Back in November 2019, DBS raised the foreign currency (FCY) transaction fee for Visa and Mastercard to 3.25%, but declined to do the same for American Express. This put it in the odd situation of being the only card issuer in Singapore not to have parity across payment networks, though I’m sure AMEX cardholders didn’t mind!
Unfortunately, nearly seven years later, DBS will be bringing all three into alignment.
DBS increases FCY transaction fees for AMEX cards
From 10 May 2026, DBS will hike the FCY transaction fee for AMEX cards to 3.25%, up from the current 3%.
With effect from 10 May 2026, Foreign Currency Retail Transaction Fees on American Express Credit Card will (sic) 3.25% on the converted Singapore Dollar amount.
-DBS Bank
The main impact will be on the DBS Altitude AMEX and DBS Treasures Black Elite Cards, where the implicit cost per mile for FCY spending will increase to as much as 1.48 cents.
| Card | FCY Earn Rate | FCY Fee | CPM |
 DBS Altitude AMEX |
2.2 mpd | 3.25% |
1.48¢ |
 DBS Treasures Black Elite AMEX |
2.4 mpd | 3.25% |
1.35¢ |
While DBS has other AMEX cards (namely the DBS yuu AMEX and DBS Takashimaya AMEX), it’s highly unlikely you’d be using these for FCY spending in the first place.
With the revised FCY transaction fee, here’s how DBS compares to the rest of the market.
| 💳 FCY Fees by Issuer and Card Network |
||
| Issuer | ↓ MC & Visa | AMEX |
| Standard Chartered | 3.5% | N/A |
| American Express | N/A | 3.25% |
| Citibank | 3.25% | N/A |
| DBS | 3.25% | 3.25% |
| HSBC | 3.25% | N/A |
| Maybank | 3.25% | N/A |
| OCBC | 3.25% | N/A |
| UOB | 3.25% | 3.25% |
| BOC | 3% | N/A |
| CIMB | 3% | N/A |
| ICBC | 2.5% | |
Sadly, FCY transaction fees have been edging upwards over the years. When I first started this blog in 2015, fees were in the range of 2.5-2.8%. Now, almost all the banks are at 3.25%, with Standard Chartered the “market leader” at 3.5%.
Summary of FCY Fee Changes, 2018 to Present
- On 1 Apr 2018, Maybank increased its FCY charge on Visa Diamante, Visa Infinite and World Mastercard from 2.5% to 2.75%
- On 4 Oct 2018, Citibank increased its FCY charge from 2.8% to 3%
- On 1 Nov 2018, HSBC increased its FCY charge from 2.5% to 2.8%
- On 1 Jan 2019, CIMB removed the admin fee waiver for FCY transactions on the Visa Signature and Platinum Mastercard, effectively increasing the fee from 1% to 3%
- On 2 Jan 2019, DBS increased its FCY charge from 2.8% to 3%
- On 15 Jan 2019, BOC increased its FCY charge on Mastercard transactions from 2.5% to 3% (Visa fees increased from 2.5% to 3% on 1 Dec 18)
- On 15 Mar 2019, OCBC increased its FCY charge from 2.8% to 3%
- On 4 Sep 2019, UOB increased its FCY charge from 2.8% to 3.1%
- On 1 Nov 2019, DBS increased its FCY charge from 3% to 3.25%
- On 3 Dec 2019, OCBC increased its FCY charge from 3% to 3.25%
- On 15 Dec 2019, Citibank increased its FCY charge from 3% to 3.25%
- On 1 Mar 2020, AMEX increased its FCY charge from 2.5% to 2.95%
- On 9 Mar 2020, UOB increased its FCY charge from 3.1% to 3.25%
- On 1 Nov 2021, Maybank increased its FCY charge from 2.75% to 3.25%
- On 4 Jan 2023, HSBC increased its FCY charge from 2.8% to 3.25%
- On 1 Oct 2023, AMEX increased its FCY charge from 2.95% to 3.25%
It’s a puzzling trend, to say the least. With growing competition from alternatives like YouTrip and Revolut, you’d think that banks would be pressured to moderate their FCY transaction fees, or boost FCY earn rates to make their cards more compelling!
What are the best cards for overseas spending?
For what it’s worth, DBS AMEX cards would never have been my top choice for overseas spending in the first place. There are many other cards which award more miles for the same FCY fee, or potentially even lower.
| Card | FCY Earn Rate | FCY Fee | CPM |
 Maybank XL Rewards CardApply |
4 mpd | 3.25% | 0.81¢ |
 UOB Preferred VisaApply |
4 mpd | 3.25% | 0.81¢ |
 UOB Visa SignatureApply |
4 mpd | 3.25% | 0.81¢ |
 StanChart Beyond CardApply |
3-4 mpd No cap |
3.25% | 0.81 to 1.08¢ |
 Maybank World MastercardApply |
3.2 mpd No cap |
3.25% | 1.02¢ |
 Maybank Visa InfiniteApply |
3.2 mpd No cap |
3.25% | 1.02¢ |
 BOC Elite Miles CardApply |
2.8 mpd No cap |
3% | 1.07¢ |
 Maybank Horizon Visa SignatureApply |
2.8 mpd No cap |
3.25% | 1.16¢ |
 StanChart Visa InfiniteApply |
3 mpd No cap |
3.5% | 1.17¢ |
There are other potential options too, depending on what type of spending you’re making. Refer to my guide on the best cards for overseas spending for more information.
You might also have read about cards which claim to have “zero FCY transaction fees”. These can help to minimise cost, though it usually comes at the expense of rewards.
Conclusion
From 10 May 2026, DBS will increase its foreign currency transaction fee for AMEX cards to 3.25%, matching the rate for Visa and Mastercard.
The two main cards affected are the DBS Altitude AMEX and DBS Treasures Black Elite AMEX, though neither should have been top choices for overseas spending in the first place.
