Credit Card Usage Oversea or Online

I am writing this based on myself living in Singapore using a Singapore Credit Card issued by the banks in Singapore Dollars (SGD).  You however can also checkout the information in your respective counties.  The concept works almost the same.

Many of us travel overseas.  We know we can use our Credit Card overseas with convenient.  Often when you made a purchase while overseas, do you encounter why retail counters often ask if you like to pay your purchase in their foreign currency or Singapore Dollars.

So I did a asked on my Facebook and see what was everyone's choice.  Guess what?  Everyone chosen foreign currency where they are at.  So is this the best choice?

Most of us like myself isn't aware.  Paying something in foreign currency do incur charges from the bank that issue you.  The percentage however are mostly the same except for one or two special credit cards.  I am not going to sniff one particular card.  Below is the list of banks direct pages of charges out of which Standard Chartered has the highest transaction fee for foreign currency payment using VISA or Master

Here you can refer to the various bank terms and conditions.  There was none from OCBC.
Citibank, DBS/POSB, UOB, Standard Chartered

Other than AMEX which have a high charge for transaction fee, the rest for VISA and Master are as follows.  I will use a purchase I made in Paris recently to use as illustration.

Note:

• All purchased made in foreign currency, the currency will be converted to USD then to SGD and the total will have a transaction fee of 2.5% based on the sum.  You will be subjected to the spread by the bank on the currency paid to USD and from USD to SGD.
• For payment in SGD outside Singapore, including purchase made online e.g. Amazon or using Paypal where their retailer uses a foreign payment, there will be a 0.8% transaction fee of the total sum.

Scenario 1
I paid for an item for EUR79 and my credit card bill came as SGD124.30.  This was after a 2.5% transaction fee.  Most people if not aware will divide out and thought it was 1.57 exchange rate.  The actual amount is actually SGD121.258 (exchange rate after two conversion 1.53) before the 2.5% transaction fee.

I was also offered at the cashier to pay for SGD123.55 (exchange of 1.564) before a transaction fee of 0.8%.  If I were to pay in SGD, my credit bill will reflect SGD124.538 (taking transaction fee would be 1.576).

In this case, my purchase made in foreign currency is better than paid in SGD with a saving of SGD0.20.

Summary
From the above, it seems that paying in foreign currency favours the buyer.  At the time of my purchase, the exchange rate by the bank for EURO to USD and USD to SGD was lower than what the spread that the retailer exchange offered me (1.53<1.56) or after transaction fee ratio (1.57<1.576).

This amount can change if the exchange rate does not favour you, payment in foreign currency will made you loses.

So which should you choose, since Forex changes everyday, you can do your homework.  Just choose the currency that you like honestly.  Of course if you are in US, please pay using USD as you will only lose one conversion rate and normally bank rate are better than the retail rate.

The difference is minimal so for convenient sake, you might just pay in foreign currency since you know the bank rates are never as bad as the retail rate.


Update 13th Dec 2015
Here back again to update this post.  Apparently though reading that AMEX has a high transaction rate but the exchange rate overall including the rate in EUR was lower than Citibank VISA.  Doing a check at EUR/SGD, there was slowly increasing from 7-12 Dec.  I did some spending on Citibank VISA on 7th Dec and on AMEX on 8th Dec, and another CITIBANK VISA on 11th Dec.  The rate for both Citibank VISA was higher than AMEX even though the EUR/SGD rate was going up over these few days.  Seems like spending overseas might be better to use AMEX after all.

Touring Paris On Foot Guide

Updating in progress...

This is my first time to Paris and and decide to took a stay using AirBnb as usual just like my London trip guide and as well some of the advice here hoping to help you get around.

AirBnb Apartment
We stayed at a small apartment near Eiffel Tower.  We booked it the moment it was first listed and the owner, Phlippe offered us a bottle of their local champagne on our arrival which he did.  He was at the location as communicated early to wait for our arrival and his response through AirBnb is fast.  Apartment uses key, so you have to carry around.

