Singapore Expats

Best foreign currency account with ATM card?

Discuss the different banking options, rates, offers and perks.
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zzm9980
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Post by zzm9980 » Wed, 14 Mar 2012 9:02 pm

The only place I've ever had my card with 6 digit pin not work is one or two ghetto non-bank affiliated ATMs in the US. The kind that they stick in gas stations or, *ahem* gentlemen's clubs. :oops:

Most of those ATMs charge ridiculous fees anyway ($3-$10) per transaction, so they're doing you a favor. Bank affiliated ATMs are *everywhere* in the US, and as long as your card has a Visa, M/C, Cirrus, or Plus logo on it, it'll be OK at one of those.

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Post by stiwi » Fri, 16 Mar 2012 7:15 pm

A little bit off-topic to those who might be interested. I sent a foreign currency telegraphic transfer from SCB to Citibank (both in Singapore). It is not possible to send local foreign currency transfer, hence telegraphic transfer. I sent this transfer by choosing SHA charges (SCB fees for sending only; Citibank for receiving).

The only fees I was charged by SCB (having World Partner status) were cable fees of US$15 because they had to use intermediary Citibank in UK. There were no further intermediary bank fees and no inward telegraphic fees charged by Citibank, hence I received money in full. I sent payment yesterday in the morning and it was credited to Citibank today in the afternoon, so it took one and half working day to process.

Will be testing the ATM card in Europe within the next weeks, so will confirm on free withdrawals.

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Post by stiwi » Fri, 16 Mar 2012 8:17 pm

zzm9980 wrote: So with the "Eurozone" and all of that hoopla... If you transfer the money into any account in the EU, do you generally get to transfer money around without the hassle of international fees, or is each country still its own market?
You can transfer money within EU with no issues of surprising international fees. There are set of rules / limits applied that either require or no reporting to local finance authorities. The higher the amount we send (e.g. €50k) might slightly impact on the transfer fee. Fees depend on banks actually. It could be free to send money anywhere within EU up to €4 per transfer (at least that's the highest I came across in EUR country). Similar for receiving money but in most cases, where EUR has already been introduced, it is free.

The structure through which payments are sent is called SEPA.

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Post by stiwi » Mon, 19 Mar 2012 8:03 pm

Just to update further, the only small issue I have found so far with Citibank foreign currency account is that Citibank allows you to have only one ATM or debit card to all accounts.

What you choose is which account should be primarily linked to your card. Now, if you choose foreign currency account then you will be able to withdraw SGD only at Citibank ATMs which gives you account choice. Drawing cash from atm5 will result in foreign currency account to be debited.

So either someone has to pay attention to this or remember to change the linkage through CitiPhone coming in and out of SG, which I don't know if is immediate or need few days to process. Pity they don't allow to change it online.

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Post by stiwi » Tue, 27 Mar 2012 4:49 pm

I have just withdrawn some EUR from my foreign currency account at Citibank and money were debited from the account instantly. Everything worked as expected, no issues with 6 digit pin number and no charges whatsoever.

So Citibank is certainly the best bank in SG for foreign currency account with ATM card linked to it.

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Post by JR8 » Tue, 27 Mar 2012 5:20 pm

stiwi wrote:I have just withdrawn some EUR from my foreign currency account at Citibank and money were debited from the account instantly. Everything worked as expected, no issues with 6 digit pin number and no charges whatsoever.

So Citibank is certainly the best bank in SG for foreign currency account with ATM card linked to it.
Good.

One thing though, how do you know there were no charges? Did the Eur/SGD rate that hit your SG account match the money market mid-rate, or did it incorporate a spread (i.e. charge)?

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Post by stiwi » Tue, 27 Mar 2012 5:36 pm

JR8 wrote: Good.

One thing though, how do you know there were no charges? Did the Eur/SGD rate that hit your SG account match the money market mid-rate, or did it incorporate a spread (i.e. charge)?
I withdrew EUR in ATM from EUR foreign currency account, so no conversions involved.

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Post by JR8 » Tue, 27 Mar 2012 5:37 pm

OhhhhhhhhhhhhhhhIC!

Got you now :)

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Post by AndyWillie » Wed, 16 May 2012 5:56 pm

I think besides the obvious ATM withdrawal fee, it would be the bank's foreign currency exchange rate. My experience was with HSBC, I was charged the standard fee but when I saw my statement in the end, I was surprised. The rate was far lower than what was being offered at that point of time. Anyone had experience with taking money out in another country with POSB atm card? What are the fees like and the exchange rate..good or not?

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Post by Nailah » Wed, 16 May 2012 6:15 pm

AndyWillie wrote:Anyone had experience with taking money out in another country with POSB atm card? What are the fees like and the exchange rate..good or not?

I've used my POSB card in Istanbul. Bank charge was S$5 I think... Here, I looted these info from POSB, hope they help...


1. There's a charge of S$5 per cash withdrawal on overseas Cirrus ATMs. You will enjoy a preferential flat service fee of S$2 if you use your Cirrus ATM Card at the ATMs of Bank Danamon (Indonesia), Bank of Central Asia (BCA, Indonesia), HDFC (India) and Bank of Philippines Island (Philippines).

2. There is no service fee for overseas purchases.

3. The amount withdrawn in US dollars shall be converted to Singapore dollars on the date of conversion. The amount withdrawn in foreign currency other than US Dollars will be converted into US dollars before being converted into Singapore dollars. All conversions shall be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective card associations. The rate used for the conversion may be different from the rate in effect on the date of the transaction due to market fluctuation.

4. The amount withdrawn in foreign currency at overseas ATMs or purchases made in foreign currency at Maestro terminals are subject to a charge imposed by the respective card associations, either as a reimbursement charge representing the charge imposed on us or as a direct charge to you. An administrative fee of 2.0% of the foreign currency withdrawal or transaction amount for services provided or actions taken by us in relation to such foreign currency transactions shall be payable by you and debited to your Card Account.

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Post by zzm9980 » Wed, 16 May 2012 8:48 pm

AndyWillie wrote:I think besides the obvious ATM withdrawal fee, it would be the bank's foreign currency exchange rate. My experience was with HSBC, I was charged the standard fee but when I saw my statement in the end, I was surprised.
Did you use another HSBC ATM in the foreign country? I've used both HSBC and Citibank, both times with their own respective ATMs, and there is never a fee and the exchange rate is usually really damn close to market.

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