View Single Post
Old 04-08-2011, 12:09 PM   #181
Junior Member
Join Date: Mar 2003
Posts: 91
If I take USD cash and deposit into my FCY settlement account via counter, is there any transaction fees?
1) FCY and any securities settlement accounts are NOT transactional accounts. they are internal accounts, therefore you would need a transactional account (eg e$aver/Xtrasaver) to fund the accounts. That is the reason why you need to open an account to fund them.

2) You cannot deposit directly into a securities settlement account. Only way to do that is to open a FCY Savings account (which has got a minimum amount and fall below fee).

3) Deposit foreign currency into any bank would incur you a 1.5% charge upfront. ( I heard of some banks waiving it, but they are the exception rather than then norm)

4) Transferring funds from e$avers to any FCY Security Settlement accounts will be done at board rate. Which is not the best of rates, only $50k and above can the RM call the trader for a better rate.

Hope the above helps.
toe is offline