Convert SGD to USD, then USD to SGD again.
it is like 1.8% loss in F/X exchange
That's pretty huge...
Any example of local brokerage FX spread?
You can always open a US$ Foreign currency account with SCB.
If you are regular banking customer, you have to maintain US$2,000 in the account otherwise there is a fall-below fee.
Frankly, I don't see any problem with that. If you are a big customer doing a lot of US$ transactions, the US$2,000 minimum in the account is small change and you can avoid the unfavourable forex (you can withdraw the US$ and change it elsewhere). Alternatively, become priority customer, get US$ account with no fees and lower brokerage commissions.
On the other hand if you are a small time customer, then why complain about such things. SCB is already doing you a favour by subsidising your small trades. Like I said earlier, you can do trades for less than $1 commission, but after deducting cost of paper and printing of the confirmation note, the envelope and postage, SCB where got any profit? To survive, they need to take a little from the forex.