Best non-airmiles (cash back?) credit card in Singapore
I have always used an airmiles card for Singapore Airlines miles. I might not be flying in the near future so thought about applying for a second credit card, and I thought cashback is the best deal right now. Has anyone researched the best cashback credit cards? I thought the only ones worth considering are: - UOB One card - gives you fixed cashback of SGD300 if you spend at least SGD2,000/month for 3 consecutive months (or 5% cashback if you spend exactly SGD2,000/month as you get no cashback for the excess) and fixed cashback of SGD50 or SGD100 if you spend at least SGD500/month or SGD1,000/month, respectively for 3 consecutive months (or 3.3% cashback if you spend exactly the minimum) (but dealing with UOB is the most painful experience on the planet; this is a bank that will send you a SMS that they sent you a physical letter to ask you to send them an e-mail) - American Express True Cashback - 3% on first SGD5,000 if you spend SGD5,000 within first 6 months; 1.5% otherwise with no minimum (great as a second card if you hit the cap of another card and regularly spend beyond the SGD2,800 spend limit for cashback of the UOB One; also gives you 2.5% cashback on non-SGD spend but you would save by using Transferwise or a similar challenger bank card to pay for lower forex rather than paying an inflated credit card forex rate and getting 1% back) - HSBC Advance - SGD150 on first SGD800 if you spend SGD800 in first month; 1.5% up to SGD70/month otherwise (2.5% if you are HSBC Advance client); 2.5% for dining, utility and telco bills with SGD2,000/month minimum spend (could be useful as a second card like the Amex True Cashback) - UOB YOLO - gives you 8% cashback (capped at SGD60/month or cash back on up to SGD750/month spend) on weekend dining, entertainment and Grab (3% on weekdays) with minimum SGD600/month spend (could be useful if you are ordering fancy weekend takeout a lot right now) - OCBC 365 - gives you 6% cashback (capped at SGD80/month or cash back on up to SGD1,333/month spend) on dining and online food orders, and 3% cash back on grocery, telco and utilities, with minimum SGD800/month spend (could be useful if you are ordering a lot of takeout right now, but OCBC is also harder to deal with) - DBS Live Fresh - gives 5% cashback capped at SGD60/month but requires minimum spend of SGD600/month; gives actual monthly cashback of up to SGD20 on SGD400 per category for "online", "eligible Visa Contactless", and all other spend (you get up to SGD40/month cashback on SGD800/month spent in two broad categories (online and Visa contactless) but a lot of hassle for up to 3 x SGD20/month and useful only if you spend so much (and still want to squeeze out this SGD60/month of cashback!) that you max the cap on the better cards; again, you might make a loss by forgetting about the card and having to pay late fees, annual renewal fee, etc) - Maybank Friends and Family - 8% cashback (capped at SGD80/month or cash back on up to SGD1,000/month) on groceries (including online grocery), fastfood (including Deliveroo and Foodpanda), petrol, ride hailing, and telco, with minimum SGD800/month spend to receive 8% rate (useful if you spend closer to SGD1,000/month on groceries but that's not everyone) Other options (that are nowhere as good as they first seem) would be: - Citi SMRT - gives 3% cashback on "online" shopping and 5% on selected groceries, McDonalds and other fastfood, Starbucks and other coffee, movie; minimum spend of SGD300/month (plus 2% on ez-Link top up, if you want a couple of dollars more a month!) (looks like a huge hassle because you get "SMRT$" instead of real dollars up front; could be useful as a second card if you max out the caps of the better cards, carefully check if a merchant counts as "online", and if you buy your groceries at Fairprice, Giant or Sheng Shiong) - Citi Cash Back - gives 8% cashback capped at SGD75/month for dining, grocery and petrol but requires minimum spend of SGD888/month; gives actual monthly cashback of up to SGD25 on SGD312.50 per category for dining, grocery and petrol (a lot of hassle for up to 3 x SGD25/month, you might make a loss by forgetting about the card and having to pay late fees, annual renewal fee, etc) - POSB Everyday - could be useful if you shop at Sheng Siong and the other places covered by the card - Bank of China family - gives you 10% cashback on dining of up to SGD25/month on SGD250/month and 3% on online shopping, with minimum SGD800/month spend (if you want to do the accounting acrobatics to keep track of the details...) - QUESTION - Maybank Visa Infinite - featured in the Straits Times June 14, 2020 edition as being the only card that racks up rewards points for insurance premiums, but I cannot figure out the card based on the Maybank website. It emphasises air miles as its perks and says it has a SGD600 annual fee (waived for SGD60,000 annual spend). Has anyone else applied for non-airmiles cards? Happy to hear people's thoughts. UPDATE: I was wondering what the best spending plan is for someone who spends at least SGD2,000-3,000/month. Below that, you should focus on the minimum spend for one card and above that, you would put the excess in a card like the Amex, Standard Chartered or HSBC Advance with a no cap 1.5% cash back. I was thinking: DBS Live Fresh - Spend your first SGD800/month of online and Visa contactless on this card (two broad categories) for 5% cash back UOB Yolo or OCBC 365 - Spend up to SGD 750 or SGD1,333/month on weekend dining or dining and other qualified spend here for 8% or 6% cash back UOB One - Put your spend that does not go to a higher cash back card here and make sure you hit exactly SGD500, 1,000 or 2,000/month for SGD50, 100 or 300 cash back/quarter (again, you get no cash back for the excess) American Express True Cash Back - Put your spend here after you hit the monthly target on the UOB One UPDATE: I tried applying for the UOB One, took UOB two months to process my application, then they say after approval, they need two business days to process the release of the actual credit card then two business days to deliver. I tried HSBC, Amex and DBS and they processed and delivered the actual card on the third business day after application (not after approval but after submission of the application)
Best non-airmiles (cash back?) credit card in Singapore
