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Best USD rates for trading

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Old 29-06-2020, 09:49 AM   #1
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Best USD rates for trading

Hi gurus.
New to trading in US here.

I read from the forum that POEMS rate isnt good but I just went to check their rates at 9.30am today.

POEMS rate is 1.3974SGD to 1 USD
DBS rate is 1.4026SGD to 1 USD.

Isn't DBS rate much worse?
In fact, POEMS rate seems to be closer to the spot rate on Google at 1.39.

Did I miss out something?

Does anyone know what other means can I do to get a better USD rate?

Thank you.
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Old 29-06-2020, 09:55 AM   #2
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Open IB account.

They exchange near market rate with less spread.

That means you have to trade with them
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Old 29-06-2020, 12:10 PM   #3
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Open IB account.

They exchange near market rate with less spread.

That means you have to trade with them
Can use IB as money changer then withdraw it out and transfer to broker of your choice, but of course need to take note of the fees involved. See if it is worthwhile.
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Old 29-06-2020, 12:21 PM   #4
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Hi gurus.
New to trading in US here.

[...]
Isn't DBS rate much worse?
In fact, POEMS rate seems to be closer to the spot rate on Google at 1.39.
Yes, the DBS rate is worse. Banks and brokers tend to embed a lot of their profit margin in the FX rate (Saxo loves to do this). That POEMS rate is still not great, though.

Does anyone know what other means can I do to get a better USD rate?

Thank you.
Find a better broker. Interactive Brokers is almost always the right answer, especially if you’re an active trader or a large trader (more than a $100k account balance, or more than about 5-10 trades a month, or investing more than about $1k a month ).
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Old 29-06-2020, 01:11 PM   #5
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I see. Thanks alot.
I will try to find out more info about Interactive Broker online.

Thanks!
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Old 29-06-2020, 06:44 PM   #6
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Can use IB as money changer then withdraw it out and transfer to broker of your choice, but of course need to take note of the fees involved. See if it is worthwhile.
It's actually a valid point.
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