OCBC to Introduce DCC Fee

OCBC to impose 0.8% DCC Fee

If you have purchased something overseas, you might have notice additional 0.8% – 1% fee which is reflected in the billing statement. This additional fee is called Dynamic Currency Conversion Fee (DCC Fee).

Visa and MasterCard transactions effected in Singapore dollars in a foreign country or on a foreign website are issued a DCC Fee. For Visa transactions, 0.8% is levied on the converted Singapore dollar amounts. For MasterCard transactions, 1% is levied on the converted Singapore dollar amounts.

Notably, this additional fee is also levied if you purchase something from Groupon. Although the cost is in Singapore dollars, but the payment gateway is in Europe and such, DCC is applicable. Just to share, groupon has fine print shown in the payment page:

groupon_DCC_Fee

Until today, DCC fee will be applicable for payment with credit cards issued by UOB, Standard Chartered and DBS. Effective 1 September 2015, OCBC will join them by introducing DCC fee for transaction on their credit card.

OCBC-Groupon

So next time you purchase something from Groupon, don’t be surprised if you see additional 0.8%-1% is reflected in your bills.

To our understanding, Bank of China does not implement DCC fee for this transaction. Furthermore, Shop! Credit card offers 6% cashback if you purchase more than $500 / month, with rebate capped at $60.

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