Tag Archives: Banking & Finance

WHY IS OCBC ARBITRARILY CHARGING USERS CURRENCY CONVERSION FEES?

Local banks have recently implemented "currency conversion fees" when their credit cards are used for overseas purchases. I had used my OCBC credit card for purchases overseas - once at Amazon.com and the other with Paypal. Both times, when asked by Amazon and Paypal if I wanted to pay in Sing Dollars rather than U.S Dollars, I decided to pay in Sing Dollars knowing that there would be "currency conversion fees" if I paid in U.S Dollars. When the credit card statements came, I discovered I was still charged for currency conversion even though NO conversion was done by OCBC since I paid in Sing Dollars.

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