Consolidated thread for Priority/Privilege Banking

[continuum]

DBS Treasures imposes a fall below fee at $200. does this mean it is possible to join with $200? or $350 is a must?

I think they're pretty strict about $350k (and it excludes SRS). Personally, I decided not to join them after they asked me twice if I really had $350k INVESTIBLE cash; very condescending.

 

[hwmook]

I think they're pretty strict about $350k (and it excludes SRS). Personally, I decided not to join them after they asked me twice if I really had $350k INVESTIBLE cash; very condescending.

DBS charge custodian fees so it's a big no no for me.

 

[elvintay07]

I think they're pretty strict about $350k (and it excludes SRS). Personally, I decided not to join them after they asked me twice if I really had $350k INVESTIBLE cash; very condescending.

You need min $350k to join. But if ur AUM drop below $350k, u do not need to pay a service fees. If drop below $200k, then u need to pay $50 per month. lol! With that kind of service they provide, they are not even worth $1 in my eyes

 

[elvintay07]

DBS charge custodian fees so it's a big no no for me.

They done nothing to deserve that fees. But cannot blame them because their US custodian is bank of New York or something. If interactive brokers is their US custodian, maybe free

 

[stiwipl]

Why?

Because SC Remit does not allow you to transfer the same currency, e.g. EUR to Europe or USD to USA. SC Remit always require conversion, while DBS Remit doesn't.

 

[elvintay07]

Because SC Remit does not allow you to transfer the same currency, e.g. EUR to Europe or USD to USA. SC Remit always require conversion, while DBS Remit doesn't.

Why need to transfer like that? You have account in US?

 

[Tiger9119]

Because SC Remit does not allow you to transfer the same currency, e.g. EUR to Europe or USD to USA. SC Remit always require conversion, while DBS Remit doesn't.

I recently used SC Remit to send USD from my US$aver account to another country(not USA). No conversion involved.

 

[stiwipl]

Why need to transfer like that? You have account in US?

People have different needs, different bank accounts in different countries, on different continents etc. But the fact I can send EUR from DBS to Europe free of charge is pretty amazing, considering it is the same day transfer. The only thing one has to be aware of is that you are not seen as a "sender" so there is no use of this DBS Remit feature if you are going to deposit e.g. to money changer that doesn't allow 3rd party deposits.

I have for instance good FX spreads negotiated with Moneycorp. Having EUR in DBS, I can send deposit to one of their EUR accounts in UK, Spain or Germany. Same with GBP to their UK account. It is same day free transfer and from Moneycorp I can send any currency anywhere free of charge, as Moneycorp send payments out with OUR instructions covering all fees along the way (for free). For anyone having SGD this is not a solution obviously, as Moneycorp SGD account is held with Barclays London.

I recently used SC Remit to send USD from my US$aver account to another country(not USA). No conversion involved.

You are right, it seems to be unwritten benefit because if you see the table on SCB website for USD currency it specifically states the funds have to be submitted in SGD (send currency):
https://www.sc.com/sg/bank-with-us/remittance/
So yes, it is a pity only USD has such ability. If you want to send EUR to Spain or Germany from your EUR account, SCB will slap you with "Overseas bank charges - SGD50".

 

[CrashWire]

The only thing one has to be aware of is that you are not seen as a "sender" so there is no use of this DBS Remit feature if you are going to deposit e.g. to money changer that doesn't allow 3rd party deposits.

Have you encountered this problem first hand?

I thought that one of the differentiating factors between the banks' Remit feature and Wise/Revolut is that the banks don't make use of 3rd party senders.

That's why many people use DBS/SC Remit to send to brokerages and crypto exchanges.

 

[stiwipl]

Have you encountered this problem first hand?

