This article is brought to you in collaboration with UOB. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Fans of online shopping are no strangers to the convenience and vast array of items they can purchase on the Internet. However, few online shoppers may be aware of the unexpected fees that come with buying things online, especially when they transact in foreign currency on overseas websites.
Unfortunately, these extra costs are often unavoidable, but some can be easily managed if you know what to do. It might seem like a small thing, but if you are making several purchases at different points in time, being smart about your purchases can result in significant savings.
With UOB Mighty FX, you not only save on additional foreign exchange (FX) conversion fees when you shop on overseas websites, but you also have greater control over the foreign currency exchange rates that you get.
Let’s see how a seasoned online shopper uses UOB Mighty FX
Meet our savvy executive who travels frequently and shops on various popular websites around the world. Let’s just call her Ms Chan. She loves shopping at Amazon and Colorpop in the US and ASOS and Net-a-Porter in the UK, because of their trendy options and seemingly unlimited range.
To get more bang for her buck, Ms Chan typically waits for sale season before she stocks up on both gifts as well as her personal purchases.
On top of that, she knows that being smart about buying things from overseas sites can get her more savings. Here’s how she uses UOB Mighty FX as a crucial part of her sales shopping strategy:
1. Get ready for the sale with the foreign currencies secured at competitive exchange rates
UOB Mighty FX allows you to view and exchange with real-time foreign exchange (FX) rates for popular currencies including USD, GBP, Euro, Australian Dollar (AUD) and Japanese Yen (JPY). Some exchange rates offered by UOB Mighty FX are even better than those at popular money changers, so clearly, this can help you save some money. You can see this for yourself by clicking here to see how UOB Mighty FX stacks up against other popular money changers in Singapore.
Ms Chan can either choose to buy the currencies she needs immediately, or set a rate to be notified when the currency exchange rate is more favourable. The amount she exchanges is then stored in her Mighty FX Foreign Currency Account and ready for her use whenever she decides to start shopping.
By doing this, she is ensured of rate certainty on all her shopping. Score!
2. Save on admin fees when she pays with her Mighty FX Debit Card.
When using other modes of payment for online shopping, most online shoppers could pay up to 2.8% more for their purchases with administrative and conversion fees incurred.
But not Ms Chan.
With Mighty FX, she knows exactly how much she is paying and the exact amount of her purchase is debited directly from her Mighty FX Foreign Currency Account. No surprises!
UOB Mighty FX provides frequent online shoppers like Ms Chan with a seamless foreign currency exchange and payment solution for their e-commerce needs. Needless to say, if you could save on these fees, why not?
UOB Mighty FX allows you to save on admin fees for all your foreign currency spend and take advantage of competitive exchange rates to make the most of your online shopping experience and ensure that you are not paying more than you should be.
Are you interested in UOB Mighty FX? Apply today!
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.”
Personal finance tips delivered to your inbox!
Receive news, subscriber-exclusive promotions and guides on how to become smarter with money.
We promise never to spam you!