Any way to avoid overseas transaction fees if I frequently pay for things overseas using my credit card? - Seedly
 

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Any way to avoid overseas transaction fees if I frequently pay for things overseas using my credit card?

How can i cut costs further by using credit cards to buy things from overseas?

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Eveline Lau
Eveline Lau
Level 6. Master
Answered 2d ago

There are a few options available:

  1. YouTrip (or similar - Revolut, Transferwise; but I've only used YouTrip before)

  2. Multi-currency accounts (MightFX with UOB, MCA with DBS - technically this is considered debit card)

  3. Look out for promotions for foreign currency spending, which usually covers the overseas transaction fees (e.g. AMEX's 3% cashback, which will cover the usual ~2.4% overseas transaction fee)

2 comments

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Phyo Myat Thu
Phyo Myat Thu

2d ago

I totally agree
Simon Soh
Simon Soh

2d ago

Agreed. Youtrip has been a god sent for me recently whilst I was on a few assignment overseas.
Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Answered 2d ago

Am a HUGE fan of Youtrip because of the competitive rates they offer!

What I also love is that I no longer need to call in to the bank to activate card for overseas usage.

The other perk is that if I didn't change enough of local currency, it deducts the exact amount required from my wallet. YASSS to no loose change!

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VC
Vicki Chng
Level 5. Genius
Answered 16h ago
  1. Always pay in their local currency. Aka not Singapore dollar.

  2. Use youtrip/revolut. They are essentially prepaid debit cards and they do not charge the 3-3.5% foreign transaction fee that banks typically uses.

If it's a big amount though, sometimes its worth it to spend a little more to get the miles.

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Hwee Kian
Hwee Kian
Level 6. Master
Answered 1d ago

YouTrip is good, Transferwise not too bad as well.

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Dawn Fiona
Dawn Fiona
Level 6. Master
Answered 2d ago

YouTrip, Revolut, or TransferWise!

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Phyo Myat Thu
Phyo Myat Thu
Level 3. Wonderkid
Answered 2d ago

If you want to avoid overseas transaction fees while using Grab overseas, can consider using TransferWise Debit card as YouTrip can't be used on Grab as of now.

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Choon Yuan Chan
Choon Yuan Chan
Level 7. Grand Master
Answered 2d ago

Thats a very difficult question. There are many credit cards that offer good rebates or airmiles but also charge high overseas transaction fees.

On the otherhand, youtrip and transferwise offer little foreign exchange transaction fee but offer little to no cashback.

This decision over the 2 makes me torn.

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Kelly Trinh
Kelly Trinh

2d ago

Miles possibly if you can work the system to get a high valuation but for cashback almost impossible to beat the FX charges the bank/card association levies.
JL
Jayden Lee
Level 3. Wonderkid
Updated 2d ago

Recently intro-ed to Wirex which is apparently a bigger player from the UK as compared to Youtrip. They deal with cryptocurrencies as well. Last I checked, pretty good rates and decent, have crypto-backs for every spend or something along those lines.

There are also other players such as Revolut and Transferwise. Quite a few out there, just gotta check the rates and benefits. ​​​

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Kelly Trinh
Kelly Trinh

2d ago

Get hit with 1% fee when topping up because they are considered non-SG based merchant.

Give YouTrip a try: https://www.you.co/sg/

They boast to have no transaction fee in over 150 currencies.

Here is everything about me and what I do best.

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