Question about Credit Facilities

[sky5triker]

Hi guys, just wanna enquire on a few stuff. I'm new to credit facilities, and will be moving to UK for work for about half a year (first experience) and hence, would like to consult what are the facilities that I would require for living there.

First of all, I have went ahead to apply for UOB One and SCB Mahattan for spending there. Would like to ask, besides credit card, what are ways can I spend / use cash over there? I got to know about using credit card to withdraw cash over there, say using Manhattan card @ SCB ATMs, how does that compare to credit line, like the UOB CashPlus?

P/S My salary will be banked into my local POSB and I got to know that opening a UK account is not possible (right?)

Thank you for the time. Appreciate any input or guidance on how I can plan out the whole $ process.

 

[hwmook]

Hi guys, just wanna enquire on a few stuff. I'm new to credit facilities, and will be moving to UK for work for about half a year (first experience) and hence, would like to consult what are the facilities that I would require for living there.

First of all, I have went ahead to apply for UOB One and SCB Mahattan for spending there. Would like to ask, besides credit card, what are ways can I spend / use cash over there? I got to know about using credit card to withdraw cash over there, say using Manhattan card @ SCB ATMs, how does that compare to credit line, like the UOB CashPlus?

P/S My salary will be banked into my local POSB and I got to know that opening a UK account is not possible (right?)

Thank you for the time. Appreciate any input or guidance on how I can plan out the whole $ process.

Use your atm card to withdraw cash, do not use credit card to withdraw cash. Cash advance using credit card carry a lot of charges. For starter, the fees is 5% on what you withdraw and interest at around 2% per month start counting from the day you withdraw. So depending on which day you withdraw and pay the bills, it will cost you a good 7% on top of what you withdraw.

DBS/POSB charge a flat SGD5 per withdrawal using atm card in comparison.

 

[anfielder]

Hi guys, just wanna enquire on a few stuff. I'm new to credit facilities, and will be moving to UK for work for about half a year (first experience) and hence, would like to consult what are the facilities that I would require for living there.

First of all, I have went ahead to apply for UOB One and SCB Mahattan for spending there. Would like to ask, besides credit card, what are ways can I spend / use cash over there? I got to know about using credit card to withdraw cash over there, say using Manhattan card @ SCB ATMs, how does that compare to credit line, like the UOB CashPlus?

P/S My salary will be banked into my local POSB and I got to know that opening a UK account is not possible (right?)

Thank you for the time. Appreciate any input or guidance on how I can plan out the whole $ process.

Whether you can get a UK bank account or not depends on what type of visa you are on. If it's a work visa, then should be no problem.

Do not use credit cards to withdraw cash unless you like to pay exorbitant interest charges. You can consider opening a Citibank account because they do not charge for overseas cash withdrawals. Not sure how their fx rate compares with other banks though.

 

[anfielder]

DBS/POSB charge a flat SGD5 per withdrawal using atm card in comparison.

Apart from this, Visa/MC will charge 2% of the amount withdrawn

 

[hwmook]

Apart from this, Visa/MC will charge 2% of the amount withdrawn

Where do you get this information from? There is no such charges from my experience so i wish to know where did you get this information from.

 

[Blacktoxic]

go and open an account there. it's not hard at all. mayhaps even consider a hsbc account

 

[anfielder]

Where do you get this information from? There is no such charges from my experience so i wish to know where did you get this information from.

From the DBS website, footnote 5. I think this is embedded into the exchange rate that is given.

http://www.dbs.com.sg/personal/deposit/bankcard/default.page

 

[sky5triker]

Use your atm card to withdraw cash, do not use credit card to withdraw cash. Cash advance using credit card carry a lot of charges. For starter, the fees is 5% on what you withdraw and interest at around 2% per month start counting from the day you withdraw. So depending on which day you withdraw and pay the bills, it will cost you a good 7% on top of what you withdraw.

DBS/POSB charge a flat SGD5 per withdrawal using atm card in comparison.

I heard about this and about POSB, but I don't think there is much or any POSB/DBS ATMs in UK, isn't it?

Whether you can get a UK bank account or not depends on what type of visa you are on. If it's a work visa, then should be no problem.

Do not use credit cards to withdraw cash unless you like to pay exorbitant interest charges. You can consider opening a Citibank account because they do not charge for overseas cash withdrawals. Not sure how their fx rate compares with other banks though.

