Update on Forex Rate

New rate on 27 Jan 2012

Bank            Selling              Buying
DBS              1.3483            1.3265

Forex Spread in Singapore Banks

Each bank has a internal pricing system on the spot and spread of foreign currency. Let us examine the difference between this rate from the different banks.

Spot rate for AUD on 19 Jan 2012

Bank                Selling               Buying         Spread
DBS                1.3421                1.3202         0.0219
UOB               1.3419                1.3139          0.028  
OCBC             1.3513                1.3156          0.0357  

From this, we see that DBS offer the lowest spread among the local banks, so those interested in Foreign Currency Fix Deposit can consider opening an account with DBS to take advantage of the spread.

Which bank offer the most value for money for their credit card points?

Different banks offer different exchange rate for vouchers. Here, we will attempt to compare the amount a customer will need to spend to exchange for $1 worth of similar voucher. Do take note that this is calculated based on a normal credit card by the banks, and does not take into account those cards that offer  accelerated points.

To start off, we will compare the common vouchers that can be redeemed across all the major banks.
More will be added upon request.

Best Denki

2400 dbs points = $50 voucher => Need to spend $240 to redeem $1 voucher
3250 uni points = $50 viucher =>Need to spend $325 to redeem $1 voucher
6000 ocbc points = $30 voucher => Need to spend $200 to redeem $1 voucher
10600 scb points = $50 voucher => Need to spend $212 to redeem $1 voucher
15000 citi dollars = $50 voucher => Need to spend $300 to redeem $1 voucher