Planning to use your Credit or Debit Cards when traveling oversea? Well, come 1 October 2013, you will need to contact your bank to activate them first. This is because all local banks will be disabling the magnetic stripe on their Credit and Debit cards. This move is to protect the card holders since data encoded on the magnetic stripe cards can be easily copied.
There will be no issue while using your Credit and Debit Cards in Singapore since all merchants have began using the EMV chip on the Credit and Debit Cards. However some merchants in countries like Australia, Taiwan, Hong Kong, UK and Malaysia may not accept Credit and Debit Cards with EMV chips. This means you will need to contact your back to activate the magnetic stripe before traveling.
Some banks might be implementing the deactivation earlier than 1 October. HSBC will be disabling of the magnetic stripes in August. DBS Bank and Standard Chartered will implement the new measures by September 22 and September 30 respectively.
Looks like we have one more thing on our travel checklist to do before traveling oversea.