DBS Multi-currency

foozgarden

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You can't send a USD TT from your USD MCA wallet via internet banking; you have to do it over the counter.

Do you have actual USD currency with you now? If so, you're better off just carrying it with you - but do also be aware of civil forfeiture in the US.

If it's just a couple of thousand dollars, it's fine; but you really don't want to be rolling a suitcase full of cash though customs.


If the bulk of your funds is in SGD instead, I would recommend opening an account with Citibank instead.

CGT transfers between SG and US is free, and you can have your ATM card withdraw directly from your USD balance here too. There is also no withdrawal fees if you use a Citibank ATMs there.

I believe internet transactions with USD denominated accounts is not well supported. I have a DBS USD current account, and I can't even see the historical transactions on it, only the account balance on internet banking.

For DBS MCA, you can pretty much only transfer funds between MCA wallets online.

Citi's spread is not great; but they make up for it with the other facilities and services. If you're changing a significant amount, your RM can arrange a slightly better rate for you.

The other way would be to operate multiple accounts, and shuffle the funds around - that's usually more work than it's worth however.

Yes, the only advantage MCA has, is the ability to get physical USD into the banking system without fees; but that's not a very useful function, since most people don't exactly have suitcases of USD lying around.

Are you moving to the US for work, or are you migrating?
If you're moving, you will find it's important to still have SG bank accounts with good internet and phone banking facilities.

"Not a small sum" is subjective. If it's less than USD100k, I would consider it a small sum in the scheme of things of moving funds between borders.

I really like Citi, and use it a lot. The second most functional internet banking account I've found is UOB. You can pretty much do any transaction via the internet with these two banks.

One advantage of Citi is, it is possible to send a TT via internet banking, with no upper limit (if sent via internet banking secure message, otherwise their limit is SGD250k. Most other banks varies between SGD50k to SGD200k...). Another advantage is, if you have Citigold in any country, you don't need to maintain any minimum balance in any other country. In other words, if you moved all your cash from SG to US, and qualify for Citigold US; you can maintain your Citigold SG status and bank accounts with just SGD1 in the bank here.

Other ways would be, if you have a trusted person in SG; leave the funds with them and TT it across once you've established an account there. You'll still want to change some USD to carry there to get you settled in.

You probably can't open a bank account there, until you have an apartment too.

yeap. different folks , different strokes.
i guess, dep what your needs are.
for the OP, i think ** is the way to go too.

when i travel overseas, can i select from the atm machine which pocket (USD or SGD) to drawn down from?
or, is that pre-selected at the branch when opening account?

sounds like you deal alot with USD across borders.


Hi i have about $200k usd coming back after selling my shares in US. What is the most economical way of transferring it back to spore but still keep it in us$ ?

i would like to know this too.
but i would like to know the most cost effective way of transfering USD to SGD.
right now, i just withdraw USD and change at money changer
 

lcpteck

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when i travel overseas, can i select from the atm machine which pocket (USD or SGD) to drawn down from?
or, is that pre-selected at the branch when opening account?

That's a good question. I wonder does it default to the pocket of the native currency for that country or we have to do some sort of settings with the bank.

I'll be in the US for new year but I don't want to bring my ATM card there just to test it out lol...
 

dreant

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when i travel overseas, can i select from the atm machine which pocket (USD or SGD) to drawn down from?
or, is that pre-selected at the branch when opening account?

sounds like you deal alot with USD across borders.

For Citi SG, your atm card is linked to one account, which you specify. You can change the link instantly though a phone call, or it would take a bit of time if you do it by internet banking (I guess, till someone reads and performs the request).

When I have to travel, I usually just call in as I'm heading out to the airport, and call again when I arrive back.

No, I don't often move funds between countries - only very occasionally when I have to. I'm not based in SG, and do sometimes have to perform banking transactions remotely. I do also have USD here, as my previous job paid me in USD, and it took me a while to figure out how to minimize the bank fees.

Hi i have about $200k usd coming back after selling my shares in US. What is the most economical way of transferring it back to spore but still keep it in us$ ?

Just open a USD bank account locally, and TT the funds into it.

The more important question would be 'which bank'? And that would depend largely on *what* you plan to do with that USD.

