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How to maximise rebate from Credit Card. Need to transfer money to Paypal (SGD to AUD)

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Old 19-11-2018, 11:34 AM   #1
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How to maximise rebate from Credit Card. Need to transfer money to Paypal (SGD to AUD)

Hi, I was wondering if any gurus here can help. I need to transfer around AUD20k via paypal in the next six months. Staggered payments of around AUD2,500 a month. Give and take timeline wise. Is there a particular card I should use?

Currently thinking of using Citi Premier Miles card to earn points. But that means zero cash rebates to help cover the "admin" fee of making an overseas transaction to paypal.

Also wondering if I can park money in paypal in AUD in advance seeing as the Aussie dollar is below the SGD at the moment.

Should I instead apply for a Manhatten card?

Any tips would be appreciated.
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Old 19-11-2018, 11:55 AM   #2
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I need to transfer around AUD20k via paypal in the next six months.
You'd have to evaluate what you need that money for, if you're looking to just transfer money over to Australia, this seems a bit high on the fees?

You're looking to pay the credit card fees for foreign currency, ie 1% Visa/Mastercard fee, then bank fees of 2.5 to 3.5%? Then to receive the money, you'd need an 2.6% for receiving money via credit card on paypal. So to transfer AUD20k that is like at least 7% in fees just to get the money there, for whatever "card benefit" you get, you would probably not be as good as wire transfer. SG banks do offer AUD accounts, you can park them there, then do the transfer everytime you need.
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Old 19-11-2018, 04:54 PM   #3
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You'd have to evaluate what you need that money for, if you're looking to just transfer money over to Australia, this seems a bit high on the fees?

You're looking to pay the credit card fees for foreign currency, ie 1% Visa/Mastercard fee, then bank fees of 2.5 to 3.5%? Then to receive the money, you'd need an 2.6% for receiving money via credit card on paypal. So to transfer AUD20k that is like at least 7% in fees just to get the money there, for whatever "card benefit" you get, you would probably not be as good as wire transfer. SG banks do offer AUD accounts, you can park them there, then do the transfer everytime you need.
Thanks for the tip....looks like transferwise is a cheaper alternative to bank transfer. Still researching on the fees
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Old 19-11-2018, 08:07 PM   #4
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You'd have to evaluate what you need that money for, if you're looking to just transfer money over to Australia, this seems a bit high on the fees?

You're looking to pay the credit card fees for foreign currency, ie 1% Visa/Mastercard fee, then bank fees of 2.5 to 3.5%? Then to receive the money, you'd need an 2.6% for receiving money via credit card on paypal. So to transfer AUD20k that is like at least 7% in fees just to get the money there, for whatever "card benefit" you get, you would probably not be as good as wire transfer. SG banks do offer AUD accounts, you can park them there, then do the transfer everytime you need.
The 2.5-3.5% is already inclusive of the 1% by Visa/Mastercard. Youtrip Mastercard no foreign currency transaction fee, just no miles/rebates, limited to 3k top up.

Last edited by Tiger9119; 19-11-2018 at 09:31 PM..
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Old 20-11-2018, 11:04 AM   #5
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The 2.5-3.5% is already inclusive of the 1% by Visa/Mastercard. Youtrip Mastercard no foreign currency transaction fee, just no miles/rebates, limited to 3k top up.
Ok, thanks for enlightening. But if he is looking just to transfer money over, there will still be paypal fees, which makes it very un-economical.
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