The Good: Great view of Eiffel Tower and walking distance.  Supermarket and river cruise is just around the corner.  Host provide basic instructions for nearby attractions.  There are also some attraction books which can be used.  Comes with WiFi, utensils, toiletries, bathing towels and toothpaste, hair dryer and stove.

The Bad:  No washing machine.  Train station is quite a distance with about 15mins walk.  The lift is rather small so you might have to take multiple trip to go up.

Here is a look of the apartment:

 Upon entering you see the apartment rather small as it has a sofa bed.

There is TV but unless you understand French that is.

The view is great looking out.

The attraction comes when you look out of the windows and turn left.

It is the magnificent Eiffel Tower.

 Yes, the lift fits two.

Moving around from Airport/Train/Hotel/Apartment

If you arrived via the airport, you can go to arrival hall for Uber.  We arrived taking Eurostar from London to Paris.  From the train station, there is taxi stand.  I suggest you use Uber.  It's a cashless taxi service which you can sign up here.  Uber is very popular in Paris and the cars are waiting at the main entrance of the train station not at the Taxi stand.  Use the fare estimate here.

There are few types of Taxi, the cheapest is UberPop, per trip is roughly between EUR4 - 8 depending on distance.  Do note this can come with all sizes of Taxi, big or small it's by luck.  I encounter a Suzuki Swift with our luggage to our restaurant.  UberX is the more premium ones and if you are going to airport or you need a big car for luggage, you can take this as the normal charges is about EUR50 to airport and water is free in the car in case you are wondering.  There is no need tips as the fare is inclusive.  You are free to give some if you wish.  Cab off the streets are much more expensive.  Most drivers speaks little to decent English.

Data/WiFi/Prepaid Service

Please get a Prepaid card in France.  There are hardly any free WiFi unlike London else your phone bill will skyrocket.

Metro Train Tickets

Metro tickets can be purchase with per trip.  Each Ticket+ ( that how it is labeled on their machine) cost about EUR1.8 per trip.

Train ticket for entry.  You don't need for exit.

Food

Food are generally average priced to slightly more expensive at attractions or restaurants.  Tipping is not required and is also part of bill.  You may if you wish.

Touring London On Foot Guide

Updating in progress...

This was my first time to London of course I am not on tour.  If you are on tour you won't need this guide as that will be planned for.

I was on a Pre-Wedding Shoot trip to London and that was only 1 day.  I am staying there for about 7 days.  Of which, my fiancee and myself have planned our itinerary for this trip and I am going to share with you how you can save and go easy on your pocket.  Where to get the deals and how to get there.

To save on apartment, we stayed in an apartment using AirBnb.  I am going to review the apartment we stayed there so to let you know what to look out for.

AirBnb Apartment
First thing, the picture on their listing is one of the 8 units they have.  It is completely different from the one we stayed.  Apartment is accessed via numeric number locks.

The Good: Our apartment is at Great Tower street which is in between Monument Station and Towerhill Station.  It also has a supermarket, Tesco coming from Monument and a food joint, Weatherspoon from Towerhill.  This is hosted by Q Apartment.  Our apartment is very well equipment with fast WiFi, Iron, Dish washer, Washing machine, utensils, stove.  Enough for you to leave for a week for us.

The Bad: There have 8 units in this building and we were assigned unit number 1, which is on level 4 and there is no lift!  3 days before the stay, I also have to constantly send them message to get the actual address (AirBnb will only give you the exact 3 days before).  We didn't know you can request to change else we would have done so.  Their response isn't very fast.  Check the room in detail as there are hidden compartments looks not possible to open but when open, give you a wardrobe and more.  There are several hidden compartments which could have provided with some labels.  Instruction on equipments could be provided.

 Here you see the door on the upper right is where you enter.

You will see the washroom upon entering.

