Tag Archives: Currency Conversion

CITIBANK CLARIFICATION ON CURRENCY CONVERSION FEE, ITS 0.8% NOT 8%

We are writing in response to an article titled “Unfair Citibank Imposes 8% Currency Conversion Fee for Local Website Purchases” written by Allen Tan that was published on All Singapore Stuff website. We would like to clarify that the “Currency Conversion Fee” which the writer was referring to was an international transaction fee that was incurred when the SGD card transaction was processed outside Singapore, which applied to the writer’s case as the merchant, Groupon, is based outside Singapore.

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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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