DBS MCA Account Revamped

[opteron]

I'm also interested to know how it works. I already changed some $ to USD...once my new debit card comes I'll try it out.

Ain't worth, deposit USD cash alr costs 1-5% minimum. Use USD cheques.

 

[dreant]

Ain't worth, deposit USD cash alr costs 1-5% minimum. Use USD cheques.

I think he meant he changed it within the account, and not physical cash.

The FX spread this way is much better than paying USD with a SGD denominated credit card; even more so if you're expecting USD to become stronger in the coming weeks/months.

 

[evilgod08]

One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.

 

[foozgarden]

One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.

what are their charges like?

irrc, DBS also charges you ~$10 for any fund in to MCA in FC.

 

[evilgod08]

what are their charges like?

irrc, DBS also charges you ~$10 for any fund in to MCA in FC.

No charges to transfer but even if there is, fix fee is acceptable when the sum being converted is large. Exchange rate spread savings will still be very large

 

[GenerationX]

So many FC is 0% lei... If deposit sgd can escape counter charge rite

 

[supremebull]

One way fund your DBS account with FC and NOT have to pay DBS any charges is to use a money changer that does remittance. This way you can get the best exchange rate (similar to those in Arcade). The one i use is at Clifford Centre: http://www.raffles1.net/contact.php


If the sum of money is small they the % wise charges are not going to amount to much... if its the amount exchanged is at 5 digits and up, the savings are substantial. Use case would be to fund foreign stock purchases, or foreign property.

May I know how does remittance work? So you go to the money changer at Clifford Centre, tell him that you wanna remit, for example, 100,000 yen, and give him your multi-currency bank account number?

Any charges for remitting this way?

 

[Hafi]

anyone knows which currency is the cheque book issued dominated in? The website seems to suggest is SGD. Anyone can confirm is it available in USD too?

 

[dreant]

Completed my first USD transaction with this account. Am pretty happy with it so far.

A couple of things I noticed

1) When depositing a USD cheque, according to the counter staff, you *must* indicate (USD) behind your account number if you want it to be credited to your USD wallet. Failing to do so, it will be deposited into your SGD wallet instead.

2) You can easily change the daily limit on the debit function via internet banking. So, you can lockdown the card with a $0 limit, and only raise it when you're planning to buy something. You will need both your phone and 2FA security token to raise the limit by internet banking.

3) By internet banking, the maximum spending limit you can set is SGD5,000
(SGD0; SGD500; SGD1,000; SGD2,000 are other options available).

4) By phone, through an operator, the maximum 'permanent' limit you can request for is SGD10,000. It is also possible for you to request for a a higher 'temporary' limit (which will then revert to your previous limit) as well.

5) The 'spending limit' display on internet banking seems to only reflect the SGD wallet at this time.

That said, anyone who plans to use this, should keep in mind that debit cards are *extremely* high risk. Anyone with your card information can effectively reach into and take cash directly out of your bank account. I would only use this card on sites that I trust to keep the card information secure (eg: PayPal), and I would probably avoid using it at most other merchant sites.

Depending on how you plan to use this card an account, keeping a $0 SGD balance might not be a bad idea either (it will ensure all transactions use the correct FX wallet, or decline the transaction if there is insufficient funds) - only thing you'll want to make sure is you have enough FX to cover the minimum balance to avoid the fall-below fee.

What I would really like (which the account doesn't appear to do yet at this time) - to send an sms or email alert for every debit/ATM transaction.

 

[GenerationX]

in conclusion, is this account worth to open?

 

[dreant]

in conclusion, is this account worth to open?

"Worth" is different for everyone. What and how do you plan to use this account?

I think it's a great account; but only because I already have USD in the bank, and this allows me to spend it directly w/o incurring any FX fees.

By keeping my SGD wallet at $0, it also ensures any spending always comes from the correct wallet.

The fall-below fee is pretty high ($7.50/month, if you don't maintain SGD3k), and that would effectively wipe out any 'savings' you would otherwise gain if you had to pay it.

 

[GenerationX]

"Worth" is different for everyone. What and how do you plan to use this account?

I think it's a great account; but only because I already have USD in the bank, and this allows me to spend it directly w/o incurring any FX fees.

By keeping my SGD wallet at $0, it also ensures any spending always comes from the correct wallet.

The fall-below fee is pretty high ($7.50/month, if you don't maintain SGD3k), and that would effectively wipe out any 'savings' you would otherwise gain if you had to pay it.