 

Further on you will see the kitchen.

 Entering from the kitchen will be the bedroom.  A fan to move the wind.  During day time is extremely hot.

The worse thing about this apartment is the rooftop is directly accessible by the next block and there were renovation works.  Anyone could just walk over and peep into your bedroom.  Yes the bedroom is facing the windows, facing the rooftop.

All windows panel in front of the bed covered with blinds where some are faulty.  You can see people doing construction and can easily walk over and take a peep.

Moving around from Airport/Train/Hotel/Apartment
First thing first, cab is going to be expensive in London and there is Uber however everything will be in pounds.  You can either use airport shuttle service or call this private car service which is pretty affordable Addison Lee.  Just call them up in advance and go through the phone options, they also have an app to use, just provide the location and destination and they will provide you the price.  No tips is needed is already part of the fare.

Data/WiFi/Prepaid Service
You can purchase a data card only with 500MB/1GB/2GB for a 4G modem or get a local Prepaid card for 20 pounds which comes with 2GB data and 500 minutes of airtime and unlimited SMS for 30 days.  My advise, save your money as London has so many WiFi hotspot, you hardly need to use that prepaid card.  I regretted buying it and my stay use less than 1GB.  Note this, there is no reception in Metro as they are underground so you won't see people using mobile phones in train other than playing offline games.  If you really need, go to any mobile shops they will sell these cards.  There are a handful at Oxford Street/Piccadilly (Similar to Singapore Orchard Road) e.g. Vodafone, O2.

Metro Train Tickets
Assuming you are like me first time in London, you might want to get a train ticket with unlimited access.  Most if not all the attractions are located in Zone 1 & 2, so get an Oyster card and purchase a 7 days Zone 1 & 2 access which will cost you 32 Pounds.  Check out the latest rates here.  Buses are free just let them scan your Oyster card and do a hope on and off for the experience.

Outlet
Yes everyone loves shopping whether you are a guy or lady.  In London, there is one too which is a Bichester Village.  Just take the Metro to Marylebone station and switch to a Train to Bichester North station.  Here you can check out the service time.  You will have to get a ticket there for return ticket.  Remember to arrived early else you will have to wait for the next train.

Train station at Marylebone to take to Bichester North.

Once you reached the station, you will need to get bus tickets to Bichester Village from the train station.  Here you will find all the outlet store here.  Wifi is free throughout the village.

Food
You can have some good food around.  However there is a food joint that has many branches everywhere call Weatherspoon.  They serve affordable and good food and if you drink, it's cheap as well.  They run many promotion at different time.  Get a table on your own, check out the menu on your desk, bring it to the counter to order and take note of your table number.  Order and pay at the cashier.

WhatsApp Call Function Arrive in Singapore

Today a few people with Android phones will see that their WhatsApp looks different.  They now have interface that look the the below.

Yes they have been automatically enabled by WhatsApp (I suppose) to have it enabled.  With them, they can now call anyone with Android or Blackberry apparently also, to activate their WhatsApp call function.

This is a data call (Also known as IP call).  This is not same as the default when you press the phone icon and call it uses the celluar call.

Here's two way you can do it.

1)

• Update your WhatsApp to at least version 2.11.561.
• Ask someone with a call function enable to give you a WhatsApp call.
• Pick up the call from WhatsApp.

That's it!

Beware there are spam calls going around as well.  So be careful not to pick up those.

2) source: http://www.androidpit.com/whatsapp-call-feature-here-s-how-to-get-whatsapp-voice-calling

• Enable Settings>Settings>Unknown Sources. (Remember to disable after)
• Go to WhatsApp website and download the latest Android file version 2.12.19.
• Install the downloaded file.
• That's it.

Enjoy the WhatsApp call.  As long you are on internet, WiFi or mobile data, you can do the call.  Quality is subjective depending on both parties network connection.

