By MoneyBees
What an overseas payment costs in SGD with your bank's 3.25% card fee, with DCC at the merchant's rate, or through a multi-currency account, per payment and per year.
A fee your bank charges when you pay in a foreign currency with your card. Most Singapore banks charge 3.25% of the amount in total, which includes about 1% kept by Visa or Mastercard.
On their own fee pages, DBS, OCBC, UOB and Maybank charge 3.25% in total, Citibank up to 3.25%, HSBC 2.25% plus up to 1% network fee, and Standard Chartered 3.5%.
When an overseas shop, hotel or website offers to charge your card in SGD instead of the local currency. The merchant and its payment processor set the rate.
Compare the SGD price with the market rate. The DCC rate can carry a markup, and some banks still add a 1% fee on DCC payments, so paying in the local currency can work out cheaper. The calculator shows both.
MoneySense notes your statement may show more than the SGD price the merchant charged. Some banks add a fee on SGD charges processed overseas, such as the 1% that HSBC and Standard Chartered state for DCC.
Often, when its spread is well below your card's fee. Check the provider's rate against the market rate and any fixed fee per conversion. A fixed fee can make small conversions dearer.
Yes, if the website charges you in a foreign currency. Your bank's foreign currency fee applies just as it does in a shop abroad.
No. The table lists each bank's own published fees in no order. Enter the fees and rates you are actually offered to compare.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).