DBS Multi-currency

Joined
Aug 19, 2002
Messages
315
Reaction score
0
You'll need 2/3 bank accounts to do the above.

No incoming TT charges: USD current account with Citibank or CIMB.
Interest bearing: USD current account with Citibank or UOB
USD Cash Withdrawal: DBS Multicurrency.

So, incoming TT arrives at your CIMB/Citibank account. If required, you then write a check to transfer the funds to your interest bearing account.

If you need to withdraw cash, you then write another check and transfer the amount required to your DBS account.

Of course, each bank also charges a fee for a new checkbook, and you need to maintain 3 minimum balances to prevent being charged a fall-below fee.
thanks and very nice! I wont do a lot of transactions, so this might work. I can do some research, but if u know about the chequebook fees, pls write them down as well. Thanks!
 

aster1

Senior Member
Joined
Dec 6, 2009
Messages
1,359
Reaction score
1
So, incoming TT arrives at your CIMB/Citibank account. If required, you then write a check to transfer the funds to your interest bearing account.

If you need to withdraw cash, you then write another check and transfer the amount required to your DBS account.

Will those cheques clear as quickly as local ones or are we looking at a substantial clearing period due to them being in a foreign currency?

Also, won't there be any charges for clearing a foreign currency cheque to either of those accounts?

As for interest, it is so meaningless at present that I wouldn't even bother using it as a factor in all of this. I mean how much can you get for USD, 0.1% p/a? Not worth the hassle imo...
 
Joined
Aug 19, 2002
Messages
315
Reaction score
0
Will those cheques clear as quickly as local ones or are we looking at a substantial clearing period due to them being in a foreign currency?

Also, won't there be any charges for clearing a foreign currency cheque to either of those accounts?

As for interest, it is so meaningless at present that I wouldn't even bother using it as a factor in all of this. I mean how much can you get for USD, 0.1% p/a? Not worth the hassle imo...

Clearing time may not be an issue, depending on what u want to use the money for? but i doubt it should be very slow, since it's the same currency.

Either way in my case, as i have highlighted, hsbc gives me none of the benefits, and all of the disadvantages... No interest. Charges for TT in.. plus withdrawal of cash too!
 

aster1

Senior Member
Joined
Dec 6, 2009
Messages
1,359
Reaction score
1
Clearing time may not be an issue, depending on what u want to use the money for? but i doubt it should be very slow, since it's the same currency.

Either way in my case, as i have highlighted, hsbc gives me none of the benefits, and all of the disadvantages... No interest. Charges for TT in.. plus withdrawal of cash too!

I would check this as bank transfers in other currencies are treated as international transfers, hopefully cheques are easier to deal with and don't attract the same fees.

HSBC is actually one of the better banks you could be with - they offer a proper MCY account with very good online exchange rates, plus in other countries their spreads are even tighter. And if you have Premier status then you can make transfers between accounts in different countries for free, and best of all the funds are credited instantaneously. So even though it takes them some time to process a transfer from one continent to the next, you will see the funds moved between your accounts in different countries in just seconds.

No interest? Big deal. Nobody gives any interest nowadays that would be worth looking at. Cash withdrawals are at 0.75% with a min of S$25, not a huge problem for the convenience but there is a fee nonetheless.
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
Will those cheques clear as quickly as local ones or are we looking at a substantial clearing period due to them being in a foreign currency?

All local clearing USD checks are cleared though USD Cheque Truncation System (CTS). The cutoff time is 1pm, and the clearing period is two working days.

Also, won't there be any charges for clearing a foreign currency cheque to either of those accounts?

All other local banks clear local USD checks for free *except* HSBC (who charges USD5 for each local USD check).

I would check this as bank transfers in other currencies are treated as international transfers, hopefully cheques are easier to deal with and don't attract the same fees.

It's only possible to move USD via checks locally. All other currencies can only be moved between banks via TT.

HSBC is actually one of the better banks you could be with - they offer a proper MCY account with very good online exchange rates, plus in other countries their spreads are even tighter. And if you have Premier status then you can make transfers between accounts in different countries for free, and best of all the funds are credited instantaneously. So even though it takes them some time to process a transfer from one continent to the next, you will see the funds moved between your accounts in different countries in just seconds.

No interest? Big deal. Nobody gives any interest nowadays that would be worth looking at. Cash withdrawals are at 0.75% with a min of S$25, not a huge problem for the convenience but there is a fee nonetheless.

Of all the banks I've used, unfortunately, I've found HSBC to be one of the worst. They were the only bank that I decided to close all my accounts after just 8 months.