Apple users will have to wait as when you try call any Apple user, you will see the notice similar below.

The Wheelie: Electric Unicycle

Have you seen occasionally people riding on an electronic unicycle on the road?  I saw some on the road and came across some mention in blog and forum and end up locating Singapore local Unicycle Community that is called, The Wheelie.  They have a facebook page and a blog which you can follow them on.  They are many others .e.g Solowheel, Airwheel, etc.  Some will cost you a bomb.

I decide to get from them as they are like a start up community with common interest individuals.  There are many sources your can get this, but most are out to do commercial sale with you or you can even order from Taobao, but no one is going to teach you  Also if you hit problem with your unicycle you will want someone you can get attention from.  No matter who you get it from make sure you have some kind of warranty coverage.

They are picking up popularity that they were featured in Ch5 and Ch8 programs.  I happen to met up with one of the founder who 1) I won a selfie stick from their Christmas contest and 2) I bought my first electric Uni-Cycle on Valentine's Day!

So I met up with Colin who came with my unicycle and the handle that can be fitted with the Wheelie at a multistorey carpark as he is going to give an hour of training on it.  Yes they do delivery to you and teach you at places near you.

Here it is the box is look big.

The power adapter in here and safety strap which is not shown here.

The Wheelie is right underneath with the learning wheels.

 

They even have their decal sticker on it.  But it looks good better than a plain white wheelie.

To learn this unicycle, you would need the safety strap for safety not for learning.  As you will wear out your calf when trying to first learn it, they actually throw in a free calf support so as to reduce the bruises you might get learning.  How thoughtful!

As I bought the model known as R8, you looks pretty but the material of the plastic is of a more towards what you see on phones vs the lower end model where its like industrial plastic.  In such, it is best to cover some of the parts where you lightly crash you wheelie.  Every set you purchase some with a pack of rubber stickers for you to wrap your unicycle.

Colin just gave me some left overs as well.

I am not a artistic person so here is my attempt to doll it up with protection.

It's not looking good perfectly but its better than crashing up my unicycle right.  This R8 is not light so I purchase the handle bar as well.  Just in case I need to carry around much easier.

Since my unicycle is new, and was without any protection, Colin was nice to lend me his to teach me throughout the one hour.  Do note it is very tiring and exhausting if you are someone who seldom exercise, you might just end up stopping after 30 minutes that what Colin share with me.

During the session, I was able to mount on and ride a short distance.  However everyone learning period is different I am not going to give you hope that during the first time you will be able to do it.  Perhaps my experience with roller blading and ice skating do help here.

Yes I dent a few spots on the wheelie.  Sad but well its comes with the first few try but its not obvious as I have all the bumper cushioning it.

The Wheelies do hold weekly meet up if you are keen to try it out by referring to their Facebook page.


Update 8th Mar 2015
Today is the first time I joined The Wheelies for a group session.  Thanks for my fiancee who allows me some times off to join this.  It was a fun group of people.  This was my 3rd time testing out my Wheelie, 1) when I bought it, 2) I brought it to test run myself for an hour trying to learn, 3) this group outing.  I also get to see the amazing kid who was able to do all stunts.

There were a few people who came up to us to enquire of the unicycle.  They get to try a bit.  Hope to see more people around.

 Waiting for the everyone to catch up for a phototaking.

Look at the different Wheelies from all the users.  Majority are purchased from The Wheelies while there are some who bought themselves from some other sources.  the community does not stop you where you get it from to join the fun!

 One photo taking pit stop.

Another stop.

As I am new, some of them accompanied me but slowly but surely you will pick up your speed to learn.  Of course safety is very important and I experience it the hard way.  I fell due to speeding and losing control of the wheel when it try to slow me down.  So be WARNED! Do not speed with it unless you are full protected and even if you are, its advisable not too unless you are eager to pay "road tax".  Here is what I pay for:

I am considered a fast learner able to wheel using just 3 tries.  That does not mean everyone can do that.  You will need to practice.  It might be my roller blading background that helps me.