I have always used an airmiles card for Singapore Airlines miles. I might not be flying in the near future so thought about applying for a second credit card, and I thought cashback is the best deal right now. Has anyone researched the best cashback credit cards? I thought the only ones worth considering are: - UOB One card - gives you 5% if you spend SGD2,000/month for 3 consecutive months and 3.33% if you spend at least SGD500 for 3 consecutive months (but dealing with UOB is the most painful experience on the planet; this is a bank that will send you a SMS that they sent you a physical letter to ask you to send them an e-mail) - American Express True Cashback - 3% on first SGD5,000 if you spend SGD5,000 within first 6 months; 1.5% otherwise with no minimum (great as a second card if you hit the cap of another card and regularly spend beyond the SGD2,800 spend limit for cashback of the UOB One; also gives you 2.5% cashback on non-SGD spend but you would save by using Transferwise or a similar challenger bank card to pay for lower forex rather than paying an inflated credit card forex rate and getting 1% back) - HSBC Advance - SGD150 on first SGD800 if you spend SGD800 in first month; 1.5% up to SGD70/month otherwise (2.5% if you are HSBC Advance client); 2.5% for dining, utility and telco bills with SGD2,000/month minimum spend (could be useful as a second card like the Amex True Cashback) - UOB YOLO - gives you 8% cashback (capped at SGD60/month or cash back on up to SGD750/month spend) on weekend dining, entertainment and Grab (3% on weekdays) with minimum SGD600/month spend (could be useful if you are ordering fancy weekend takeout a lot right now) - OCBC 365 - gives you 6% cashback (capped at SGD80/month or cash back on up to SGD1,333/month spend) on dining and online food orders, and 3% cash back on grocery, telco and utilities, with minimum SGD800/month spend (could be useful if you are ordering a lot of takeout right now, but OCBC is also harder to deal with) Other options (that are nowhere as good as they first seem) would be: - Citi SMRT - gives 3% cashback on "online" shopping and 5% on selected groceries, McDonalds and other fastfood, Starbucks and other coffee, movie; minimum spend of SGD300/month (plus 2% on ez-Link top up, if you want a couple of dollars more a month!) (looks like a huge hassle because you get "SMRT$" instead of real dollars up front; could be useful as a second card if you max out the caps of the better cards, carefully check if a merchant counts as "online", and if you buy your groceries at Fairprice, Giant or Sheng Shiong) - Citi Cash Back - gives 8% cashback capped at SGD75/month for dining, grocery and petrol but requires minimum spend of SGD888/month; gives actual monthly cashback of up to SGD25 on SGD312.50 per category for dining, grocery and petrol (a lot of hassle for up to 3 x SGD25/month, you might make a loss by forgetting about the card and having to pay late fees, annual renewal fee, etc) - DBS Live Fresh - gives 5% cashback capped at SGD60/month but requires minimum spend of SGD600/month; gives actual monthly cashback of up to SGD20 on SGD400 per category for "online", "eligible Visa Contactless", and all other spend (again, a lot of hassle for up to 3 x SGD20/month and useful only if you spend so much (and still want to squeeze out this SGD60/month of cashback!) that you max the cap on the better cards; again, you might make a loss by forgetting about the card and having to pay late fees, annual renewal fee, etc) - POSB Everyday - could be useful if you shop at Sheng Siong and the other places covered by the card - Bank of China family - gives you 10% cashback on dining of up to SGD25/month on SGD250/month and 3% on online shopping, with minimum SGD800/month spend (if you want to do the accounting acrobatics to keep track of the details...) Has anyone else applied for non-airmiles cards? Happy to hear people's thoughts.
Best banking option for Canadian living in Denmark for 2+ years?
Hello PersonalFinanceCanada! I will be travelling to Denmark for 2+ years on a visiting researcher visa. This means that I will be paid in CAD from my host institution and will not be receiving payment in Danish currency (DKK). I will be going over 1 month early before my contract begins (Nov 1). Therefore, I am weighing options for how to minimize foreign exchange fees and optimize the exchange rate I am getting. This will be important because I will be furnishing an apartment from scratch and incurring a lot of upfront costs. Should I simply absorb the exchange rate and foreign exchange fees (2.5%) given by my existing debit/credit cards (Bank of Montreal)? Or, should I look into signing up for something like a KOHO account (1.5%)? Are there other options? Once I get my visiting researcher visa in early November, I am able to open a Danish bank account and I plan to use Transferwise to move CAD to DKK. Is this the suggested route to minimize extra costs? Any advice is greatly appreciated! Thank you!
Hi everyone, I have come across a question/problem and was hoping someone could provide some clarity. I traveled to Canada last year and was recently going over my Credit Card statements (I know - super late) and noticed that the Currency Exchange rate that I was charged from my bank (Citi) wasn’t a competitive rate at all. In fact, I would have been better off exchanging the money myself at a currency exchange shop. Please keep in mind that my Credit Card is considered a “No Foreign Transaction Fee Credit Cards.” My question: aren’t banks actually making huge profits by offering non-competitive currency exchange rates without the knowledge their card holders? I’m asking this because I believe many people don’t factor the exchange rate into account when applying for a “No Foreign Transaction Fee Credit Cards.” On top of this: there are Credit Cards that people use with a 3% foreign transaction fee + a non-competitive exchange rate. Is this one of the main ways that Credit Card companies make money? I know Capital One offers “No Foreign Transaction Fee Credit Cards” — but there has to be a way they can make some $$$ on this… is it by offering non-competitive exchange rates? Any input would be appreciated — Thank you in advance.
ATO Australian tax treatment for options trades 🇦🇺
I am posting this as I hope it will help other Australian options traders trading in US options with their tax treatment for ATO (Australian Tax Office) purposes. The ATO provides very little guidance on tax treatment for options trading and I had to do a lot of digging to get to this point. I welcome any feedback on this post.
The Deloitte Report from 2011
My initial research led me to this comprehensive Deloitte report from 2011 which is hosted on the ASX website. I've been through this document about 20 times and although it's a great report to understand how different scenarios apply, it's still really hard to find out what's changed since 2011. I am mainly relating myself to the scenario of being an individual and non-sole trader (no business set up) for my trading. I think this will apply to many others here too. According to that document, there isn't much guidance on what happens when you're an options premium seller and close positions before they expire. Note that the ATO sometimes uses the term "ETO" (Exchange Traded Option) to discuss what we're talking about here with options trading. Also note: The ATO discusses the separate Capital Gains Tax ("CGT") events that occur in each scenario in some of their documents. A CGT event will then determine what tax treatment gets applied if you don't know much about capital gains in Australia.
