Singapore Expats

Hi, I have a citibank debit card cum ATM card for my S$ account. Has anyone used it to withdraw cash in USA and I wonder how's the exchange rate compares to using c'redit card or bank TT or money changers' rate in Singapore? Citibank dont charge a fee for withdrawal from their own ATM so it seems attractive, but I often find their TT rates higher than the other banks such as DBS or even Stanchar.

Thanks for sharing your experience.

Regards

You will get royally sc$#ed by any bank, anywhere, anytime using your ATM to withdraw overseas. Trust me I've worked in FX. But, what do you do, it's convenient, and they know that. So, you can get a bit better rate from a local changer, but then you have to carry cash.

If you're traveling to your home country, your best bet is to keep an account there. Then, use an FX broker (mods I'm not plugging, not in this line of work anymore!) to send periodic transfers home. If you really care about rates that is.

That ATM card sure is convenient tho! Transferring through a broker takes some time and planning.

I've been pleasantly surprised at how good the rates were for Citibank's free overseas withdrawal. I'm part of their 'citibank global' clients, so they accord me with free withdrawals at very attractive rates (I checked, and it's very close to the local money changers, sometimes even better). I've not tried it in the States though.

Citibank looks good, and HSBC has a similar deal with HSBC ATMs. Depending where you travel, choose accordingly. e.g., you'll see a lot motre Citibanks in the US, but a lot more HSBCs everywhere else.

HSBC is no fees at HSBC ATMs, and a very fair exchange rate.