Best Debit/Credit Card for my situation?

My company gets paid in SGD, but all cost is in USD. We use OCBC biz debit card for our business, and they charge >3% for every transaction in USD plus the exchange rate is entirely wrong.

This is a substantial amount monthly.

Can you recommend another solution in Singapore? I am non-resident personally. The credit card is for a company, although a personal solution might also work to pay the bills (its online spend) where I pay first and then get reimbursed.

Thank you so much
Chris

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Carrie Rose

08 Apr 2020

Senior Research Analyst at ValueChampion

Hi! So like a previous commenter mentioned, you'll probably have to pay foreign currency exchange fees no matter which credit card you go with (at least for personal credit cards). Fortunately, there are a few options that offer high enough cashback rates (including for online bill-pay) to offset those fees, so you come out 'nett positive.'

The best option, in my opinion, would be UOB One Card. If you have a consistent budget of S$2k/month, you'll earn 5% cashback on most of your online bill pay (does not include insurance, if that makes a difference). The foreign currency transaction fee is just 2.8%, which is one of the lowest on the Singaporean market. So, your earnings on bill pay will actually surpass the costs.

You can also get UOB One Card as a non-resident/foreigner, as long as you have a minimum annual income of S$40k or fixed deposit collateral of at least S$10k.

If you're interested in learning more about UOB One Card specifically, here's a review (I work at ValueChampion as a credit card analyst): https://www.valuechampion.sg/uob-one-card-review
If you want to learn more about how foreign currency transaction fees work, check out this guide: https://www.valuechampion.sg/everything-know-ab...

Hope this helps!

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