Better to use cash then Singapore issued credit cards

[SQguy]

I hope people are aware of the big extra cost involved using Singpore based credit cards....use cash

Please allow us to explain that card transactions in foreign currencies, other than US Dollar, will be first converted into US Dollar before being converted into Singapore dollars based on the daily prevailing exchange rate determined by the various card associations. This may differ between card associations. The prevailing exchange rates generally reflect either wholesale market rates or government mandated rates that are collected during the daily rate setting process.
In addition,_ for MasterCard and Visa credit cards, all transactions in foreign currencies will be subject to an administrative fee of 2.5% (or such other rate as determined by us or the card associations) levied by us and the applicable card associations. All MasterCard transactions effected in Singapore dollars and processed overseas are levied an additional fee of 0.8% by MasterCard International. For foreign charges converted by American Express, a foreign currency factor of 3.25% will be added to the converted amount, 1.25% of which will be retained by American Express.
The above information is also available on the reverse page of your monthly credit card statements under ‘Important Information’.

 

[shelltox]

you may bring lots of cash but there's a possiblity that if get rob all your cash are gone.
at least with the credit card you can request the card company to cancel the card.

 

[SQguy]

Use your debit card and withdraw money as and when you need. If you are a HSBC customer no transaction charge and same with UOB where ever UOB is ATM is avl. Citibank has same features and more widely avl.

Remember for example yen-dollar-sin dollar conversion charges plus their trannsaction fees makes it close to 9 percent extra charges to your bill even more in some case.

 

[coolguy]

If buy things from ebay, is it better to use paypal rates or the credit card rates to pay?

 

[myo539]

Much appreciated for your information. Would appreciate if you could assist in the following questions.

1. So how to pay if I want to make purchase online but is quoted only in non-US currencies eg Australian, Yen?

2. How am I going to pay if I don't use Singapore-issued credit cards?

3. If the company has two pay websites eg 1 in USA currency and another in Australia dollars, is it better to use the USA website, as there is a double conversion for the Australian dollars?

 

[<fud>]

If buy things from ebay, is it better to use paypal rates or the credit card rates to pay?

If paypal exchange rate to convert USD to SGD rate is better than what your credit card company offers, then use paypal. Otherwise use credit card.

I found credit card normally give better exchange rates

However paypal got added advantage as seller can't know your credit card number

 

[SQguy]

All the credit cards us USD as base. So if you pay in USD with a US card then there are no charges globally. If you pay in AUD as example then it is first converted in USD then it is converted in SiN dollar if you use locally issued card. Add to it postage charges things can get expensive most of the time but may be still cheaper than singapore.

If the company has USD website pay there much better.