What fees are associated with using a credit card for payment transfers on Elevate?The fees for using a credit card to make payment transfers on Elevate depend on two main factors:-
1. Where you're sending the funds to: Domestic or International
2. Credit card type
3. Payment amount
Payables - Domestic
Amount of transfer (SGD $) | Elevate Fee |
<$130 | A flat fee of SGD $3.40 applies, regardless of whether you use a domestic or international credit card. |
>$130 | Domestic Credit Card (issued in Singapore): A fee of 2.6% of the transfer amount will apply.
|
Payables - International
Foreign Exchange Rates (FX Rates) – the exchange rates between the currency you are looking to transact – which is one of the lowest in the market
Conversion Fees – this fee includes the costs incurred by us to convert the funds and send your payment overseas.
SWIFT Fees - is charged by your card issuing bank ONLY when
you are sending local currency to a bank account outside of the local country e.g. sending USD to a recipient outside of US or
the payments amounts are high for some currencies (ex. Amount greater than 250K USD, 1M HKD, 1M JPY etc
Elevate Fee – is charged for credit card payment method to enable & process your credit card payment and unlock credit card benefits for you
Additional Notes:
Domestic cards refer to credit cards issued by banks in Singapore, while international cards are those issued by banks outside of Singapore.
How is the processing fee calculated when using a credit card?
The processing fee is a percentage of the total payment amount and is calculated based on the card type. The exact fee will be shown at the time of payment.
Amount of transfer (SGD) | Scenario | Total Amount Charge |
<$130 (regardless of card type) | Transfer amount is SGD $100 | Flat fee of SGD $3.40. |
>$130 (domestic card) | Transfer amount is SGD $1000 | Fee charge: 2.6% Total charge: SGD $1026 |
>$130 (international card) | Transfer amount is SGD $1000 | Fee charge: 3,3% Total charge: SGD $1033 |
Will there be any interest charges if I use my credit card for payment transfers?
Elevate itself does not impose interest charges; however, any interest incurred will be based on your credit card issuer’s terms and conditions if you do not pay off your credit card balance in full by the due date. Please check with your card issuer for details on interest rates and payment terms.
Is there a promotional code that can be used to reduce the processing fee?
Currently, there are no promotional codes available to reduce the processing fees. However, we are working on upgrading our features that will offer greater flexibility regarding processing fees and other aspects of our service. Stay tuned for updates on these upcoming enhancements