DBS Multi-Currency vs UOB Mighty FX

[Vestigestorm]

Hi Guys,

I am looking at both DBS Multi-Currency and UOB MightyFX card.

Does anyone have any idea which card has better FX rates or any other recommendations?

Thanks in advance !

 

[mie28]

I ended up opening a new UOB ONE account to tie back to the MightyFX card. As far as I know, the reason being I don't need to maintain any balance in the foreign currency accounts, just make sure I meet the min. balance on the main account. Even though the money has been converted into foreign currency, it still forms part of your balance in the main account.

As they issue you a debit card, there is no credit card fees imposed by the bank on overseas transactions made in that currency. However, if the merchant applies the fees then its beyond the bank's control. Debit card is free for 1st 3yrs, subsequently waived when a minimum of 12 Mastercard transactions are performed in a year. Overseas ATM withdrawal at SG$5 if from UOB ATMs or equivalent in the currency of the overseas ATM.

I only intent to use the account for overseas spending and not for FX investing purposes so looking at money changer rate vs MightyFX, MightyFX is slightly better and you can set alarm if it reaches your targetted conversion rate so you are always in control. Taking into account the additional SG$5 for cash withdrawal at overseas ATM, it only would make sense if you withdraw about $500 or more so I'ld stick to online and debit card transactions at PoS terminals.

 

[revhappy]

The conversion fees when you convert online from SGD to foreign currency is atleast 1%. If you use CIMB credit card overseas, the conversion fees is 1% and the bank fees are given as cash back next month. So I don't see why you need a foreign currency account. Just use the right credit cards and convert some cash at money changer before hand.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[fun4life]

The conversion fees when you convert online from SGD to foreign currency is atleast 1%. If you use CIMB credit card overseas, the conversion fees is 1% and the bank fees are given as cash back next month. So I don't see why you need a foreign currency account. Just use the right credit cards and convert some cash at money changer before hand.

Sent from Xiaomi REDMI NOTE 4 using GAGT

But the fee rebate is not for any foreign currency spending but only if meet the tnc, right?

 

[revhappy]

But the fee rebate is not for any foreign currency spending but only if meet the tnc, right?

The fx fee is always credited back to your account as cash back the next month. The TNC one is different, you get about 10% cash back if you meet 500 and 8X30 in a month, for both local and foreign.

There are even better cards like ICBC for overseas spend.

Unless, you have a business in other country I would just use credit card for short overseas vacations.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[mie28]

The only reason to open these accounts is to ensure you get your stock of foreign currencies at the best exchange rate especially when you know you will be travelling to a particular country or spending alot on online shopping in that currency. When you spend at current, you are subjected to the rate at that point of time which may or may not be the best. Other than that there isn't much reason.

Like the recent case where AUD was 1 to 1 with SGD, I bought a few and kept fory future trip and spent it there knowing it was 1 for 1 instead of the current rate of 1AUD to 1.05SGD. Small difference but you'll never know how high it can go.

 

[Edwan@]

I am a little confuse as it mention that there needs to be a minimum balance for the FX account. Is this true? or i can buy the FX and use it on overseas spending and once I am done with the trip, I can then sell it back at spot to my SGD account leaving the FX empty.

Is this possible?

 

[mie28]

You are referring to UOB or DBS?

I am a little confuse as it mention that there needs to be a minimum balance for the FX account. Is this true? or i can buy the FX and use it on overseas spending and once I am done with the trip, I can then sell it back at spot to my SGD account leaving the FX empty.

Is this possible?

 

[Edwan@]

You are referring to UOB or DBS?

was referring to UOB Both UOB and DBS rates roughly similar?

 

[helloworld321]

Adding in youtrip. any comments vs these 3?

 

[opteron]

Adding in youtrip. any comments vs these 3?

anyone?

 

[ashethen]

I linked my dbs visa debit card to my multi currency account so I could spend the currencies I specifically converted in the account. End up I didn't spend most of it because the petrol stations in Scandinavia didn't accept the bloody card pin.

Sent from Samsung SM-G930F using GAGT

 

[superboy123]

By the way, I don't have any account at UOB. Does anyone know which bank which has a better rate? UOB might fx or DBS?
I know for DBS, the rate can simply be checked from directly from DBS page whereas for UOB you need to have UOB mighty fx apps?

Thanks so much in advance.