6 Best Virtual Credit Cards in Singapore 2023

Virtual cards can include virtual credit cards, virtual cash cards, virtual business cards and virtual debit cards - and they all come with a few key features and advantages which suit different customer types.

If you’re wondering how to make a virtual card, or how to set up a digital credit card for yourself, you’re in the right place. We’ll walk through some of the best virtual credit cards in Singapore - and also dive into some of the best virtual debit cards in Singapore, in case that’s more your thing.

Table of contents
What is a virtual card? Overview of best virtual cards in Singapore Wise Card Revolut virtual card Aspire virtual card HSBC virtual card DBS Virtual Credit cards Payoneer virtual card Summary

What is a virtual card?

A virtual card can be used like a regular payment card, in situations where you aren’t required to present a physical card to transact. That can include shopping online or in apps, making mobile payments, or transacting by phone for example.

Virtual cards can include both virtual debit cards and virtual credit cards. These are different card types - just as physical credit and debit cards have their own features and benefits. With a virtual debit card you’ll only ever be able to spend to the balance you have in your linked account - so there’s no interest to worry about. On the other hand, a virtual credit card lets you spend on account, and repay the bill at the end of every month. Fees may apply if you don’t pay back in full - but it can also help you spread the cost of purchases across a longer time.

Benefits of virtual cards

So why bother with a virtual credit card or virtual debit card? Here are a few advantages:

• Often free to generate one or more card linked to your bank or specialist account
• Get a virtual card instantly if you’re waiting for a physical card to arrive by mail
• Virtual cards have their own card numbers, which means you don’t need to give a merchant your primary card information when you transact
• You can destroy your virtual card and get a new one when you want to - or if you’re concerned about the security of a transaction
• Some cards can be generated for one time use, only, so no scammers could re-use the details even if they try
• You don’t need to carry round a physical card - convenient, if you’re making mobile payments anyway
• Virtual cards are better for the environment than physical cards

Probably the key benefits to a virtual card lie in convenience and security. Generate your virtual card details, which will be different to your physical card, use them to make a payment - and then destroy them immediately if you wish. That way, there’s no need to worry about the merchant maliciously reusing your card information, or a scammer intercepting your details along the way. Plus - of course - it’s convenient to generate, manage and replace your card, which can often be done just with your phone.

Best virtual cards in Singapore

We’ll look at the best Singapore virtual cards in more detail in just a moment, but to build a picture, let’s have a quick overview table, focusing on key virtual card features:

	Card type	Availability	Maintenance fee	ATM fees (linked physical card)	Foreign transaction fee	Benefits
Virtual Wise Card	Debit card	Personal and business customers	No fee	2 withdrawals to 350 SGD/month for free - low fees after that¹³ Withdrawals not available within Singapore	No fee to spend currencies in your account	Hold and exchange 40+ currencies, get paid for free from 30+ countries
Virtual Revolut Card	Debit card	Personal customers	0 SGD - 19.99 SGD/month based on account tier	2 withdrawals to 350 SGD/month for free - low fees after that Withdrawals not available within Singapore	No fee to spend currencies in your account	Hold and exchange 25+ currencies, get budgeting, saving and investment tools
Virtual Aspire Card	Debit card	Business customers	12 SGD - 99 SGD/month+ based on account tier	5 SGD fee¹ Withdrawals not available within Singapore	Visa exchange rate applies where currency conversion is needed	Full suite of business tools to set up and manage your Singapore company
Virtual HSBC Card	Credit Card	Personal customers with an eligible physical HSBC credit card	Varies based on the physical card you hold	Cash advance fees are likely to apply - can vary based on the base card you have	3.25%	Earn points or cashback just as you would with your physical card
Virtual DBS Card	Debit and Credit cards	Personal customers with an eligible physical debit or credit card	Varies based on the physical card you hold	Out of network and/or cash advance fees can apply, variable depending on the card you hold	Up to 3.35%²	Available for a broad range of supported cards, all you need is the DBS banking app
Virtual Payoneer Card	Debit cards	Business customers	29.95 USD (equivalent) annual fee	3.15 USD (equivalent) ATM withdrawal fee³	Up to 3.5%	Payoneer has a broad range of business services for ecommerce and digital businesses

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Wise Card - most international virtual Visa card

Open a Wise account online or in the Wise app, and order a physical card for delivery, to get immediate access to the Wise virtual card. The Wise virtual card is on the Visa network, and supported by millions of merchants in 150+ countries. You’ll be able to hold a balance in any of the 40+ supported currencies - and it’s free to spend any currency you hold using your virtual Wise card. If you don’t have the currency you need, the card’s autoconvert features will switch your balance to the required currency, with the mid-market exchange rate and low fees from 0.43%.

The Wise card is great for anyone who loves to travel or shop online with international retailers - and can be generated easily using just your phone. More on how in just a moment.

Visa card, generated instantly when you order a physical Wise card Compatible with Apple Pay, Google Pay and a selection of other ewallets Use for spending in 150+ countries Free to spend any of the 40+ supported currencies if you hold a balance in that currency Convert currencies with the mid-market exchange rate and low fees from 0.43% if you don’t have a balance in the currency you need Hold up to 3 virtual cards at a time

Here’s how to order a Wise virtual card:

1. Register a Wise account online or in the Wise app
2. Get verified by uploading your ID document¹⁴, or using Singpass
3. Open a currency balance in the currency of your choice, and add funds
4. Order a physical card and pay the low, one time fee
5. Generate your Wise virtual card in the Wise app
6. Your virtual card is available for immediate use - your physical card will arrive in the mail a little later

Get your Wise card today!

