8 best virtual credit cards in Singapore (2024)

● Overview

Manage your vendor payments, subscriptions, and employee expenses using Volopay virtual cards. Each card can have its own dedicated purpose and spending limits for your convenience.

● Set-up process and requirements

You’ll have to sign up for and be onboarded onto the Volopay platform to start using its virtual cards. The application process is hassle-free and fully online. After you have been approved and activated, you can immediately generate virtual cards via the dashboard. 

● Key features of the card

Get built-in spend control features for all your virtual cards through the Volopay dashboard. You can implement multi-level approval workflows, set individual spend limits, and even freeze or block your cards in just a few clicks. Every transaction made with your Volopay virtual card will be automatically recorded and easily trackable in real-time.

● Limitations

Some enterprises may be deterred by the fact that Volopay doesn’t have a physical banking location, but all your card management can be done fully online—including an in-depth look into your card statements.

● Targeted customers

Businesses that are looking for a holistic expense management solution could benefit from using Volopay virtual cards. They are easily linked to the Volopay platform, which can be used to manage all sorts of expenses—from vendor payouts to daily employee expenses!

● G2 rating

Volopay has a G2 average rating of 4.2, with over 80 ratings on the site.

● Overview

Get virtual credit cards for your business in multiple currencies with Aspire. As a fintech institution offering business account solutions to make doing business in Singapore easier, Aspire allows you to generate virtual cards for your team through its online platform.

● Set-up process and requirements

You must open an Aspire account to get access to its virtual card offering. The Aspire account application process is done fully online and can be done quickly.

● Key features of the card

Aspire boasts a 1% cashback on an unlimited number of purchases, which you can get by making transactions through your Aspire virtual credit card in Singapore or internationally. Create cards in SGD, USD, and IDR while customizing and managing each card’s spend limit. You can also add cards to Apple Pay or Google Wallet.

● Limitations

If you’re looking to use your virtual cards in many different currencies, you may want to consider another provider with more multi-currency features. You can only create cards in SGD, USD, and IDR.

● Targeted customers

Aspire is a solution that many modern businesses may consider, especially startups or newer SMEs. If your business manages a lot of its finances online, Aspire virtual cards could be well-suited for you. 

● Overview

As the card name suggests, the AMEX virtual global business card is a tool for businesses that deal with a lot of international vendors. In Singapore, American Express also offers a business travel account that uses virtual card numbers for travel bookings.

● Set-up process and requirements

Get started with American Express by contacting an AMEX specialist in Singapore. You will be directed to the application form and requirements in greater detail. 

● Key features of the card

You can use your AMEX virtual global business card internationally. This makes it easy for employees on business trips, especially if they don’t have a physical card to hold on to. Payments for hotel bookings, transportation arrangements, and more can be made online with your AMEX virtual card. All transactions will be easily consolidated through a single dashboard. 

● Limitations

While your AMEX virtual global business card will be accepted internationally, many countries still don’t have wide AMEX acceptances. If your business trips are primarily happening in these countries, you may want to consider another provider. 

● Targeted customers

Given the emphasis on corporate travel, businesses that have a need for better travel expense management could leverage the AMEX virtual cards.

● Overview

Wise boasts the best virtual credit card for cross-border transactions. These cards can be used internationally with ease and support multiple currencies. Get a virtual card when you order a physical Wise card.

● Set-up process and requirements

The application process can be done fully online. It requires registering for a Wise account first, which you can do through its website or mobile app. After approval, you can add funds to your Wise account and start using your virtual cards.

● Key features of the card

A Wise virtual card is automatically generated when you order a physical card. While your Wise card is primarily meant for online transactions, you can add them to a digital wallet such as Google Pay or Apple Pay to use them for in-store transactions. Wise allows you to hold an account balance in 40+ currencies, which you can use for your virtual cards. You can have up to 3 Wise virtual cards at any given time.

● Limitations

While a Wise card has similar functionalities to a virtual credit card for transactions, Wise does not actually offer credit. You are also only limited to 3 Wise virtual cards.

● Targeted customers

If your organization does a lot of business internationally or has many foreign vendors, the 40+ multi-currency support could suit you well.

● Overview

You don’t have to wait for your HSBC physical card to appear in the mail. Instead, get virtual cards to make business transactions easily. Use HSBC’s online MiVision platform to generate and manage your cards. 

● Set-up process and requirements

If your business is an HSBC customer and you already have a corporate physical card with the bank, you can get access to the virtual card instantaneously. Otherwise, you’ll have to first become a customer of the bank. Applications can be done online.

● Key features of the card

HSBC introduces an easy way to make single, batch, and repeat payments to suppliers using its business virtual credit card. Use transaction-level controls through MiVision to introduce better control and transparency. You can also get up to 53 interest-free days to improve your cash flow management. 

● Limitations

As with most banks, you are likely to be subjected to higher thresholds when it comes to your application and credit scoring. Note that you also must have an existing HSBC physical credit card or be waiting for one to get delivered.

