First time travelling need advice on money exchange

LMagic20 on 13/06/2017 - 18:51
Last edited 14/06/2017 - 11:05

Hey people on internet,

So I'm going to Singapore in mid November (2 persons travelling) for 10 nights, I'm not too sure if I should exchange money before I go or do it there.
I'm gonna have about $2.5K spending money (is that too much or enough?) that's after all bookings such as airline and accommodation.
I don't really want a credit card I have one but never used it because I hate credit cards haha.

Things I have:
Citibank Plus Transaction account (used it to buy stuff on Amazon)
A CommBank Everyday Savings account
Home loan which I hate

P.S. It's our four year anniversary so a nice restaurant recommendation will also be greatly appreciated.

Thank you for your help in advance.

Edit 1: I love you guys, will take it all on board.

Financial

Comments

  • retiredfeline on 13/06/2017 - 18:55
    +4

    Use ATMs, plenty in a country like Singapore. Citibank is good. If you have to exchange cash do it there.

    $250/day? Dunno, depends on your shopping habits really.

    • Magic20 on 13/06/2017 - 19:37

      SO I can use any ATM it doesn't have to be Citibank ATMs? if not do they charge a fee?

      yeah 2.5K is just for me, I don't really have an expensive shopping habit.

      • Ughhh on 13/06/2017 - 21:02
        +1

        Citibank won't charge a fee for the ATM you use afaik, BUT the ATM may charge you a fee (3rd party fees)- that, Citibank has no control of.

      • retiredfeline on 13/06/2017 - 21:06
        +2

        There are two major global networks of ATMs, Mastercard and Visa. Many ATMs support both networks. (In some countries like Japan, some ATMs that only accept local cards, but that's another story.) As for fees, withdrawals with the Citibank Plus card at Citibank ATMs are free transactions. Use the Citibank locator to find ATMs at your destination. Other bank ATMs may or may not charge a transaction fee of a few dollars, it depends on the bank and country. If you cannot avoid the fee, say at an airport with no Citibank ATMs, even with the fee, it is usually cheaper than a money changer overall.

  • Peck on 13/06/2017 - 18:59
    +3

    Agree with Citibank Plus, and also you need to take a credit card. You need to research ATM locations for Citibank .

  • robbyjones on 13/06/2017 - 19:03
    +3

    Exchange in Singapore much better exchange rate. Exchange a little bit at the airport then the best exchange is at the Mustafa Centre.

    • Magic20 on 13/06/2017 - 19:38

      I sure will check that out thanks for your input!

  • [Deactivated] on 13/06/2017 - 19:23
    +6

    Don't use exchanges for anything — they'll always have a crap rate compared to your Citibank account. Just get cash at ATMs, and pay for everything you can on the card. Have your Commbank card on you just in case you lose the other card. Have fun!

  • kerfuffle on 13/06/2017 - 19:32
    +1

    Don't change it at Travelex at the airport, whatever you do. $12 fee

    • Magic20 on 13/06/2017 - 19:39
      +1

      Travelex is ridiculous, exchanged with them once never again I will deal with them haha.

      • kerfuffle on 13/06/2017 - 20:41

        If you do it online and pick it up at an outlet, it's OK (I used them for my Japan trip)

  • theoracle30 on 13/06/2017 - 19:57
    +2

    This is a good link for Citibank Plus card ATM's around the world. It says:

    There are Citibank ATMs in almost every MRT Station, these do not charge a fee. I also tried using various other brand ATMs (which are everywhere in Singapore) and was not charged a fee. It appears that Singapore ATMs don’t charge foreign cards.
    Tested with DBS and OCBC with no issues. ICBC ATM in the Changi arrivals hall dispenses SG$10 notes with no additional fee, which is useful for the MRT ride from the airport as ticket machines only accepts cash for single trips.

    I have personally used Citibank Plus in Singapore, and found it convenient + good exchange rate.

  • giles on 13/06/2017 - 20:08
    +2

    It sounds like you've conceded to having a credit card, even if you don't use it. I'd recommend definitely bringing it with you whenever you travel — whether abroad or domestically — if for no other reason than some companies (like hotels) insist that you have one to use their service, or hand over large sums of cash as security.

    Given you rarely (if ever) use it, make sure there are no ongoing costs (eg annual fees).

    For travelling, I go with a Bankwest Zero Platinum Mastercard, as it doesn't apply a surcharge for foreign currency transactions, and you get free travel insurance if you spend more than $500 on your travel expenses.

    OzB spiel here:
    https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    Bankwest spiel (look up the Platinum version):
    https://www.bankwest.com.au/personal/credit-cards/no-annual-…

  • [Deactivated] on 13/06/2017 - 21:17
    +1

    SE Asia you generally get better rates at ATMs than you do here in Australia, just withdraw from your banks network partner so you get free withdrawal fees.

  • Randxyz123 on 13/06/2017 - 22:19
    +2

    I'm not too sure if I should exchange money before I go or do it there.

    You DO NOT need to exchange money. Use your Citibank card for purchases. It's 2017 who uses cash…

    For a hotel you need a credit card. They'll take a deposit and it's much better to have a credit card rather than a debit card. The hotel prefers that and may kick up a fuss if you don't have one.

    Maybe sign up to one of those ones with bonus points when you spend more than $2000 in the 3 months. 2x Flights+accomm + incidentals here (suitcase, adapters etc) would probably get you there. You can pay it straight away and then you have points for your next trip away.

    Restaurants…. Hawker markets are my favourite in Singapore. It's cheap and it is so freaking good. Do some googling for nice restaurants there are quite a few. Been a while since I was there. http://www.gourmettraveller.com.au/travel/travel-guides/2013…
    https://www.nytimes.com/2017/05/10/travel/five-places-to-go-in-singapore-keong-saik-road.html?mcubz=2&_r=0\
    https://www.theguardian.com/travel/2014/dec/19/top-10-restau…

    Get a Singapore sling from raffles. Go to Marina Bay Sands for a drink on the roof (or stay there!).

    Singapore has a tax free shopping deal so one of you needs to carry your passport around.

    The metro has a guest/visitor pass thing. I think its 10SG$ deposit and then you load it up or something.

    • ESEMCE on 14/06/2017 - 08:29
      +1

      Agreed, most places take Card with no extra fees… And Card exchange rates are better than money exchanges provided you have one with free international transactions.
      We withdrew around S$500 when we arrived at Changi from our ING Account (they charge a one-off fee for each International Cash Withdrawal), so pull out a heap in one go and use card where possible for everything else.

      The tourist MRT ticket seemed to be more expensive than just buying a standard ticket, unless you're taking more than 4 trips per day and only staying for a few days.

      We bought Happy SIM cards for S$15 each I think.. they came with 10Gb free data and from the $15 credit we could select a calls/data package with way more value than we would have been able to use.
      We happily roamed in Malaysia with the same SIM and data package.

      As above, seek out the Hawker Centres, $3/meal compared to $20/meal in a shopping mall!

  • Archi on 14/06/2017 - 09:36
    +1

    take this guys advice on food as gospel.

    http://ieatishootipost.sg/

Login or Join to leave a comment
Login Join