Avoiding foreign transaction fees on CC

[Meemoosaa]

Long time no travel, made some huge purchase recently booking travel accommodation and air tickets and was shocked by the foreign transaction fees. I'm on Citibank premier miles.

I really can't remember whether I changed card or whether there have always been foreign transaction fees charge and I never noticed and only noticed now. I'm starting to get concerned about how all the fees might add up when I go travel and start swiping it.

Are there any ways (or CC out there) to avoid these foreign transaction fees while traveling? I've read that it might be worth looking into one of those digital multi-currency accounts like revolut or wise. Carrying loads of cash around isn't wise imo.

Thanks.

 

[artemov]

I used Youtrip for my foreign currency online purchases like Amazon or iHerb. So far so good, saved me a fair bit of money, not only from the better conversion rate, but also from the foreign transaction fees.
With the drop in JPY, I might buy some first then withdraw cash using ATM (with a small fee) when I am in Japan.

 

[Trazora]

Long time no travel, made some huge purchase recently booking travel accommodation and air tickets and was shocked by the foreign transaction fees. I'm on Citibank premier miles.

I really can't remember whether I changed card or whether there have always been foreign transaction fees charge and I never noticed and only noticed now. I'm starting to get concerned about how all the fees might add up when I go travel and start swiping it.

Are there any ways (or CC out there) to avoid these foreign transaction fees while traveling? I've read that it might be worth looking into one of those digital multi-currency accounts like revolut or wise. Carrying loads of cash around isn't wise imo.

Thanks.

Use Amaze card (download instarem app), no foreign exchange fees, continue get card rewards/rebate (e.g. 10x points of citi rewards mastercard for $1k sprnd per month, 8% on maybank family and friend for selected categories), get 1% Amaze rebate

 

[reddevil0728]

You have never noticed there’s foreign transaction fees before?

 

[Meemoosaa]

You have never noticed there’s foreign transaction fees before?

I might have been less dependent on my card before covid and didn't notice much! I can't quite remember whether they were there or not honestly... or perhaps after covid I have been making much more overseas purchases and they start popping more obviously in my eyes. lol

 

[Kayeesha]

I used Youtrip for my foreign currency online purchases like Amazon or iHerb. So far so good, saved me a fair bit of money, not only from the better conversion rate, but also from the foreign transaction fees.
With the drop in JPY, I might buy some first then withdraw cash using ATM (with a small fee) when I am in Japan.

Hi artemov, I do online purchases from iHerb and Myprotein. Although the currency is in SGD, each time I pay with my credit card, the bank charges me a 1% fee which they say is because there is foreign currency exchange involved. However, if I pay using my debit card, there is no such charge. Is there a way to pay using the credit card and avoid the 1% fee?

 

[Meemoosaa]

Hi artemov, I do online purchases from iHerb and Myprotein. Although the currency is in SGD, each time I pay with my credit card, the bank charges me a 1% fee which they say is because there is foreign currency exchange involved. However, if I pay using my debit card, there is no such charge. Is there a way to pay using the credit card and avoid the 1% fee?

I was about to ask whether paying via debit card is another way out.

Now I think about it, I might have been using debit card before hence I see less foreign exchange fee. Was trying to use more CC in the last couple of years to jazz up my CC points.

 

[Trazora]

Hi artemov, I do online purchases from iHerb and Myprotein. Although the currency is in SGD, each time I pay with my credit card, the bank charges me a 1% fee which they say is because there is foreign currency exchange involved. However, if I pay using my debit card, there is no such charge. Is there a way to pay using the credit card and avoid the 1% fee?

pay using Amaze linked with citi rewards mastercard no 1% cross border fee, continue get 10x points (cap for $1k spend per month)

 

[Trazora]

I was about to ask whether paying via debit card is another way out.

Now I think about it, I might have been using debit card before hence I see less foreign exchange fee. Was trying to use more CC in the last couple of years to jazz up my CC points.

debit cards have very high foreign exchange fees unless it is specific linked to specific Bank multi currency account, but then no/little card benefits.

 

[artemov]

Hi artemov, I do online purchases from iHerb and Myprotein. Although the currency is in SGD, each time I pay with my credit card, the bank charges me a 1% fee which they say is because there is foreign currency exchange involved. However, if I pay using my debit card, there is no such charge. Is there a way to pay using the credit card and avoid the 1% fee?

