Citi singapore credit card exchange rate

Citi singapore credit card exchange rate

Posted: nunki Date: 21.07.2017

Is it possible to know how much the bank will be charging me for the transaction prior to checkout? So their reference rate is probably worse! Most likely they are using this: Exchange rates For Mastercard: I made some transactions recently Dec 16 and on the same day transactions, I noted HSBC giving better compared to CITI, SCB. Not sure if it's correct all the times but for IDR inodnesia bali this is what I noted.

USD - I noted last week HSBC is better than CITI amounts are quite diff and transactions were made same day, same hour IDR: Many experts have looked at which card network offers the best currency exchange rates, and it appears to be MasterCard, by a whisker. Visa and American Express seem to be comparable. Consequently I recommend favoring your MasterCard overseas when your cards would otherwise be equal rebates, etc. American Express has a merchant agreement that prohibits dynamic currency conversion, so attempted DCC scamming and it is a scam is at least less common.

citi singapore credit card exchange rate

That's one laudable aspect of that card network. That said, it happened to me once with an American Express card, and I'll name the guilty party: They and their sister Grand Intercontinental are really scammy.

You have to physically cross out the non Korean won currency on any receipt they hand you to sign and tell them to charge in won. They have quite the racket going on at those hotels, but then by Asian standards at least that country's merchants too often treat foreigners as easy marks. Last edited by BBCWatcher; at That hardly explains the differences.

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Usually I just multiply the spot rate with 1. Thank you all for your advices. Only the foreign currency conversion fees is different. You have to look at when the transactions posted since that determines the exchange rate date, at least for Visa and AMEX.

citi singapore credit card exchange rate

Posting dates can diverge by days even when you made purchases mere minutes apart. Refer to below for real world usage: I don't think you understand the point I made. Card issuers may or may not add their own fees. Card issuers in Singapore do, for the most part. There are three exceptions I know of: CIMB Singapore's Platinum MasterCard and Visa Signature credit cards, and Bank of China Singapore's Visa Infinite credit card.

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Of course you always have to take bank issuer-levied fees into account. I am talking about what the card networks MasterCard, Visa, American Express charge, and particularly one part of their charge the exchange rate. The impact of the card networks consists of two basic components: So I'll repeat the point I made: The card networks publish their daily exchange rates, so it's easy to compare them. And many people have tracked these exchange rates over time.

MasterCard wins, slightly, on this score, on average. Now, if you've got a CIMB Singapore Visa Signature credit card and a POSB PAssion MasterCard debit card in your wallet, and if you're trying to decide how to pay for your beer in Bangkok, does that mean you should automatically prefer your POSB card?

Most likely, in this comparison, your CIMB Visa will beat your POSB MasterCard, and by quite a lot.

Credit Card Foreign Exchange Rate - fadukuvo.web.fc2.com

Unless there's some special and significant rebate promotion going on that would skew the comparison in favor of the POSB card, the CIMB Visa Signature will win this comparison. However, if you've got a Visa and a MasterCard, and if the cards are otherwise equal in terms of bank-levied fees, promotions, and card benefits , then you should favor your MasterCard for overseas spending.

MasterCard, on average, offers the best foreign currency exchange rates. If you've followed this logic so far -- and it is logical! It's a MasterCard, so it gets the best foreign currency exchange rates, on average.

And CIMB Singapore adds no bank issuer fees. There might be other cards even perhaps CIMB's own that offer periodic promotions that might be attractive in certain spending situations, but in terms of base charges that CIMB Platinum MasterCard is Singapore's best credit card right now.

citi singapore credit card exchange rate

But, on average, MasterCard beat Visa. Also, you cannot control when the transaction will post, and often the posting date will be when the exchange rate is calculated.

Traveling Abroad – Travel Overseas with Citi - Citibank

Exchange rates, especially for certain currencies, can bounce around a lot, and even a one day difference in posting date can have a big impact. But you cannot control that. All you can control is which card you use.

As I said, it's rather easy to study MasterCard and Visa exchange rates. The card networks publish them.

You're welcome to review the data for yourself, over a long period of time. I have cards from all the major card networks, and I use them all at various points in time, including overseas. However, other things being equal which they aren't always , I favor my MasterCard for overseas transactions.

For those who are curious, the best overseas transaction credit card in the world might be the CashBack Plus World MasterCard, issued by Citizens Bank in the U. At least, I've found none better so far. It's a MasterCard, has no annual fee, and has no bank-levied overseas transaction charges. Citizens kicks back a flat 1. If you don't make that monthly charge, you fall back to "only" a 1. Not a big loss. You can boost the rebate as high as 1. It's a "Chip and Signature" card, like Singapore-issued cards.

And it's a U. The major card networks "base" in U. And it's a World MasterCard so you get the usual World MasterCard perks like car rental damage insurance, price protection, warranty doubling, etc. In short, and assuming you pay off the balance every month, that card pays you a percentage to use it for merchant spending, in every country.

It's a terrific card. Now the bad news: Capital One's Venture World Elite MasterCard credit card U. If you have moderate or heavy spending, with at least some occasional travel spending, that's a great card, too. If anybody can find another card that beats these two, please let us all know! I'm just giving you an idea of what sort of cards are available elsewhere, for comparison. The best overseas card ever and an excellent one domestically, too was probably another U.

You'll still see posts from former cardholders mourning the loss of that one.

True that, Amex has an excellent customer service and prohibits DCC. I have spent countless hours arguing with retailers abroad who insist on charging me in SGD. If Amex ups the rewards for foreign ccy expenses, I'll happily use their card in spite of higher charges.

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