Help: POSB Debit Card Overseas usage Fees and Charges Enquiry

[TeddyYeo]

Hi all,

I will be going sweden for 6months soon and having trouble regarding the usage of my debit card over in Europe.

According to the website, it stated that

Please note:


1. There's a charge of S$5 per cash withdrawal on overseas Cirrus ATMs. You will enjoy a preferential flat service fee of S$2 if you use your Cirrus ATM Card at the ATMs of Bank Danamon (Indonesia), Bank of Central Asia (BCA, Indonesia), HDFC (India) and Bank of Philippines Island (Philippines).
2. There is no service fee for overseas purchases.
3. The amount withdrawn in US dollars shall be converted to Singapore dollars on the date of conversion. The amount withdrawn in foreign currency other than US Dollars will be converted into US dollars before being converted into Singapore dollars. All conversions shall be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective card associations. The rate used for the conversion may be different from the rate in effect on the date of the transaction due to market fluctuation.
4. The amount withdrawn in foreign currency at overseas ATMs or purchases made in foreign currency at Maestro terminals are subject to a charge imposed by the respective card associations, either as a reimbursement charge representing the charge imposed on us or as a direct charge to you. An administrative fee of 2.0% of the foreign currency withdrawal or transaction amount for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited to your Card Account.

As I have not traveled so far before and use the ATM services before, I would like to know whether if I will to withdraw money with the Cirrus logo ATM over in Sweden, will I only be charge for $5 for the fees itself, or I will be charged the Mastercard charges and the 2.0% foreign currency withdrawal or whatsoever?

I do not understand how the fees and charges work, especially when Mastercard involve Maestro and Cirrus as well, so exactly which is which? I believe that most ATM will have Mastercard, Maestro and Cirrus logo on the ATM, so when I withdraw my money, what fees exactly am I being imposed on?
Note that my POSB debit card have Mastercard, Maestro and Cirrus logo as well.

I would require people who know this stuffs to teach me how all these work. =D
Sorry for my bad English as well.

Thanks,
Teddy

 

[beri stupid idiot]

hi bro open a citisaving acct and use their debit card for withdrawing at no fee justr forex.

most airpork and major shopping establiahments should have citibank atm

 

[lalaisgongon]

Hi all,

I will be going sweden for 6months soon and having trouble regarding the usage of my debit card over in Europe.

According to the website, it stated that

Please note:


1. There's a charge of S$5 per cash withdrawal on overseas Cirrus ATMs. You will enjoy a preferential flat service fee of S$2 if you use your Cirrus ATM Card at the ATMs of Bank Danamon (Indonesia), Bank of Central Asia (BCA, Indonesia), HDFC (India) and Bank of Philippines Island (Philippines).
2. There is no service fee for overseas purchases.
3. The amount withdrawn in US dollars shall be converted to Singapore dollars on the date of conversion. The amount withdrawn in foreign currency other than US Dollars will be converted into US dollars before being converted into Singapore dollars. All conversions shall be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective card associations. The rate used for the conversion may be different from the rate in effect on the date of the transaction due to market fluctuation.
4. The amount withdrawn in foreign currency at overseas ATMs or purchases made in foreign currency at Maestro terminals are subject to a charge imposed by the respective card associations, either as a reimbursement charge representing the charge imposed on us or as a direct charge to you. An administrative fee of 2.0% of the foreign currency withdrawal or transaction amount for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited to your Card Account.

As I have not traveled so far before and use the ATM services before, I would like to know whether if I will to withdraw money with the Cirrus logo ATM over in Sweden, will I only be charge for $5 for the fees itself, or I will be charged the Mastercard charges and the 2.0% foreign currency withdrawal or whatsoever?

I do not understand how the fees and charges work, especially when Mastercard involve Maestro and Cirrus as well, so exactly which is which? I believe that most ATM will have Mastercard, Maestro and Cirrus logo on the ATM, so when I withdraw my money, what fees exactly am I being imposed on?
Note that my POSB debit card have Mastercard, Maestro and Cirrus logo as well.

I would require people who know this stuffs to teach me how all these work. =D
Sorry for my bad English as well.

Thanks,
Teddy

both. the 5 dollars is the fee by mastercard
the 2% is the fee by the posb bank.