Wheel safe.

A short video while on my wheelie.  Do not try this till you are confident of it.  I am just been too eager to do it :)

Google Play Store: Changing Purchase Currency

I am based in Singapore and I wanted to purchase an app on Google Play Store.  The app is called WatchMaker which cost USD1.99 however I am seeing the price of SGD2.99 this is due to location and SIM card is bearing a Singapore number.

Making a calculation the exchange rate I am getting from Google for this app will be 1.5.  This is crazy.  At current my credit card company is only charging me 1.38 at worse.

Do note not all apps are using this exchange rate.  For example, I tried another app, Facer Watch Face which is showing SGD1.35 with my local Singapore SIM Card.

The app actually cost me USD1.00.  So in this case the exchange rate was 1.35 which is much lower than my credit card company.

So how can you change your currency of payment since if your SIM card is in Singapore the Play Store will always use SGD no matter where you are even when you are oversea roaming (Yes I tried that in US).

First I have actually set up my Google Wallet Profile account address in Singapore.  That makes Play Store always use SGD as my payment.  In order to change to USD, I have to change my address to a US address.  You can use any address you can find.

First Login to your Google Wallet .
Click the Gear Icon on the top right hand corner.

 

Next Edit your Home Address.  This will cost Google Play Store to make your payment currency in respect to the home address.  In my case, USD for a USD address.

Here I am going to use the app, Facer Watch Face as an example. you will see it is price at $1.35 (this is actually SGD because my SIM card is Singapore SIM).  Click on the Buy button, you will be shown the below:

The purchase will not be made till you confirm you payment method.  You can add or change them by clicking the arrow of the drop down list.  This shows all your payment method you have created in Google Wallet.  You will see that the cost here is now in US$1.00.  So now I will be charge USD1.00 instead of SGD1.35.

Do note that if after changing your Google Wallet, if you are NOT seeing this refection on your phone (on play.google.com that should already be working), you will need to go to your App Manager and do a uninstall of all the update and clear the cache.  This should be located in your Phone Settings menu, look for App or App Manager, etc.  After which restart your phone to also reflect this change on your mobile Google Play Store else it will always be showing SGD price even after clicking Buy button.

Of course to change back, you need to update your Account Home Address to a Singapore Address again and repeat the above for your phone setup.

I hope this tip will help you resolve your wondering.

Reduce Singapore Income Tax in Summary

I have been asked by many and like to share this out with the help of a friend, Hwee Bing Koh, a financial adviser from fin-exis.

For all individual employed or self employed updated as of Jan 2015 2025.

Some of the ways you can reduce your assessed income tax.  Some are automatic credited due to it is based on what is announced during Singapore Financial report while the rest are ways you can do it yourself.
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/

You can also download a spreadsheet from here to do your own calculation.

Here are some of the ways which would you can help yourself to reduce tax:

For Self Employed Only
- Perform a voluntary CPF contribution to a maximum of $31,450 $37,740
Source:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/central-provident-fund-(cpf)-relief-for-self-employed-employee-who-is-also-self-employed

Course fee relief
- Up to $5,500 from an approved institute or qualification including exam fee incurred by yourself not by company.  You can refer https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Course-Fees-Relief/

Cash CPF Top up for loved ones up to $7,000 $8000 or your own RA or SA
- Spouse not earning an annual income exceeding $4,000 or parents, grandparents, disabled siblings or disabled spouse has no income cap.
- Top up your own RA or SA up to$7,000 $8000 not exceeding the minimum sum stated or maximum of FRS amount whichever come first
Source: https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-to-enjoy-higher-retirement-payouts
- Top up your loved ones/siblings SA (below 55 annual income not exceeding $4,000 a year), or parents RA (above 55) up to $7,000 $8000
Source:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/central-provident-fund-%28cpf%29-cash-top-up-relief

