HWZ Forums

Login Register FAQ Mark Forums Read

DBS Multi-currency

Like Tree51Likes
Reply
 
LinkBack Thread Tools
Old 27-03-2013, 06:31 PM   #16
Supremacy Member
 
Join Date: Nov 2004
Posts: 5,429
It is unrealistic to expect no spread unless you are banking with six digit figures and above.
koxinga likes this.
__________________
Work Smart, Work Hard.
Majestic12 is offline   Reply With Quote
Old 27-03-2013, 11:37 PM   #17
Senior Member
 
Join Date: Oct 2007
Posts: 948
It is unrealistic to expect no spread unless you are banking with six digit figures and above.
No matter how huge amount, there will be spread If not how the bank earn?

It's just a matter of earning big or small
shotbottle is offline   Reply With Quote
Old 27-03-2013, 11:39 PM   #18
Senior Member
 
Join Date: Oct 2007
Posts: 948
Usually the spread makes foreign deposit unattractive right?
Sometimes it's not the spread, it's the risk involved which make many unwilling to do foreign deposit investment
shotbottle is offline   Reply With Quote
Old 28-03-2013, 01:13 AM   #19
Arch-Supremacy Member
 
Join Date: Dec 2002
Posts: 19,857
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Its all a matter of what currency is deposited and withdrawn, spread is always there if exchange is involved.
hwmook is offline   Reply With Quote
Old 28-03-2013, 11:49 AM   #20
Supremacy Member
 
Join Date: Sep 2001
Posts: 8,750
* 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.
chopra likes this.

Last edited by dreant; 28-03-2013 at 11:52 AM..
dreant is offline   Reply With Quote
Old 28-03-2013, 05:50 PM   #21
Arch-Supremacy Member
 
focus1974's Avatar
 
Join Date: May 2007
Posts: 16,661
It is unrealistic to expect no spread unless you are banking with six digit figures and above.
It is unrealistic to expect no spread unless you are banking with eight digit figures and above.
focus1974 is offline   Reply With Quote
Old 29-03-2013, 03:16 PM   #22
Arch-Supremacy Member
 
Join Date: Dec 2002
Posts: 19,857
DBS Multi-Currency Autosave (MCA)

Most basic one don't have, but the plus will need to maintain 3k.
You are reading it wrongly, all need to maintain SGD3000 else fall below fees apply.
hwmook is offline   Reply With Quote
Old 29-03-2013, 03:19 PM   #23
High Supremacy Member
 
Join Date: Apr 2003
Posts: 43,377
* 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.
That's exactly my point. In fact the DBS person has replied to my earlier query and dunno intentionally or unintentionally siamed this part.

Im throwing back the question to them again. Let's see...
chopra is offline   Reply With Quote
Old 29-03-2013, 03:44 PM   #24
Arch-Supremacy Member
 
Join Date: Dec 2002
Posts: 19,857
That's exactly my point. In fact the DBS person has replied to my earlier query and dunno intentionally or unintentionally siamed this part.

Im throwing back the question to them again. Let's see...
If you look at the bank charges details, the charges for foreign current account is listed while there is no charges listed under the MCA.
hwmook is offline   Reply With Quote
Old 29-03-2013, 05:33 PM   #25
Supremacy Member
 
Join Date: Sep 2001
Posts: 8,750
If you look at the bank charges details, the charges for foreign current account is listed while there is no charges listed under the MCA.
Could have been an oversight; but the choice of words for the MCA's fees and overall description seem to have been very carefully chosen such that they still have room to charge account holders with commission-in-lieu of exchange fees when depositing/withdrawing foreign currency notes.

Unless otherwise clarified, I'm inclined to think they will levy a fee if there is no foreign exchange involved.
dreant is offline   Reply With Quote
Old 29-03-2013, 09:06 PM   #26
Arch-Supremacy Member
 
Join Date: Jun 2002
Posts: 10,245
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.
no spread means converting at spot rates. do you think that it is possible?

banks and money changes will definitely charge a spread.
__________________
Too many stocks = market returns. You are better off buying the index.
MikeDirnt78 is offline   Reply With Quote
Old 30-03-2013, 12:36 AM   #27
Great Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 72,880
Just tried and deposited my first $3000 usd cash last week into this account, confirmed there is no additional transaction fee
civicguy, stevenlsf and agameer like this.

Last edited by Sinkie; 30-03-2013 at 12:43 AM..
Sinkie is offline   Reply With Quote
Old 30-03-2013, 12:42 AM   #28
Great Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 72,880
Could have been an oversight; but the choice of words for the MCA's fees and overall description seem to have been very carefully chosen such that they still have room to charge account holders with commission-in-lieu of exchange fees when depositing/withdrawing foreign currency notes.

Unless otherwise clarified, I'm inclined to think they will levy a fee if there is no foreign exchange involved.
It's a new product. I verified over phone and also over the counter with the manager who is trained in this product in that branch that there's no levy or exchange conversion when withdrawing foreign cash as long that foreign currency pocket has enough balance

Currently they have one deposit promotion, the first conversion from Sgd to any foreign currency deposit will take the middle of the bid/ask spread but the amount cannot be more than (can't rmb is $3000 or $5000)
agameer likes this.
Sinkie is offline   Reply With Quote
Old 30-03-2013, 12:47 AM   #29
Great Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 72,880
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.
This is correct.

Maybe next week I will try to withdraw usd to ssrr
koxinga, chopra and agameer like this.
Sinkie is offline   Reply With Quote
Old 30-03-2013, 11:35 AM   #30
Senior Member
 
Join Date: May 2011
Posts: 2,187
This is correct.

Maybe next week I will try to withdraw usd to ssrr
Some bank do charge 1% fee when you do that.
Motherliquor.P is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On