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Old 09-03-2017, 10:55 AM   #31
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in conclusion, is this account worth to open?
"Worth" is different for everyone. What and how do you plan to use this account?

I think it's a great account; but only because I already have USD in the bank, and this allows me to spend it directly w/o incurring any FX fees.

By keeping my SGD wallet at $0, it also ensures any spending always comes from the correct wallet.

The fall-below fee is pretty high ($7.50/month, if you don't maintain SGD3k), and that would effectively wipe out any 'savings' you would otherwise gain if you had to pay it.
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Old 10-03-2017, 09:34 AM   #32
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"Worth" is different for everyone. What and how do you plan to use this account?

I think it's a great account; but only because I already have USD in the bank, and this allows me to spend it directly w/o incurring any FX fees.

By keeping my SGD wallet at $0, it also ensures any spending always comes from the correct wallet.

The fall-below fee is pretty high ($7.50/month, if you don't maintain SGD3k), and that would effectively wipe out any 'savings' you would otherwise gain if you had to pay it.
Ok cos I planning to open a usd account for online transactions(trading fx) but all need pay fee to deposit n withdraw. Still not sure which is the best savings to open with..
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Old 10-03-2017, 03:54 PM   #33
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Ok cos I planning to open a usd account for online transactions(trading fx) but all need pay fee to deposit n withdraw. Still not sure which is the best savings to open with..
It would depend largely on *how* you'll be depositing and withdrawing USD from the account.

Most banks do not charge to deposit locally drawn USD cheques, which is perhaps the most common way to move USD between banks locally.
Citi and CIMB also do not charge a fee for incoming TT (so you effectively save about SGD10 per incoming TT, when compared to other banks that do).
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Old 17-04-2017, 12:27 PM   #34
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What is the best way to deposit USD cash and keep it in USD? Using a multi-currency account?
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Old 17-04-2017, 01:23 PM   #35
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What is the best way to deposit USD cash and keep it in USD?
This question is quite common. The fact is that, nowadays, there doesn't seem to be any good (zero cost) way in Singapore to deposit U.S. dollar cash. All the banks now seem to charge something for cash deposits in foreign currencies (such as U.S. dollars) -- usually about 1% and subject to a minimum fee. Many are severely limiting free Singapore dollar cash deposits, too. Heck, the U.S. Embassy in Singapore doesn't even accept U.S. dollar cash any more. Cash is increasingly awful stuff, and it's being effectively phased out at least in developed countries.

I'd just spend your U.S. dollar cash in the United States (or elsewhere that accepts U.S. dollars) on your next international trip.
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Old 06-05-2017, 10:21 PM   #36
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Im planning to open an account for fx trading. so if I'm reading this right,

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)
- I can convert the currencies through I-banking with the tt rates over here. If I convert from jpy to usd, will it go through sgd first meaning will get hit by fx rate twice?
- There is fall-below fee of $7.50 if I do not maintain a daily average balance of sgd$3k

Is it possible to wire usd from this account to an account overseas through I-banking? If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?

Last edited by kyleee; 06-05-2017 at 10:26 PM..
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Old 07-05-2017, 04:54 AM   #37
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Im planning to open an account for fx trading. so if I'm reading this right,

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)
- I can convert the currencies through I-banking with the tt rates over here. If I convert from jpy to usd, will it go through sgd first meaning will get hit by fx rate twice?
- There is fall-below fee of $7.50 if I do not maintain a daily average balance of sgd$3k

Is it possible to wire usd from this account to an account overseas through I-banking? If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?
You got it right. You can tick "yes" to all questions.
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Old 07-05-2017, 09:21 AM   #38
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You got it right. You can tick "yes" to all questions.
Erm, no... you got one wrong...

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)
The fee for depositing FCY into DBS accounts without FX varies from 1.5% to 5.0%, depending on the currency.
(See pg 17 of their pricing guide - it's not 1%).

If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?
I'm unsure about this, and I've heard different things from different tellers and CS officers. Some have mentioned that the primary account is SGD, so if it is not specified (by adding -XXX at the end of the account number), it will fall into the SGD wallet; others have said it is automatic depending on currency being sent.

You might like to check on this.

This question is quite common. The fact is that, nowadays, there doesn't seem to be any good (zero cost) way in Singapore to deposit U.S. dollar cash. All the banks now seem to charge something for cash deposits in foreign currencies (such as U.S. dollars) -- usually about 1% and subject to a minimum fee.
Check this out. There is a thread discussing it here.
(I don't have this account; but have previously found banking with SCB quite terrible (the worst being HSBC) and don't intend to open one)
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Old 08-05-2017, 01:20 AM   #39
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hmm,, ok thanks for the response!
wow 1.5-5% is alot if dealing large amount but I think I will most likely be doing things through ibanking and keeping my fiat currencies in the account.
I think I might open this account and try to do arbitrage trading with it and see how it goes,,,
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Old 23-05-2017, 12:00 PM   #40
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Fees from using overseas ATM using DBS debit card linked to MCA

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!
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Old 03-06-2017, 08:55 PM   #41
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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?
Anyone can confirm if DBS can also issue USD chequebook?
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Old 13-06-2017, 10:02 AM   #42
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Anyone can confirm if DBS can also issue USD chequebook?
Can. We just opened last week. With a usd and a sgd cheque
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Old 13-06-2017, 11:16 AM   #43
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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
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Old 13-06-2017, 11:37 AM   #44
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Anyone can confirm if DBS can also issue USD chequebook?
Can. We just opened last week. With a usd and a sgd cheque
... I think you misunderstood his question.

Not that I am aware of. I have to maintain a separate DBS USD current account for a USD chequebook.
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Old 13-06-2017, 01:30 PM   #45
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Anybody's multiplier account exceeded 50k? What's ur alternative?

Sent from Samsung SM-N910G using GAGT
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