About OCBC...

[reddevil0728]

Now got promo 0.05% custodian account until 31 Dec 2023. Problem with such account is later promo ended the comm fee shoot back to high level how? It is unlike CDP where I can go other broker and my SGX stocks still can be accessed and sold from other broker.

go.ocbc.com/OEApromo23

you can transfer SRS bank

 

[ahnyaahnya]

Oh I just chanced upon this old thread cos it got upped by sohguanh's post.
To update.... I transfered the USD to another bank through Internet banking. With zero fees.

 

[CrashWire]

To update.... I transfered the USD to another bank through Internet banking. With zero fees.

Which bank to which bank?

Hopefully all USD handling banks will eliminate internet banking fees in lieu of cheques soon.

 

[ahnyaahnya]

Which bank to which bank?

Hopefully all USD handling banks will eliminate internet banking fees in lieu of cheques soon.

To DBS. But have to be a Treasures member.

 

[oceanicmanta]

To DBS. But have to be a Treasures member.

from which bank ?

 

[ahnyaahnya]

from which bank ?

Doesn't matter which bank. Mine was from OCBC.
When you send the money, you do it like sending money to foreign bank.
You have to fill in the part that asks you who is to pay for the fees of the (i) sender bank (ii) receiving bank (can't remember the exact words used).
Choose that the RECEIVER bank pays for both.
DBS absorbed both costs ( you must be Treasures member) .
Please note , this was transfer USD from one bank to another. So no conversion was required .

 

[CoffeeDrinker8899]

If you want free to other bank (except HSBC), go down to branch and ask them for a USD chequebook.

Cashier orders might be free too, as long as they're payable to yourself.

Is it also possible to withdraw USD cash from the bank counter and deposit the cash at another bank?

 

[CrashWire]

Is it also possible to withdraw USD cash from the bank counter and deposit the cash at another bank?

Of course!

Banks are (usually) always happy to do business with paying customers.

 

[BBCWatcher]

I wouldn’t recommend cash deposits, not in any significant quantities anyway. Hasn’t anyone been reading the news?

 

[limster]

Of course!

Banks are (usually) always happy to do business with paying customers.

https://www.sc.com/sg/save/current-accounts/usd-high-account/

SCB US High Account waives the cash deposit commission. So those that don't like the SCB forex rate can try this method to deposit USD. You can spend the money through their free Debit card with cashback. Important tip - do the deposit through your RM, because some branches might not be aware of the waiver.

 

[oceanicmanta]

Doesn't matter which bank. Mine was from OCBC.
When you send the money, you do it like sending money to foreign bank.
You have to fill in the part that asks you who is to pay for the fees of the (i) sender bank (ii) receiving bank (can't remember the exact words used).
Choose that the RECEIVER bank pays for both.
DBS absorbed both costs ( you must be Treasures member) .
Please note , this was transfer USD from one bank to another. So no conversion was required .

I see from OCBC that there is a USD 15 Agent fee

did u see this n DBS Treasures waived this ?

Thanks

 

[ahnyaahnya]

I see from OCBC that there is a USD 15 Agent fee

did u see this n DBS Treasures waived this ?

Thanks

There will be 2 agent's fees , right?
Normally need to pay to both banks. You just give the instructions which account(s) to deduct the $ from.
Choose "payee bank" for both.
Then DBS is supposed to deduct 2x from your account..one of which is paid to OCBC.
But cos of Treasures membership , the bank absorbed it. They pay OCBC their agent fee.. that part is absorbed, not waived by DBS (DBS doesn't have the authority to waive OCBC's charges).
So according to your instructions to OCBC, payee bank pays the fees.

 

[oceanicmanta]

There will be 2 agent's fees , right?
Normally need to pay to both banks. You just give the instructions which account(s) to deduct the $ from.
Choose "payee bank" for both.
Then DBS is supposed to deduct 2x from your account..one of which is paid to OCBC.
But cos of Treasures membership , the bank absorbed it. They pay OCBC their agent fee.. that part is absorbed, not waived by DBS (DBS doesn't have the authority to waive OCBC's charges).
So according to your instructions to OCBC, payee bank pays the fees.

the USD 15 shown in the pic, DBS will pay OCBC for it

the other Agent fee (on DBS side, amount unknown), DBS absorbs

correct ?

 

[ahnyaahnya]

the USD 15 shown in the pic, DBS will pay OCBC for it

the other Agent fee (on DBS side, amount unknown), DBS absorbs

correct ?

I paid zero dollars . So who the one paid OCBC ?
Actually I found out by luck. By making a mistake.
I initially gave instructions for payment from payor bank. But the transaction was rejected. Cos i had, say $50k, and was remitting that amount. And telling them to deduct the agent fee from payor. So the rejection message was.... got not enough money.
So I changed the instructions to payee bank pays. And received the full amount into my account, no deductions.
Was pleasantly surprised that DBS absorbed it.
I discovered that got benefit from being Treasures member

 

[Mecisteus]

Anyone using the OCBC mobile app to withdraw at ATM ?

Do you find it unresponsive when trying to change the amount ?

PS: Android OS

 

[LWZ]

Anyone using the OCBC mobile app to withdraw at ATM ?

Do you find it unresponsive when trying to change the amount ?

No such problem