Do you plan to just leave it as cash? (Citi and UOB will pay 0.05%pa on deposits over USD5k)
Put it in USD FD? (CIMB usually offers the best rates, and has placements from 1 to 12mths; other banks usually only have a 'fresh funds' rate, and if you have no way to move the funds out later, you get the really poor 'rack rates' after that).
Convert it back to SGD? (DBS usually has the best rates, but if you're changing very large amounts (maybe 0.5m or more?), I'm sure all banks will be happy to arrange a favorable rate...)
Do you plan to receive incoming USD TT's very often? (Citi and CIMB have no incoming TT fees; other banks typically take between SGD10-15 per TT. It doesn't sound like much, but it does add up over time).
Make USD investments? (Unit trusts, stocks, etc)
Transfer it out again? (Citi is perhaps the only bank I know, that has no limit when sending an outgoing TT via internet banking; most other banks have a cap of about SGD200k per day, and some have a SGD50k cap per TT. There are never any limits when you're doing it over the counter)

The main problem with foreign currency in a local bank, is moving it between banks. USD can be moved easily via local USD cheques, but that would mean you'd need to have a USD checking account each banks you plan to transact with (in turn, meaning maintaining a minimum balance with every one of them). Without that, you'll need to rely on TTs or bank drafts, and pay their respective fees, which can add up.

Any other currency can only be moved via TT (except RMB, for now, I believe).


i would like to know this too.
but i would like to know the most cost effective way of transfering USD to SGD. right now, i just withdraw USD and change at money changer

Do you mean transferring (moving between borders)? Or did you mean exchanging (changing USD to SGD)?

Moving funds between countries, depends largely on from where, to where. Assuming it's US to SG, the best way is Citi's CGT. It's usually quite hard to beat free.

Exchanging money? Cash *always* gives you the best rates. I've found Mustafa rates hard to beat, and it's great because their website rates are live (although for USD, it's for 50 and 100 bills; smaller notes have a lower rate).

However, I'm usually more worried about counterfeit notes. I've received counterfeit RMB from an ATM in Beijing, but am also aware that high quality counterfeit USD notes exist too.

That's a good question. I wonder does it default to the pocket of the native currency for that country or we have to do some sort of settings with the bank.

(See above)
 

jane_neo2004

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Originally Posted by jane_neo2004:
Hi i have about $200k usd coming back after selling my shares in US. What is the most economical way of transferring it back to spore but still keep it in us$ ?
Just open a USD bank account locally, and TT the funds into it.

The more important question would be 'which bank'? And that would depend largely on *what* you plan to do with that USD.

Do you plan to just leave it as cash? (Citi and UOB will pay 0.05%pa on deposits over USD5k)
Put it in USD FD? (CIMB usually offers the best rates, and has placements from 1 to 12mths; other banks usually only have a 'fresh funds' rate, and if you have no way to move the funds out later, you get the really poor 'rack rates' after that).
Convert it back to SGD? (DBS usually has the best rates, but if you're changing very large amounts (maybe 0.5m or more?), I'm sure all banks will be happy to arrange a favorable rate...)
Do you plan to receive incoming USD TT's very often? (Citi and CIMB have no incoming TT fees; other banks typically take between SGD10-15 per TT. It doesn't sound like much, but it does add up over time).
Make USD investments? (Unit trusts, stocks, etc)
Transfer it out again? (Citi is perhaps the only bank I know, that has no limit when sending an outgoing TT via internet banking; most other banks have a cap of about SGD200k per day, and some have a SGD50k cap per TT. There are never any limits when you're doing it over the counter)

The main problem with foreign currency in a local bank, is moving it between banks. USD can be moved easily via local USD cheques, but that would mean you'd need to have a USD checking account each banks you plan to transact with (in turn, meaning maintaining a minimum balance with every one of them). Without that, you'll need to rely on TTs or bank drafts, and pay their respective fees, which can add up.

Any other currency can only be moved via TT (except RMB, for now, I believe).


"Thanks for your detailed reply. Another alternative i am exploring is to put into local brokerage. I heard that lim and tan pay 0.15%, that is much better than the 0.05% u mentioned."
 

dreant

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"Thanks for your detailed reply. Another alternative i am exploring is to put into local brokerage. I heard that lim and tan pay 0.15%, that is much better than the 0.05% u mentioned."