Furthermore if you use it at point of sale its 3%
Card transactions in US dollars shall be converted to Singapore dollars on the date of conversion. Transactions in foreign currency other than US Dollars will be converted into US dollars before
being converted into Singapore dollars. All conversions shall be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective
card associations, namely VISA International & MasterCard International. The rate used for the conversion may be different from the rate in effect on the date of the transaction due to market
fl uctuation.
(A) Foreign currency transaction
All card transactions in foreign currency are subject to a charge imposed by the respective card associations, either as a reimbursement charge representing the charge imposed on us or
as a direct charge to you. For foreign charges converted by Visa/MasterCard, Visa/MasterCard applies a conversion factor of 1% to the converted amount.
An administrative fee for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited to your Card Account. Our prevailing
administrative fee is 2% of the foreign currency transaction amount for transactions involving VISA International and MasterCard International.
For illustration purpose only:
Charge in foreign currency Foreign currency
(e.g. MYR, HKD, USD, Euro)
Foreign exchange rate determined by Visa/MasterCard
Currency conversion charge
imposed by card associations 1%
Our administrative fee 2%
Total fees 3%, on top of the prevailing foreign exchange rate
determined by the Visa / Mastercard

 

[TeddyYeo]

hi bro open a citisaving acct and use their debit card for withdrawing at no fee justr forex.

most airpork and major shopping establiahments should have citibank atm

I have searched, and Citibank do not have any branches or citibank atm in Sweden, that is why it is troublesome.

 

[TeddyYeo]

both. the 5 dollars is the fee by mastercard
the 2% is the fee by the posb bank.

Furthermore if you use it at point of sale its 3%
Card transactions in US dollars shall be converted to Singapore dollars on the date of conversion. Transactions in foreign currency other than US Dollars will be converted into US dollars before
being converted into Singapore dollars. All conversions shall be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective
card associations, namely VISA International & MasterCard International. The rate used for the conversion may be different from the rate in effect on the date of the transaction due to market
fl uctuation.
(A) Foreign currency transaction
All card transactions in foreign currency are subject to a charge imposed by the respective card associations, either as a reimbursement charge representing the charge imposed on us or
as a direct charge to you. For foreign charges converted by Visa/MasterCard, Visa/MasterCard applies a conversion factor of 1% to the converted amount.
An administrative fee for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited to your Card Account. Our prevailing
administrative fee is 2% of the foreign currency transaction amount for transactions involving VISA International and MasterCard International.
For illustration purpose only:
Charge in foreign currency Foreign currency
(e.g. MYR, HKD, USD, Euro)
Foreign exchange rate determined by Visa/MasterCard
Currency conversion charge
imposed by card associations 1%
Our administrative fee 2%
Total fees 3%, on top of the prevailing foreign exchange rate
determined by the Visa / Mastercard

So is it correct to say that for eg. Exchange rate is 1 SGD to 5 SEK.

If I were to withdraw 500SEK, which is 100SGD, I will be charged 3%, which is $3, with an additional $5 charge as well.
So total I will be paying 108SGD for 500SEK. Right?

 

[wts2013]

my nephew went Japan to study for 6mths, we just walk into any DBS and inquire, customer service need to activate the atm card for use overseas for the 6mth period, every atm withdrawal will be charged $5 at any atm in Japan within the network stated on the atm card, for debit card usage fee will be charged by merchant depending on merchant. So we chose to use atm and bring some foreign cash along. So u know what to do lor, call or walk in to any DBS branch to inquire to get the correct answer. We were taught by UOB staff to do this as we were there to inquire other methods of obtaining funds, very helpful counter staff there.

 

[TeddyYeo]

my nephew went Japan to study for 6mths, we just walk into any DBS and inquire, customer service need to activate the atm card for use overseas for the 6mth period, every atm withdrawal will be charged $5 at any atm in Japan within the network stated on the atm card, for debit card usage fee will be charged by merchant depending on merchant. So we chose to use atm and bring some foreign cash along. So u know what to do lor, call or walk in to any DBS branch to inquire to get the correct answer. We were taught by UOB staff to do this as we were there to inquire other methods of obtaining funds, very helpful counter staff there.

So from what you mean is that, only if i swipe my card
for purchase, then I will get the 3% charge,
for withdrawal, it is only $5, without another extra 3% charge.

Am I right to say that? =D sorry for confusion

 

[wts2013]

So from what you mean is that, only if i swipe my card
for purchase, then I will get the 3% charge,
for withdrawal, it is only $5, without another extra 3% charge.

Am I right to say that? =D sorry for confusion

Yes use it as an atm card to withdraw cash, $5 will be debited to your account. Use it as a debit card, additional fees need to be paid, how much DBS charge I dun know lor.

Call DBS is best for the correct answer.

 

[lalaisgongon]

So from what you mean is that, only if i swipe my card
for purchase, then I will get the 3% charge,
for withdrawal, it is only $5, without another extra 3% charge.