I top up my youtrip using my CC in sgd. When the usdsgd rate (supposedly interbank rate) is to my liking I will exchange sgd for usd and keep it in my youtrip wallet. When I buy from iHerb I will choose to display everything in usd and pay in usd using my youtrip card like a cc. For myprotein you can do the same thing in GBP.

But I am not sure if you can get whatever points/mileage for your cc if you just use it to top up youtrip.

Oh never ever pay overseas online stores in sgd, cos the exchange rate they use are probably worst than your cc conversion rate, and your cc bank will still charge you some kind of fees even though it's in sgd!!!

Oh anyone signing up for youtrip pls PM me for referral, both of us will get S$5.
So far it has been quite useful for me ... I also use it for security reason, as I only top up when I need to use it, so there won't be any fraudulent charges.

 

[Kayeesha]

I was about to ask whether paying via debit card is another way out.

Now I think about it, I might have been using debit card before hence I see less foreign exchange fee. Was trying to use more CC in the last couple of years to jazz up my CC points.

pay using Amaze linked with citi rewards mastercard no 1% cross border fee, continue get 10x points (cap for $1k spend per month)

I top up my youtrip using my CC in sgd. When the usdsgd rate (supposedly interbank rate) is to my liking I will exchange sgd for usd and keep it in my youtrip wallet. When I buy from iHerb I will choose to display everything in usd and pay in usd using my youtrip card like a cc. For myprotein you can do the same thing in GBP.

But I am not sure if you can get whatever points/mileage for your cc if you just use it to top up youtrip.

Oh never ever pay overseas online stores in sgd, cos the exchange rate they use are probably worst than your cc conversion rate, and your cc bank will still charge you some kind of fees even though it's in sgd!!!

Oh anyone signing up for youtrip pls PM me for referral, both of us will get S$5.
So far it has been quite useful for me ... I also use it for security reason, as I only top up when I need to use it, so there won't be any fraudulent charges.

Many thanks Meemoosaa, Trazora and artemov for your replies.

At the moment, using the credit card allows me to earn a wee bit more (less than 0.5% in rebate) compared to the debit card. I guess this is the only option for me as your other suggestions are not feasible. Thanks once again for sharing.

 

[Trazora]

Many thanks Meemoosaa, Trazora and artemov for your replies.

At the moment, using the credit card allows me to earn a wee bit more (less than 0.5% in rebate) compared to the debit card. I guess this is the only option for me as your other suggestions are not feasible. Thanks once again for sharing.

why other suggestions not feasible?

 

[BBCWatcher]

If you want a credit card that performs rather well cross-border and overseas then try the ICBC Global Travel Mastercard. You'll end up with about a 0.5% net rebate on every foreign currency and cross-border purchase.

You might be able to do better if you link the Amaze card to the right Mastercard, but if you want something simple I'd still vote for ICBC's card.

 

[DelinquentXX]

If you want a credit card that performs rather well cross-border and overseas then try the ICBC Global Travel Mastercard. You'll end up with about a 0.5% net rebate on every foreign currency and cross-border purchase.

You might be able to do better if you link the Amaze card to the right Mastercard, but if you want something simple I'd still vote for ICBC's card.

Ok to bring this icbc card? to florida, Cuba, Brazil and Argentina? I'm going downward from florida in Oct and I don't feel safe carrying some small amount of thousand usd with me...
Any card to use that will be accept across?

 

[Kayeesha]

why other suggestions not feasible?

Because I’m a retired housewife if that makes any sense.

Since I’m unemployed, I cannot easily apply for a credit card.

I have, however, a placed some funds on time deposit to secure an HSBC Advance credit card which rewards 1.5% cashback for spending. There was also a $170 sign up promo which prompted me to apply as well.

Nevertheless, once the interest rates start to increase to a certain level, I may need to forgo the card as the cashback will undoubtedly be less than the interest that can be earned from placing the funds in a savings account.

If you want a credit card that performs rather well cross-border and overseas then try the ICBC Global Travel Mastercard. You'll end up with about a 0.5% net rebate on every foreign currency and cross-border purchase.

You might be able to do better if you link the Amaze card to the right Mastercard, but if you want something simple I'd still vote for ICBC's card.

Many thanks, BBCWatcher for your proposal.

As explained to Trazora, I am not in the position to apply for credit cards freely. Moreover, my cross-border expenses are relatively low compared to my local expenses.

 

[BBCWatcher]

Ok to bring this icbc card? to florida, Cuba, Brazil and Argentina? I'm going downward from florida in Oct and I don't feel safe carrying some small amount of thousand usd with me...
Any card to use that will be accept across?

