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Limits to SG Visa Card under MAS Payment Services Act
Limits to SG Visa Card under MAS Payment Services Act

Singapore MAS Payment Services Act Terms and Limits

Valery avatar
Written by Valery
Updated over a week ago

With regards to the latest Monetary Authority of Singapore (MAS) Payment Services Act that is going effective on 28th January 2020, there is an important update to the Visa Card limits for Singaporean residents (users that applied for a card with SG residential address proof).

What is the Payment Services Act?

The Payment Services Act (PSA) imposes limits on all Singaporean e-wallet users on how much money they can spend or hold in their e-wallet. This applies to all personal e-wallets including your Visa Card wallet.

Under the Payment Services Act, major payment institutions that carry on a business of providing an account issuance service must ensure that the currency equivalent of the e‑money contained and/or transferred in any period of one year in a personal payment account does not exceed the prescribed amount of S$5,000 and S$30,000 respectively. It also prohibits e-wallets from providing local cash withdrawal services.

How will the PSA affect my Visa Card wallet?

To comply with the limits imposed, the following changes will be adopted by with effect from 28 January 2020:

  • The maximum balance you can hold in your Visa Card wallet is S$5,000.

  • The maximum amount you can spend from your Visa Card is S$30,000 annually, starting from Jan. 28-Dec. 31, 2020 and Jan. 1-Dec. 31 of each calendar year thereafter.

  • You will not be able to make any local ATM withdrawals.

Will I still be able to withdraw cash from an overseas ATM?

Yes. You will retain the ability to withdraw cash from overseas ATMs as long as you have not exceeded your annual S$30,000 spending limit (per calendar year).

What will happen if I exceed the limits imposed?

If your account balance is found to be above S$5,000 by 28 January 2020, our team will be reaching out to you to retrieve your funds.

What can I do to increase the limits?

These limits are imposed by the regulators, the MAS. We are in frequent discussions with the regulator, the Monetary Authority of Singapore(MAS). If these limits are affecting you, please consider writing to the MAS here.

Would my exchanged fiat currencies (non-SGD) count towards the total S$5,000 balance limit and annual spending limit?

Yes as you would be holding/spending those exchanged currencies with your Card Wallet.

Do ATM withdrawals count towards the annual S$30,000 spending limit?

Yes, both payment and withdrawals are considered as spending. Please note that you would no longer be able to withdraw from local ATM under the Payment Services Act, but only overseas ATM withdrawals.

Why couldn’t I top-up my card even though my total card wallet balance is less than S$5,000 ?

You have exceeded your annual S$30,000 spending limit (both payment and overseas withdrawals) for the calendar year. 

Where could I find out about my remaining annual spending limit?

Unfortunately, the only convenient option, for now, is to calculate from your previous card transactions history. We’re working towards a solution to display your annual spending in your Card Wallet.

Does PSA affect the balance on the app wallet?

No, it only affects your balance on the Visa Card.

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