DBS Multi-currency

koxinga

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I am thinking of opening a DBS Multi-currency account so as to put a small amount in different currency with main purpose of getting better interest rates and small FX gain.

Does the DBS MCA offer the best rates among all the bank and is there any transaction cost? As I am existing DBS customer, advantage is one less 2FA token card.
 

chopra

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bookmarked this thread first. i ish also looking at it.
APPARENTLY, you can draw out cold hard foreign notes at NO spread.

i'm re-checking with DBS on this. tbc...
 

piggyming

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bookmarked this thread first. i ish also looking at it.
APPARENTLY, you can draw out cold hard foreign notes at NO spread.

i'm re-checking with DBS on this. tbc...

i told my mum the other day about this and she think i am CSB. :(
 

MikeDirnt78

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bookmarked this thread first. i ish also looking at it.
APPARENTLY, you can draw out cold hard foreign notes at NO spread.

NO spread? is it really true?

you take some banks take more. thats how they operate. ;)
 

chopra

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dbs has yet to reply. I remain unconvinced, hence re checking with them.
 

koxinga

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Cool. No spread is amazing, but if it is too good to be true... then they are making it back from somewhere.
 

bbenjt

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Sorry Bros, i'm lost here. No spread means? DBS Multi-currency account have many categories, which one are we looking at? what is the minimum amount to put in? Thanks =:p
 

koxinga

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Sorry Bros, i'm lost here. No spread means? DBS Multi-currency account have many categories, which one are we looking at? what is the minimum amount to put in? Thanks =:p

DBS Multi-Currency Autosave (MCA)

Most basic one don't have, but the plus will need to maintain 3k.

http://www.dbs.com.sg/Resources/personal/docs/deposit/DBS_deposit_guide.pdf

If you wish to convert an amount in a foreign currency
into another foreign currency, we will convert to S$ equivalent and then re-convert to the foreign currency at prevailing exchange rates.

which means

DBS Singapore | Rates Online | Foreign Currencies | Foreign Exchange

I seriously doubt there is no spread, but it is just how much.
 

shotbottle

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If no spread the bank will lose money

Maybe for small amount is possible but I doubt it's possible for big amount like USD100k and above
 

Majestic12

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It is unrealistic to expect no spread unless you are banking with six digit figures and above.
 

hwmook

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You guys are confusing yourself.

1. You can deposit and withdraw in foreign currency with no additional charges meaning if you put in USD5000, you can withdraw USD5000 in cold hard cash. No spread because there is no exchange involved.

2. If you put in USD and want to take out these money in SGD then there is currency exchange involved and prevailing spreads apply.

Its all a matter of what currency is deposited and withdrawn, spread is always there if exchange is involved.
 

dreant

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* Withdrawal in foreign currencies without further foreign exchange conversions
* Receive foreign currency funds directly into your account

Deposits/Withdrawals in foreign currency: If you wish to convert an amount in a foreign currency into another foreign currency, we will convert to S$ equivalent and then re-convert to the foreign currency at prevailing exchange rates.


From the website and their deposit guide, it's unclear if there is any commission-in-lieu of exchange when you deposit/withdraw foreign currency *notes* into an account of the same currency.

For their foreign currency current accounts, doing so incurs a fee of between 1.5% to 3% with a minimum of SGD10. This account is only useful if this fee is waived; otherwise, there isn't anything special about it.
 
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