ATO Request for Advice
Since the Deloitte report didn't answer my questions, I eventually ended up contacting the ATO with a request for advice and tried to explain my scenario: I'm an Australian resident for tax purposes,I'm trading with tastyworks in $USD, I'm primarily a premium seller and I don't have it set up with any business/company/trust etc. In effect, I have a rough idea that I'm looking at capital gains tax but I wanted to fully understand how it worked. Initially the ATO respondent didn't understand what I was talking about when I said that I was selling a position first and buying it to close. According to the laws, there is no example of this given anywhere because it is always assumed in ATO examples that you buy a position and sell it. Why? I have no idea. I sent a follow up request with even more detail to the ATO. I think (hope) they understood what I meant now after explaining what an options premium seller is!
First, I have to consider translating my $USD to Australian dollars. How do we treat that? FX Translation If the premium from selling the options contract is received in $USD, do I convert it to $AUD on that day it is received? ATO response:
Subsection 960-50(6), Item 5 of the Income Tax Assessment Act 1997 (ITAA 1997) states the amount should be translated at the time of the transaction or event for the purposes of the Capital Gains Tax provisions. For the purpose of granting an option to an entity, the time of the event is when you grant the option (subsection 104-20(2) ITAA 1997).
This is a very detailed response which even refers to the level of which section in the law it is coming from. I now know that I need to translate my trades from $USD to $AUD according to the RBA's translation rates for every single trade. But what about gains or losses on translation? There is one major rule that overrides FX gains and losses after digging deeper. The ATO has a "$250k balance election". This will probably apply to a lot of people trading in balances below $250k a lot of the FX rules don't apply. It states:
However, the $250,000 balance election broadly enables you to disregard certain foreign currency gains and losses on certain foreign currency denominated bank accounts and credit card accounts (called qualifying forex accounts) with balances below a specified limit.
Therefore, I'm all good disregarding FX gains and losses! I just need to ensure I translate my trades on the day they occurred. It's a bit of extra admin to do unfortunately, but it is what it is.
This is the scenario where we SELL a position first, collect premium, and close the position by making an opposite BUY order. Selling a naked PUT, for example. What happens when you open the position? ATO Response:
The option is grantedCGT event D2 happens when a taxpayer grants an option. The time of the event is when the option is granted. The capital gain or loss arising is the difference between the capital proceeds and the expenditure incurred to grant the option.
This seems straight forward. We collect premium and record a capital gain. What happens when you close the position? ATO Response:
Closing out an optionThe establishment of an ETO contract is referred to as opening a position (ASX Explanatory Booklet 'Understanding Options Trading'). A person who writes (sells) a call or put option may close out their position by taking (buying) an identical call or put option in the same series. This is referred to as the close-out of an option or the closing-out of an opening position. CGT event C2 happens when a taxpayer's ownership of an intangible CGT asset ends. Paragraph 104-25(1)(a) of the ITAA 1997 provides that ownership of an intangible CGT asset ends by cancellation, surrender, or release or similar means. CGT event C2 therefore happens to a taxpayer when their position under an ETO is closed out where the close-out results in the cancellation, release or discharge of the ETO. Under subsection 104-25(3) of the ITAA 1997 you make a capital gain from CGT event C2 if the capital proceeds from the ending are more than the assets cost base. You make a capital loss if those capital proceeds are less than the assets reduced cost base. Both CGT events (being D2 upon granting the option and C2 upon adopting the close out position) must be accounted for if applicable to a situation.
My take on this is that the BUY position that cancels out your SELL position will most often simply realise a capital loss (the entire portion of your BUY position). In effect, it 'cancels out' your original premium sold, but it's not recorded that way, it's recorded as two separate CGT events - your capital gain from CGT event D2 (SELL position), then, your capital loss from CGT event C2 (BUY position) is also recorded.In effect, they net each other out, but you don't record them as a 'netted out' number-you record them separately. From what I understand, if you were trading as a sole tradecompany then you would record them as a netted out capital gain or loss, because the trades would be classified as trading stock but not in our case here as an individual person trading options. The example I've written below should hopefully make that clearer. EXAMPLE: Trade on 1 July 2020: Open position
SELL -1 SPY 85 PUT, exp 30 August 2020
Collect Premium USD$1 per unit, and brokerage USD$5
= USD$100 premium collected, minus USD$5
= Net amount of USD$95 collected
FX Translation rate on the date of the trade: AUD $1.00 = $USD 0.70
Net Premium Collected in $AUD
= USD$95 x (1/.7)
CGT Event D2 triggered and a capital gain of $135.71 is recorded
Trade on 15 July 2020: Close position
BUY 1 SPY 85 PUT, exp 30 August 2020
Pay Premium $0.50 per unit, and brokerage $5
= $50 premium paid, plus $5
= Net amount of USD$55 paid
FX Translation rate on the date of the trade: AUD $1.00 = $USD 0.60
Net Premium Collected in $AUD
= USD$55 x (1/.6)
CGT Event C2 triggered and a capital loss of $91.66 is recorded
We can see from this simple example that even though you made a gain on those trades, you still have to record the transactions separately, as first a gain, then as a loss. Note that it is not just a matter of netting off the value of the net profit collected and converting the profit to $AUD because the exchange rate will be different on the date of the opening trade and on the date of the closing trade we have to record them separately. What if you don't close the position and the options are exercised? ATO Response:
The option is granted and then the option is exercisedUnder subsection 104-40(5) of the Income Tax Assessment Act 1997 (ITAA 1997) the capital gain or loss from the CGT event D2 is disregarded if the option is exercised. Subsection 134-1(1), item 1, of the ITAA 1997 refers to the consequences for the grantor of the exercise of the option. Where the option binds the grantor to dispose of a CGT asset section 116-65 of the ITAA 1997 applies to the transaction. Subsection 116-65(2) of the ITAA 1997 provides that the capital proceeds from the grant or disposal of the shares (CGT asset) include any payment received for granting the option. The disposal of the shares is a CGT event A1 which occurs under subsection 104-10(3) of the ITAA 1997 when the contract for disposal is entered into. You would still make a capital gain at the happening of the CGT event D2 in the year the event occurs (the time the option is granted). That capital gain is disregarded when the option is exercised. Where the option is exercised in the subsequent tax year, the CGT event D2 gain is disregarded at that point. An amendment may be necessary to remove the gain previously included in taxable income for the year in which the CGT event D2 occurred.
This scenario is pretty unlikely - for me personally I never hold positions to expiration, but it is nice to know what happens with the tax treatment if it ultimately does come to that.