Bank account might be a little more inconvenient with all the processing etc, hence, I'm looking at CC options.

I'm looking at this, from Citibank, Citibank

Free global Citibank ATM withdrawals
Why pay for cash? Enjoy free cash withdrawals1 from our network of Citibank ATMs in 42 countries worldwide with your Citibank ATM/Debit Card.

1No overseas cash withdrawal processing fee from Citibank ATMs using Citibank ATM & Debit Card; standard foreign currency exchange rates apply. Subjected to a pre-set daily cash withdrawal limit of S$3,000.

AND from SCB, https://www.sc.com/sg/priority/en/internationalServices.html

Free ATM cash withdrawals worldwide
Your Priority Banking ATM Card is your passport to financial convenience as you can access your accounts and make cash withdrawals free of charge4 at Standard Chartered and Visa/MasterCard ATMs worldwide.

Looks like SCB is free for cash withdrawal too? Anyone has any idea or experience with either one? Will be thankful for opinion on this!

 

[hwmook]

From the DBS website, footnote 5. I think this is embedded into the exchange rate that is given.

Bank Card, Cash Deposit, ATM Card | DBS Bank Singapore

I have used my POSB ATM to withdraw cash in Taiwan, Thailand, Hongkong before and confirm that other than the $5 fee, the exchange rate is what is shown on MC website which is very good rate that no money changer can offer. There is definitely no 2% embedded into the exchange rate so this is something new to me, not sure whether its a new type of charges like the cross-border fees....

 

[hwmook]

I heard about this and about POSB, but I don't think there is much or any POSB/DBS ATMs in UK, isn't it?



Bank account might be a little more inconvenient with all the processing etc, hence, I'm looking at CC options.

I'm looking at this, from Citibank, Citibank



AND from SCB, https://www.sc.com/sg/priority/en/internationalServices.html



Looks like SCB is free for cash withdrawal too? Anyone has any idea or experience with either one? Will be thankful for opinion on this!

Have you heard of Cirrus Maestro and Visa Plus? Take up your ATM card and look at the back to see their logo. Now go out and look at all the ATM, most ATM in the WORLD will have these 2 logo and thus you can use your ATM card to withdraw from all these ATM. I have used my POSB ATM card to withdraw from a Thai Bank in Thailand, a Taiwanese Bank in Taiwan and Citibank in Hongkong. You do not need to look for a POSB/DBS atm, that's what the $5 withdrawal fee is for. Exchange rate will be set by MC/Visa, usually one of the best rate.

Some international banks like Citibank do offer free withdrawal from their own ATM in other countries but exchange rate will be determined by the bank which is worse off than MC/Visa but still decent enough.

All these are assuming you use ATM/debit card, once you use credit card then 5% cash advance and high interest rates kick in so stop thinking about credit cards.

 

[zumaba]

Have you heard of Cirrus Maestro and Visa Plus? Take up your ATM card and look at the back to see their logo. Now go out and look at all the ATM, most ATM in the WORLD will have these 2 logo and thus you can use your ATM card to withdraw from all these ATM. I have used my POSB ATM card to withdraw from a Thai Bank in Thailand, a Taiwanese Bank in Taiwan and Citibank in Hongkong. You do not need to look for a POSB/DBS atm, that's what the $5 withdrawal fee is for. Exchange rate will be set by MC/Visa, usually one of the best rate.

Some international banks like Citibank do offer free withdrawal from their own ATM in other countries but exchange rate will be determined by the bank which is worse off than MC/Visa but still decent enough.

All these are assuming you use ATM/debit card, once you use credit card then 5% cash advance and high interest rates kick in so stop thinking about credit cards.

That's interesting. It works same way like using local ATM machine, same pin? If just $5, that would be great and save all the troubles & loss for money change and then to change back for the amount not used up.

 

[hwmook]

That's interesting. It works same way like using local ATM machine, same pin? If just $5, that would be great and save all the troubles & loss for money change and then to change back for the amount not used up.

Yes, same PIN. It worked great for me in the past but somebody mentioned about the extra 2% charges that might be embedded into the exchange rate which would make it unattractive. I haven't used it for the past 3 years so not sure whether the 2% charge is new. From my experience, the rate is great except for the $5 thus i just withdraw a lump sum for my expense in the country since overall rate is comparable to moneychanger rate.

