How does automatic currency conversion work for Instarem Business Card? 

For transactions in currencies other than SGD,  Instarem converts the amount using the prevailing exchange rate and deducts the equivalent SGD from your balance. 

Example: 

• Current rate: 1 USD = 1.28 SGD 

• Transaction amount: 100 USD 

• Amount deducted: 100 USD x 1.28 = 128 SGD 

Refunds: Refunds are processed using the FX rate at the time of the refund. 

• Refund amount: 100 USD 

• Current rate: 1 USD = 1.32 SGD 

• Amount returned: 100 USD x 1.32 = 132 SGD 

Note: Exchange rates are for illustration purposes only; actual rates may vary based on market fluctuations.