Singlife card: Everything you should know

Singlife is a capital guaranteed insurance savings plan which lets you earn interest and insurance benefits, while still having easy access to your funds when you need them. To make it easier to spend your Singlife account balance, you’ll need a Singlife card.

This guide covers all you need to know about getting and using your Singlife card. As the Singlife card has a few service limitations, we’ll also introduce the Wise multi-currency account and card as a smart way to hold foreign currencies and make ATM withdrawals at home and abroad.

📝Table of contents:
What is a Singlife card and how does it work? Using the Singlife card overseas Singlife card fees Security Rewards and perks

What is a Singlife card and how does it work?

The Singlife account is different to bank savings and fixed deposit accounts. Instead, Singlife offers a capital guaranteed insurance plan which can earn up to 1% per annum interest, and comes with life insurance protection up to the value of 105% of your Singlife account and retrenchment benefits.¹

One of the useful features of the Singlife account is that you can still access your funds when you need them. The easiest way to do this is to get a Singlife card, which can be used to spend online and in stores wherever Visa is accepted². This guide answers all the questions you may have about getting and using your Singlife card.

Can I make withdrawals with the Singlife card?

An important first point to note is that you can’t use your Singlife card for ATM withdrawals. Instead you’ll need to use FAST transfers to move money to your linked bank account, and then make withdrawals using your regular bank account ATM card.

If making ATM withdrawals is important to you, you might consider getting a smart online account like the Wise multi-currency account and card for spending and accessing cash all over the world. As Wise accounts have multi-currency options, you can also hold 50+ currencies in the same place, and access mid-market exchange rate currency conversion within your account whenever you need it.

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Using Singlife card with Apple Pay, Google Pay, Samsung Pay

You can’t use your Singlife card to make mobile payments with Apple Pay, Google Pay or Samsung Pay - although SInglife is currently working on introducing this functionality. Watch this space for more information on this upcoming feature.

Using the Singlife card overseas

Singlife cards can be used for spending wherever Visa is accepted. That means you can use your card overseas or when you shop online with international retailers. However, as we noted above you can’t make ATM withdrawals, either here in Singapore or when you travel.

Your Singlife account is held in Singapore dollars. That means that you’ll get the Visa exchange rate whenever you spend internationally. If you’d rather know the exchange rates which will apply to your payment ahead of time, you can do this with the Wise multi-currency account.

Top up your account in SGD, and switch to whatever currency you need using the mid-market exchange rate with no markups. Add to your foreign currency balance when the exchange rate is good, and spend at the best possible rates whenever you’re ready.

How do I get a Singlife card?

If you have a Singlife account already, getting a Singlife card is easy.

• Open the Singlife app and tap Order Card
• Confirm your delivery address
• Enter the name you want to show on the card
• Confirm your order, and your card will be sent to you

Before you use your Singlife card for the first time, activate it by selecting Activate Card in the Singlife app, and entering the 9-digit number from the back of your card.

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Singlife card fees

Singlife accounts are easy access, and have low minimum balance requirements to open and maintain. Here’s what you need to know:² ³

Service	Singlife card fee
Annual fee	Free
Administration fee	Free
Minimum opening balance	500 SGD
Minimum balance to enjoy Singlife protection	100 SGD
International transaction fee	International transactions in foreign currencies use the Visa exchange rate with no additional Singlife fee International transactions charged in SGD under dynamic currency conversion may attract additional third party fees
Replacement card	Singlife may charge a fee if you lose or damage your card

Singlife card - avoid dynamic currency conversion fees

It’s worth a quick note on dynamic currency conversion (DCC) which you might run into when you use your Singlife card overseas. DCC is where you’re asked by a merchant if you’d rather pay the bill in SGD instead of the local currency wherever you are.

If you choose to pay in SGD you’ll have to accept the exchange rate the merchant or payment processor provides - and their fees. This can work out far more expensive than paying in the local currency wherever you are and allowing Visa to do the conversion for you. Avoid DCC by always paying the local currency when you travel.

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Security

Your funds are protected by the Singapore Deposit Insurance Scheme, and insurance benefits are covered by the Policy Owners’ Protection Scheme. This means your insurance benefits are protected up to 100% of their value, or any applicable caps, should your insurer fall into difficulty.

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Rewards and perks

If you’re getting a Singlife card it's well worth checking what promotional campaigns are currently running. At the time of writing you could earn 0.5% extra interest when you get and use a Singlife card through the Save, Spend, Earn campaign⁴. You can also get an extra 1% interest under the Bonus Return campaign⁵ when you have both a Singlife Card and a Singlife Grow policy.

Extra rewards like these are time limited and have conditions - but could give your balance a nice boost.

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The Singlife card is a useful tool for customers who want capital protected insurance products while still maintaining easy access to their funds. By using your Singlife card you’ll be able to tap into your Singlife balance whenever you need to - and may even earn more interest through promotional campaigns while you do so.

However, Singlife cards aren’t right for everyone and do come with some limitations. If you’re looking for a card you can make ATM withdrawals with - or need to hold a balance in currencies other than SGD - check out the Wise multi-currency account and card as an alternative.

Hold, spend and save in 50 + currencies and get the real mid-market exchange rate every time you convert between them. It couldn’t be easier.

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Sources:

1. About Singlife | Digital Insurer Singapore
2. Singlife Account | An Insurance Savings Plans with Up To 1.0% Returns
3. Singlife Card
4. Save, Spend & Earn Campaign
5. Bonus Return Campaigns

Sources checked on 27 July 2021