What about the scenario when you want to BUY some options first, then SELL that position and close it later? Buying a CALL, for example. This case is what the ATO originally thought my request was about before I clarified with them. They stated:
When you buy an ETO, you acquire an asset (the ETO) for the amount paid for it (that is, the premium) plus any additional costs such as brokerage fees and the Australian Clearing House (ACH) fee. These costs together form the cost base of the ETO (section 109-5 of the ITAA 1997). On the close out of the position, you make a capital gain or loss equal to the difference between the cost base of the ETO and the amount received on its expiry or termination (subsection 104-25(3) of the ITAA 1997). The capital gain or loss is calculated on each parcel of options.
So it seems it is far easier to record debit trades for tax purposes. It is easier for the tax office to see that you open a position by buying it, and close it by selling it. And in that case you net off the total after selling it. This is very similar to a trading shares and the CGT treatment is in effect very similar (the main difference is that it is not coming under CGT event A1 because there is no asset to dispose of, like in a shares or property trade).
Other ATO Info (FYI)
The ATO also referred me to the following documents. They relate to some 'decisions' that they made from super funds but the same principles apply to individuals they said.
The ATO’s Interpretative Decision in relation to the tax treatment of premiums payable and receivable for exchange traded options can be found on the links below. Please note that the interpretative decisions below are in relation to self-managed superannuation funds but the same principles would apply in your situation [as an individual taxpayer, not as a super fund].
Key quote from this decision: CGT Event D2will apply on the writing of an ETO by the Fund. The Fund as grantor of the option will make a capital gain (or loss) of the difference between the capital proceeds (that is, the premium receivable) and the cost of granting the option (for example, brokerage fees) at the time the option is granted
My take on this is that you will realise a capital gain on issuing of the selling position. I don't see how you could realise a capital loss in that scenario? Or maybe if you sell a position and the brokerage is so high that it outweighs the premium received (a dumb trade) then that would be a capital loss (a rare scenario).
Key quote from decision: When the Fund opens a position by buying an ETO, no immediate taxation consequences arise.CGT Event C2will happen to the Fund when its position under an ETO is closed out where the close-out results in the cancellation, release or discharge of the ETO
Don't forget to declare your trades on your tax return and keep a nice spreadsheet
Keep track of the exchange rates for each day you make a trade. You could do as you go and check the RBA exchange rates website for the daily number, or just do it all at once at the end of the financial year
Finally - I recommend ensuring that you save a portion of your income to pay the capital gains tax at the end of the year so you don't have to withdraw it from your portfolio and pay exchange rate fees to convert it back to Australian dollars. It will depend on your marginal tax rate what that percentage will work out to be in the end.
No Agent Taobao Direct Buying Guide! Let's view all baby and determine
Taobao Direct Guide for users familiar with 3rd party agents and navigating taobao (with chrome google translate on, hence the title)
Taobao direct consolidation and shipping is available in the following countries: USA, Canada, Australia, New Zealand, Japan, Malaysia, Singapore, Hong Kong, Macau, Taiwan. This review is primarily geared towards the US as that’s where I live.
What is Taobao direct? Basically instead of copying and pasting the item URL into the agent website, you add items to your cart like a regular ecommerce site, check out, wait for items to arrive in the warehouse (similar to what happens when you use an agent) and then when all your items from various sellers are in, you request the logistics company to send everything to you. Disclaimer: I have no Chinese fluency written or otherwise. I did everything through Google translate and my experience with how tb works through agents. If something goes wrong I will probably write off the item 🤣 if you communicate a lot with the ts who use translators it also helps get your point across. If you type in English in tb live chat they will redirect you to the HK/tw help staff who have medium English. Also I bought items I purchased previously with an agent or vouched for here on RL or had crazy high reviews/ratings. Pros:
Duck the agent fees and exchange rate bs
Shipping is cheaper but EMS is the only option right now
If you are overcharged for shipping you can get a refund
It’s also easier to collect the discounts and coupons from stores (ymmv with agent)
Not good for reps or mainstream branded rep items as they can be marked as contraband by taobao and then you have to get a refund and return to the seller
You pay 5% sales tax (see note at the end) and 3% on the total payment through alipay with a foreign cc (regardless if your cc does not charge forex)
No qc pics and can't really control the declared value if that matters
Other categories of items like make up brushes, liquids, powders, sharps, etc. are not eligible
20 day hold limit apparently every day after that is charged 1 yuan per item per day
I think the ideal usage for taobao direct would be light items like innerwear, jewelry, soft/non fragile goods, generally clothing and shoes although I don’t know if they will include the box by default. Please see here for the image guide for ordering Sorry in advance if my descriptions are wonky, I'm not great at following OR writing instructions but hopefully the screenshots make it easier to follow along.
Create an account (there are various guides out there for overseas members) and go into your account and add your home address (or the superbuy warehouse address)
Find your items and change the delivery location to "overseas", add to cart
When you're ready to check out hit check out, enter your cc info on the alipay (remember to use a card that doesn't charge foreign transaction fees) and confirm it goes through.
Wait for all your stuff to come in. When its in the tb warehouse it will show up in the "consolidated delivery" section tagged with a weight (usually volumetric or actual). The 20 day countdown will start once its available for international shipping.
After all your items are in, or you can batch up by selecting items on the consolidated delivery page, submit for delivery. Pay again through alipay.
Use the check logistics option to get the tracking info and wait for your haul!
After receiving but before you open, take photos of it on a scale and the lxwxh with a ruler as well. This is because they will overestimate your shipping but there isn't rehearsal shipping like with agents. You can request a refund after the fact with the "refund/complaint" option on the consolidated delivery page (mine says check refund because I've already gone through it)
Getting a refund: select the "only refund" option, "goods received" and "shipping cost does not match" and leave the full shipping amount in. Upload your measurement and weight photos (make sure the file size is not too big). Within 72hr they will reply and ask you to modify your application with the real amount owed (if any). It will go back to your cc through alipay (may take a few days).
