Personal Finance Tips

Standard Chartered credit card foreign transaction fee Singapore

Elle Kasser

19.05.21 (updated more than 1 year ago)

Read time 2 minutes

Already a Standard Chartered customer? You don’t need to leave your app to benefit from Wise. Standard Chartered has partnered with Wise Platform to integrate global payments infrastructure directly into its services. That means that Standard Chartered customers can access international payment capabilities within their banking experience.

And, because Standard Chartered has partnered with Wise Platform for multi-currency payments, when you use Standard Chartered services, you may be able to access international payment features powered by Wise.

Visit the official Standard Chartered Singapore cards page for the latest fees, card terms, and eligibility details.

Overseas transaction fees can increase the overall cost of spending with international retailers or while travelling, particularly when they are not fully understood in advance. This guide outlines the key overseas transaction costs associated with using Standard Chartered Singapore cards, helping you understand how these charges work and what to expect when making foreign currency transactions.

📝 Table of contents:
Standard Chartered Singapore overseas transaction fees Foreign transaction fee Dynamic Currency Conversion

Standard Chartered Singapore overseas transaction fees

Spending money in a foreign currency, or with a retailer based abroad can mean you pay one or two extra fees. Here are the key Standard Chartered foreign purchase fees to consider.

Foreign transaction fee

A foreign transaction fee may apply if you spend while you travel or if you're shopping online, and you buy something from an international retailer. This may happen even if you’re paying in Singapore dollars and so don’t realise the merchant is based overseas. If you’re not sure the retailer is local, you’re best to double check before you confirm your purchase, just to avoid any surprises down the line.

You’ll want to understand the Standard Chartered foreign transaction fees any time you:

Buy something while you’re abroad using your card
Spend online with a retailer based overseas - or any retailer which processes payments overseas
Get a refund or payment reversal for any foreign purchase

Here are the different foreign transaction fee levels for Standard Chartered customers:¹

Purchase type	Standard Chartered Singapore foreign transaction fee
Purchase made in a foreign currency	3.5%, of which 1% goes to the card issuer - Visa or Mastercard
Purchase made in SGD with a company based or registered overseas	1%

Dynamic Currency Conversion

It’s not only foreign transaction fees you need to know about when shopping or making cash withdrawals in a foreign currency.

Dynamic currency conversion - DCC - is where you’re asked by a merchant or when you’re at the ATM if you’d rather pay in the local currency where you are, or your home currency. The problem here is that if you choose to pay in your home currency you’re signing up to terms you’ve never seen before - which usually means a bad exchange rate and higher fees than your bank would normally apply.

On top of all of this, Standard Chartered also charges an additional 1% fee for any purchase made through DCC - which can push your costs up even further.

Source:

Standard Chartered Singapore - Pricing Guide - Checked on 18 May 2021

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