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Post by puregold on Nov 29, 2013 15:49:25 GMT 7
www.businesstimes.com.sg/premium/singapore/one-sen-more-20131129
THE BUSINESS TIMESPublished November 29, 2013 For one sen moreBy Arthur Lee arthurl@sph.com.sg SUNTEC City is well known for its huge fountain but savvy travellers also know of a smaller 'fountain' in the area that helps them get a little more when changing foreign currency. Fountain Money Changer, originally on the ground floor of Suntec City, enjoys a strong customer base. It offered RM2.57 for one Singapore dollar yesterday, one sen more than another money changer a few hundred metres away and almost on par with the rate quoted on XE.com. Fountain now operates out of a larger shop in Marina Square. Yesterday, there was a queue of more than 20 people waiting to change currency and only two money changers to serve them.
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Post by puregold on Dec 1, 2013 12:28:58 GMT 7
pertama.freeforums.net/post/1320Whenever I travel, I prefer to use cash rather than credit cards. This is because most credit cards charge between 2.5 and 3.5% extra (VISA charges the card companies 1% on all overseas transactions). These charges are usually buried in the conversion rates. One is much better off just taking along cash (Singapore dollars and foreign currencies) and not using these credit cards to pay for your overseas spending. If you still prefer to use your credit card overseas because you don't like carrying large amounts of cash, do ask the shops to charge you in their local currency instead of in Singapore dollars. This is because the shop will use a poorer conversion rate. Do google and read up about DCC or dynamic currency conversion. articles.washingtonpost.com/2013-05-16/lifestyle/39303655_1_dcc-conversion-currency I fully agree with the benefit of paying cash when traveling overseas. The only drawback of holding cash is the possibility of losing it. I think MAS should make it compulsory for credit card companies to provide a breakdown of all charges involved. Checking on the credit card bill on my recent Taiwan trip, I actually paid about 3% more than the exchange rate I get from money changer. The hotel room for one night was TWD4760. If I were to pay cash, I would pay only S$202.50, based on the exchange rate I got from the money changer in The Arcade. However, Visa charged me S$208.40, a difference of S$5.90, about 2.9% more. But then, in this case I had no choice. When I booked that room before my trip, the hotel insisted I pay full for a one night stay and the only mode payment was by credit card. 
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Post by oldman on Dec 1, 2013 12:43:26 GMT 7
Agreed. Not many are like us... only a few will realise that there is a surcharge for using VISA overseas as the bank statement will only show a number for the overseas transaction and many will think that this is the converted amount without taking out their calculators and then looking for the conversion rate for that day. Yes, all the charges are well 'hidden'. For me, I usually take just enough foreign currency to pay for the hotel, food and some shopping. I also take along a stack of Singapore dollars in case I need more converted currency. This way, I don't land up with too much foreign currency. Yes, sadly some hotels require that first night upfront. I think for some other hotels, they insist on full payment for the entire trip. I don't like booking such hotels as anything can happen and I rather pay a bit more than to be beholden to the hotel for a set number of nights stay. pertama.freeforums.net/post/1320I fully agree with the benefit of paying cash when traveling overseas. The only drawback of holding cash is the possibility of losing it. I think MAS should make it compulsory for credit card companies to provide a breakdown of all charges involved. Checking on the credit card bill on my recent Taiwan trip, I actually paid about 3% more than the exchange rate I get from money changer. The hotel room for one night was TWD4760. If I were to pay cash, I would pay only S$202.50, based on the exchange rate I got from the money changer in The Arcade. However, Visa charged me S$208.40, a difference of S$5.90, about 2.9% more. But then, in this case I had no choice. When I booked that room before my trip, the hotel insisted I pay full for a one night stay and the only mode payment was by credit card. |
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Post by candy188 on Dec 1, 2013 14:39:20 GMT 7
Whenever I travel, I prefer to use cash rather than credit cards. This is because most credit cards charge between 2.5 and 3.5% extra (VISA charges the card companies 1% on all overseas transactions). These charges are usually buried in the conversion rates. One is much better off just taking along cash (Singapore dollars and foreign currencies) and not using these credit cards to pay for your overseas spending.  If you still prefer to use your credit card overseas because you don't like carrying large amounts of cash, do ask the shops to charge you in their local currency instead of in Singapore dollars. This is because the shop will use a poorer conversion rate. Do google and read up about DCC or dynamic currency conversion. articles.washingtonpost.com/2013-05-16/lifestyle/39303655_1_dcc-conversion-currency I fully agree with the benefit of paying cash when traveling overseas. The only drawback of holding cash is the possibility of losing it. I think MAS should make it compulsory for credit card companies to provide a breakdown of all charges involved. Checking on the credit card bill on my recent Taiwan trip, I actually paid about 3% more than the exchange rate I get from money changer. The hotel room for one night was TWD4760. If I were to pay cash, I would pay only S$202.50, based on the exchange rate I got from the money changer in The Arcade. However, Visa charged me S$208.40, a difference of S$5.90, about 2.9% more.  But then, in this case I had no choice. When I booked that room before my trip, the hotel insisted I pay full for a one night stay and the only mode payment was by credit card. Hi puregold, wonder whether you could share value for money hotel accommodation in Taiwan.  |
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Post by oldman on Dec 5, 2013 16:15:27 GMT 7
Found out that POSB Everyday card will give a cash rebate of 2% of the overseas spend so long as one chalks up $1,000 of local spending in the same month. This is the card I usually use for my petrol and groceries anyway. Yes, I will be away with the family for our Dec holidays soon. ------------------------ * Promotion is effective from 15 August 2013. Subject to a minimum total spend of S$1,000 within the same calendar month and capped at a maximum of S$5,000 overseas spend (equivalent to Daily$100) per Card account per calendar year. Not applicable for transactions made overseas in Singapore dollars, for card-not-present transactions such as online transactions, mail/phone order in foreign currencies. 0.3% cash rebate will be credited upfront and the additional 1.7% cash rebate will be credited by the end of the following calendar month of which transaction was made. Click here to see how it works. www.posb.com.sg/personal/cards/everyday/default.page |
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Post by candy188 on Dec 5, 2013 17:18:18 GMT 7
Found out that POSB Everyday card will give a cash rebate of 2% of the overseas spend so long as one chalks up $1,000 of local spending in the same month. This is the card I usually use for my petrol and groceries anyway. Yes, I will be away with the family for our Dec holidays soon.  ------------------------ * Promotion is effective from 15 August 2013. Subject to a minimum total spend of S$1,000 within the same calendar month and capped at a maximum of S$5,000 overseas spend (equivalent to Daily$100) per Card account per calendar year. Not applicable for transactions made overseas in Singapore dollars, for card-not-present transactions such as online transactions, mail/phone order in foreign currencies. 0.3% cash rebate will be credited upfront and the additional 1.7% cash rebate will be credited by the end of the following calendar month of which transaction was made. Click here to see how it works. www.posb.com.sg/personal/cards/everyday/default.pageSeems like the POSB Everyday card is more straightforward. We utilise UOB One card to enjoy the 3.33% rebate for all purchases with minimum spending of $1,500 monthly for consecutive 3 months. For overseas purchase, UOB One card wil award additional 2% rebate on top of the existing 3.33% (total 5.33% for that particular month.)   www.uob.com.sg/personal/campaign/2013/creditcards/subpage6.html |
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