● Targeted customers

Bigger businesses are suited to use HSBC virtual cards. If credit card rewards and cashback matter a lot to your organization, you can also earn them using the HSBC virtual credit card in Singapore. 

● Overview

Improve your efficiency and expense management with DBS virtual cards, particularly in the corporate travel sphere. Get built-in control features to manage your funds and ensure your cards are not misused easily.

● Set-up process and requirements

You can apply for a DBS corporate card online or via call, which can be done both from inside Singapore or overseas. A sales manager will walk you through the detailed requirements necessary.

● Key features of the card

The DBS Digibank app is your control center for your virtual cards. Use it to manage expenses and get enhanced card reporting features. DBS virtual cards can centralize your corporate travel expenses, such as airline ticket bookings, on one platform. Similar to HSBC, you also get the same rewards and cashback applicable for your DBS physical credit cards when you use their virtual counterparts. 

● Limitations

While DBS virtual cards are easy to apply for online, you may run into similar issues that you would with other banks, which are more requirements. Being approved for a corporate credit card by a bank is not always easy.

● Targeted customers

Businesses looking to apply for virtual cards with a bank but still want the set-up process to be easy can consider DBS. It also is geared specifically for businesses with plenty of corporate travel.

● Overview

Maybank’s virtual cards come in tandem with its physical commercial cards. For each commercial card you have, get a virtual equivalent you can use to make digital payments easier and safer. 

● Set-up process and requirements

Apply for a Maybank commercial card to get access to its digital card equivalent, which you can use via Apple Pay or Samsung Pay. There is a fee of SGD 180 for the physical commercial card, with the first two years waived.

● Key features of the card

Maybank offers a business Mastercard program with flexible credit limits and up to 51 interest-free days. This will be your main physical card, which will have a digital counterpart that you can attach to Apple or Samsung Pay for online or in-store purchases. Get KrisFlyer and Asia Miles rewards by using a Maybank virtual card.

● Limitations

You can only get one virtual credit card in Singapore for each Maybank commercial card your business uses. This means no unlimited virtual cards.

● Targeted customers

If you have no need for unlimited virtual credit cards and simply want a more secure alternative to a physical commercial card, Maybank offers a great solution to improve security and reduce the risk of compromised cards.

● Overview

Citi’s virtual card offering does not include the free generation of unlimited cards, but using a Citi virtual card still makes online—and in some cases, in-store—payments much simpler. 

● Set-up process and requirements

You’ll have to apply for a physical Citi card to get the virtual card equivalent set up. While the first year fee is waived, for every physical Citi card you’ll have to pay an annual fee of SGD 150 from the second year onwards.

● Key features of the card

The way Citi virtual cards work is that you’ll have to have a physical Citi business card first, or at least have it ordered. You’ll then receive a digital version of the card that you can add to your e-wallets, such as Apple Pay or Google Pay. Using Citi virtual cards allows you to get regards with the bank.

● Limitations

While Citibank is reputable and an institution many Singapore businesses trust, Citi may not be the best virtual credit card provider if you’re looking to generate an unlimited number of virtual cards for your business. 

● Targeted customers

If you have a lot of business transactions that must be made in-store, such as entertaining customers over lunch or dinner, but you don’t want to risk carrying a physical card around, Citi virtual cards are a good contactless payment solution.

Before you start looking for a virtual credit card in Singapore, it’s most important that you review your existing business processes and evaluate what your needs are for a virtual card. This will help you drive your research and selection process, as you’ll know exactly what features your business needs. 

Suggested read: Detailed guide on business expense management

To avoid card misuse, make sure that you have an established card policy. If you don’t have one yet, this is a good time to draft one up.

You want to ensure that this is ready before you start implementing virtual credit cards for your business. This should include card usage guidelines. 

Do your research on the different Singapore virtual credit card providers. These could be banks or other financial institutions.

Keep your business needs in mind and draft out a list of objectives you want to achieve by using virtual credit cards. You can narrow down your list of providers based on this.

Each provider will have a different application process. Make sure that you are aware of what the process looks like for your provider of choice.

Fill out the application and submit all the required documents. To ensure the process goes quickly and smoothly, you want all documents to be accurately submitted.

After all your documents have been submitted, there will be a short waiting period as your virtual credit card provider reviews your application.

Depending on the provider, it could be instantaneous or take up to a few weeks. If you know you need your virtual credit cards immediately, pick a provider that can process it quickly.

You can generate as many virtual credit cards as you need after you get your application approved. To generate your first virtual credit card in Singapore, you’ll have to log into your card management dashboard. All it takes is a few clicks to create the card and activate it for use. 

Don’t forget to customize the spending limits on your cards as you see fit.

Rather than having a one-size-fits-all limit, the best virtual credit card providers will allow you to give each card its individual limit.

For single-use cards, for example, you’ll want to give a limit suited for the purchase planned. 

To further streamline your expense management, make sure that you integrate your cards with an expense management system.

Often card providers will offer a backend dashboard that allows you to view, control, and manage card spending easily.