Cost comparison: Even after the 5% sales tax and 3% alipay, it cost me $6.20 total from my credit card statement. A 39 yuan top up for sb is $6.53 as of today (if using paypal). For some the qc pictures and the longer storage period are well worth the difference. However a good compromise is the parcel forwarding option in sb. Instead of shipping to your house you can set up superbuy’s warehouse address and pay in taobao and wait for your items to show up in sb. You also have to submit the item link and the tracking # in superbuy so they can find your stuff. There's no sales tax and usually no shipping and you can select the coupons you want. I had a pair of pants make it to the sb warehouse almost 24hr after ordering, and another 24hr after entering my shipping info and item link in sb, it showed up in my account with free (non hd) pictures of the item. Then I cried putting together the shipping parcel lol. This is a good way to dodge the sales tax and hold items for longer. However then you're at the mercy of the shipping costs (but you do have more options for delivery lines and you can customize how you want your items packaged too). The taobao warehouse will really throw everything in there, probably in a poly envelope. The taobao shipping rates are 90yuan for the first .5kg and 48 yuan per every .5 after which is very competitive even after accounting for volumetric weight. Sb ems starts at 186 for the first .5kg and 61y every .5kg after. Of course rates and terms are subject to change with the times. I had a package that came in at 277g when I measured it at home but I was charged for 1.6kg. After sending in the package images they refunded 144yuan (the true volumetric weight was about .97kg.) Taobao volumetric calculation is lxwxh (cm)/6000. Timeline wise I submitted 8/16 and received 8/28 although I think because it was so light they used epacket/china post because it was not an EMS tracking # big sigh. Still less than 10 days can't complain. Hope this helps! I'm sure I missed something on this guide so feel free to leave any questions and I will update the post accordingly. Apologies this is very us-centric, I also cannot comment on getting a refund or exchange from sellers before you ship out but there is now english support (albeit a bit wonky) through chat and aliwangwang+google translate can get you pretty far. Ps: highly recommend using the app too as its easier to get chat messages from the seller. You can screenshot and upload images to Google translate to read the text.
Does forex conversion rate vary for brand of card within the same bank?
Is it possible for BDO to charge foreign currency expenses differently based on the brand of card used? According to the general credit card table of fees & charges “assessment rate of 1% plus service fee of 1.5% of the converted amount based on the forex rate of visa/mastercard/etc and BDO at the time of posting”, while the amex table says “a conversion factor of 2.5% will be applied to the converted amount, of which 1% is retained by amex”. Are they different or are they essentially the same thing just worded differently? Thank you.
I've been watching many videos about finance and want to summarise it into a paragraph so other people can correct me and give tips. I just want to want to set myself up for a better future and maybe learn from others mistakes. CC1. This is the most information I have about credit cards. You can credit card churn (for travel not cash back )when 18 which you need a credit score for. Having a low utilisation rate make credit score higher. Never miss payment-lowers. Don't close cards - lowers. Don't have 0% utilsation - lowers + chance of them closing card CC2. Become an authorised user of an credit card for good credit score. (Can it be my sister and not my mum? - My mum has incredibly low credit score which I don't want affecting mine ) CC3. Manipulate your utilsation rate by paying the amount you owe before the statement day so on the statement date it says my utilsation rate is 7% and then pay that of before due date. (Can I use 70% of my limit then pay 63% before statement date bit by bit so it says my utilsation rate is 7%?) Real Estate I want to move out of my city and live in London and I heard of a term "House Hacking" which sounds exactly what i want to do but know very little about tax write off ,equity and other tax and mortgage stuff. Saving I'm going to build a 4 months living expense emergency fund and start putting money in a investing retirement account ISA where I invest into a index fund (S&P500 or Fidelty or Vangaurd) - First question I have is can I open these up when I'm 16 and if yes then another is do I need to have consistent income? Multiple stream of income I have heard most millionaires/billionaires have many streams of income. So to achieve this I am going to work so I am able to pay for initial investments and to start businesses. First income stream will be generated through my job which I will quit because I don't want to trade time for money for long. Second income source interest through saving account. Third source is investment, I want to invest in Forex (this is going to be a smaller part of my portfolio as its very risky and volatile). A bigger part of my portfolio is real estate. A lot of money is going to be in index funds. Lastly a scale able business (I don't really know a lot but would like to know a lot more.) Oh I forgot, I also want to be a youtuber and instagrammer as they have many benefits like affiliate marketing through links and they also get sent a lot through sponsorships. Please answer my questions using subheadings.
Losing money due to hotel cancellation. Do I have any other options? [Ontario]
I booked a hotel in March for $1391 USD. The charge on my credit card was $2076 CAD. I went out of my way to pay in advance. I prefer prepaying for everything, especially when it comes to vacations. I didn't expect COVID to last as long as this. I have had to change plans twice. I can now no longer go this year and I probably won't be taking the trip until 2022 at the earliest. The hotel (Marriott) is willing to offer a refund of course but that's not what I want because I will be losing money. I asked for a future credit note with them, they said no. I asked for a cheque sent to me in USD, they said no. They said the only option is to receive a credit card refund. If I got the credit card refund today I would get back approximately $1890 CAD. That's almost $200 less than I paid. Are there any other options that I'm not thinking of? Maybe just keep re-booking the hotel for a couple years (and make sure there is free cancellation every time)? Should I still push for a cheque in USD and try to cash it in USD?
Most economical way of paying off student loan from overseas.
I searched through this subreddit and was surprised to see this hasn't been discussed at much length (or I am bad at searching). I am living overseas in Canada and am being charged 3.5% interest on my student loan balance so I'd like to now start paying it off ASAP. From what I can see there are a number of possible methods for paying off a student loan from overseas:
Exchange service such as Western Union or Transferwise.
Direct debit payments.
I put together a quick table summarizing my options, calculated at 07:00 EDT - 9/8/20. Some things to note:
OFX, OrbitRemit, WU and XE have an agreement with IRD where they don't charge fees for student loan repayments. Transferwise is still cheaper than WU even with fees which goes to show how overinflated the WU exchange rate is.
IRD credit card payments are not supposed to charge the 1.42% convenience fee if you are overseas. I messaged IRD to make sure it definitely would not be charged and they said that it is an error that it shows on the confirmation page and it definitely would not be charged. It was still charged. I messaged them and told them I had been charged 1.42% and they told me it was my bank (it definitely wasn't, but I can't be bothered arguing with them anymore).
I don't believe that FOREX Credit Card payments would be able to earn any sort of rewards but it may be possible to make up for the additional fees this way. It may also be worth the additional fees of using a credit card for someone in Canada or the USA to help build a credit score. For example on a $50,000 loan the difference between using a credit card and OFX (If you could get IRD not to charge the convenience fee) would be about $430 but could potentially increase your credit score significantly.
