When you purchase a good with a credit card out of your country (in local currency!! ALWAYS opt for the local currency!!), or you withdraw money abroad in local currency, you will be charged using the current interbank buying rate at the time the transaction is finalized, the one we see on XE.COM (there are two exchange rates at any time: one for buying, one for selling a currency) PLUS a +2% fee (that goes to MasterCard/VISA).
Good advice to opt for local currency! To significantly reduce forex conversion fee, consider also using a multicurrency card which uses wholesale market rates and a very small fee. Eg Youtrip, Wise, Revolut, etc. These cards need prior funding into eWallet. To avoid having to pre-fund, use Instarem Amaze card which can be linked to a Mastercard. Cash is drawn as needed directly from linked Mastercard, with Instarem doing the currency conversion at a very competitive rate.
A very neat way to pay for Grab transport charges in Batam is to link Grab payment to Instarem Amaze card. The Indo rupiah payment is charged direct to our Mastercard but the currency conversion is done by Instarem at a very competitive rate.
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Said all this, the cheapest way to convert our home currency to a local currency is most of the times one of the following two:
1) Use a debit card on an ATM (at best, we pay %2 + some 2 SGD flat fee). This is also the easiest and less time consuming. I do this.
2) Search an exchange office that applies best conversion rates. This takes time, but it may be profitable, because some offices apply a fee that is less than 2%, for example if you give new 100 USD notes, that have a special market in Indonesia (I think they are good for unofficial business transactions). I do this when I have some USD cash, which I want to spend in Batam
An alternative is to use one of the multicurrency cards mentioned earlier to get the best conversion rate. Note though that diff cards have diff withdrawal limits and (low) base fees, and the local ATM charges also not bypassed. Main benefit is very competitive conversion rate.
Muahaha..... now then you say.
I had oredi bought 10 sets of 2-way tickets for S$56 each on my last trip to Batam. Validity is until 31.03.2023..... hope they dun chut pattern and void the tickets.
As my usual habit..... I like to kpo and tcss alot even with strangers. I was taking a rest at the ferry agent office in Harbourfront and managed to tcss with the staff there.
During the tcss.... I learnt that they sell discounted tickets to tour groups.... S$63 each for below 5pax and S$56 each for more than 5pax..... managed to psycho them to sell me 10 sets of 2-way tickets at the discounted price.... 😀
Good disclosure of way to get cheap tickets! And proof that $70 is gouging the passengers. Now curious which ferry operator u're referring to.
The Wavemaster tickets i referred to did not have an expiry date IIRC. They sold tickets at a big discount then knowing they would become defunct shortly after (change name or taken over with move from Batam Center to Harbour Bay?), with tickets becoming invalid even without an expiry date. Think your bargain is a different situation.
Oh, ocbc too. Tks. I suppose CIMB too. One day go try try.
Actually the best rate is still cash, I hv a vendor who told me their rate r base on Subscription Rate, meaning was giving to them in morning by a Supplier, they start the day biz with that rate till end of the day. Most of the time I get at Xe rate and twice above Xe rate. Did ask y I get above Xe rate was told the supplier need Sgd so they willing to pay out higher for cash Sgd. Pm me for the location in Nagoya, only for Senior Bro, no need lobang or kangtao or info or ctc to exchange, it's free then we call sharing.
PS : 1 more info to share those who hv already bought ferry ticket or tickets, with effect fm 1st Nov, when u checkin for the boarding pass, u hv to pay additional Sgd 3.
When you do several withdrawals in a day, it is possible, but not likely, that the exchange rates are different.
Btw it may be also good to note that bayfront mall has a UOB Branch and ATM and overseas withdraws are free subject to the bank's conversion rates for those who has a UOB account. And yes, I used Instarem during my stay which cuts off the 2% credit card charge and the conversion varience from XE was 1 to 2% from spot rate, likely due to currency fluctuations.
Riding a motorbike now in Batam. Going to Tg Piayu seafood there to try out. Exchange at a rate of 10980 rp. Sekar Massage have wide varieties of cewek for 1.4 to 1.8 juta. Very expensive.
Riding a motorbike now in Batam. Going to Tg Piayu seafood there to try out. Exchange at a rate of 10980 rp. Sekar Massage have wide varieties of cewek for 1.4 to 1.8 juta. Very expensive.
Eat seafood at Piayu where?
Recently we have been frequenting Kelong BaBa since it'sa short 20 mind drive from where I stay..
Did ask y I get above Xe rate was told the supplier need Sgd so they willing to pay out higher for cash Sgd. Pm me for the location in Nagoya, only for Senior Bro, no need lobang or kangtao or info or ctc to exchange, it's free then we call sharing.
Cash is king. S$ is in demand in Batam. I still remember like 20 yrs ago Formosa used to base their Rp charges against S$. So no matter how wide rates fluctuate, i can still pay same rate i.e. in S$ for my room.
Recently we have been frequenting Kelong BaBa since it'sa short 20 mind drive from where I stay..
We just went to eat at Rumah Makan Seafood Jawa Melayu which is right after Love Seafood Reataurant. Very cheap indeed it's so worth it. 15k for kangkung belacan! 30k for gong gong. 65k for 500g of chilli crab.Its really unbelievable. You must try it. Highly recommended.
31-10-2022, 09:28 PM
And proof that $70 is gouging the passengers. Now curious which ferry operator u're referring to.
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