DBS Multi-currency

[stiwipl]

@dreant, yes I am speaking from experience. I have asked them to match my Citigold status from another country to Citigold SG but they said it is not possible. Citibank policy is that it requires you to maintain minimum required balance for Citigold should you wish to have that status. If you search the internet, you will learn that Citigold doesn't work cross-country, like HSBC Premier does. For example here. But maybe Citi reps have different perks

Regarding SCB World Partner, it's not my imagination. They have references to this status on their website and in the pricing guide you provided. Check here and here.

From the PDF pricing guide it says that:

- "1 OTT commission is waived for World Partner customers.

- "World Partner customers enjoy the first cash withdrawal per month, free of charge at Standard Chartered and Cirrus ATMs worldwide if they use their World Partner Platinum Debit Card. This waiver does not include fees which may be levied by other banks in Singapore or overseas for accessing their ATM networks."

It doesn't mention anywhere that FCY cash withdrawals are free of charge, but they are. I don't know why WP perks are not listed anywhere and I am not sure if it is available to everyone. I never wrote it is not available to Singaporeans, because I don't know.

@lcpteck, don't confuse DBS Remit with TT. DBS Remit works for selected countries only: AU, CN, HK, IN, ID, MY, PH, UK. Their conditions and prices may differ than TT. However UK is free of charge through promotion.

Apart from DBS Remit, you can choose Overseas Transfer to make TT from MCA account. It asks to choose which account from, then currency of your MCA, then currency of the TT. So yes, it is possible.

 

[CryYoUwRonG]

DBS Multi-Currency Autosave (MCA)

Hi, is it a wise to go money change like AUD 50 - 100 to save every month for the interest rate?

According to the DBS interests, SGD first $10,000 only offers 0.05% whereas AUD first $10,000 offers 0.75%.

I open this account mainly to try maximising parts of my savings. The monthly account fee of $7.50 is waived as I’m 26 this year.

 

[dreant]

@dreant, yes I am speaking from experience. I have asked them to match my Citigold status from another country to Citigold SG but they said it is not possible. Citibank policy is that it requires you to maintain minimum required balance for Citigold should you wish to have that status. If you search the internet, you will learn that Citigold doesn't work cross-country, like HSBC Premier does.

Which country were you in? Because I haven't had any trouble having my Citigold status recognized from the get go in all the countries that I have lived and worked in...

Citigold SG: Citigold global status recognition
Enjoy the benefits and privileges of Citigold status anywhere, with the same priority banking status and recognition you receive at home.

Citigold US: Citigold global access
With Citigold, the world is truly your oyster. Your personalized privileges extend beyond home, always on hand wherever you may be on the globe.

Enjoy your Citigold status in 36 countries, with 550 Citigold Centers available for your convenience.
...
Your recognition as a Citigold client carries throughout the world, so your privileges remain wherever you relocate.

Enjoy Citigold status no matter where you go: As a Citigold customer, we offer you the same banking status you enjoy at home when you open a new account in your destination country.

... I can only guess it was probably personal, and whoever it was really just didn't want to bank with you.

Hi, is it a wise to go money change like AUD 50 - 100 to save every month for the interest rate?

According to the DBS interests, SGD first $10,000 only offers 0.05% whereas AUD first $10,000 offers 0.75%.

I open this account mainly to try maximising parts of my savings. The monthly account fee of $7.50 is waived as I’m 26 this year.

There are better AUD FD rates, than 0.75% from DBS.
eg: CIMB 12m 2.08%p.a 20k minumum.

Foreign Currency deposits are not insured by SDIC, and you are also exposed to exchange rate movement risks.

Whether or not it is wise to do so really depends on your purpose of that money, and how 'readily available' do you need it to be.

Personally, I feel it's good to diversify a little; but it's also important to change when the rates are good. Once in a while, AUDSGD does fall below 1.00, and I think that is a good rate to move into it.

About 10% of my holdings are in AUD.

 

[stiwipl]

Which country were you in? Because I haven't had any trouble having my Citigold status recognized from the get go in all the countries that I have lived and worked in...

Citigold SG: Citigold global status recognition
Enjoy the benefits and privileges of Citigold status anywhere, with the same priority banking status and recognition you receive at home.