Also, HSBC offers one of the *worst* exchange rates, with possibly the highest buy-sell spread among banks here.
The following are the USD TT buy/sell rates from various local banks taken just a few minutes ago:

Buy; Sell; (Spread); Bank
1.2456 1.2846 (3.04%) HSBC
1.2527 1.2786 (2.03%) Citibank
1.2560 1.2755 (1.53%) OCBC
1.2580 1.2750 (1.33%) UOB
1.2569 1.2729 (1.26%) DBS
1.2570 1.2730 (1.26%) BOC


In other words, with HSBC, for every USD10k you receive and convert to SGD, you receive SGD113 less, and for every USD10k that you send, you pay SGD117 more; when compared with DBS.

A number of banks offer 'proper' MCY accounts - Citibank, UOB, and DBS, just to name a few.

Citibank offers free Global Transfers between your accounts too; and DBS's multi currency account (supposedly?) allows you to withdraw foreign currency notes without any fees.
 
Last edited:

aster1

Senior Member
Joined
Dec 6, 2009
Messages
1,359
Reaction score
1
Also, HSBC offers one of the *worst* exchange rates, with possibly the highest buy-sell spread among banks here.

Never go with regular "rack rates," instead check out HSBC's GetRate feature. Their spreads are actually quite good.

Are DBS' spreads consistent with what they post on their site (not live rates but updated every so often)?
 

shamuslee

Greater Supremacy Member
Joined
Dec 19, 2004
Messages
84,765
Reaction score
3
just applied the account through iBanking.

Called DBS personnel - says that i can deposit and withdraw in foreign currencies for the new multisaver account, in that exact same currency and value BUT must be through the bank outlet. Thru ATM/iBanking will be SGD eqv.

Cause i wanna close my GBP account, so want to deposit the $$ into this account first. If no good xchg rate next time just withdraw in cash and bring to UK. :o
 

steventay

Banned
Joined
Jan 1, 2000
Messages
1,810
Reaction score
0
just applied the account through iBanking.

Called DBS personnel - says that i can deposit and withdraw in foreign currencies for the new multisaver account, in that exact same currency and value BUT must be through the bank outlet. Thru ATM/iBanking will be SGD eqv.

Cause i wanna close my GBP account, so want to deposit the $$ into this account first. If no good xchg rate next time just withdraw in cash and bring to UK. :o

if i have multisaver acc and i have another usd acc from any bank in spore, u can i bank transfer in usd?
 

lcpteck

Master Member
Joined
Jan 11, 2010
Messages
3,937
Reaction score
0
if i have multisaver acc and i have another usd acc from any bank in spore, u can i bank transfer in usd?

I heard the bank transfer (even though both in USD) will incur a wire transfer charge. I think transfer via cheque should be no charge (I could be wrong). Better check the outward and inward fees on both banks.
 

Yowzer

Supremacy Member
Joined
Aug 12, 2008
Messages
7,508
Reaction score
0
I have a SCB USD account.

Cheques into SCB no charges. But must be from local based bank. This includes Citibank. All wire transfers have charges. I recall over the counter deposit & withdrawal of that foreign currency notes also no charges. The other way is to use a cashier's order which has charges.
 

lcpteck

Master Member
Joined
Jan 11, 2010
Messages
3,937
Reaction score
0
I have a SCB USD account.

Cheques into SCB no charges. But must be from local based bank. This includes Citibank. All wire transfers have charges. I recall over the counter deposit & withdrawal of that foreign currency notes also no charges. The other way is to use a cashier's order which has charges.

I wonder if the withdrawal and deposit of FCY is for a special account type or maybe the T&Cs have changed? I just checked SCB's website and it mentions a 1.5% charge for foreign currency deposits/withdrawal from same foreign currency account.
 

dreant

Arch-Supremacy Member
Joined
Sep 23, 2001
Messages
10,020
Reaction score
72
I recall over the counter deposit & withdrawal of that foreign currency notes also no charges.

SCB: Pricing Guide:
Miscellaneous
Deposits (in cash):
—in FCY to same currency account 1.5% repatriation fee,
Min. US$15 equivalent

Withdrawals (in cash):
—in FCY from same currency account 1.5% commission,
Min. US$5 equivalent
 

stiwipl

Senior Member
Joined
Sep 8, 2009
Messages
1,241
Reaction score
9
SCB FCY cash deposits / withdrawals are free of charge. Make sure to upgrade your account status at the branch to World Partner, I was told only S$20k or equivalent in deposits is enough although the official statement is S$50k.

I have this status for quite some time now and have never paid any fees for FCY cash deposits/ withdrawals over the counter.
 

ChaOrEn

Senior Member
Joined
Oct 8, 2000
Messages
1,046
Reaction score
7
SCB FCY cash deposits / withdrawals are free of charge. Make sure to upgrade your account status at the branch to World Partner, I was told only S$20k or equivalent in deposits is enough although the official statement is S$50k.

I have this status for quite some time now and have never paid any fees for FCY cash deposits/ withdrawals over the counter.

I thought World Partner status is only for foreigners?
SCs & PRs also can get this status?
 
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 Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top