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You may incur foreign transaction fees whenever you travel or buy something from a retailer based or registered overseas. These fees push up the costs of spending in a foreign currency - so they’re definitely worth understanding. Here’s the lowdown on Citibank Singapore foreign transaction fees, and how to avoid them.
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Let’s look at an overview of the key Singapore Citibank overseas transaction fees you need to know about.
A foreign transaction fee will be applied to most transactions which are made in a currency other than Singapore dollars, as well as those purchases which are made in SGD but then processed overseas.
You’ll need to know about the foreign transaction fee when you:
- Make a purchase when travelling overseas
- Buy something online from an overseas retailer - or any retailer which processes payments overseas
- Apply for a refund or reversal of an international payment
Citibank foreign transaction fees may vary depending on your card type:
|Service||Citibank foreign transaction fee|
|Foreign transaction fee - Mastercard debit card||2.5%, of which 1% goes to Mastercard|
|Foreign transaction fee - Visa or Mastercard credit card||3.25%|
|Foreign transaction fee - American Express credit card||3.3%, of which 1.5% goes to American Express|
|Purchase in SGD processed outside of Singapore - credit card||1% additional fee|
|Purchase in SGD processed outside of Singapore - Mastercard debit card||2.5%, of which 1% goes to Mastercard|
It’s good to know that foreign transaction fees aren’t inevitable. If you love to travel or shop with international retailers, you could be better off with Wise.
Open your Wise multi-currency account online and apply for your linked card. Use this to spend in foreign currencies with the real mid-market exchange rate with no markups, and no foreign transaction fee. You’ll only ever pay a low conversion cost, and can also receive payments fee free like a local in major currencies. See how much you can save with Wise today.
Dynamic currency conversion, which is often shortened to DCC, is another costly headache for people spending in foreign currencies. DCC is where you’re asked by a merchant or at an ATM if you’d rather pay in the local currency where you are, or your home currency. It sounds convenient to pay in Singapore dollars because you’ll instantly know the cost of your purchase. However, you’ll also usually be hit with a poor exchange rate and excess fees - which means you’re paying more than you need to.
As well as risking a bad exchange rate, Citibank applies a dynamic currency conversion charge of its own:
|Citibank card type||Citibank dynamic currency conversion fee|
Don’t forget to read your card terms and conditions carefully to be sure you’ve covered all the possible fees. There may be extra costs for making international cash withdrawals, for example - and you’ll have to pay a cash advance fee if you make an ATM withdrawal with a credit card at home or abroad.
It’s very common to shop with international retailers - and to enjoy spending on ourselves when travelling. However, you’ll want to keep track of the fees you may pay for foreign currency purchases, so there are no nasty surprises. Check the small print of your credit card carefully - or avoid foreign transaction fees entirely with a smart multi-currency account from Wise.
Citibank Singapore - Fees - Checked on 18 May 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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