DBS multi currency accounts question

[alexhw]

Does DBS My Account have any incoming TT fees to accepting foreign currencies like AUD? How much if I transfer A$50k into my DBS account?

Also just to check, there's no fall below or account keeping fees for DBS My Account right? What's the use of DBS multiplier account then? I'm mainly using the DBS account to store my foreign currencies after trading on interactive brokers.

 

[reddevil0728]

If not wrong tt fee is $10.

Their website no state fall below fee meh?

 

[alexhw]

If not wrong tt fee is $10.

Their website no state fall below fee meh?

Yeah, seems like DBS is the only multi currency with no fees that's why it's better than the others.

 

[bigrooster]

Yeah, seems like DBS is the only multi currency with no fees that's why it's better than the others.

DBS multi-currency accounts DO HAVE fall-below fees.

https://www.dbs.com.sg/personal/support/bank-deposit-accounts-fall-below-fee.html

 

[alexhw]

DBS multi-currency accounts DO HAVE fall-below fees.

https://www.dbs.com.sg/personal/support/bank-deposit-accounts-fall-below-fee.html

The DBS My Account doesn't have any fees according to the website. Happy to be corrected.

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

 

[streetfighter]

Interesting. Dbs may have changed it as there used to be fall below fee if <$3000 pm.

The DBS My Account doesn't have any fees according to the website. Happy to be corrected.

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

 

[Dividends]

What a coincidence, I literally just asked them the same question about AUD, like reddevil0728 said. The inward remittance fee is S$10.

 

[Trazora]

Interesting. Dbs may have changed it as there used to be fall below fee if <$3000 pm.

DBS My Account is quite new

 

[alexhw]

What a coincidence, I literally just asked them the same question about AUD, like reddevil0728 said. The inward remittance fee is S$10.

I think inward remittance of SGD should be free unless they're foreign currencies. Do you know if any amount and any currencies are all a flat fee of SGD$10?

 

[streetfighter]

DBS My acc is stated to be a multicurrency acc, why call it new? What is different here vs older multicurrency acc other than the name? Puzzled.

DBS My Account is quite new

 

[streetfighter]

I remember is flat $10.

I think inward remittance of SGD should be free unless they're foreign currencies. Do you know if any amount and any currencies are all a flat fee of SGD$10?

 

[jo2021]

ya, DBS My Account dont have min balance to maintain. tested out in feb.

The DBS My Account doesn't have any fees according to the website. Happy to be corrected.

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

 

[Slowdown]

DBS My Account is a brand name. Just like Multiplier Account is another brand name. All these accounts are multicurrency account.

I believe My Account was created to attract foreigners working in Singapore. Just my personal observation. Foreign Talent working in Spore has to open a bank account. Most accounts have minimum balance and fall below fee. Even POSB Saving Account has such restriction. I guess DBS may have seen a market segment and catered to it. Removing the fall below fee will be attractive to many people.

After finding out about this My Account, I closed my 40 years old POSB Saving Account and opened this. I have been paying fall below fee so often because I do not keep too much money in the saving account. It is more for daily use. So My Account is just right for me. Bulk are my cash are tugged away in the Multiplier Account earning higher interest. I saved $24 a year just by changing to My Account.

I personally don't see why banks still want to offer a single currency bank account these days. I also don't see why people want to keep their multi-currency account that has fall below fees. It is not too much a hassle to change account within the same bank. My biggest challenge was to re-direct some of my GIRO and scheduled transfers to the new account.

DBS My acc is stated to be a multicurrency acc, why call it new? What is different here vs older multicurrency acc other than the name? Puzzled.

 

[bigrooster]

So, DBS My Account functions like the old DBS Multi-Currency Accounts, but does not have minimum balance requirement and fall-below monthly fees?

Then those customers still on the old MCA are lugi isn't it? Shouldn't DBS convert those old accounts to this new one? Or let those old customers ownself take care of ownself?

ya, DBS My Account dont have min balance to maintain. tested out in feb.

 

[Slowdown]

Why convert when DBS can happily suck free money from those old accounts.

Recently I found out that my friend was not a DBS Priority Customer. I was shocked. He has so much money in DBS. After talking to his RM I realized that he was short of 50K SGD to become Priority Customer. I turned to my friend and asked him if he is in financial difficulty. Turned out that no RM told him about it. He could have entitled to a lower home loan interest rate if he was a priority customer. The info came into light when I asked the RM why DBS could not do better for such a rich customer (I assumed he was already a priority customer).

No bank will tell their customer how they can earn more interest or pay the bank less money. They only tell their customer about product and services where the bank can make more money from the customer.

I saved $24 a year by changing to My Account and not paying the fall below fee for my POSB Saving Account.

So, DBS My Account functions like the old DBS Multi-Currency Accounts, but does not have minimum balance requirement and fall-below monthly fees?

I saved $24 a year by closing my POSB Saving Account and opening the My Account because of the fall below charge.

Then those customers still on the old MCA are lugi isn't it? Shouldn't DBS convert those old accounts to this new one? Or let those old customers ownself take care of ownself?

 

[bigrooster]

Yes, banks are bloodsuckers. They are only interested to pushing credit card/loan products and lure you to pay more interests to them, on top of these whatever f**k fees.

Why convert when DBS can happily suck free money from those old accounts.

Recently I found out that my friend was not a DBS Priority Customer. I was shocked. He has so much money in DBS. After talking to his RM I realized that he was short of 50K SGD to become Priority Customer. I turned to my friend and asked him if he is in financial difficulty. Turned out that no RM told him about it. He could have entitled to a lower home loan interest rate if he was a priority customer. The info came into light when I asked the RM why DBS could not do better for such a rich customer (I assumed he was already a priority customer).

No bank will tell their customer how they can earn more interest or pay the bank less money. They only tell their customer about product and services where the bank can make more money from the customer.

I saved $24 a year by changing to My Account and not paying the fall below fee for my POSB Saving Account.

 

[jtec14]

Can opt for e-statement for My Account? Noted there is $2 charge for paper statement.

 

[Slowdown]

Yup. Opt for e-statement. Opt for anything that can save money.

Can opt for e-statement for My Account? Noted there is $2 charge for paper statement.

 

[TheLookingGlass]

Necro.

How does a multi currency account work? I simply transfer in foreign currency to the same and only account number? Eg, usd, rmb, ringgit...

And it will show up individually under this combined account when i check online?

 

[reddevil0728]

Necro.

How does a multi currency account work? I simply transfer in foreign currency to the same and only account number? Eg, usd, rmb, ringgit...

And it will show up individually under this combined account when i check online?

if u select the correct currency yes