Have no experience with local brokerages. I have wanted to find out more about them, but never did quite get around to it. Please do post any information here if you find out more.

The first though that comes to mind however is "it's not a bank...". Not that it should matter, since foreign currency deposits is not covered under SDIC; but banks do have to play by certain rules, which does reassure me a tiny bit.

In the grand scheme of things, 0.1% difference is really not a whole lot. You're looking at only $100 per $100k each year; or $8.33 per month.
 

stiwipl

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@dreant sounds like Citi rep ;-) But let's clear few things out based on practical and not theoretical knowledge:

I believe internet transactions with USD denominated accounts is not well supported. I have a DBS USD current account, and I can't even see the historical transactions on it, only the account balance on internet banking.

For DBS MCA, you can pretty much only transfer funds between MCA wallets online.

Wrong. I asked you for USD simply because I don't have USD on my MCA account but I just checked for EUR currency and can transfer it overseas from my MCA account.

Another advantage is, if you have Citigold in any country, you don't need to maintain any minimum balance in any other country. In other words, if you moved all your cash from SG to US, and qualify for Citigold US; you can maintain your Citigold SG status and bank accounts with just SGD1 in the bank here.

Wrong. Since when? With Citigold, unlike HSBC, you have to maintain required amount in every country.

For Citi SG, your atm card is linked to one account, which you specify. You can change the link instantly though a phone call, or it would take a bit of time if you do it by internet banking (I guess, till someone reads and performs the request).

Linking your ATM/debit card in Citi is instant via online banking, no need to wait. One thing to keep in mind is that in case of POS payments via debit card linked to FCY account, transaction will be settled in SGD anyway. So if you link it to USD account but and will use your debit card for shopping, the conversion will be: USD -> SGD -> USD. So linking card to FCY account is only beneficial for FCY ATM withdrawals NOT in Citi ATMs.

The main problem with foreign currency in a local bank, is moving it between banks.

Agree. However I have done couple of FCY transfers between SCB <-> Citi. I have SCB World Partner and using SHA fees, I always paid S$20 equivalent charged to my FCY account. Same from Citi, I think it cost S$20 for Citigold and $30 for normal accounts. I must say however that as a Citigold customer I have never been charged this S$20 fee. I don't know whether this is their technical glitch or they forgot to update Citigold service fees list. The only way to make FCY local TT at DBS, UOB, OCBC is to go to branch directly and then the fees will make it worthless.

i would like to know this too.
but i would like to know the most cost effective way of transfering USD to SGD.
right now, i just withdraw USD and change at money changer

This is what I have been doing as well. From DBS MCA FCY withdrawal is free. SCB World Partner FCY withdrawal is free and they have usually pretty good stock on Battery Road if you come early. I usually go to Arcade @Raffles Place and pick the one that has the best FX at given time. Once they know you, you can ask them for S$10k notes :)

CGT is useless for one time large transfers. I believe the limit is something like S$50k per day or per week, don't remember exactly. If you can spread the amount over time - then this is the best solution.

Another solution for USD from US to SGD in SG would be to check FX online changers like Currency Fair and others. This way you could possibly get best FX rate and pretty much fee free transfers.
 
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foozgarden

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"Thanks for your detailed reply. Another alternative i am exploring is to put into local brokerage. I heard that lim and tan pay 0.15%, that is much better than the 0.05% u mentioned."

i would like to know this too.
i have USD which i dont know what to do with it..
the miserly interest at DBS USD FD, i usually just renew it every 3mths.

For Citi SG, your atm card is linked to one account, which you specify. You can change the link instantly though a phone call, or it would take a bit of time if you do it by internet banking (I guess, till someone reads and performs the request).

When I have to travel, I usually just call in as I'm heading out to the airport, and call again when I arrive back.

No, I don't often move funds between countries - only very occasionally when I have to. I'm not based in SG, and do sometimes have to perform banking transactions remotely. I do also have USD here, as my previous job paid me in USD, and it took me a while to figure out how to minimize the bank fees.



Just open a USD bank account locally, and TT the funds into it.

