How to avoid Dynamic Currency Conversion scam?

[boiboi86]

Bookmarked for future reference

 

[mlam84]

http://www.straitstimes.com/busines...fees-conversion-charges-for-overseas-spending

wonder what's the catch ??

Seem interesting, but need minimum $3K deposit to avoid fall-below fee
http://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave

 

[Spk307]

Seem interesting, but need minimum $3K deposit to avoid fall-below fee
http://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave

We save on DCC but lose on points / rewards coz we use debit card. Bank saves on rewards, but loses out on DCC. it also gains that you leave funds with the bank, though it might be immaterial. You'll be forced to convert the remaining balance at bank's own rates.

 

[vince123123]

Apart from losing out on points, you also lose out on the credit period where you can earn interest either with a bank or via some investment and this could range between 3-7 weeks worth.

We save on DCC but lose on points / rewards coz we use debit card. Bank saves on rewards, but loses out on DCC. it also gains that you leave funds with the bank, though it might be immaterial. You'll be forced to convert the remaining balance at bank's own rates.

 

[Tyrhung]

Apart from losing out on points, you also lose out on the credit period where you can earn interest either with a bank or via some investment and this could range between 3-7 weeks worth.

I'll choose to stay on my 360 acct

 

[vince123123]

Not too sure how 360 factors into the discussion but I presume by saying you are staying on the 360, you are saying you will not be doing the DBS thing. The two aren't mutually exclusive though, you could always do both.

I'll choose to stay on my 360 acct

 

[Yachtmaster]

You dun want to use cash as u want points. But u dun want dcc and bank charges and you cant use debit card because no miles and lose interest. Lol then what you want ah? Kinda curious. Want 2 dua liap ni?

Apart from losing out on points, you also lose out on the credit period where you can earn interest either with a bank or via some investment and this could range between 3-7 weeks worth.

 

[Tyrhung]

Not too sure how 360 factors into the discussion but I presume by saying you are staying on the 360, you are saying you will not be doing the DBS thing. The two aren't mutually exclusive though, you could always do both.

Does this account act as a savings or transactional account type. I don't see the min balance required

 

[vince123123]

I'm okay with the bank charges but not DCC. Hence I'll use my overseas miles card.

You can carry on using cash.

You dun want to use cash as u want points. But u dun want dcc and bank charges and you cant use debit card because no miles and lose interest. Lol then what you want ah? Kinda curious. Want 2 dua liap ni?

 

[swatchie]

Did the credit card slip say SGD or HKD?

Mine was billed online so no charge slip. But according to my statement, its SGD.

 

[kitkat2]

I had this problem when Hilton charged me in SGD on my MC. I checked with the hotel and they claimed it was keyed in HKD. But it shows up as SGD in my bill, with a fairly ridiculous exchange rate.

lodge a complaint with MC.

 

[kitkat2]

merchants don't benefit from dcc? how naive!

read this:

http://www.smh.com.au/business/bank...rsion--robbery-by-choice-20150329-1ma77q.html

 

[JC2015]

merchants don't benefit from dcc? how naive!

read this:

http://www.smh.com.au/business/bank...rsion--robbery-by-choice-20150329-1ma77q.html

http://www.straitstimes.com/business/stretch-your-plastic

FACT: PAYING IN THE LOCAL CURRENCY IS MORE FAVOURABLE

Where possible, you should always try to choose to pay in the local currency. For example, if you are asked by a US-based store whether you wish to pay in US dollars (USD) or SGD, you should choose USD as the charges would be lower. This is because if you have chosen to pay in SGD, the exchange rate used in such situations is set by the merchant and is usually not favourable, said Mr Anthony Seow, DBS Bank's head of cards and unsecured loans.