DBS Multi-currency

[UNKNOWN87]

DBS multiplier is better as it is a multi currency account and gives higher interest if you fulfil the credit salary and invest/credit card spend/insure/mortgage criteria.

hi bro ok noted thanks for your info.

 

[Albedo]

I got some USD bills and wanted to deposit into my multiplier account, realized there's the 1.5% charge.
Did they start this charge not too long ago?

 

[Charlie_Zhan]

I got some USD bills and wanted to deposit into my multiplier account, realized there's the 1.5% charge.
Did they start this charge not too long ago?

since January 2017

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[Albedo]

since January 2017

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Thanks, didn't notice this.

 

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interest in already? i check mine still nothing ley...........

 

[Charlie_Zhan]

interest in already? i check mine still nothing ley...........

this is MCA thread.. not multiplier

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Oh sorry, hahah

 

[DreamerChin]

Transfer SGD to MCA

Hi,
Would like to know is it possible to park some SGD to Multi Currency account and later when the rate is good then internal convert to the foreign currency within MCA itself? Please advise. Thanks

 

[Trazora]

Hi,
Would like to know is it possible to park some SGD to Multi Currency account and later when the rate is good then internal convert to the foreign currency within MCA itself? Please advise. Thanks

Yes. That is one of the most common use of the MCA. However, note that if your MCA is the DBS multiplier account, the amounts in foreign currency will not get the bonus interest, only get the small % of interest depending on the currency.

 

[Jazzbie]

Perhaps opening a FCFD would be better for the higher interest rates?

Shortest period is 1 month.

I'm considering doing this as holding some USD from selling stocks that I don't intend to change to SGD at this rate yet.

But commission and fees will eat into any potential return.

 

[DreamerChin]

Yes. That is one of the most common use of the MCA. However, note that if your MCA is the DBS multiplier account, the amounts in foreign currency will not get the bonus interest, only get the small % of interest depending on the currency.

Mine is the Multi currency account, Can you help to advise once SGD is transferred to my Multi currency account is SGD, but how can I convert it to Foreign dollars within my Multi currency account when the rate turns good?

 

[Trazora]

Mine is the Multi currency account, Can you help to advise once SGD is transferred to my Multi currency account is SGD, but how can I convert it to Foreign dollars within my Multi currency account when the rate turns good?

https://www.dbs.com.sg/personal/support/bank-ssb-exchange-foreign-currencies.html

 

[Canaan12]

Wanted to ask, if you withdraw through Visa, USD currency into your DBS multi-currency account, will the amount appear in USD? Are there also any charges through this way?

 

[Canaan12]

Apparently, when I tried to make an internet withdrawal through DBS Visa debit into my multi-currency account, the ****ing bank declined the withdrawal to put the money into my bank account. Now my money seems to have vanished. If the bank declines my withdrawal, will my money return back to the sender?

 

[revhappy]

DBS multiplier is better as it is a multi currency account and gives higher interest if you fulfil the credit salary and invest/credit card spend/insure/mortgage criteria.

Are there any drawbacks of multiplier account Vs multicurrency account, like higher TT fees or something? It appears multiplier account is a win win as it is multicurrency as well as high interest?

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[Trazora]

Apparently, when I tried to make an internet withdrawal through DBS Visa debit into my multi-currency account, the ****ing bank declined the withdrawal to put the money into my bank account. Now my money seems to have vanished. If the bank declines my withdrawal, will my money return back to the sender?

Hm. Are you trying to do a cash advancement? Never do that as it will incur hefty fees and interests.

 

[Trazora]

Are there any drawbacks of multiplier account Vs multicurrency account, like higher TT fees or something? It appears multiplier account is a win win as it is multicurrency as well as high interest?

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Think no drawbacks. Should go for multiplier instead of multicurrency unless POSB cashback bonus is preferred over multiplier.

 

[revhappy]

Think no drawbacks. Should go for multiplier instead of multicurrency unless POSB cashback bonus is preferred over multiplier.

Thanks!

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[Charlie_Zhan]

Are there any drawbacks of multiplier account Vs multicurrency account, like higher TT fees or something? It appears multiplier account is a win win as it is multicurrency as well as high interest?

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get multi currency autosave only if you have the need to regularly issue SGD or foreign currency cheques.. otherwise just get the multiplier will do.

side track abit. the new UOB Mighty FX account exchange rates are really impressive.

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[revhappy]

get multi currency autosave only if you have the need to regularly issue SGD or foreign currency cheques.. otherwise just get the multiplier will do.

side track abit. the new UOB Mighty FX account exchange rates are really impressive.

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Thanks. I have DBS cashline account, I can issue cheques using that and do a fast transfer from DBS multiplier to keep the balance non negative.

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