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DBS MCA Account Revamped

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Old 20-01-2017, 04:50 PM   #16
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It's answered in the FAQ.
yea, just saw it..
http://www.dbs.com.sg/personal/depos...debit-faq.page

so , it has to be pre-funded..

and also, i believe, if its not in the class of the 12 FCY.
they will use SGD as the defualt??

Note: If there are insufficient foreign currency funds in your MCA Account, the entire foreign currency transaction will be deducted from your SGD funds. Should you have insufficient SGD funds, the entire transaction will be declined. Partial withdrawal or purchase is not available.
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Old 20-01-2017, 05:08 PM   #17
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i think there is a min spd for this card, in order to activiate the CB rite?
No minimum spend, this is not a CB, they simply do not charge any fees when you transact in FX
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Old 20-01-2017, 05:59 PM   #18
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No minimum spend, this is not a CB, they simply do not charge any fees when you transact in FX
oh yes, thats right.. this is a debit card.. not credit card..
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Old 20-01-2017, 10:46 PM   #19
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To fund the MCA account FC wallet, you can transfer from SGD balance via iBanking. the fx rate will be based on DBS prevailing selling TT rate which can be found here:

http://www.dbs.com.sg/personal/rates...-exchange.page

I have done a quick calculation on the percentage away from mid-rate:

1. US Dollar - 0.63%
2. Euro - 1.1%
3. Sterling Pound - 1.1%
4. Australian Dollar - 1.1%
5. Canadian Dollar - 1.0%
6. New Zealand Dollar - 1.1%
7. Hong Kong Dollar - 1.1%
8. Norwegian Kroner - 1.23%
9. Swedish Kroner - 1.51%
10. Thai Baht - 1.35%
11. Japanese Yen - 0.96%

Looks like the best deal is USD.
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Old 21-01-2017, 11:20 AM   #20
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This feature could be useful too, if there are no other ATM withdrawal fees:

If your MCA is linked as the primary account to your DBS Visa Debit Card, purchases made in foreign currencies and overseas ATM cash withdrawals will be automatically deducted from your respective foreign currency wallet(s) at no foreign exchange conversion fees.

DBS ATM fees will be waived for:
* DBS Treasures / Treasures Private Client / Private Bank Visa Debit Cards
* Withdrawals made using DBS cards at DBS ATMs overseas and Westpac Group ATMs

Otherwise, there will be fees applied.

DBS: MCA Visa Debit FAQ
+ free FCY ATM withdrawals worldwide (DBS Treasures)
The DBS UnionPay debit card might be a way to get around the ATM withdrawal fee...

ATM Fee waiver on cash withdrawals overseas(*)
Enjoy greater savings abroad with S$5 ATM fee waivers on your cash withdrawals overseas.

(*) Cash withdrawal charges by acquiring bank of the overseas ATMs may apply.

DBS UnionPay Platinum Debit Card


... Has no annual fees, and probably not as widely accepted as visa/mastercard; but I do believe they're still pretty widely accepted at a number of ATMs worldwide.

Downside is CNY/CNH withdrawals and charges are not taken from the CNH wallet (yet?), so it's still not very useful in China at this time.
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Old 27-01-2017, 02:42 AM   #21
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I'm also interested to know how it works. I already changed some $ to USD...once my new debit card comes I'll try it out.
Ain't worth, deposit USD cash alr costs 1-5% minimum. Use USD cheques.
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Old 27-01-2017, 03:37 PM   #22
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Ain't worth, deposit USD cash alr costs 1-5% minimum. Use USD cheques.
I think he meant he changed it within the account, and not physical cash.

The FX spread this way is much better than paying USD with a SGD denominated credit card; even more so if you're expecting USD to become stronger in the coming weeks/months.
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Old 28-01-2017, 01:09 AM   #23
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One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.
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Old 28-01-2017, 10:00 AM   #24
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One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.
what are their charges like?

irrc, DBS also charges you ~$10 for any fund in to MCA in FC.
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Old 29-01-2017, 07:33 PM   #25
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what are their charges like?

irrc, DBS also charges you ~$10 for any fund in to MCA in FC.
No charges to transfer but even if there is, fix fee is acceptable when the sum being converted is large. Exchange rate spread savings will still be very large
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Old 30-01-2017, 02:43 PM   #26
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So many FC is 0% lei... If deposit sgd can escape counter charge rite
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Old 12-02-2017, 11:50 AM   #27
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One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.
May I know how does remittance work? So you go to the money changer at Clifford Centre, tell him that you wanna remit, for example, 100,000 yen, and give him your multi-currency bank account number?

Any charges for remitting this way?
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Old 12-02-2017, 08:38 PM   #28
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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?
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Old 17-02-2017, 04:49 PM   #29
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Completed my first USD transaction with this account. Am pretty happy with it so far.

A couple of things I noticed

1) When depositing a USD cheque, according to the counter staff, you *must* indicate (USD) behind your account number if you want it to be credited to your USD wallet. Failing to do so, it will be deposited into your SGD wallet instead.

2) You can easily change the daily limit on the debit function via internet banking. So, you can lockdown the card with a $0 limit, and only raise it when you're planning to buy something. You will need both your phone and 2FA security token to raise the limit by internet banking.

3) By internet banking, the maximum spending limit you can set is SGD5,000
(SGD0; SGD500; SGD1,000; SGD2,000 are other options available).

4) By phone, through an operator, the maximum 'permanent' limit you can request for is SGD10,000. It is also possible for you to request for a a higher 'temporary' limit (which will then revert to your previous limit) as well.

5) The 'spending limit' display on internet banking seems to only reflect the SGD wallet at this time.

That said, anyone who plans to use this, should keep in mind that debit cards are *extremely* high risk. Anyone with your card information can effectively reach into and take cash directly out of your bank account. I would only use this card on sites that I trust to keep the card information secure (eg: PayPal), and I would probably avoid using it at most other merchant sites.

Depending on how you plan to use this card an account, keeping a $0 SGD balance might not be a bad idea either (it will ensure all transactions use the correct FX wallet, or decline the transaction if there is insufficient funds) - only thing you'll want to make sure is you have enough FX to cover the minimum balance to avoid the fall-below fee.

What I would really like (which the account doesn't appear to do yet at this time) - to send an sms or email alert for every debit/ATM transaction.
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Old 08-03-2017, 11:49 PM   #30
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in conclusion, is this account worth to open?
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