Singapore Spending: Visa & Mastercard Exchange Rates and Fees!
Okay, let's talk about using your Visa and Mastercard in Singapore! You've probably heard about how convenient it is to pay with cards, so I won't bore you with the obvious. Instead, I'm diving straight into the nitty-gritty: the exchange rates and fees I encountered. Below, you'll find a breakdown of my Mastercard (VP Step Up, with a 1.5% foreign transaction fee) expenses.
Exchange Rates (April 9th): Cash vs. Card
- Cash Exchange Rate:
- SGD (Singapore Dollar): 19,300 VND
- MYR (Malaysian Ringgit): 5,830 VND
- Average Card Exchange Rate:
- SGD: 19,840 VND
- MYR: 5,925 VND
Beware of Minimum Fees!
Heads up! Even though my card has a relatively low foreign transaction fee percentage, it also has a minimum fee of 10,000 VND + 10% VAT. This means that small purchases can get hit with surprisingly high fees. If you're lucky enough to have a card with no foreign transaction fees, you can ignore this. Lucky you!
Pro-Tips for Saving Money
- Gojek vs. Grab in Singapore: Gojek is generally cheaper!
- Garden by the Bay Food Court: The self-order kiosks at each stall mean multiple small transactions if you're trying a little bit of everything! Keep those minimum fees in mind.
Grab in Malaysia: Fee Alert!
In Malaysia, Grab charges a 3% international transaction fee (already included in the app's displayed price). PLUS, if the driver incurs any toll fees and requests reimbursement, that will trigger *another* foreign transaction fee on your card. So, keep that in mind when budgeting your rides!
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