Tag Archives: Currency

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.

Read More »

RINGGIT FALLS TO NEW LOW OF 3.07 AGAINST SING DOLLAR

Early yesterday morning, Malaysia's ringgit recorded its lowest ever trade against the Singapore dollar at 3.0771. Hurt by falling oil prices and downgrade in Brazil's credit rating, the ringgit fell to this all time low before recovering to around 3.0574 at around 1.20PM today.

Read More »

S’PORE SECRETLY SPENDING BILLIONS OF RESERVES TO PROP UP WEAK SGD?

According to the Yahoo news report “Billions of reserves being used to prop up weak SGD” (Mar 13, 2015) – “Singapore is spending billions of reserves to prop up its currency, a report by DBS revealed. According to DBS, Singapore’s reserves have fallen by US$34 billion since July, a trade-off of keeping the SGD on its appreciation path. “In six short months, reserves have fallen by the equvialent of 11% of a full year’s GDP.”

Read More »