Mastercard and Visa are widely accepted in Florida, Brazil, and Argentina.

From what I can determine credit/debit card acceptance in Cuba is spotty. Major hotels and tourist establishments are probably OK, but beyond that it'd be surprising. Cards issued by U.S. banks don't work in Cuba, and that'll almost certainly include Citibank Singapore-issued cards. But ICBC and most other card issuers in Singapore should be OK (where accepted). You should not bring U.S. dollars since that's a disfavored currency at best. I suggest euro, but Canadian dollars (as a notable example) would also work pretty well. See what deals you can get at Raffles Arcade.

 

[BBCWatcher]

As explained to Trazora, I am not in the position to apply for credit cards freely. Moreover, my cross-border expenses are relatively low compared to my local expenses.

The Amaze card mentioned upthread is not a credit card. It's a virtual card. You link it to a Mastercard issued in Singapore, and that can be either a debit or credit Mastercard. Amaze does not require a credit check, although they perform the usual "KYC" checks to make sure you're a real person who isn't subject to international sanctions, for example.

Amaze processes all transactions against your Singapore issued card as local Singapore dollar transactions. On the "front side" it processes transactions at whatever the Mastercard network exchange rate is (which is very good). And Amaze usually offers a rebate. Your "backend" card may or may not offer rebates/points for Amaze transactions.

The ICBC Global Travel Mastercard is available as a secured card (with a fixed deposit at ICBC Singapore) if you wish.

 

[Kayeesha]

The Amaze card mentioned upthread is not a credit card. It's a virtual card. You link it to a Mastercard issued in Singapore, and that can be either a debit or credit Mastercard. Amaze does not require a credit check, although they perform the usual "KYC" checks to make sure you're a real person who isn't subject to international sanctions, for example.

Amaze processes all transactions against your Singapore issued card as local Singapore dollar transactions. On the "front side" it processes transactions at whatever the Mastercard network exchange rate is (which is very good). And Amaze usually offers a rebate. Your "backend" card may or may not offer rebates/points for Amaze transactions.

The ICBC Global Travel Mastercard is available as a secured card (with a fixed deposit at ICBC Singapore) if you wish.

I’ve done some reading about Instarem’s Amaze card. It has to be linked to a Mastercard debit or credit card. So, ideally you’d want it linked to a Mastercard card that also offers rewards. The cashback is subject to a total spend of $1.5k per quarter. That’s a tall order for me in the sense that I don’t spend that amount on iHerb and Myprotein combined. So, unlikely for me to be able enjoy any cashbacks.

Nonetheless, with regard to purchases from iHerb and Myprotein, would one select to display the price in the local currency and pay with the Amaze card? Or still select to display in SGD and pay with the Amaze card? If you qualify for the cashback, am I correct to say it would be the 1% and not 0.5% since the price is actually in the local currency i.e. USD and GBP respectively?

Lastly, would linking the Amaze card to ICBC Global Travel Mastercard be a better option then just the ICBC credit card alone?

Thanks in advance.

 

[silverbomb]

Lastly, would linking the Amaze card to ICBC Global Travel Mastercard be a better option then just the ICBC credit card alone?

Thanks in advance.

ICBC cards are known not to be able to be linked to Amaze since Day 1

 

[Trazora]

I’ve done some reading about Instarem’s Amaze card. It has to be linked to a Mastercard debit or credit card. So, ideally you’d want it linked to a Mastercard card that also offers rewards. The cashback is subject to a total spend of $1.5k per quarter. That’s a tall order for me in the sense that I don’t spend that amount on iHerb and Myprotein combined. So, unlikely for me to be able enjoy any cashbacks.

Nonetheless, with regard to purchases from iHerb and Myprotein, would one select to display the price in the local currency and pay with the Amaze card? Or still select to display in SGD and pay with the Amaze card? If you qualify for the cashback, am I correct to say it would be the 1% and not 0.5% since the price is actually in the local currency i.e. USD and GBP respectively?

Lastly, would linking the Amaze card to ICBC Global Travel Mastercard be a better option then just the ICBC credit card alone?

Thanks in advance.

Can use Amaze for anything be it locally/overseas, online/offline.

Main point is can earn points/cashback on the linked card e.g. 10x points on Citi rewards mastercard, and no foreign currency fee or cross border fee. The 0.5%/1% Amaze rebate is a bonus if meet the $1500 quarterly spend.

Typically should choose to pay in local currency to avoid dcc.