 

[sebastgt]

Yes, same PIN. It worked great for me in the past but somebody mentioned about the extra 2% charges that might be embedded into the exchange rate which would make it unattractive. I haven't used it for the past 3 years so not sure whether the 2% charge is new. From my experience, the rate is great except for the $5 thus i just withdraw a lump sum for my expense in the country since overall rate is comparable to moneychanger rate.

Rate is very good. There is no 2% charge for ATM withdrawal with ATM card.
$5 is waived for Citi customers withdrawing from Citi ATM , Maybank customers withdrawing from Maybank ATM. Other bank need to check with the bank itself. It is also waived for priority banking customers of DBS, Stanchart for withdrawal at any bank ATM.

Need to remember to activate the card for overseas withdrawals.

 

[anfielder]

There are few citi ATMs even in London. I think scb has none at all. That will be something to consider too.

In UK there are some ATM networks that charge a fee for using them, usually those that are in convenience stores or more ulu locations. So if possible stick with ATMs from HSBC, Barclays, NatWest, Lloyd's etc. which do not charge.

 

[cscs3]

Hi guys, just wanna enquire on a few stuff. I'm new to credit facilities, and will be moving to UK for work for about half a year (first experience) and hence, would like to consult what are the facilities that I would require for living there.

First of all, I have went ahead to apply for UOB One and SCB Mahattan for spending there. Would like to ask, besides credit card, what are ways can I spend / use cash over there? I got to know about using credit card to withdraw cash over there, say using Manhattan card @ SCB ATMs, how does that compare to credit line, like the UOB CashPlus?

P/S My salary will be banked into my local POSB and I got to know that opening a UK account is not possible (right?)

Thank you for the time. Appreciate any input or guidance on how I can plan out the whole $ process.

You can open a saving account there. I think they called "external" account if I still remember correctly. You will be given a ATM card.

 

[cscs3]

Yes, same PIN. It worked great for me in the past but somebody mentioned about the extra 2% charges that might be embedded into the exchange rate which would make it unattractive. I haven't used it for the past 3 years so not sure whether the 2% charge is new. From my experience, the rate is great except for the $5 thus i just withdraw a lump sum for my expense in the country since overall rate is comparable to moneychanger rate.

Yes is embedded into exchange rate. Do not expect the bank will let you have the money without taking a profit. The $5 is just a service charge for ATM network.

However, it is true that in general, the exchange rate is better then some of those money changer.

 

[hwmook]

Yes is embedded into exchange rate. Do not expect the bank will let you have the money without taking a profit. The $5 is just a service charge for ATM network.

However, it is true that in general, the exchange rate is better then some of those money changer.

If there is a 2% rate embedded then its not possible for the rate to be so good, its definitely less than 0.5% off the spot rate. Bank already make a profit off the withdrawal fees.

I have used ATM withdrawal overseas simply because the rate is good and convenient. The $5 fee divided over a $2000 or more withdrawal is only 0.25% which is less than ALL moneychanger spread.

 

[anfielder]

If there is a 2% rate embedded then its not possible for the rate to be so good, its definitely less than 0.5% off the spot rate. Bank already make a profit off the withdrawal fees.

I have used ATM withdrawal overseas simply because the rate is good and convenient. The $5 fee divided over a $2000 or more withdrawal is only 0.25% which is less than ALL moneychanger spread.

Withdrawals are limited to £300 for most uk accounts, I think this may apply to Cirrus/Plus withdrawals too.

 

[zumaba]

my POSB ATM is actually the POSB Everyday Master Card linked ATM. If I use it to withdraw cash overseas, will it be considered as Cash Advance using CC?

or the overseas ATM machine will give me the options to withdraw cash from my POSB saving A/C or from CC as Cash Advance?

 

[sebastgt]

my POSB ATM is actually the POSB Everyday Master Card linked ATM. If I use it to withdraw cash overseas, will it be considered as Cash Advance using CC?

or the overseas ATM machine will give me the options to withdraw cash from my POSB saving A/C or from CC as Cash Advance?

Better to have a dedicated ATM card than to have shared function with a credit card.
I once made a quick cash withdrawal and was charged to credit card account instead of savings account. I was poorer by a $15 admin fee plus a few dollars interest.
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