Citigold US: Citigold global access
With Citigold, the world is truly your oyster. Your personalized privileges extend beyond home, always on hand wherever you may be on the globe.

Enjoy your Citigold status in 36 countries, with 550 Citigold Centers available for your convenience.
...
Your recognition as a Citigold client carries throughout the world, so your privileges remain wherever you relocate.

Enjoy Citigold status no matter where you go: As a Citigold customer, we offer you the same banking status you enjoy at home when you open a new account in your destination country.

... I can only guess it was probably personal, and whoever it was really just didn't want to bank with you.

I had to deposit S$200k to get Citigold SG. Here you can find another example that it doesn't really work cross-country. It's from 2012 and my experience on this also comes from 2012. Also the text you quoted from Citi websites doesn't really say anything about Gold status matching cross country. It only says about Gold recognition, privileges and benefits overseas, it doesn't really say that having Gold status in one country automatically entitles you to Gold status in another. Perhaps something changed since 2012, I will ask Citi about it. It would be great because the requirement for Citigold in my home country is S$70k

 

[lingua101]

does dbs change the interest rate for MCA?

I saw now AUD earn nothing for amount less than AUD 650,000

 

[dreant]

does dbs change the interest rate for MCA?

I saw now AUD earn nothing for amount less than AUD 650,000

Yes, they did. The first AUD350k (not 650k) does not earn any interest now.

(On 8 Apr 2016, it was still at 0.75% for the first AUD10k...)

 

[kyleee]

I have a question. Can I do a direct transfer of money from this MCA usd account to another DBS usd current account and vice-versa?
Will there be any fees?

not 100% true.

i tried to tx online, as both me and recipient has dbs usd acct.
but i couldnt.
have to go to branch and do it then can.
i dont know why.

Is there any charges or fees?

 

[lcpteck]

Seems like from January onwards, depositing/withdrawing of FCY will have a 2.5% admin fee.

I guess all good things must come to an end.

 

[seatore]

Where did u see this?

Seems like from January onwards, depositing/withdrawing of FCY will have a 2.5% admin fee.

I guess all good things must come to an end.

 

[silphscope]

Seems like from January onwards, depositing/withdrawing of FCY will have a 2.5% admin fee.

I guess all good things must come to an end.

Wondering where you see this as well..

 

[lusunshine]

Seems like from January onwards, depositing/withdrawing of FCY will have a 2.5% admin fee.

I guess all good things must come to an end.

Where did u see this?

Wondering where you see this as well..

Yes, the change will take place in early part of January next year, commission-in-lieu will be charged for FC cash deposits and withdrawals without FX. The percentage is ranging from 1% to 5% depends on type of currency as well as your banking relationship. The change will be applicable to Multiplier/MCA/FCCA. (Please don't ask why and where I know)

 

[lcpteck]

Wonder where to move my FCY to. Any good places to put USD?

 

[OngHuatHuat]

Wonder where to move my FCY to. Any good places to put USD?

Can still put in DBS multiplier.

Keep USD all the way, when you want to withdraw, convert it using DBS multiplier first, then withdraw SGD.
Deposit also the same, deposit SGD first, then convert using DBS Multiplier.

 

[oceanicmanta]

Wonder where to move my FCY to. Any good places to put USD?

SBI offering 1.6% pa for USD FD 12 months.

 

[pcmdan]

Can still put in DBS multiplier.

Keep USD all the way, when you want to withdraw, convert it using DBS multiplier first, then withdraw SGD.
Deposit also the same, deposit SGD first, then convert using DBS Multiplier.

u convert using DBS house rate, mah lugi till siao?

and what if I need to use USD?

 

[pcmdan]

SBI offering 1.6% pa for USD FD 12 months.

how much min?

 

[lcpteck]

how much min?

SBI website. I wonder how to deposit the money, do they accept cash?

 

[OngHuatHuat]

Of course got pro and con.

u convert using DBS house rate, mah lugi till siao?

and what if I need to use USD?

 

[nydeidith]

i also saw the notice on commission charges for deposit and withdrawal of FC notes...sad that it is gone but to be honest no charges was too good to be true in the first place haha...

 

[foozgarden]

starting from when?!!!