Advisory : which country to buy Rolex

[triton]

use cash to buy. solve the problem.

Not sure if this topic of poor exchange rates for credit card has been discussed before.

I find that whilst bros here may shop for rolex in Japan, HK etc, the credit card exchange rates are usually much poorer which minimise the savings or sometimes even make buying overseas not worthwhile.

Any ideas to get around this "problem"?

[Tasmania]

use cash to buy. solve the problem.

That's definitely an option. Just thinking is it wise to always bring additional S$10k in cash when overseas... haha.

[116520]

YOu can also use travel's cheque... but cash is better...

That's definitely an option. Just thinking is it wise to always bring additional S$10k in cash when overseas... haha.

[seiko.citizen]

That's definitely an option. Just thinking is it wise to always bring additional S$10k in cash when overseas... haha.

just becareful of currency restrictions in certain countries. In Oz you are only allowed a measly A$10K or equivalent. I find that a load of bull****.

[The Guru]

How about USA? With the low dollar at 1.36 now, will it be cheaper to buy there?

Any know if airport at San Franscisco selling Rolex watches?

[Darkangel]

just becareful of currency restrictions in certain countries. In Oz you are only allowed a measly A$10K or equivalent. I find that a load of bull****.

but how they know ah if u bring more than 10k?

[SabaDen]

Not sure if this topic of poor exchange rates for credit card has been discussed before.

Any ideas to get around this "problem"?

Referring to VISA card? Tried MasterCard before? Certain countires, it's better to use MasterCard ... eg. M'sia, Indo, certain part of Europe.

[seiko.citizen]

but how they know ah if u bring more than 10k?

I also not sure, but got many people checked by the border staff. Usually body behaviour is a dead giveaway, if you start acting suspicious, then you for sure will get called and searched.
I have never been caught, and some people i know also bring in more. Usually if you bring >A$10K, you declare, they ask you to fill stat declaration to say that the money is earnt, and not from illigal proceeds, and you are free to go.

[116520]

San Francisco Airport does not sell any Rolex. With 8.25% sales tax, it is not worth buying anything from San Francisco unless you can get discount but I don't think so (for sport models).

How about USA? With the low dollar at 1.36 now, will it be cheaper to buy there?

Any know if airport at San Franscisco selling Rolex watches?

[Tasmania]

Referring to VISA card? Tried MasterCard before? Certain countires, it's better to use MasterCard ... eg. M'sia, Indo, certain part of Europe.

Yup. Referring to VISA card. Cos my last trip was in China. Realise that the exchange rate was 4.9. In Singapore, the exchange rate via money changer was 5.1

[SabaDen]

Yup. Referring to VISA card. Cos my last trip was in China. Realise that the exchange rate was 4.9. In Singapore, the exchange rate via money changer was 5.1

Mastercard has a better rate in most countries. Next trip, try Mastercard and compare.

[mtech]

Is there anyway to check the latest rates online?

[seiko.citizen]

i thought it was using banks rates?? obviously not. Maybe can call up CC provider and see how.

[triton]

as far as i understand that credit card processing procedure, it is like a 3 step process.

authorise - say you got a credit limit of 1k, and the item u buy cost 100. when the cashier swipes the card, it generates the receipt for you to sign. @ this point in time, you have not officially been billed yet. only thing happens is your credit limit is lowered to 900.

capture - this happens @ the end of a business transaction day. the merchant will press a button to send all the transactions during the day back to the merchant's bank. if the merchant's bank is DBS and the credit card is issued by OCBC. then it may take a couple of days before it is given all clear and the buyer is officially billed. this is the time, when the exchange rate is determined. therefore you will noticed that transaction date may be 27052008, but the billed date is different. *this billed date does not refer to the statement date*

settlement - everyone either gets paid or pay.

Is there anyway to check the latest rates online?

[SabaDen]

as far as i understand that credit card processing procedure, it is like a 3 step process.

authorise - say you got a credit limit of 1k, and the item u buy cost 100. when the cashier swipes the card, it generates the receipt for you to sign. @ this point in time, you have not officially been billed yet. only thing happens is your credit limit is lowered to 900.

capture - this happens @ the end of a business transaction day. the merchant will press a button to send all the transactions during the day back to the merchant's bank. if the merchant's bank is DBS and the credit card is issued by OCBC. then it may take a couple of days before it is given all clear and the buyer is officially billed. this is the time, when the exchange rate is determined. therefore you will noticed that transaction date may be 27052008, but the billed date is different. *this billed date does not refer to the statement date*

settlement - everyone either gets paid or pay.

Hi triton, dun mind I add or correct your statement above -

Authorise - this portion is correct and depends on your credit limit, it's lowered by $100 ... this is what is called earmarked funds.

Capture - the term is 'Settlement'. At this point of time, as per what you stated, the merchant will perform a settlement function on the point of sale machine to confirm sale. At this point, the transaction will reside somewhere in the bank system pending billing to customer on statement date. Any dispute after merchant settlement, u will have to raise with the bank instead of the merchant. Payment will be made to merchant 24-48hrs after settlement. For local cards (issued by local registered licenced banks) making local transactions, the exchange rates do not apply ... you'll still bill in exact SGD$. Exchange rates come into play only when you are making purchases not in the country where your card is issued. eg. S'pore issued cards transact in USA, vice-versa.

Settlement - In this case, I should say from account statement date to due date, customer should make payment to the bank or else he'll incur interest after due date. Merchant shud have been paid much earlier.

Please note that the exchange rates are not determined by the banks. It's determined by VISA or MasterCard interchange rates which resides in their respect headquaters most probably in the USA.

Hope this clarifies ... and dun give u all headache hor.