The more important question would be 'which bank'? And that would depend largely on *what* you plan to do with that USD.

Do you plan to just leave it as cash? (Citi and UOB will pay 0.05%pa on deposits over USD5k)
Put it in USD FD? (CIMB usually offers the best rates, and has placements from 1 to 12mths; other banks usually only have a 'fresh funds' rate, and if you have no way to move the funds out later, you get the really poor 'rack rates' after that).
Convert it back to SGD? (DBS usually has the best rates, but if you're changing very large amounts (maybe 0.5m or more?), I'm sure all banks will be happy to arrange a favorable rate...)
Do you plan to receive incoming USD TT's very often? (Citi and CIMB have no incoming TT fees; other banks typically take between SGD10-15 per TT. It doesn't sound like much, but it does add up over time).
Make USD investments? (Unit trusts, stocks, etc)
Transfer it out again? (Citi is perhaps the only bank I know, that has no limit when sending an outgoing TT via internet banking; most other banks have a cap of about SGD200k per day, and some have a SGD50k cap per TT. There are never any limits when you're doing it over the counter)

The main problem with foreign currency in a local bank, is moving it between banks. USD can be moved easily via local USD cheques, but that would mean you'd need to have a USD checking account each banks you plan to transact with (in turn, meaning maintaining a minimum balance with every one of them). Without that, you'll need to rely on TTs or bank drafts, and pay their respective fees, which can add up.

Any other currency can only be moved via TT (except RMB, for now, I believe).




Do you mean transferring (moving between borders)? Or did you mean exchanging (changing USD to SGD)?

Moving funds between countries, depends largely on from where, to where. Assuming it's US to SG, the best way is Citi's CGT. It's usually quite hard to beat free.

Exchanging money? Cash *always* gives you the best rates. I've found Mustafa rates hard to beat, and it's great because their website rates are live (although for USD, it's for 50 and 100 bills; smaller notes have a lower rate).

However, I'm usually more worried about counterfeit notes. I've received counterfeit RMB from an ATM in Beijing, but am also aware that high quality counterfeit USD notes exist too.



(See above)

** have no incoming TT for USD? really?
i didnt know that!
dang!
but i guess, since i withdraw out USD OTC , i guess DBS suits me better, coz the ** USD OTC charge is 1/8%? (smething like that. ever asked but cant rmrb)

off the top of your head, does cimb have OTC USD charge?


i change at mustafa too! haha... coz they are open 24hrs.
so can go anytime.
but there is a limit to change per year. i think something like 50 or 100k/year?
once you hit that limit, i think per transaction is only 5k, unless you can prove your source of funds.
 
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foozgarden

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@dreant sounds like Citi rep ;-) But let's clear few things out based on practical and not theoretical knowledge:



Wrong. I asked you for USD simply because I don't have USD on my MCA account but I just checked for EUR currency and can transfer it overseas from my MCA account.



Wrong. Since when? With Citigold, unlike HSBC, you have to maintain required amount in every country.



Linking your ATM/debit card in Citi is instant via online banking, no need to wait. One thing to keep in mind is that in case of POS payments via debit card linked to FCY account, transaction will be settled in SGD anyway. So if you link it to USD account but and will use your debit card for shopping, the conversion will be: USD -> SGD -> USD. So linking card to FCY account is only beneficial for FCY ATM withdrawals NOT in Citi ATMs.



Agree. However I have done couple of FCY transfers between SCB <-> Citi. I have SCB World Partner and using SHA fees, I always paid S$20 equivalent charged to my FCY account. Same from Citi, I think it cost S$20 for Citigold and $30 for normal accounts. I must say however that as a Citigold customer I have never been charged this S$20 fee. I don't know whether this is their technical glitch or they forgot to update Citigold service fees list. The only way to make FCY local TT at DBS, UOB, OCBC is to go to branch directly and then the fees will make it worthless.

i have to agree, there is a min fall below fee for **. (i dont know abt CBgold. maybe they dont have. but for normal holders, there is.) i know, coz it ever happened to me.