Credit Card FOREX was calculated using this. I have used a 0% bank fee as I could theoretically get a CC with 0% FOREX from my bank.
Send Amount (CAD)
Recieve Amount (NZD)
CAD Not Available
IRD Convenience fee included (1.42%)
I have a few questions:
The XE website was down, does anyone know if their rate is competitive?
Is there anything else I am missing? I'd like to get it right as I am now going to start aggressively paying down my quite sizable loan and a few percent here and there will make a big difference!
It looks like OFX is the cheapest option, does anyone have an experience with them? I may still just use Transferwise as they are only slightly more expensive (ends up being about $150 extra if I paid off my whole loan) and I have had really good experiences with them in the past.
[IC] Mill Max 0305 small GB in Toronto, ON, Canada
Edit: MOQ Met.
Edit 2: We are at 2040 now. Looking for one or two other people to hit the 2500 MOQ pricing point.
Placing the order soon. I need some Mill Max 0305 for some upcoming boards. For Canadians it's cheaper or the same to order directly from Mouser than to join any Mill Max GBs. I need about 300, but the savings really kick in if you can hit the 1000 unit MOQ price and the free duty covered shipping that comes with it. Canada Post is expensive and Toronto has a pretty big number of MK enthusiasts. If we do a local only group buy we can meet up (socially distanced) somewhere in the city and get everybody their sockets. For 12,700 units or under, Mouser ships via USPS Global Priority Mail for just $8 USD. Since it's USPS and we're ordering a very small quantity, we shouldn't really expect any additional costs. Worst case scenario it'll be 13% extra for HST but that's highly unlikely. I've got a 0 ForEx fee credit card so we should get about the same exchange rate as what it shows on Google. For 1000 units and over Mouser will ship to Canada for free, duty included in the price. Works out to be around $0.128 CAD per socket. It's slightly higher than what it'd be if we paid in USD, but it's worth it for the peace of mind. I've updated the table below. Here's a price comparison table. Archetype GB includes shipping to Canada ($12.75), PP fees and an estimate of other overhead costs (1c per socket).
Mouser Direct (USD)
Archetype GB (USD)
This local GB (USD)
This local GB (CAD)
140 (One 65%)
280 (Two 65%)
To keep things simple this will be for 0305 sockets ONLY. It seems like to date there hasn't been a board that has had problems with these. I'd like to keep the quantity between 1000 - 1200 for this GB. Just 2-5 people max. Like I mentioned before it's locals only. If you want 500 then I will get the other 500 and call it a day to make things even simpler. You can come pick up from me on the east end, or we can set a date and time somewhere more convenient in the city. I'll be counting these by weight. I have a very accurate LB501 digital scale. You should still order 5 - 10% more than you need just to account for count / damage during installation. You can pay me via Paypal and cover the fees, or you can pay me half up front in Interac EMT and pay the other half when you pick up. I have lots of feedback here and at /ecigclassifieds. I've ran a similar local GB before for DIY flavors so I'm familiar with the process. If there's enough interest I'll draw up the details and will post / contact you with more info.
I will be travelling to Europe this Summer and this is major concern that I have. I do own Visa and Mastercard however, I like using American Express because of Air Miles & other perks. Plus, American Express has travel insurance on the card so it makes me feel safer using it rather than Visa or Mastercard. Is American Express commonly accepted in Europe? Will I have a problem using American Express in stores, bars, clubs, restaurants, etc.? Any advice is appreciated.
A Forex trader's success is often directly related to the Forex broker he/she chooses to conduct business with. If a trader chooses a broker who is unwise, unethical, and/or a combination of both, the trader could lose a substantial amount of money in the Forex market. It can be very difficult to determine which Forex brokers are reputable until a trader has traded real money with them. However, by this time the trader may have lost the money that he/she has invested. Forex Brokers Reviews Fortunately, there are online sites that provide informative Forex broker reviews to aid you in choosing the right firm for your trading needs. These sites have extensively tested the brokers' Forex platforms and trading conditions using real-money accounts and making real trades. This means that you don't have to invest your own money to determine whether a Forex broker is reputable and effective at handling your trades on the market. Some of the criteria that such sites use in their reviews include the safety of a trader's deposits and the honesty of the broker. The trader can conduct his/her own online research about a specific trader via online forums, ask direct questions to the firm, and seek information from the proper authorities. One of the essential things the trader must learn about the broker is whether the firm is regulated by government authorities. Another is whether the firm uses state-of-the-art measures to ensure that the trader's personal information and account details will remain safe from unauthorized access. Sites that provide Forex broker reviews can quickly give you this vital information. forex broker review A trader should also determine the spreads and commissions that the broker will receive when executing trades on the Forex market. The lower the level of commission the better it is for you. Any commissions over 3-pips in EURUSD trades should necessitate you finding another broker. There are quality firms that only charge 1-pip for EURUSD trades. It's important for you to find out the spreads and commissions that are charged by the brokers before deciding to employ them for your Forex trades. These are usually explained on the firm's website. A trader should look for a broker that only requires a small initial deposit. At the same time, however, the trader should also consider leverage and minimum lot size as well. The trader should also choose a firm that provides many ways to fund his/her deposit, including wire transfers, credit cards, and PayPal transfers. Sites that provide Forex broker reviews will usually list the ways in which you can fund your accounts. Top Rated Forex Brokers The trader should also find the right Forex trading platform to execute his/her trades. The platform should provide a comfortable and familiar interface to the trader and should also provide plenty of customizations options. The best way to find the right platform for you is to take it for a spin via a demo account, which most reputable brokerage firms now offer. Visit Here -Most Trusted forex brokers
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Hello all! Im 22 and I’m now starting to look into my finances, so I’m pretty knew here. I recently started budgeting and now I’m looking to get a credit card to build my credit score. If I use my credit card to pay my rent and car insurance then create a direct debt will that build my credit score? I also occasionally travel with work so would like to have a card where I can use it abroad, any suggestions on which card to get? I claim back what I spend abroad on expensive so that would also be getting paid off! Any other advise is welcome!
