The year’s not even out and already one of my Christmas wishes has been answered
As per the gurus on HWZ, BOC is set to launch a Visa Infinite product in Singapore that does not levy the 1.5% forex fee. This means the only “fee” you get hit with is the rate the bank uses to convert the forex into local currency
I can’t tell you how excited I am about this. Yes, it’s not a miles earning card, but this removes one barrier to overseas purchases. And it might open up some interesting opportunities for manufactured spend… (I’m going to study Kiva a bit more and decide whether it make sense for people based in Singapore)
Unfortunately, it seems to be an invite-only card, and the minimum income for the invitation appears to be S$120,000. I don’t believe there is any Visa Infinite tiered card in Singapore currently that will go below this threshold (though feel free to correct me if I’m wrong)
Hopefully now that BOC has launched a product that does not charge forex fees, other banks will follow suit and this product feature filters down into “lesser” cards.
Good end to 2015/start for 2016!