However, you can also integrate your cards with holistic expense management software to manage all expenses in one place.

Before you allow an employee to start using your Singapore virtual credit card, ensure that all the staff in your organization are well-equipped with the right knowledge and training.

Host training sessions to familiarize employees with virtual credit cards, their usage, and your policies about them. It’ll help get everyone on the same page. 

Make sure that you have a list of what you’ll need a business virtual credit card for. You also want to determine who your cards will be assigned to, as a cardholder will be responsible for all spending made on a particular card.

Issue your cards and give each of them a specific purpose and cardholder.

Just because virtual credit cards have been implemented in your business and employees have begun using them, it doesn’t mean you’re fully finished.

The last step in the process is to continuously monitor and regularly review card usage. This helps identify overspending and pinpoints any card misuse or fraud attempt immediately. 

The best virtual credit card in Singapore will have a wide network of acceptance. Ideally, you want a card provider that can guarantee that your cards will be accepted by a variety of merchant categories, both locally and internationally.

With online payments, there are no limits to where your vendors’ physical locations can be.

Suggested read: Guide to international money transfer charges in Singapore

Most Singapore virtual credit card providers will have built-in spend controls to help you manage your spending better.

However, you want features that are in line with your business needs. If you want to ensure that employees can only spend in a certain category, for example, go with a provider that has merchant category blocking.

While virtual credit cards are great tools for managing your expenses, you have to keep in mind that more often than not they come with a cost.

Budget what you’re willing to spend on a virtual credit card in Singapore and find a provider that has low fees and interest rates.

There are plenty of providers that offer a rewards program for your card usage, such as a points or cashback system. If this is important to your business, research a provider with a good rewards program.

You’ll also want to consider other benefits, like complimentary insurance or $0 fraud liability.

Your business may already be using expense management software or looking for one to help streamline the process. The best virtual credit card for you is one that can be directly integrated with your expense management software.

Some providers will offer cards that come with their own management platforms, which can be used to control your transactions. 

Use more than just the virtual card features to further your finance management. A virtual credit card in Singapore that offers additional reporting and analytics tools along with the card itself will go a long way for you.

Consider which providers have features like automated reporting and a user-friendly dashboard for analytics.

Interesting read: How to ensure expense report compliance for your business?

Any business virtual credit card provider that you’re considering must be able to guarantee that it complies with local regulations regarding credit cards.

When you contact a particular provider, ask if it meets all the necessary requirements for industry-standard certifications, licenses, and regulatory compliance. Being able to provide proof of compliance is a good sign. 

When you do your research on card providers, you’ll want to read some customer reviews and testimonials about them.

Even though everything they have advertised sounds great, this allows you to see what the features are in practice. It’s also important that you select a provider that has a good reputation in the industry.

Virtual credit cards are great for controlling your business expenses, but to reap their full benefits you’ll have to remember to regularly monitor your card transactions. Your cards will do most of the work for you, ensuring that all your transactions are automatically recorded.

However, it’s important that you monitor and review your records to identify any overspending, card misuse, or fraud attempts. 

While you can’t easily misplace your business virtual credit card or get it stolen as it doesn’t have a physical plastic form, you still want a contingency plan in case your card is compromised.

Ensure that you have the steps drafted in your corporate card policies. An important action everyone should be aware of is to report lost cards immediately to block them. 

Suggested read: How to prevent small business credit card fraud?

You want to have security policies already in place before you introduce virtual credit cards to your business, but your initial policies are not the end-all and be-all.

As you continue to use a virtual credit card in Singapore, you must also continuously review your security policies. Schedule these reviews regularly and adjust your policies accordingly to ensure they are always updated.

Your employees can use their virtual credit cards to make payments without prior transaction authorization, but there are still a few approval processes involved in using a virtual credit card in Singapore.

It’s good practice to implement a multi-level approval workflow for processes such as new card and limit update requests, as well as expense reports once transactions are completed. 

Before allowing employees to begin using virtual credit cards, you want to first ensure that everyone in your organization is on the same page regarding these cards.

Familiarize your employees with virtual cards by hosting training sessions. Allow your employees to ask questions and get clarification. If anyone has any issues, these should also be addressed during the training sessions. 

This tip is applicable to any transaction your business makes. It’s unwise to transact with vendors that are not reputable. Online transactions work the same way.

Make sure that you’re only making transactions on websites and applications that you know have a good reputation and can be trusted. This helps you ensure the security of your funds and card details. 

As you will likely generate more than just one business virtual credit card, the best virtual credit card providers are the ones that allow you to set individual spending limits for each card you have.

If you assign a card a specific monthly subscription, for example, you’ll be able to set a limit according to how much you’ll have to pay each month. 

Get two-fold security assurance by enabling OTP authentication for your virtual credit card transactions. The way this works is that when a cardholder is about to make a payment using their card, they will be sent a one-time password that they must enter on the card payment portal. It will significantly reduce the risk of fraud and ensure that every transaction is correct.