Am I right to say that? =D sorry for confusion

i think is
Cash withdrawal = $5 Plus 2 percent
Use to pay or Point of sale = 3%

Put it this way.
Either way. DBS charges you 2% admin fee either way.

And Visa/mastercard charges
cash withdrawal is $5 flat
Point of sale 1%


You might want to check out HSBC. they are slightly stronger in europe

 

[TeddyYeo]

i think is
Cash withdrawal = $5 Plus 2 percent
Use to pay or Point of sale = 3%

Put it this way.
Either way. DBS charges you 2% admin fee either way.

And Visa charges
cash withdrawal is $5 flat
Point of sale 1%


You might want to check out HSBC. they are slightly stronger in europe

So Visa is better than Mastercard?? Since it is only $5 flat charges?

 

[lalaisgongon]

So Visa is better than Mastercard?? Since it is only $5 flat charges?

dont think there is a difference, both Visa/master will still charge you

 

[TeddyYeo]

dont think there is a difference, both Visa/master will still charge you

But you stated that
Cash withdrawal = $5 Plus 2 percent

And Visa charges
cash withdrawal is $5 flat

So what do you mean? I am confused at which is which?
Mastercard/Visa charge withdrawal = $5 flat, but my debit card from POSB includes Mastercard as well.

 

[lalaisgongon]

But you stated that
Cash withdrawal = $5 Plus 2 percent

And Visa charges
cash withdrawal is $5 flat

So what do you mean? I am confused at which is which?
Mastercard/Visa charge withdrawal = $5 flat, but my debit card from POSB includes Mastercard as well.

Hmm sorry let me try to make this abit clearer!

means Cash withdrawal, total you pay $5 plus 2％　ｏｆ　ａｍｏｕｎｔ　ｗｉｔｈｄｒａｗｅｌ

Point of sale. Is 3%

Thats it.

What i was trying to break down, is how Visa and your bank POSB has different charges.

i think is (TOTAL)
Cash withdrawal = $5 Plus 2 percent
Use to pay or Point of sale = 3%


Breakdown of charges.
a) Either way. DBS charges you 2% admin fee either way As long as you use their card overseas.
+
b)Visa/Mastercard charges
cash withdrawal is $5 flat
or
Point of sale 1%

 

[princessreiko]

Sorry to dig up this old thread.

If I have AUD in my DBS account (eg Multiplier account), can I use my contactless POSB debit card which is linked to that DBS account to pay for things in Australia using payway?

Will I be charged any additional fees?
Or will I be charged whatever amount which I spent at that point of sale?

What about other banks eg OCBC?
Any additional fees for using contactless debit card to buy things overseas?

 

[Trazora]

Sorry to dig up this old thread.

If I have AUD in my DBS account (eg Multiplier account), can I use my contactless POSB debit card which is linked to that DBS account to pay for things in Australia using payway?

Will I be charged any additional fees?
Or will I be charged whatever amount which I spent at that point of sale?

What about other banks eg OCBC?
Any additional fees for using contactless debit card to buy things overseas?

Dun use posb debit card, must use dbs visa debit card linked to dbs multiplier.

 

[princessreiko]

Dun use posb debit card, must use dbs visa debit card linked to dbs multiplier.

I don't have DBS visa debit card tagged to DBS multiplier but instead have a POSB master debit card tagged to that account.

Will there be a difference?

Thanks.

 

[Trazora]

I don't have DBS visa debit card tagged to DBS multiplier but instead have a POSB master debit card tagged to that account.

Will there be a difference?

Thanks.

Use dbs debit card linked to dbs multiplier then no fees. Use posb debit card then 3% fees and payment is from SGD account not AUD account.

 

[princessreiko]

Use dbs debit card linked to dbs multiplier then no fees. Use posb debit card then 3% fees and payment is from SGD account not AUD account.

Oh dear, then I should have asked for DBS Visa debit card when I opened the multiplier account!
They gave me the POSB mastercard debit card instead!

Now wanna apply for the VISA debit card, probably have to go and Q at the bank.

Looks like I fated to use Youtrip card instead, lol !

Thanks for ur advice though !

 

[hclee01]

Now wanna apply for the VISA debit card, probably have to go and Q at the bank.

You can apply for the Visa Debit Card online via DBS IB. Just login and click on "Apply Debit Card" and they will send to you within a week.

 

[princessreiko]

You can apply for the Visa Debit Card online via DBS IB. Just login and click on "Apply Debit Card" and they will send to you within a week.

Oh, that's great!
Thanks for the info!