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Old 03-05-2013, 12:53 PM   #61
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Today I tried to withdraw out another 50 usd for fun and they didn't have it in their bank so they told me I have to "order" the day before in order to get the usd notes.

And again, as confirmed by the tellers, there's no 1.5% forex conversion fee

So guess that's one of the bad points of this mca
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Old 03-05-2013, 01:04 PM   #62
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Today I tried to withdraw out another 50 usd for fun and they didn't have it in their bank so they told me I have to "order" the day before in order to get the usd notes.

And again, as confirmed by the tellers, there's no 1.5% forex conversion fee

So guess that's one of the bad points of this mca
Thanks my lord.
Wonder if DBS can honour withdrawal of 5digits USD. I don't mind giving them a few weeks to take "order". Else, I each day withdraw USD$50 i also okay.
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Old 03-05-2013, 03:37 PM   #63
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Thanks my lord.
Wonder if DBS can honour withdrawal of 5digits USD. I don't mind giving them a few weeks to take "order". Else, I each day withdraw USD$50 i also okay.
Probably there is only one main DBS branch that stocks FCY, while other need to order. The same apply to SCB, where Battery Road branch usually have FCY - but sometimes still need to order. In SCB it takes 1 day to order any digit amount you want if they don't have in stock. I would guess the same apply to DBS.
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Old 04-05-2013, 03:42 PM   #64
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i not in a hurry to do so ma. still waiting to sell all my us stocks...then TT over to DBS US$ account one shot.
On a side note, what is a good place to use to invest in US stocks, preferably a local place (or local branch of an international bank/securities house) and not an entirely foreign one?
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Old 04-05-2013, 03:44 PM   #65
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It would appear this is one area that they make money from you - by making it easy to swap between currencies, but without a favorable cross-rate.

By switching through SGD, you lose money with this product.

Eg: If you wish to move from USD to AUD, most other banks have a favorable cross rate.

However, with this account, you'll be selling USD to SGD (most likely at their USD TT buy rate), then buying AUD with the SGD received (at their AUD TT sell rate) - you're hit by their FX spread twice, and it's highly disadvantageous to do so.
The real question is what are the spreads/rates, because if these are tiny then doing two conversions could still be more beneficial than just a single conversion at a bank that has rip-off spreads.

HSBC is very good for currency conversions when you use their GetRate feature, does the DBS MCA offer a similar system or do they just give "rack rates" for all accounts incl. MCA?
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Old 04-05-2013, 03:51 PM   #66
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On a side note, what is a good place to use to invest in US stocks, preferably a local place (or local branch of an international bank/securities house) and not an entirely foreign one?
Definately the local brokers, at least you can pay in usd notes over the counter but every month there will be custodian fee though
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Old 04-05-2013, 03:54 PM   #67
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The real question is what are the spreads/rates, because if these are tiny then doing two conversions could still be more beneficial than just a single conversion at a bank that has rip-off spreads.

HSBC is very good for currency conversions when you use their GetRate feature, does the DBS MCA offer a similar system or do they just give "rack rates" for all accounts incl. MCA?
Take out usd n then convert to aud to skip the usd to sgd to usd to aud.

Actually for me, I want to buy some yen in the future so I converted some of my sgd into usd base on my bank staff rate and then keep the usd into this DBS mca. Once yen is favorable, I will withdraw usd, go back to my bank and change it to yen and then go back DBS n deposit le
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Old 04-05-2013, 04:45 PM   #68
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The real question is what are the spreads/rates, because if these are tiny then doing two conversions could still be more beneficial than just a single conversion at a bank that has rip-off spreads.

HSBC is very good for currency conversions when you use their GetRate feature, does the DBS MCA offer a similar system or do they just give "rack rates" for all accounts incl. MCA?
DBS FX rates depend on the transaction amount (updated today, 4th):
DBS Singapore | Rates Online | Foreign Currencies | Foreign Exchange

I don't know how better is HSBC "GetrRate" as they don't seem to be publicly available.
Foreign currency deposit and exchange rates | HSBC Singapore (updated yesterday, 3rd):

HSBC FX calc shows different rates (hard to say how accurate it is):
Spot FX Calculator

It seems DBS has one of the best FX rates at least compared to UOB, Citi, SCB, OCBC.
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Old 04-05-2013, 05:02 PM   #69
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Definately the local brokers, at least you can pay in usd notes over the counter but every month there will be custodian fee though
partially agree with sinkie.

local broker if you hardly trade.
interactive broker if you frequent. there is a thread on this. pls check.
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Old 04-05-2013, 05:04 PM   #70
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Take out usd n then convert to aud to skip the usd to sgd to usd to aud.

Actually for me, I want to buy some yen in the future so I converted some of my sgd into usd base on my bank staff rate and then keep the usd into this DBS mca. Once yen is favorable, I will withdraw usd, go back to my bank and change it to yen and then go back DBS n deposit le
why not change sgd to yen direct?
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Old 04-05-2013, 05:17 PM   #71
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partially agree with sinkie.

local broker if you hardly trade.
interactive broker if you frequent. there is a thread on this. pls check.
I'm not interested in us trading, why check?

And secondly does interactive broker has a Singapore office?
He is asking for a local place or a foreign broker that has a local branch in Singapore.

If you want discount broker for us market, why not suggest thinkorswim?

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Old 04-05-2013, 06:52 PM   #72
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I'm not interested in us trading, why check?

And secondly does interactive broker has a Singapore office?
He is asking for a local place or a foreign broker that has a local branch in Singapore.

If you want discount broker for us market, why not suggest thinkorswim?
the reply is for aster.
ya, tos is good too
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Old 04-05-2013, 06:57 PM   #73
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bookmarked!
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[URL="http://singaporestockstrading.com/"][SIGPIC][/SIGPIC][/URL]
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Old 04-05-2013, 07:51 PM   #74
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I don't know how better is HSBC "GetrRate" as they don't seem to be publicly available.
You get a live quote when you want to make a conversion, but unfortunately the currency markets are closed now. On Monday I will post what they are offering in SGD for say 10k Euro and simultaneously I will post the mid-rate at xe.com at the time.

Their spreads are usually very, very tight.
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Old 04-05-2013, 07:57 PM   #75
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local broker if you hardly trade.
interactive broker if you frequent.
I don't intend to trade often, so mainly a long-term investment sort of thing. I would like the option of doing everything online though.

I would also prefer something more local/safe so that I don't need to send funds back and forth to/from the US every time I buy shares or close my positions.
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