Hi there, just want to pool some reviews if anyone had an experience with this? I verified my USD wallet (Multi-currency account) thru my payroll debit card - SecB for $20. I got credited 979.48 pesos which is surprisingly low, not that I'm mad about it. just curious because people here attest to having as high as 8% of total fees for the conversion cost? It also boggles me because SecB's USD selling rate today was 49.15 but mine was converted at 48.97. Can anyone share their experience below as well? TIA! Edit: Figured out using a mastercard currency converter that SecB didn't impose any bank fees for the forex conversion, what a time to be alive! https://imgur.com/ouItyMThttps://imgur.com/DZznMip
Immediate Edge Review, Is Immediate Edge SCAM Or Legit Trading App?
Immediate Edge Review: Is This Crypto Robot Legit or Scam Immediate Edge Review and investigation 20twenty. The Immediate Edge app is a crypto, forex and choices trading robot utilized by folks to automatically obtain and sell Bitcoin and create profits. Wanting at the website, many people claim it helped them move from rags-to-riches trading Bitcoin. Further, some claims linked it to Ronaldo and Sir Alex Ferguson https://preview.redd.it/rttn3i4hohm51.jpg?width=1280&format=pjpg&auto=webp&s=8f0dc345c3ace4032d571d44fabe356f13ff1a33 Is Immediate Edge app legit or scam? Whereas the claims of its linkage to the higher than celebrities are unverifiable, we tend to can verify that the app is not a scam and permits individuals to trade Bitcoin using the Fibonacci strategy with ten minutes time frames The app, that allows people to deposit at least $250 through mastercard and Sofort, scores 88% rate and a 5 stars as a real software Since there are several scam cryptos, forex and options brokers who trick individuals to depositing money, and then they run away with the funds, we have taken time to review this software to determine if it is real or a scam. Is Immediate Edge scam or legit High success rate is reported by users with this software. The Immediate Edge web site provides truthful claims about the service though it will not mean the crypto trading risks are eliminated with its use. Customers should start with the minimum investment and increase it when satisfied with the utilization of the app. Click the link to access Immediate Edge official web site or keep reading to understand more This software will not seem to be a scam and users report that it helped them make real money trading on it.b site What is Immediate Edge App? Immediate Edgecould be a robot or auto-trading software that allows folks to trade forex, crypto and binary choices. A user deploys the algorithm-primarily based bot, which relies on a trading strategy that's automatically executed on a broker trading platform once deployed. The strategy is coded or set like to permit the user to automatically get and sell crypto, stock or choices on the broker platform at favorable prices, to form profits. It can do automatic market analysis by analyzing a vast amount of knowledge from completely different sources, at intervals seconds and with high accuracy, then use the data to predict the costs. It can then come up with a transparent buy or sell tradable signal and then execute it automatically by shopping for and/or selling on the broker platform. The software can, therefore, save a trader thousands of manual hours and labor they might have spent analyzing information to form trading choices and to follow the markets and to position and close trades. You conjointly do not want to understand anything concerning crypto, stock or option trading to use this auto trading app, although it is suggested to possess this information to keep improving on trading. Trading bots will achieve high success rates of more than 90p.c and have been tested to work. You may be searching for Immediate Edge scam but the website can tell you that you can expect to earn between $950 and $a pair of,two hundred per day using the software but that depends on your expertise. As a newbie, you'll not start making that a lot of immediately and conjointly it depends on how a lot of you invest. With an investment of $250, you'll be able to expect to form a lot of lesser although some people claim to own made $12a pair of in a very few hours using this software. That will not mean Immediate Edge is error-free. There still is a heap of unpredictable high volatility in crypto and bots will make mistakes and errors to create losses. Auto trading robots are better employed in combination with manual trading strategies. https://preview.redd.it/1zkt9v3johm51.jpg?width=1280&format=pjpg&auto=webp&s=85f7e7f5d0e9d6b60b4a8a6e37bb344dbbb8305c Immediate Edge Review How will Immediate Edge work? All a user has to try and do is join up at the Immediate Edge web site, then deposit funds to have access to the robot, when which they can begin trading by switching on the bot. It will would like no control or intervention from humans, beyond beginning and stopping it. You additionally need to stay checking, daily, to observe the performance of the software in doing its job and ensure that it is earning any returns needless to say. From there, you can confirm whether or not to extend or decrease your investment towards crypto, options or stock trading using this robot. You'll be able to also monitor performance to be ready to regulate the trading settings from your dashboard and optimize totally different features of the trading bot for instance set amount of trades or amount to invest in every trade. Founder of Immediate Edge In line with the Immediate Edge website, this trading bot was founded by Edwin James. Reportedly, he created billions with forex, crypto, and binary options trading and still shares his strategies on the way to trade the assets on the app. He founded the app to create it potential for brand spanking new traders to create cash in less than 3 minutes of signing up. How to sign up on Immediate Edge: Registration: Registering or signing up on the website is free but to start trading, you want to deposit no less than $250. You discover a registration type on the top right of the page, on that you type in your email, full names and phone numbers and country code. Create a password to be used for logging in later. Deposit funds: Depositing funds allows you to connect to a robot broker and then you'll begin the bot to start out trading. You'll deposit with Visa, Wire Transfers, Klarna or Skrill. The currencies supported are Swiss Franc, British Pound, US Greenback, and Euro and using a credit or debit card limits deposits to less than $/£/€/?10,00zero in one day and $/£/€/?40,000 in an exceedingly month. Immediate Edgeisn’t licensed to handle your funds, it works with brokers to handle the cash once it's deposited. Demo trading: Relying on the broker you're connected to, you can begin to practice trading with the Immediate Edge software. Some brokers do not have this feature on their platforms. Still, with the latter, you can test their options before you deposit cash to try and do live trading. With the demo options, you'll be able to familiarize yourself with the trading house before beginning to use real money to trade. Trading: Before and when you've got switched on auto-trading, you would like to check the trading settings daily. You'll regulate some things including stop-loss orders and when to try to to them, amount to speculate per trade and how several trades to try to to per day. You'll be able to also choose that cryptocurrencies to trade, and you'll be able to select all the most in style ones together with Bitcoin and Ethereum. You also get to observe the profits/losses and decide if to continue and/or when to prevent. https://preview.redd.it/c9scw5fkohm51.jpg?width=1280&format=pjpg&auto=webp&s=3d127be2887c4c8960023a8cf1b1f55297dbf250 Withdrawals, user verification, cost of using the app and alternative options The payouts or withdrawals are made by filling letter of invitation type on the funds’ management page and it can take two operating days to replicate in your checking account. No fee is charged on withdrawals. You'll withdraw your cash including the capital while not a lot of problem on this app, that is better than several that don't enable withdrawals at any time While some bots need verifications by asking for your ID and statements, this one will not. You are done once uploading your payment details. The bot charges a commission on profit. Besides, you get twenty fouseven client support on Immediate Edge Immediate Edge may be a legit, secure, user-friendly trading application for crypto, stocks, and choices. It has a zealous customer service and reports a high success rate. Another smart robot we have recently reviewed is Bitcoin Professional We tend to hope that this review helped you to make a decision concerning this trading app. Additionally, subscribe to our web site to be invariably notified concerning new software from this industry. For live reviews subscribe to our Youtube Channel or FB Page. https://www.immediateedge.org/ https://www.facebook.com/immediateedge/ https://www.pinterest.co.uk/immediateedge/ https://twitter.com/EdgeImmediate https://www.instagram.com/immediateedge/
People of r/india, what debit/credit card do you use when you travel out of India?