Ok cos I planning to open a usd account for online transactions(trading fx) but all need pay fee to deposit n withdraw. Still not sure which is the best savings to open with..

 

[dreant]

Ok cos I planning to open a usd account for online transactions(trading fx) but all need pay fee to deposit n withdraw. Still not sure which is the best savings to open with..

It would depend largely on *how* you'll be depositing and withdrawing USD from the account.

Most banks do not charge to deposit locally drawn USD cheques, which is perhaps the most common way to move USD between banks locally.
Citi and CIMB also do not charge a fee for incoming TT (so you effectively save about SGD10 per incoming TT, when compared to other banks that do).

 

[matrix05]

What is the best way to deposit USD cash and keep it in USD? Using a multi-currency account?

 

[BBCWatcher]

What is the best way to deposit USD cash and keep it in USD?

This question is quite common. The fact is that, nowadays, there doesn't seem to be any good (zero cost) way in Singapore to deposit U.S. dollar cash. All the banks now seem to charge something for cash deposits in foreign currencies (such as U.S. dollars) -- usually about 1% and subject to a minimum fee. Many are severely limiting free Singapore dollar cash deposits, too. Heck, the U.S. Embassy in Singapore doesn't even accept U.S. dollar cash any more. Cash is increasingly awful stuff, and it's being effectively phased out at least in developed countries.

I'd just spend your U.S. dollar cash in the United States (or elsewhere that accepts U.S. dollars) on your next international trip.

 

[kyleee]

Im planning to open an account for fx trading. so if I'm reading this right,

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)
- I can convert the currencies through I-banking with the tt rates over here. If I convert from jpy to usd, will it go through sgd first meaning will get hit by fx rate twice?
- There is fall-below fee of $7.50 if I do not maintain a daily average balance of sgd$3k

Is it possible to wire usd from this account to an account overseas through I-banking? If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?

 

[stiwipl]

Im planning to open an account for fx trading. so if I'm reading this right,

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)
- I can convert the currencies through I-banking with the tt rates over here. If I convert from jpy to usd, will it go through sgd first meaning will get hit by fx rate twice?
- There is fall-below fee of $7.50 if I do not maintain a daily average balance of sgd$3k

Is it possible to wire usd from this account to an account overseas through I-banking? If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?

You got it right. You can tick "yes" to all questions.

 

[dreant]

You got it right. You can tick "yes" to all questions.

Erm, no... you got one wrong...

- depositing/withdrawaing fx cold hard cash over the counter will incur 1% charge min. $10 (sgd?)

The fee for depositing FCY into DBS accounts without FX varies from 1.5% to 5.0%, depending on the currency.
(See pg 17 of their pricing guide - it's not 1%).

If I were to wire fcy into this account, it will automatically be credited to the respective currency wallet with a $10 sgd tt incoming charge? Is that right?

I'm unsure about this, and I've heard different things from different tellers and CS officers. Some have mentioned that the primary account is SGD, so if it is not specified (by adding -XXX at the end of the account number), it will fall into the SGD wallet; others have said it is automatic depending on currency being sent.

You might like to check on this.

This question is quite common. The fact is that, nowadays, there doesn't seem to be any good (zero cost) way in Singapore to deposit U.S. dollar cash. All the banks now seem to charge something for cash deposits in foreign currencies (such as U.S. dollars) -- usually about 1% and subject to a minimum fee.

Check this out. There is a thread discussing it here.
(I don't have this account; but have previously found banking with SCB quite terrible (the worst being HSBC) and don't intend to open one)

 

[kyleee]

hmm,, ok thanks for the response!
wow 1.5-5% is alot if dealing large amount but I think I will most likely be doing things through ibanking and keeping my fiat currencies in the account.
I think I might open this account and try to do arbitrage trading with it and see how it goes,,,

 

[Yat]

Fees from using overseas ATM using DBS debit card linked to MCA

Hi,

Would like to check if anyone has ever used a DBS Treasures Debit Card that is linked to MCA and made AMT withdrawal overseas from a non-DBS ATM?

I'm looking to do that when I travel to Hong Kong. So I plan to buy HKD via DBS internet banking into my HKD wallet in MCA. Then I will withdraw HKD via e.g. HSBC HK ATM.

I'm a Treasure customer and I emailed DBS. They replied that there is no fees. But before I proceed, I wish to confirm that with the folks here. Thanks!