Personal Finance Tips

Citibank credit card foreign transaction fee Singapore

Elle Kasser

19.05.21 (updated more than 1 year ago)

Read time 2 minutes

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.

📝 Table of contents:
Citibank Singapore overseas transaction fees Foreign transaction fee Want to avoid foreign transaction fees? Try Wise 💡 Dynamic Currency Conversion

Citibank Singapore overseas transaction fees

Let’s look at an overview of the key Singapore Citibank overseas transaction fees you need to know about.

Foreign transaction fee

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:[1]

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

Want to avoid foreign transaction fees? Try Wise

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.

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Dynamic Currency Conversion

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
Debit card	2.5%
Credit card	1%

Other Citibank fees which may apply to foreign transactions

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.

Sources:

Citibank Singapore - Fees - Checked on 18 May 2021

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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