DBS MCA Account Revamped

stjoe1

Member
Joined
Dec 22, 2005
Messages
471
Reaction score
3
anyone knows which currency is the cheque book issued dominated in? The website seems to suggest is SGD. Anyone can confirm is it available in USD too?

Anyone can confirm if DBS can also issue USD chequebook?
 

sgdividends

Senior Member
Joined
Oct 11, 2008
Messages
2,372
Reaction score
12
Hi,

Would like to check if anyone has ever used a DBS Treasures Debit Card that is linked to MCA and made AMT withdrawal overseas from a non-DBS ATM?

I'm looking to do that when I travel to Hong Kong. So I plan to buy HKD via DBS internet banking into my HKD wallet in MCA. Then I will withdraw HKD via e.g. HSBC HK ATM.

I'm a Treasure customer and I emailed DBS. They replied that there is no fees. But before I proceed, I wish to confirm that with the folks here. Thanks!

The bank ATM machine u withdraw from may charge fees also...

I have not done it but I will have to check with the HSBC bank also for their HSBC ATM machine
 

stiwipl

Senior Member
Joined
Sep 8, 2009
Messages
1,241
Reaction score
9
I have been asking if DBS MCA can help do this - "auto-buy/sell feature, eFX Order Watch, to pre-set instructions to buy or sell their desired foreign currency at their preferred exchange rate."

Finally, Citi launches the eFX, a game changer.
https://www.finews.asia/finance/25447-citi-ups-the-card-ante

What are the rates I wonder? Spot rates? I doubt. Better than DBS Treasures? What about cross-currency exchanges, with DBS FCY-to-FCY goes via SGD...
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Citi's eFX isn't new; I've been using it for quite some time now, except I believe the minimum sum used to be higher, and was perhaps lowered to SGD500 only recently. The nice thing about it is the SMS FX alerts, which will send you an SMS when the target rate is reached. It's been far more responsive than other 'email alert' systems I'm using from other banks.

The downside is you can only queue 2 SMS alerts per currency pair (1 for buy, and 1 for sell..), and it expires after 1 month.

3. The Target Rate for the purposes of transactions executed as an Order Watch, will be the customer "All in rate" which is different from the prevailing interbank market rate at the time of the execution as it includes a Bank spread ranging from 0.5% to 1.5% as determined by the Bank in its absolute discretion according to the transaction amount.

In other words, if you queue SGD1400 to buy USD at 1.4, you will receive USD1000. However, DBS pretty much always offered a better rate, so, if Citi was at 1.4 all-in, DBS will certainty be at 1.3xx at that same point in time instead.

But, the automation is useful and you can queue an order up to 1 month in advance; if the target rate is not reached, the order expires. You can also cancel the order, or modify the target rate if it has not been executed.

Citi's online Premium Account facility does effectively allow you to perform FX at spot rates; but I wouldn't recommend it for most, and it has a minimum placement of SGD5k.

IMO, Citi's multi-currency debit card appears sub-par when compared to DBS's; it appears Citi's can only be linked to one foreign currency account at a time - so, if you get charged in USD while your card is linked to AUD, you'll probably get a double whammy with a bad exchange rate and additional fees on top of that. Whereas DBS is linked to their MCA account, which holds all the different currencies separately, and draws from the correct balance automagically, or from the SGD balance if the corresponding balance has insufficient funds. Additionally, DBS also allows you to change the authorized limit for the debit card via internet banking, and you can even set it to $0, and also set it to send you an alert sms whenever your card is used above a certain threshold, which can be set as low as $1.
 
Last edited:

ChronoCross

Senior Member
Joined
Oct 19, 2000
Messages
1,421
Reaction score
718
Insufficient FCY funds

If insufficient FCY funds and they are deducted from SGD account, will it be at prevailing FX rate without any additional fees?
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
If insufficient FCY funds and they are deducted from SGD account, will it be at prevailing FX rate without any additional fees?

No, it won't. There is an additional fee when a FX debit or ATM transaction uses the SGD wallet.
 

kordea

Junior Member
Joined
Sep 25, 2018
Messages
10
Reaction score
0
If insufficient FCY funds and they are deducted from SGD account, will it be at prevailing FX rate without any additional fees?

Not entirely sure about the prevailing FX rate -- my guess is a pre-determined rate (captured by the system close to the day it's been transacted).

And no, no additional fees if I recall.
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top