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Old 04-08-2011, 05:58 PM   #182
Some_body
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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.
Thanks for the reply.

I was looking at this USD High A/C (http://www.standardchartered.com.sg/...gh-account/en/) this morning and it has wavier of 1.5% commission and no min deposit requirement etc. Then I saw it is only for priority customers. So no solution for me.
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