Yes, I did, I had once issue with one of the FX provider who specifically doesn't accept 3rd party payments. I sent DBS Remit to my bank account in another country, where I could check details of the incoming payment. The sender was: Visa Payments Limited 140 Aldersgate Street, London, EC1A4HY, GB. As I did it many times, the only thing that changes sometimes is the Visa IBAN account number, sometimes it is their bank in Austria, other times in Netherlands.

So it seems DBS is using Visa solutions for DBS Remit. Sender details including bank account number and bank name are only included in the details of the bank transfer received. This is how receiving party see it:
Your reference (payment details), DBS SG
Sender YYY ZZZ /SG/XXX (where XXX is your account number at DBS).

When I encountered the issue with the company that was not accepting 3rd party transfer, they asked me whether it is fine if they refund payment to the bank account they received it from (Visa Austria / Netherlands). So I checked with DBS online chat and obviously the customer service representative had absolutely no idea what I am talking about. I don't blame them, they are not aware of how it even works and nobody explained the DBS customer service how to process the returns if any. They were insisting that receiving party will see me as a sender, not Visa or anything... In the end the FX provider did the exception of validating this deposit but I have no idea what would happen if they would just return the transfer Visa Austria / Netherlands bank account while keeping the payment details intact.

 

[elvintay07]

In terms of unit trust, seems like ocbc, UOB and DBS are charging 0.88%. Standard chartered is 1.5% and Ifast is best. FOC.

 

[1l92041H]

any idea how to withdraw from scb priority?

did not request for it and no AUM with them either

 

[myth_shenhua]

any idea how to withdraw from scb priority?

did not request for it and no AUM with them either

Any reason why you want to withdraw? I removed my funds and they have kept me on SC priority despite that. Quite glad because I am still able to enjoy some noob but useful beneftis

 

[1l92041H]

Any reason why you want to withdraw? I removed my funds and they have kept me on SC priority despite that. Quite glad because I am still able to enjoy some noob but useful beneftis

what benefits do you refer to? think scb has the worse priority don't even have lounges etc

 

[chopra]

hello all. there’s an ongoing citigold promo now via singsaver

referral 900
ipad5 + 200 apple voucher

i signed via my rm and i cal the effective interest rate as 1.97%pa

i think u can get same perks via singsaver tho
******

=(900+200+879)/300000*100

to put from 30jun to 31oct


Read HWZ Forum Rules!

 

[1l92041H]

hello all. there’s an ongoing citigold promo now via singsaver

referral 900
ipad5 + 200 apple voucher

i signed via my rm and i cal the effective interest rate as 1.97%pa

i think u can get same perks via singsaver tho
******

=(900+200+879)/300000*100

to put from 30jun to 31oct


Read HWZ Forum Rules!

U used the same rm as previous ?
Btw won’t the rm give attitude since he essentially did not make any money from us doing this.

 

[oceanicmanta]

hello all. there’s an ongoing citigold promo now via singsaver

referral 900
ipad5 + 200 apple voucher

i signed via my rm and i cal the effective interest rate as 1.97%pa

i think u can get same perks via singsaver tho
******

=(900+200+879)/300000*100

to put from 30jun to 31oct


Read HWZ Forum Rules!

eh, I thot u were already Citigold not too long ago ?

my understanding was ... apply via SingSaver, wont get Referral fee ... is it different now ?

 

[Buzy_bee]

eh, I thot u were already Citigold not too long ago ?

my understanding was ... apply via SingSaver, wont get Referral fee ... is it different now ?

That's my understanding too.

Anyone registered in December 2021? Singsaver claims Citigold hasn't verified the data. Wonder how long it normally takes and do we still need to keep the fund inside?

 

[chopra]

U used the same rm as previous ?
Btw won’t the rm give attitude since he essentially did not make any money from us doing this.

how u know rm dun earn?


Read HWZ Forum Rules!

 

[chopra]

eh, I thot u were already Citigold not too long ago ?
my understanding was ... apply via SingSaver, wont get Referral fee ... is it different now ?

other family member

yes, singsaver no referral fee



Read HWZ Forum Rules!