DBS/POSB Credit Overseas Transaction Fees

Link.

Last month I bought some games at Steam, the site shows total amount S$23.09, it is already in SGD.

Then after that I noticed my credit was charged S$23.32, an extra S$0.23 which is about 1% more, not a big deal but curious so I checked with Steam support, they confirmed they only charged as per what I saw on their site which was S$23.09 and they advised me to check with my bank.

So after checking with DBS, they told me Steam is an international site so the transaction used Dynamic Currency Conversion (DCC) and they gave me the link and indeed it shows a 1% fee for credit card.

"1% fee on the converted Singapore Dollar Amount using a VISA/MasterCard Credit Card for foreign currency transactions."

For transactions at Amazon or any other international sites can understand, I choose to pay in USD or other currency, I have to pay some fee, it's fine, because I understand DBS need to convert the foreign currency to charge me in SGD so it's service rendered service paid situation.

But for this case, Steam is already charging me in SGD, so basically there is nothing to convert. So I guess it is because Steam is considered international so they must use the DCC even though it is already in SGD? Hmm.

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