Nobody likes overpaying for stuff.
Hidden banking fees and charges is one category that should be eliminated from your expenses.
Every dollar saved can be redirected toward wealth-building activities like investments or savings.
When you consider that overdraft fees, ATM charges, and maintenance fees can add up to hundreds of dollars annually, eliminating these expenses creates significant saving opportunities.
Even small amounts saved regularly can grow substantially over time when properly invested.
Here are some hidden banking fees in Singapore that you should watch out for.
This article was written by a Financial Horse Contributor.
Foreign Transaction Charges
- 70% of Singaporeans are unaware of additional fees for foreign merchant purchases
- Foreign transaction fees on cards can reach up to 3.25% of purchase value
- PayPal currency conversion fees of around 3% plus bank foreign transaction fees
- Dynamic currency conversion fees when shopping overseas
We tried YouTrip for travel and it’s a great way to save on fees!
Account Maintenance Fees
- Monthly fall-below fees ranging from S$2 to S$7.50 when balance drops below minimum requirements
- Minimum balance requirements varying from S$500 to S$5,000 depending on account type
- Inactivity or dormant account fees for unused accounts
- Account maintenance fees ranging from S$10 monthly to S$50 annually
Credit Card Related Charges
- Interest rates of 26-28% per annum on outstanding balances
- Late payment charges of S$60-80
- Cash advance fees of 6% per transaction (minimum S$15)
- Annual card fees (often waiveable so set up a yearly calendar reminder so you don’t forget)
Transaction Fees
- ATM withdrawal fees from other banks
- GIRO and FAST transfer charges
- Over-the-counter transaction fees
- Processing fees for local and international transfers
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Additional Hidden Charges
- Early account closure fees (S$30-200 depending on account type)
- Premature withdrawal fees for fixed deposits
- Paper statement fees (no reason to still get paper statement fees if you’re not a pioneer citizen ;))
- Excess fees for overdrafts