Linking your ATM/debit card in Citi is instant via online banking, no need to wait. One thing to keep in mind is that in case of POS payments via debit card linked to FCY account, transaction will be settled in SGD anyway. So if you link it to USD account but and will use your debit card for shopping, the conversion will be: USD -> SGD -> USD. So linking card to FCY account is only beneficial for FCY ATM withdrawals NOT in Citi ATMs.

this is useful! i would have thought that its a direct USD>USD rather than the merry go round. that would have incurred some hefty fx charge for the merrry go round!

This is what I have been doing as well. From DBS MCA FCY withdrawal is free. SCB World Partner FCY withdrawal is free and they have usually pretty good stock on Battery Road if you come early. I usually go to Arcade @Raffles Place and pick the one that has the best FX at given time. Once they know you, you can ask them for S$10k notes :)

CGT is useless for one time large transfers. I believe the limit is something like S$50k per day or per week, don't remember exactly. If you can spread the amount over time - then this is the best solution.

Another solution for USD from US to SGD in SG would be to check FX online changers like Currency Fair and others. This way you could possibly get best FX rate and pretty much fee free transfers

the q @ arcade is horrendous. and also, i dont work there. abit inconvenient.

currently i am trying to figure out if using online transfers ie transferwise, etc etc can give better rates. and hopefully also maybe more convenient, since no need to queue>withdraw>queue>change>queue>deposit.

but so far, what i found out (and also what you guys have mentioned), DBS MCA does not allow online TT out from the USD pocket. the default is SGD pocket. unless you go down to branch (maybe?)
but also havent got the chance to compare if their rates are actually better than DBS, since those online FX usually have some kinda % charge attached.

if anyone knows, do sound out.
 

stiwipl

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[...]
but so far, what i found out (and also what you guys have mentioned), DBS MCA does not allow online TT out from the USD pocket. the default is SGD pocket. unless you go down to branch (maybe?)
but also havent got the chance to compare if their rates are actually better than DBS, since those online FX usually have some kinda % charge attached.

if anyone knows, do sound out.

I suggest you to read my answers once again or maybe twice slowly and you will find out:

- DBS MCA Overseas TT online FCY is possible
- Citi OTT FCY fees (S$20 normal; $30 Gold - fixed fees + intermediary charges if any or OUR transfer for some extra fixed fee, S$50 I think? In this case recipient is guaranteed to get amount in full).

OT, regarding OUR transfers. I have noticed that if someone sends TT with OUR charges, even incoming TT charges are waived. And Citi doesn't charge incoming FCY TT fee at all.
 
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foozgarden

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I suggest you to read my answers once again or maybe twice slowly and you will find out:

- DBS MCA Overseas TT online FCY is possible
- Citi OTT FCY fees (S$20 normal; $30 Gold - fixed fees + intermediary charges if any or OUR transfer for some extra fixed fee, S$50 I think? In this case recipient is guaranteed to get amount in full).

OT, regarding OUR transfers. I have noticed that if someone sends TT with OUR charges, even incoming TT charges are waived. And Citi doesn't charge incoming FCY TT fee at all.

will re-read it again.

still learning all these lingo. but what is "OUR"?
 

stiwipl

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will re-read it again.

still learning all these lingo. but what is "OUR"?

BEN, SHA, OUR are codes in a SWIFT instruction.

– The OUR instruction means you pay all transfer charges. Beneficiary get the full amount of the payment you make.

– SHA (shared) means you only pay your bank’s outgoing transfer charge. Beneficiary receive your payment minus the correspondent (intermediary) bank charges. These are most often unknown and can be unpredictable.

– BEN (beneficiary) means you do not pay any charge. Beneficiary receive your payment minus all transfer fees.
 

jiaklormee

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I suggest you to read my answers once again or maybe twice slowly and you will find out:

- DBS MCA Overseas TT online FCY is possible
- Citi OTT FCY fees (S$20 normal; $30 Gold - fixed fees + intermediary charges if any or OUR transfer for some extra fixed fee, S$50 I think? In this case recipient is guaranteed to get amount in full).

OT, regarding OUR transfers. I have noticed that if someone sends TT with OUR charges, even incoming TT charges are waived. And Citi doesn't charge incoming FCY TT fee at all.