Cash Top up to self
- Maximum of $7,000 $8000 allowed
- Only to Special or Retirement Account

- Top up your Medisave Account up to the maximum limit
Source:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/central-provident-fund-(cpf)-cash-top-up-relief 

https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-your-medisave-savings 

Volunteer Contribution to CPF
- Contribute to your Medisave Account (inclusive of Mandatory Contribution) as of 2015 (assuming you have not hit your maximum allowed contribution) based on CPF Annual Limit or Medisave Contribution Limit whichever is lower.
Source:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/central-provident-fund-(cpf)-cash-top-up-relief 
https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-your-medisave-savings 

Life Insurance Relief
- Insurance should be insured of yourself.
- You total annual contribution to CPF is less than $5,000
- Insurance should be insured of yourself. Have your insurance policies details (policy number and premium amount etc) when you do your filing.Source: https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Life-Insurance-Relief/
 
Parents Relief (as of 2014)
- up to $9,000 per parent or $14,000 for handicapped parent (parent annual income not exceeding $4,000)
- Parent must be staying with you if not staying with you $5,500 or handicapped parents $10,000
- parent is not working and no others is claiming the relief

Source:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Parent-Relief-/-Handicapped-Parent-Relief/
The relief amount may also be found at http://www.singaporebudget.gov.sg/budget_2014/Families1.aspx (New higher parent relief for YA2015)

Child Relief/Rebate

- Per child relief of up to $4,000

- Per child rebate can be from $4,000 onwards

Source:

https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/qualifying-child-relief-(qcr)-child-relief-(disability)

Less expense
- keep your receipts for amount paid by you for work in terms of public transport and mobile and record of your transaction which a planner can be downloaded from the link below (typically applicable for those getting an allowance.  Need to keep the receipt for audit purpose.)
Source: https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Deductions-on-Employment-Expenses/

Open a Supplementary Retirement Scheme account from local banks with top up a maximum of 12,750 or 29,750 for Local and foreigner respectively.
Source:
https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/srs-contributions

Update: From 2016 onwards, the contribution allowed for Singaporean and PR is $15,300.
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Special-tax-schemes/Supplementary-Retirement-Scheme--SRS-/SRS-contributions/


Donations to registered bodies
- 2.5 times (3 times from 2015) the amount donated less your assessed taxable income
Source:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Donations/

- Giving made simple by going to SG Gives, https://www.sggives.org/Public/5/Content_fordonors.aspx

- By providing your NRIC number to the Institute of Public Character (IPC), and you will enjoy the convenience of tax deductions automatically reflected on your tax assessment.  You can find out if a charity organization is under IPC here.

Lastly there is also Earned Income Relief
This is automatically included in your tax relief however the normal range is for individual below 55 year old is $1,000.  Occasionally this can be higher depending from Financial Announcement made.
Source:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Earned-Income-Relief/

There is also NSman Relief for guys serving reservist which you can read more about it here.  This is also an automatic relief nothing to do on your part.

Lastly, there is maximum income relief allowed per person per year up to $80,000 for FY2018.


Update 12th Jan 2025

• Changes to the maximum top$7000 to $8000
• Top up Medisave account and added the limit link
• All links are updated due to revamp from IRAS and CPF website

Update 1st Mar 2022

• Expense incurred from working from home such as electricity bill and Wifi can also be used as expense. Please refer to https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/employment-expenses#:~:text=If%20you%20are%20required%20by,employment%20income%20for%20the%20year.

Update 30th Mar 2021

• Child relief/rebate

Update 15th Mar 2021

• Singapore Government has allowed to less expense for WiFi and electricity bill due to work from home policy in place for year of 2020. https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Deductions-on-Employment-Expenses/

Update 16th Oct 2017

• Update link to reflect latest.

Update 12th Nov 2015

• IRAS site have been updated and links above are updated to reflect the new site.