SG Budget Babe
Asked on 03 Dec 2019
How can i cut costs further by using credit cards to buy things from overseas?
There are a few options available:
YouTrip (or similar - Revolut, Transferwise; but I've only used YouTrip before)
Multi-currency accounts (MightFX with UOB, MCA with DBS - technically this is considered debit card)
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)
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!
Always pay in their local currency. Aka not Singapore dollar.
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.
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.
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.
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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