So now got two differing views (yours vs. dreant's) on whether it is possible to use the DBS ibanking site to do a TT overseas using the MCA account's FCY (in my case, USD to US account)... :s22:

Will drop by DBS and Citibank tomorrow and find out what is going on...
 

stiwipl

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So now got two differing views (yours vs. dreant's) on whether it is possible to use the DBS ibanking site to do a TT overseas using the MCA account's FCY (in my case, USD to US account)... :s22:

Will drop by DBS and Citibank tomorrow and find out what is going on...

DBS MCA
"Ability to remit, withdraw or receive foreign currency funds directly from and into your account thus allowing you to save on foreign exchanges"
 

jiaklormee

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DBS MCA
"Ability to remit, withdraw or receive foreign currency funds directly from and into your account thus allowing you to save on foreign exchanges"

I am sure that the account allows for outward remittance using the account's foreign currency - question is can it be done online through DBS online ibanking (some say no, you say yes) or must I personally go down to a DBS branch to request it?
 

dreant

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@dreant sounds like Citi rep ;-) But let's clear few things out based on practical and not theoretical knowledge:

Not a Citi rep, just a (mostly) happy customer. (*).

Wrong. I asked you for USD simply because I don't have USD on my MCA account but I just checked for EUR currency and can transfer it overseas from my MCA account.

Good for you. I guess they might have had improved the MCA system since it was first introduced; I closed my account shortly after opening it, because it was impressively useless for me - back then, it was not possible to make TT transactions online from an MCA foreign currency wallet, and it could only be done over the counter.

Wrong. Since when? With Citigold, unlike HSBC, you have to maintain required amount in every country.

Are you're speaking from practical experience, as you said you would? Because I am. It's been this way for as long as I've been banking with them, and in all the countries I've lived and worked in.

I've tried banking with HSBC in SG, and closed my account within 6-8 months; possibly one of the worst banking experiences I've ever had (!). They had fees for *everything*, regardless of status, and would nickle and dime you every step of the way. Even for simple transactions that other banks performed for free; clearing a locally drawn USD cheque with HSCB costs SGD5 per cheque :s22:

Linking your ATM/debit card in Citi is instant via online banking, no need to wait. One thing to keep in mind is that in case of POS payments via debit card linked to FCY account, transaction will be settled in SGD anyway. So if you link it to USD account but and will use your debit card for shopping, the conversion will be: USD -> SGD -> USD. So linking card to FCY account is only beneficial for FCY ATM withdrawals NOT in Citi ATMs.

Really? Where? I could never find the option to change the ATM card link via online banking, and would usually do it via secure message if I didn't want to call... (Unless, you meant doing it over live chat? But that service isn't 24h)

I don't use a debit card (they're extremely high risk, and I always opt for a non-debit card where available). That said, it's understood that debit card transactions always default to the primary SGD account. And yes, I was posting about overseas ATM cash withdrawals.

This is what I have been doing as well. From DBS MCA FCY withdrawal is free. SCB World Partner FCY withdrawal is free and they have usually pretty good stock on Battery Road if you come early. I usually go to Arcade @Raffles Place and pick the one that has the best FX at given time. Once they know you, you can ask them for S$10k notes :)

Ah yes, your fabled SCB World Partner account you always share about - the one that you can't share any details/screenshots about, that you say how most bank staff aren't aware of some (most?) of the perks, and that also isn't available to Singaporeans?

Sounds great, and about as useful as my personal pet unicorn... :eek:

Second to HSBC, StdCh was the next worst bank I had ever experienced (!) and I also closed my account with them shortly after.

The main problem I had with them, was how their customer service had no information, and was not empowered to do anything. It seemed to me that their call centers were outsourced. Even for simple inquiries about products, or my account, they would have to arrange a call back from someone else. On more than one occasion, the person calling back didn't even have information about what I was asking, and had to get someone *else* call me back. And on at least one occasion, while I was at a bank counter... "Sorry, we do not have that information here, and I will need to arrange to get an\officer to call you about it." And it wasn't for anything complex either; possibly a very run of the mill questions like 'when does (particular FCY) deposit mature, and can you tell me what is the current maturity instruction on it?'

Possibly fine if you've a ton of time, but certainly not the banking experience I needed when I'm trying to get things done when I'm back in SG for only a few days, or when I'm trying to get things done remotely.