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Revolut virtual card - pick an account plan to suit your needs

Revolut Singapore⁴ offers several different account plan options for personal customers, including a free Standard plan, and fee paying account tiers which have fees of up to 19.99 SGD/month. Fee paying account tiers come with more features and free transactions compared to the free plans, so you can pick the account plan that suits your own personal needs.

All Revolut account holders can generate at least one virtual card⁵ - higher paid tier account holders can generate more than one⁶, which might make budgeting easier as you can assign spending to one card or another, to keep track.

Visa cards, which you can generate in your Revolut app, even before your physical card arrives Compatible with Apple Pay, Google Pay and a selection of other ewallets Revolut accounts can hold and exchange 25+ currencies, with some fee free currency exchange based on your account plan Get one free virtual card with a Standard plan, or upgrade to a higher tier account, like the Metal account, to open more than one

Learn more about the Revolut virtual card in Singapore, here

Aspire virtual Visa card - business virtual debit cards with cashback options

Aspire⁷ offers business accounts in Singapore which come with linked virtual debit cards. You can get an Aspire account from 12 SGD/month for your company - or upgrade to a feature packed account tier for 99 SGD/month⁸ instead. All cards can spend internationally with the Visa exchange rate⁹.

All Aspire customers can generate physical and virtual cards for themselves and their team, with options to set and manage spending limits and get instant transaction notifications so you’ll always be in control of your budget.

Virtual multi-currency cards in SGD, USD or IDR Unlimited number of cards can be generated 1% cash back on eligible business spend Create and manage spend limits so you control your company budget Accounts can also offer expense and payables management, accounting integrations and more

HSBC Virtual cards - virtual credit cards instantly after approval

If you have an HSBC credit card - or if you’ve been approved for one and are waiting for the physical card to arrive - you can also access an HSBC virtual credit card¹⁰ in the HSBC Singapore app. This means you can start spending with your virtual card even before you’ve got your hands on the physical one. Just add your HSBC virtual credit card to your preferred ewallet to spend.

Available on all eligible HSBC credit cards as long as you’ve also registered for online and mobile banking services, and have full access to the HSBC app.

Available to all HSBC customers with an eligible physical credit card Get a virtual card before your physical card has arrived in the mail Spend online, or add to ewallets for mobile spending Continue to get all the benefits you’d get from your physical card - such as rewards or cashback - based on the card’s terms and conditions

DBS Virtual Credit card - generate instant virtual debit and credit cards

DBS offers instant virtual cards¹¹ you can generate within the DBS Digibank app, with a broad range of its debit and credit cards. Once you’ve been approved for the physical card, you’ll simply need to log into your digital banking service, and generate the virtual version of the card. Add your card to an ewallet like Apple Pay and spend - any rewards you’d get when spending with the physical version of the card still apply.

Virtual cards available to match a broad selection of credit and debit cards Generate your card instantly once approved - all you need is the DBS banking app Add your cards to Apple Pay for easy mobile and online spending Earn rewards and cashback as you would when spending with your physical card

Payoneer virtual card - virtual Mastercard for business spending

Payoneer¹² offers business account services to a broad range of businesses, with a focus on digital businesses and ecommerce sellers. If your account is eligible - which can vary based on your transaction history - you can also apply for a Mastercard linked to your account. Once you order a card, you can generate a virtual card for immediate use.

Some account holders may be eligible to apply for additional services like loans and increased spending limits.

Mastercard issued cards which are linked to virtual Payoneer accounts Use your Payoneer card for easy online and in app spending, or add to an ewallet Spend globally - transactions in the same currency may be free, although fees apply when currency conversion is required Hold multiple cards to manage your money more effectively

Learn more about Payoneer in Singapore here.

Summary - which virtual card is the best for you in Singapore?

Virtual cards can be convenient and add an extra layer of security when you’re spending online with merchants you don’t know. They’re available from a broad range of providers here in Singapore, so the best one for you will depend on your priorities, and whether you’re applying for a personal or business virtual spending card.

For business owners there’s a choice, including low cost debit cards from specialist services like Payoneer, or Wise Business. Personal customers can often get a virtual card from their traditional Singapore bank - but this may come with some unnecessary fees, such as foreign transaction charges when spending overseas or shopping online with international retailers. A smart way round this is to get a specialist card like the Wise virtual card, which lets you hold and exchange 40+ currencies, with no foreign transaction fee when you spend a currency you hold.

Use this guide to find the best Singapore virtual card for your specific needs, and don’t forget to compare a selection of options across both traditional banks and specialist services.

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Sources:

1. Aspire - ATM fees
2. DBS card fees and rates
3. Payoneer card fees
4. Revolut Singapore
5. Revolut Standard fees
6. Revolut Metal fees
7. Aspire virtual company cards
8. Aspire pricing
9. Aspire card exchange rates
10. HSBC Singapore virtual credit cards
11. DBS Instant card
12. Payoneer card
13. Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.
14. Wise may request additional documents to verify a customer's identity.

Sources checked on 06/03/2023