As a contractor, you can now spend funds directly from the Deel balance using the Deel Card. It works the same as a debit card, it's for personal spending and it's also a great option to get your paycheck in a stable currency (USD).
You can request a virtual card for online purchases. Physical cards are coming soon!
How much does the Deel Card cost?
- $5 new card fee
- 1.25% fee on all non-USD transactions
Which financial partner supports the Deel Card?
NIUM PTE. LTD. (formerly known as INSTAREM PTE. LIMITED.), a company incorporated in Singapore, is a major payment institution regulated by the Monetary Authority of Singapore, which operates the Mastercard program under which NIUM is approved. The Deel Card falls under these programs.
The Singapore Payment Services Act requires Major Payment Institution licensees to safeguard customer monies from its insolvency. NIUM PTE. LTD. safeguards client funds with The Development Bank of Singapore Limited (DBS)—Singapore branch.
This means that in the unlikely event that Deel or NIUM was to become insolvent, you will be able to claim your funds from this segregated account.