly.
- Stay Informed: Familiarise yourself with the features and benefits of your virtual card, such as merchant restrictions and reporting tools, to make the most of its capabilities.
The Future of Instant Virtual Debit Card Online Technology
The future of instant virtual debit card technology looks promising. As the majority are turning to online shopping, convenient online payment and security has become paramount. Let’s explore the future of instant virtual debit card technology, its potential applications and benefits.
1. Revolutionise the way we make payments and manage finances
Virtual card technology is poised to revolutionise the way we make payments and manage finances. With its ability to generate one-time-use card numbers for online transactions, it enhances security by minimising the risk of fraud.
2. Greater flexibility and control over spending
Instant virtual cards offer greater flexibility and control over spending, allowing users to set limits and restrictions tailored to specific transactions or merchants. This feature is especially valuable for businesses, as it enables them to manage expenses more effectively and track transactions in real-time.
3. Streamline expense management process
Virtual cards can streamline expense management processes, reducing the administrative burden associated with traditional payment methods. By integrating with accounting software, they automate reconciliation and provide detailed insights into spending patterns.
4. Facilitate international transactions
In addition, virtual card technology can facilitate international transactions by eliminating currency conversion fees and reducing processing times. This makes it an attractive option for businesses operating in global markets, as it simplifies cross-border payments and reduces transaction costs.
5. Offer seamless and secure payment across various platforms
Additionally, virtual cards have the potential to enhance the customer experience by offering seamless and secure payment options across various platforms. They provide a convenient way to pay for goods and services online without the need to disclose sensitive financial information.
The future of instant virtual debit card technology is bright, with its potential to revolutionise the way we pay for goods and services, improve financial management, and enhance security in digital transactions.
In addition, the potential for virtual debit cards to replace traditional plastic cards is significant. As technology advances, more businesses and individuals will adopt virtual solutions. This shift will lead to a more digitized and efficient payment ecosystem.
As technology continues to advance, virtual cards will play an increasingly significant role in shaping the future of finance.
Bottom Line
The benefits of instant virtual debit cards in Singapore are significant. They offer convenience by eliminating the wait for physical debit card and provide enhanced security with unique numbers for each transaction and fraud detection features.
Some of the popular instant virtual debit cards in Singapore include DBS Virtual Debit Card, HSBC Virtual Debit Card, and Revolut Virtual Debit Card.
Each has its own features and fees. If you travel and shop online often, Wise Instant Virtual Debit Card will help. It holds more than 50 currencies, and has mid-market exchange rate with low fees.
So, what are you waiting for, sign up now and enjoy the benefits.
Frequently Asked Questions About Instant Virtual Debit Card Online In Singapore
Can I get an instant virtual debit card in Singapore?
Yes, you can get an instant virtual debit card in Singapore. Some providers offer virtual debit cards that can be generated instantly once you’ve an approved account with a bank or provider.
Are virtual debit cards safe to use in Singapore?
Yes, virtual debit cards are considered safe to use in Singapore. They have different card numbers compared to your physical debit or credit card, which can provide additional security. If a virtual debit card number is compromised, you can easily cancel the virtual number and keep your actual card number the same.
Can I use a virtual debit card for international transactions in Singapore?
Yes, you can use a virtual debit card for international transactions in Singapore. Some providers, like Wise, offer virtual debit cards with no foreign transaction fees and currency conversion from 0.41%.
Can I link my virtual debit card to a wallet app in Singapore?
Yes, you can link it to a wallet app in Singapore. Many providers require you to add your virtual card to digital wallets like Apple Pay or Google Pay for easy spending.
Are there any fees associated with using a virtual debit card in Singapore?
Yes, there are fees associated with using a virtual debit card in Singapore. Fees vary by provider, but some providers like Revolut charge monthly account fees, while others like Wise Instant Virtual Card charge a 9 SGD fee to get a physical card, with no additional fee to get a virtual card.
