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DBS MCA Account Revamped

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Old 13-09-2017, 09:09 PM   #46
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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/2544...-the-card-ante
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Old 14-09-2017, 02:33 AM   #47
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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/2544...-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...
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Old 14-09-2017, 03:06 AM   #48
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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 by dreant; 14-09-2017 at 12:13 PM..
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