Withdraw or pay by card overseas

[Lovekpopdrama]

Hi guys,

I was wondering if I should withdraw cash from overseas ATM or make my purchase using debit card.

Is the rate the same?
If I remember correctly, there would be double currency conversation if I pay my card. KRW > USD > SGD. is there any other fee I should take note off?

 

[kitkat2]

Hi guys,

I was wondering if I should withdraw cash from overseas ATM or make my purchase using debit card.

Is the rate the same?
If I remember correctly, there would be double currency conversation if I pay my card. KRW > USD > SGD. is there any other fee I should take note off?

there is no double conversion.

go to mastercard's or visa's exchange rate website. enter korean won as your transaction currency and singapore dollar as your billing currency and see the rate for yourself.

 

[sendtolee]

Hi guys,

I was wondering if I should withdraw cash from overseas ATM or make my purchase using debit card.

Is the rate the same?
If I remember correctly, there would be double currency conversation if I pay my card. KRW > USD > SGD. is there any other fee I should take note off?

If pay in KRW, there may be a curreny conversion fee, depending on which bank and whether visa/mastercard you are using.

If pay in SGD, there is a dynamic conversion fee, about 5% extra, again depends on bank and visa/mastercard.

 

[sendtolee]

there is no double conversion.

go to mastercard's or visa's exchange rate website. enter korean won as your transaction currency and singapore dollar as your billing currency and see the rate for yourself.

It is shown in the fine print, non USD transactions will be converted from local currency to USD then to SGD. We won’t see that conversion in our bills/statements,

 

[magna_strike]

Just withdraw what u need better. Just a one time fee of a few dollars each time u withdraw. I did in brisbane to withdraw like 100? Got charge for 3 bucks i think but ok lah, beats having no cash and later your bank dunno will query for suspicious overseas transactions

 

[Lovekpopdrama]

Thank you for the response. I paid by card and the rate were similar to the exchange rate store in Korea/myeongdong area. Wanted to windraw but I don’t know how much more I need and also the rate. Since DBS/OCBC don’t have KRW exchange rate stated online(or am I wrong to say that)

 

[magna_strike]

Thank you for the response. I paid by card and the rate were similar to the exchange rate store in Korea/myeongdong area. Wanted to windraw but I don’t know how much more I need and also the rate. Since DBS/OCBC don’t have KRW exchange rate stated online(or am I wrong to say that)

Hmmm, if i recall correctly lah that time i use my card to withdraw, got say how much u will be charged on the spot, like i withdraw 100 den the cost to me shown in screen is about 103? Guess u need to know roughly the forex rate then u calculate and see. Sorry.. Mine was easy because aud to sgd about 1=1

 

[chrisleenoodle]

It depends on the country and if they’re more cash or card based for me

 

[RRGALS]

Still way better to pay cash imo. The extra service charge + parang exchange rate is just sky high.

 

[zack14]

get the ICBC global travel mastercard. 3% cashback on all foreign transactions

 

[kitkat2]

It is shown in the fine print, non USD transactions will be converted from local currency to USD then to SGD. We won’t see that conversion in our bills/statements,

does it matter? use the official published rate by visa/mc for non-usd to sgd conversion, and the rate is often as good as, if not better than money exchanger's in singapore.

if we don't see it and if doesn't increase the costs, then it is as good as single conversion to us.

 

[seianko]

i will advise against on credit card usage in korea.

its a known fact that their machine to pay only accept usd. in that sense, if ur CC is non korea, the rates is sgd>usd>kor

they do not do direct. as told to me by my korean friend

 

[TheSnail]

i will advise against on credit card usage in korea.

its a known fact that their machine to pay only accept usd. in that sense, if ur CC is non korea, the rates is sgd>usd>kor

they do not do direct. as told to me by my korean friend

Basically all Visa/MC cards go through USD conversion, except those already denominated in USD of course.

 

[seianko]

Basically all Visa/MC cards go through USD conversion, except those already denominated in USD of course.

not true. its bank dependent and currency dependent

i just check it out

A charge that is made in United States dollars, Canadian dollars, New Zealand dollars, Singapore dollars, pounds sterling, euros and Japanese yen is converted directly into Australian dollars. A charge that is made in any other foreign currency is converted into United States dollars before being converted into Australian dollar

 

[kitkat2]

i will advise against on credit card usage in korea.

its a known fact that their machine to pay only accept usd. in that sense, if ur CC is non korea, the rates is sgd>usd>kor

they do not do direct. as told to me by my korean friend

what you experienced is something like dcc. the merchants charged you in a currency different from local currency. obviously, they marked up the rate when converting from local currency to usd. always insist on paying in local currency.

not true. its bank dependent and currency dependent

i just check it out

banks don't do conversions. it is master and visa that do the conversions.

just that some banks phrase their tnc differently. whether thru usd or not, it is the final effective rate that matters.

use the visa app and see for yourself. due to rounding error, it may be better to convert via usd!

 

[butterbarter]

Actually, after the first couple of days in the destination, you'll roughly know how much you need per day. After decades of travel, my rule of thumb for developed areas like EU or US is to withdraw about $300 of the local currency (ie, Euro or USD) each time. This will comfortably last 3-5 days. In developing countries, I usually withdraw about S$200-300 worth of local currency.

I feel this amount has a good blend of having enough and yet not too much. If I lose this amount, I would be pissed, but it won't ruin my holiday. And yet, it's enough so that I don't have to withdraw money so often.

Also, I feel it really doesn't matter what the exchange rate is. You are in a foreign land and you need the money. You need to withdraw it no matter what. Going to money changer isn't better. You could use card but for many small expenses, you still need cash. During travels, don't get hung up on small things like this. You travel once, maybe twice a year, so focus on enjoying the trip, not on the extra $5 or $10 fees.

Thank you for the response. I paid by card and the rate were similar to the exchange rate store in Korea/myeongdong area. Wanted to windraw but I don’t know how much more I need and also the rate. Since DBS/OCBC don’t have KRW exchange rate stated online(or am I wrong to say that)

 

[patryn33]

No app here are the links
https://www.mastercard.us/en-us/con....html?intcam=U_CTA_0_Card_CCGen_UBNCC_UBNCR_1

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html

Check out your bank, most bank will have such info.
https://www.dbs.com.sg/personal/cards/cards-rates-fees.page

As for withdraw $$ or pay CC, cash gone cannot claim. CC have issue cam dispute. CC provides safety here at a cost. If your aim is save that x% or it’s a matter of principles then get $$ exchange in Sg

 

[seianko]

what you experienced is something like dcc. the merchants charged you in a currency different from local currency. obviously, they marked up the rate when converting from local currency to usd. always insist on paying in local currency.



banks don't do conversions. it is master and visa that do the conversions.

just that some banks phrase their tnc differently. whether thru usd or not, it is the final effective rate that matters.

use the visa app and see for yourself. due to rounding error, it may be better to convert via usd!

in korea, when u do card, it their way to do it if u card is not korea issued. u r not allow to pay via local currency.

 

[seianko]

Thank you for the response. I paid by card and the rate were similar to the exchange rate store in Korea/myeongdong area. Wanted to windraw but I don’t know how much more I need and also the rate. Since DBS/OCBC don’t have KRW exchange rate stated online(or am I wrong to say that)

my each purchase is ard 1000 - 2000 sgd

if u aim for cosmetic box set, they cost 300 each give n take (it will cost more in singapore)

my clothes will cost ard 800
masks another 300