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’.
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’.