I would be travelling to Europe for a week. I read online that for every transaction I do with my card there is a charge of 3.5% + 18% GST on that. That would be a lot considering the amount would be in Euros. What card do use while travelling abroad?
I didn't want to hijack this thread: https://www.reddit.com/PersonalFinanceCanada/comments/hmew13/looking_for_new_credit_card/ So I started a new one, I hope that is okay. I am looking for slightly different advice. I've never considered myself as an elite/prestige customer, but maybe I have been selling myself short and using the wrong "class" of credit card. Looking to replace the Capital One World Elite Mastercard because of their reward reduction, but rather than a direct placement, should I be looking for something "better" for my personal situation:
Singularly motivated by the highest possible net return on spending
Prefer flexible benefit (e.g. I don't want aeroplan points or toattempt to redeem through a travel agency)
I don't care about "prestige" or colour or card material
Household income over the minimums I see published on many "prestige" cards like the AMEX Centurian and no household debt
Annual spending ~ $130K per year using revolving credit, must have at least $15K credit limit
Must not be AMEX
I am not incorporated, if that matters, this is not a business card
I don't care about interest rate, balance transfers, annual fees (see net return), spousal fees, etc
I don't care about preferred FOREX rates, although it is a nice bonus
I don't care about perks like front of line access, airport lounges, complimentary bag fees, etc
However, in the case of a credit card, the rates are applied at the time of the transaction, i.e., when you swipe your card. Therefore, whatever the prevailing rates are at that time will get applied along with other transactional charges. Motwani said that once the forex card is preloaded with the currency of the destination country, the exchange rates are locked-in instantly. A forex card ... Credit Card Charges Calculator. Using this simple calculator, find out how much your credit card provider charges you for purchases made in different currencies. A great companion to the Travel Expenses Calculator. Calculate your Credit Card and Forex Rates Spend What is Forex card?A forex card is used to make payments abroad & is issued by banks such as HDFC, Axis Bank etc. Here are 5 things to know about forex card . Toggle navigation. Book A Forex Live Rates 09212219191 1. Book Forex At Zero Margin; Book An Order 09212219191; Home > 5 Things You Need to Know about Forex Cards. August 23, 2017. 5 minutes, 7 seconds Read . 5 Things You Need to Know ... Whether you’re looking for a rewards card or a card that can help you build credit, today's market has something for everyone. See what our experts have to say and find the best credit card for you. Credit card forex costs The major component — besides the forex fee — that determines the overall cost of a U.S. dollar transaction is the exchange rate. Kate Payne, media relations specialist for the Canadian Bankers Association (CBA), says American Express, MasterCard and Visa Canada set the ongoing currency exchange rates that credit card issuers use. While she isn’t aware of any ... India's leading multi-currency forex card at the exact interbank rate with ZERO additional charges. Get foreign exchange currency for FREE with Pax Credit! Skip to content. About Us; Careers; Refer and Earn; Phone:(91) 9908902699; WhatsApp:(91) 9908902699; Pax Credit. Easing Financial Needs of Students. Menu Close. Order Forex; Forex Rates; Forex Card; How It Works; OSHC. Buy OSHC; The Pax ... Credit card deposit/withdrawal fees. There is a mix of brokers who do not charge the trader any fees for making deposits/withdrawals while others charge a fee, usually around 2%. Some credit cards may also treat payments to forex brokers as cash advances rather than a regular purchase and charge a high interest rate. It would be best advised to ... There are three ways to spend money when traveling abroad – cash, credit card and forex card. It’s difficult to find the best forex card. Because some cards charge you a fixed amount of Rs 150 for issuing the card while others offer it to you for a higher fee of Rs 500. Some cards are single currency while others are multi-currency ones. Some are designed for frequent travelers while ... Enjoy locked-in exchange rates: Most of the forex cards offer locked-in exchange rate feature which protects the cardholder from fluctuating currency rates. Irrespective of the dollar rate on a given day, your money in the card remains the same. No currency exchange hassles: Carrying a forex card, frees you from the hassle of exchanging currency is foreign locations. With a pre-loaded forex ...
FOREX CARD OR CASH - WHICH IS BETTER? IS CREDIT CREDIT CARD BETTER OVER DEBIT CARD
Credit card sales guys have a reputation of using the bait and switch and if you have switched before, you may have had a bad experience. What can you do to ... Ten shoppers were approached by the CBC at random at a Winnipeg mall and given a script to read to their credit card company, aski Ten shoppers were approach... i will show you a simple fast and effective way that we here at billionaires academy deposit to our forex trading accounts without a bank account, credit car... Please like and subscribe for more videos like forex investment and outdoor gears related. I have already tested this https://bit.ly/37HU89c forex investment... Follow me on Instagram @parthvijayvergiya BookmyForex - https://www.bookmyforex.com?u=X3tIXAFf256633 DRONE FOOTAGE BY https://www.youtube.com/channel/UCwmMJS... Simple lifestyle vlog for you guys, got a few new items thanks to forex trading, making like a little nicer day to day from now on. ***Website: hunterfx.co *** Social Discord: https://discord.gg ... # forex card or cash which is better # forex card or international debit card # bookmyforex # us dollars rate # forex card price india # best forex card in india # forex card vs debit card # forex ...