OCBC Frank Debit Card: A full review

Ileana Ionescu

If you’re considering which debit card is right for you in Singapore, you might well be looking at the OCBC Frank Debit Card. It’s a popular option, especially for students and young people, with rebates offered on things like online shopping and fast food, and 120 card designs to choose between.

This article will tell you the key details about the OCBC Frank Debit Card, as well as information about one alternative: the new Wise multi-currency card, an option that’s particularly good if you often travel abroad.

Get your Wise multi-currency card now and spend in over 40+ anywhere, including Singapore

Read on to find out:

How can you open an OCBC Frank debit card?

There are 2 ways you can get yourself an OCBC Frank debit card: you can apply online via MyInfo, or you can visit a Frank or OCBC location near you.

You can only apply via MyInfo if you’re a Singaporean citizen or permanent resident, and aged between 16 and 25.¹

You do need an OCBC Bank account to go with the debit card. If you don’t have one, you can open one at the same time.²

Eligibility to open the OCBC Frank debit card

If you’re 16 or above and living in Singapore, you probably are eligible for a OCBC Frank debit card. There’s no minimum income threshold, making this a great option for students.¹

How can you use OCBC Frank card?

The Frank debit card is a Visa debit card, so you can use it to make purchases in most places you’ll come across in Singapore and elsewhere – online and in shops. You can also use it at ATMs to withdraw cash.

Also, if you spend more than S$400 per month, you get a rebate of 1% on a range of transactions when you use your card to spend money at various shops or with transport merchants including Comfort and CityCab and Grab.³ If you’re hoping to get your rebate, do check you’ll actually get it on the purchase you’re about to make before you buy.

Can you use the Frank debit card abroad?

You can, but in a foreign currency you won’t get your rebate in most cases.³

Until 31 October 2019, OCBC was running a special promotion where you could apply to get your foreign exchange fee waived, up to 3.25%.⁴ But, unless you got that promotion, you can expect to pay a foreign exchange fee whenever you use your Frank debit card abroad. An exchange rate markup might be added too.

What are the other fees for the OCBC Frank debit card?

Here’s an overview of some of the other fees you might have with the Frank debit card.¹

Service Fee1
Card design fee Varies between S$0 and S$30
Lost card replacement fee Up to 2 provided for free per year. S$20 for subsequent replacement cards
Change of card design fee Varies between S$10 and S$30, plus S$20 per card if you change it more than twice per year
Monthly service fee When you turn 26, you’ll have to pay a S$2 monthly service fee on your Frank account if your average daily balance is below S$1,000 for the month

Do you earn interest with your OCBC Frank debit card?

Because it’s a debit card, when you spend money with the OCBC Frank debit card it comes straight out of your account. So you don’t earn interest on the card itself.

However, you do earn interest with the OCBC Frank account that your card will be tied to: the OCBC Frank interest rate is 0.20% for the first S$10,000 in your account, rising to 0.40% for up to S$500,000.⁵

What is the OCBC Frank minimum balance required?

There’s no OCBC Frank minimum balance, although as noted above you’ll have to pay S$2 per month if your balance averages below S$1,000 – but only when you’re 26 or older.

How can you close OCBC Frank account and debit card?

If you want to close an OCBC Frank account, there’s a form to fill out. You’ll need to wait up to 7 working days for it to process.⁶

Wise multi-currency card – your new multi-currency debit card

The Frank card from OCBC is not the only option you have when it comes to debit cards.

One alternative is the Wise multi-currency card. You get it attached to your borderless account, and, as it’s issued by either Visa or Mastercard, you can use it pretty much anywhere where you see the logo.

One big advantage that the Wise multi-currency card offers is that you can hold money in multiple currencies – over 50 of them – and covert between them at the real mid-market rate, for only a low percentage cost. Plus you get free overseas ATM withdrawals up to S$350 each month. So for anyone who often travels, it’s a very useful card to have. Check it out now and see if it could save you money when you travel.

Get your Wise multi-currency card now and spend in over 40+ anywhere, including Singapore

Sources used in the article:

  1. Fees and eligibility to open an OCBC Frank debit card.
  2. Application form for the card.
  3. Cashback on selected purchases.
  4. OCBC Frank debit card offer valid until 31st October 2019.
  5. Interest rate earned with the OCBC Frank account.
  6. Form you’ll need to fill in if you want to close your OCBC Frank account.

All sources checked 29 October 2019


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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