Warning:July must inform bank if using Credit Card outside Spore

[johnny333]

I just found out that from July onwards people who intend to use their Spore credit cards outside Spore must inform the banks in advance

Seems like this is a new regulation from MAS. So if you are a frequent traveller you must remember to inform your bank of your itinery i.e. how long you intend to be out of Spore.
For those who go to JB often I suggest you bring CASH, unless you intend to inform the bank.

If you don't inform the bank, don't be surprised if you can't use the cards

 

[laksaboy]

So you have to apply for an 'exit permit' to use credit cards now.

Are banks turning into CMPB?

Suppose if I open a Maybank account in JB, obtain a Maybank credit card that can be used on both sides of the causeway. Do I still need to inform?

Inconveniencing everyone because your banking security is shit. Brilliant.

 

[Narong Wongwan]

This is a joke if it's true.
I have not heard about it.
Financial banking hub?

 

[johnny333]

This is a joke if it's true.
I have not heard about it.
Financial banking hub?

I only found out about it today when I talked to a "live" person because of some technical problem with the auto online system . In Spore you really have to be on your toes with all the changes that goes on

I haven't received any written warnings from the banks. If this is true it's going to create alot of headaches for those who travel:( It's also going to cost the banks $ which they no doubt will pass on to the consumers

 

[halsey02]

This is a joke if it's true.
I have not heard about it.
Financial banking hub?

How about those who frequently go in & out of SINgapore??

 

[jw5]

I only found out about it today when I talked to a "live" person because of some technical problem with the auto online system . In Spore you really have to be on your toes with all the changes that goes on

I haven't received any written warnings from the banks. If this is true it's going to create alot of headaches for those who travel:( It's also going to cost the banks $ which they no doubt will pass on to the consumers

Are u sure this relates to credit cards used as credit cards as well?
Or does it only relate to atm cards/debit cards/credit cards which are used as atm cards?

 

[johnny333]

Suppose if I open a Maybank account in JB, obtain a Maybank credit card that can be used on both sides of the causeway. Do I still need to inform?

I suspect you'll need a Malaysian address if you want to get a Malaysian credit card. ?

 

[johnny333]

How about those who frequently go in & out of SINgapore??

Are u sure this relates to credit cards used as credit cards as well?
Or does it only relate to atm cards/debit cards/credit cards which are used as atm cards?

I suspect this is MAS's response to the skimming cases we've had in Spore. I haven't received any written updates from my banks, so maybe it's a knee jerk response from MAS &
if they receive enough complaints MAS may do a rethink of this policy.

 

[cass888]

Rubbish.Only if you want to draw money from the ATM.

I just found out that from July onwards people who intend to use their Spore credit cards outside Spore must inform the banks in advance

Seems like this is a new regulation from MAS. So if you are a frequent traveller you must remember to inform your bank of your itinery i.e. how long you intend to be out of Spore.
For those who go to JB often I suggest you bring CASH, unless you intend to inform the bank.

If you don't inform the bank, don't be surprised if you can't use the cards

 

[jw5]

I suspect this is MAS's response to the skimming cases we've had in Spore. I haven't received any written updates from my banks, so maybe it's a knee jerk response from MAS &
if they receive enough complaints MAS may do a rethink of this policy.

Bro, go and have a look at your bank's website.
I think it will explain that it is only for cards used as atm cards at atm machines overseas.
You won't need to inform the bank for usage of credit cards to pay for purchases.

 

[Narong Wongwan]

Rubbish.Only if you want to draw money from the ATM.

This sounds likely especially in light of the skimming case.
But still fucked up....as usual treating symptoms.

 

[johnny333]

Just talked to a citibank rep again, on the phone & he told me that the new policy applies to both atm & credit cards. People will have the option to turn-on their cards for worldwide use by informing the banks. They can also chose to turn-on these cards during the duration of their travel.

If you want to turn-on the cards for the duration of their cards you will have to provide the banks with the following info:

For ATM cards, which country you will be & the duration of your travel.
For Credit Cards, the duration of your travel

This is what I got from Citibank. You'll probably want to check with your bank on the details of how they are going to implement this policy.

 

[yinyang]

No, on credit (maybe ATM) cards, even if Citibank. Living proof with my forays to overseas of late. Credit card companies based on your travel history, do random checks by calling you to ascertain if you are in patpong screwing some dubious LBs. :p

Good thing with some credit cards (like Citibank), there are alerts by both sms and email when a charge is made -whether in Timbuctoo or Timor Leste. Just some ways to address plastic fraud.

Of course, if yours is extended stay (after getting hitched with LBs), makes sense to come clean with bank:p

 

[laksaboy]

That is why: despite all the convenience, it is better to do transactions in cash.

You won't leave behind a trail of transaction history. Where did you go? What did you buy? How much did you spend?

If you keep relying on plastic, the banks will eventually have a pretty good idea of what your interests/habits are, and even what kind of person you are. This is a treasure of information that is easily sold to third-party marketers.

 

[johnny333]

If you keep relying on plastic, the banks will eventually have a pretty good idea of what your interests/habits are, and even what kind of person you are. This is a treasure of information that is easily sold to third-party marketers.

Whether it's the gov't, banks, employers,..... all our private data is in their records.
It's especially hard to stay below the PAP radar. We are all digits in their database. Sporeans have no any rights to privacy at all.

 

[Bigfuck]

Yes, to make it absolutely clear to all. This is a MAS instruction. All banks here have their balls strung. You must call to inform the bank how many days overseas and which countries you will be around. You can indicate in a rough manner with no order. The phone allows you the quickest guarantee of activation of your credit card. Or else, you cannot use your card for squat. So if you have a new country to go to suddenly while overseas, the onus and expense is on you to call back Singapore and tell them the new country you are going to. Or else again, squat. Of course, this is provided you succeed in calling in. You can inform using internet banking. But it could take 30 days before they process it. So if you fly tomorrow to Russia from China and Russia is not on the previous instructions given to the bank, you could be spending time in the Gulags for failure to pay money as you informed using the internet banking option. Prepare to have your ass poked. If you have over inform, you are at your own risk of not being protected for card fraud. BTW, no effective period when this order by MAS will end. For your atm card, even if you activate it for overseas use, after x number of times by the system, you could find yourself unable to withdraw. You need to call the bank again. So here, two things come to mind: 1) MAS is totally fucked and Singapore is totally corrupt. 2) MAS is seriously afraid on global financial sabotage as the EU goes to debt hell. If you cannot survive, flip the table policy.

Something to think about in this hot weather.

 

[wendychan]

this sounds very backward for such a progressive siwss standard country like singapore

 

[johnny333]

I think it's kinda strange that it's easier to launder money in Spore than to use your own money:p

 

[Narong Wongwan]

I think it's kinda strange that it's easier to launder money in Spore than to use your own money:p

If its credit card or credit line than its not considered own money.
Agree on the money laundering but only for foreigners...sinkies want to launder is harder.

 

[erection2015]

i agree with you.Whatever their aims, i think they should be able to achieve it without doing this.

this sounds very backward for such a progressive siwss standard country like singapore