Best rate to exchange USD

[devion]

I have USD money inside my local HSBC bank multi currency account. I checked the bank internal exchange rate is not as high as outside money changer or cards like Youtrip...etc.
Is there a good way to convert this USD amount to SG or other currencies for me to spend or cash out?
I was thinking if am able to top up Youtrip using my USD bank account, does not seem to be able to.
Any advice?

 

[Tp101s]

I have USD money inside my local HSBC bank multi currency account. I checked the bank internal exchange rate is not as high as outside money changer or cards like Youtrip...etc.
Is there a good way to convert this USD amount to SG or other currencies for me to spend or cash out?
I was thinking if am able to top up Youtrip using my USD bank account, does not seem to be able to.
Any advice?

What rate are you look to exchange?

 

[devion]

The bank provided rate of 1.337 while I looked at Youtrip is at 1.344.
I have abt 10K USD to change, so it is about SGD60 more.

 

[reddevil0728]

YouTrip is one way street though. Cannot transfer out

revolt or wise should be better

 

[sibeiTrolled]

The bank provided rate of 1.337 while I looked at Youtrip is at 1.344.
I have abt 10K USD to change, so it is about SGD60 more.

Youtrip monies cannot be withdrawn out. Unless you intend to splurge all using the youtrip card, dont bother.

The difference between 1.344 and 1.337 is just 70 SGD for your case. I rather throw away that 70 SGD and at least i can use it in many ways rather than having it stuck inside my youtrip

 

[CrashWire]

I have USD money inside my local HSBC bank multi currency account. I checked the bank internal exchange rate is not as high as outside money changer or cards like Youtrip...etc.
Is there a good way to convert this USD amount to SG or other currencies for me to spend or cash out?
I was thinking if am able to top up Youtrip using my USD bank account, does not seem to be able to.
Any advice?

Send to IBKR and convert at spot rate + $3.

 

[reddevil0728]

Send to IBKR and convert at spot rate + $3.

Cannot do too often lol

 

[shingo86]

I transferred to moomoo. Subscribe to csop cash fund. Wait for rates gd then change to sgd. Meanwhile earn daily returns.

I assume same day redemption T+0. The money should be out in few hrs max if rates are gd for exchange.

 

[BBCWatcher]

You also have the option to spend U.S. dollars as U.S. dollars. Many ”multi currency” accounts offer that option via their associated debit cards. Amazon.com (U.S.) is a popular choice.

 

[devion]

I transferred to moomoo. Subscribe to csop cash fund. Wait for rates gd then change to sgd. Meanwhile earn daily returns.

I assume same day redemption T+0. The money should be out in few hrs max if rates are gd for exchange.

Thx, I did a comparison between Moomoo & HSBC bank exchange, Moomoo is better by 0.004. So ~$40 more for 10K exchange amt.
Does Moo Moo DBS bank charges any bank fees to xfer in USD currency from my local HSBC bank? Cos I checked, HSBC will not charge but it stated the receiving bank may charge up to $60 fees, So need to know whether DBS would imposed a fee.

 

[reddevil0728]

Thx, I did a comparison between Moomoo & HSBC bank exchange, Moomoo is better by 0.004. So ~$40 more for 10K exchange amt.
Does Moo Moo DBS bank charges any bank fees to xfer in USD currency from my local HSBC bank? Cos I checked, HSBC will not charge but it stated the receiving bank may charge up to $60 fees, So need to know whether DBS would imposed a fee.

https://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-fees-and-charges.html

see bottom.

note if agent bank used might cost more. this 1 you wouldn't really know / can't really find out if not wrong

 

[devion]

https://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-fees-and-charges.html

see bottom.

note if agent bank used might cost more. this 1 you wouldn't really know / can't really find out if not wrong

Only way is to find out from somebody who had done this before. Asking the banks like HSBC & DBS may help too, whether during the "international funds xfer", if an agent bank is being used & what would be the fees?

On system it appears straightforward, HSBC select international xfer & select DBS bank account that Moomoo provided & currency is USD. HSBC stated no charges & DBS seems to be $10 fee, but unknown is this agent bank thingy.

 

[reddevil0728]

Only way is to find out from somebody who had done this before. Asking the banks like HSBC & DBS may help too, whether during the "international funds xfer", if an agent bank is being used & what would be the fees?

On system it appears straightforward, HSBC select international xfer & select DBS bank account that Moomoo provided & currency is USD. HSBC stated no charges & DBS seems to be $10 fee, but unknown is this agent bank thingy.

yep....

 

[shingo86]

Thx, I did a comparison between Moomoo & HSBC bank exchange, Moomoo is better by 0.004. So ~$40 more for 10K exchange amt.
Does Moo Moo DBS bank charges any bank fees to xfer in USD currency from my local HSBC bank? Cos I checked, HSBC will not charge but it stated the receiving bank may charge up to $60 fees, So need to know whether DBS would imposed a fee.

No fee. But need to add Moomoo SG as recipient and set up overseas transfer and increase oversea transfer limit. Rem put ur moomoo account number in reference.

U can test the transfer. Minimum amt is 10usd. My experience is next day arrived.

 

[shingo86]

No fee. But need to add Moomoo SG as recipient and set up overseas transfer and increase oversea transfer limit. Rem put ur moomoo account number in reference.

U can test the transfer. Minimum amt is 10usd. My experience is next day arrived.

Sry i like to add that i transfer from dbs multiplier. I cannot say the same if it's done from hsbc.

 

[Jun666]

anyone tried Wire transfer USD from Etrade to Moomoo?

 

[CrashWire]

anyone tried Wire transfer USD from Etrade to Moomoo?

Don't do it because the name won't match, and most brokerages will reject because of AML concerns.

Or do it anyway, and report back if successful.

 

[Garlic & Butter]

moomoo/Tiger uses DBS.
HSBC to moomoo DBS Singapore account will incur the usual 0.125% + $20 cable fee.

Write a cheque if you have a chequebook.

 

[devion]

I have received USD into my DBS multi currency account but exchange rate by DBS to SG is terrible. I was trying to setup funds transfer from DBS to my Moo Moo account via USD but ran into issues.
In Moomoo app under deposit method I selected USD & it provided me their DBS bank account ID.
I added this acct ID in DBS, but when I tried to do the xfer which I selected other DBS account, it only shows SGD available....no option to select USD, lost.

 

[hwmook]

I have received USD into my DBS multi currency account but exchange rate by DBS to SG is terrible. I was trying to setup funds transfer from DBS to my Moo Moo account via USD but ran into issues.
In Moomoo app under deposit method I selected USD & it provided me their DBS bank account ID.
I added this acct ID in DBS, but when I tried to do the xfer which I selected other DBS account, it only shows SGD available....no option to select USD, lost.

Transfer to overseas not local. You need to select overseas then add recipient.