CGT is useless for one time large transfers. I believe the limit is something like S$50k per day or per week, don't remember exactly. If you can spread the amount over time - then this is the best solution.

CGT limits depends on sending and destination countries.

but i guess, since i withdraw out USD OTC , i guess DBS suits me better, coz the ** USD OTC charge is 1/8%? (smething like that. ever asked but cant rmrb)

off the top of your head, does cimb have OTC USD charge?

Locally, only DBS MCA allows you to withdraw notes over the counter for free; all other banks have a charge. (#)

i change at mustafa too! haha... coz they are open 24hrs.
so can go anytime.
but there is a limit to change per year. i think something like 50 or 100k/year?
once you hit that limit, i think per transaction is only 5k, unless you can prove your source of funds.

This isn't mainland china. There are no restrictions on changing money; just that if you're changing more than SGD5k, they need to record your ID.

Ultimately, what's best often depends on what exactly you need to do most often. For me, I try to take advantage of the highest USD FD rates, and this involves having to move USD between banks locally. As such, I have a USD checking account with all the banks I use. Once the deposit matures, the instruction is to credit it to my USD current account; where I then write a new cheque to deposit it at another bank. Unfortunately, I am to understand some of these accounts are no longer available (my DBS USD checking account doesn't charge me for chequebooks; but I've heard sometime back this account is no longer available, and they have a monthly charge for USD checking accounts now)

(*) Lately, it seems Citi SG has disabled their Online Premium Account service. It's unclear if this functionality will ever return, but it was previously best way for me to exchange money, as it effectively allowed me to perform FX at spot rates.

They have also recently disabled the buying and selling of investment funds via internet banking, which makes in a little inconvenient. It's still possible to do so via phone with my RM, who is happy to call me back at any phone number in the world, but timezone differences makes it a hassle, and I prefer to make transactions without the accompanying upsell for other things.

(!) It's entirely possible these banks may have improved over the years since I banked with them, but I wouldn't hold my breath.

(#) stiwipl's fabled StdCh WP account supposedly allows him to as well, but this isn't mentioned anywhere in their pricing guide, or their website, and according to him isn't available to Singaporeans, so :s8:
 

J_Vansen_S

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I am sure that the account allows for outward remittance using the account's foreign currency - question is can it be done online through DBS online ibanking (some say no, you say yes) or must I personally go down to a DBS branch to request it?

It can be done online, i recently just paid for my lil brother's tuition fee in GBP from my DBS MCA Foreign currency. Direct TT GBP to his university in the uK.

and zero TT charges :)
 

lcpteck

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It can be done online, i recently just paid for my lil brother's tuition fee in GBP from my DBS MCA Foreign currency. Direct TT GBP to his university in the uK.

and zero TT charges :)

Zero outbound TT using DBS? That's interesting.
 

foozgarden

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So now got two differing views (yours vs. dreant's) on whether it is possible to use the DBS ibanking site to do a TT overseas using the MCA account's FCY (in my case, USD to US account)... :s22:

Will drop by DBS and Citibank tomorrow and find out what is going on...

sounds good. do update here.

I am sure that the account allows for outward remittance using the account's foreign currency - question is can it be done online through DBS online ibanking (some say no, you say yes) or must I personally go down to a DBS branch to request it?

i mention it from personal experience. so whether or not, things have changed, i dont know.
but for me, i could not transfer outgoing online from my dbs mca USD pocket to another account (also dbs usd account)
i called in , and they ask me to go down to the branch.

so maybe its just me.

This isn't mainland china. There are no restrictions on changing money; just that if you're changing more than SGD5k, they need to record your ID.

like i said again, my personal experience at the money changer.
i dont like to show too much personal details. ie showing ID , source of funds, need to print out payslip, etc.
that kinda turns me off.
i like it fast in , fast out. chop chop kali pok.
 
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foozgarden

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It can be done online, i recently just paid for my lil brother's tuition fee in GBP from my DBS MCA Foreign currency. Direct TT GBP to his university in the uK.

and zero TT charges :)

your DBS MCA FCY was from your USD pocket?
so USD>GBP?

can you check the rates thru their website for DBSremit? cant seem to find it
or, have to login ibanking first, then can see?
 
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