DBS Multi-currency

[ardneh]

I called DBS this morning and there is no fee I I were to purchase the FCy online. The fee is applicable only when depositing and withdrawing at branch.

Maybe someone could double confirm this.

Sent from Samsung SM-G935F using GAGT

 

[dreant]

I called DBS this morning and there is no fee I I were to purchase the FCy online. The fee is applicable only when depositing and withdrawing at branch.

Maybe someone could double confirm this.

'double confirm' Zzz...

http://www.dbs.com.sg/personal/deposits/fees.page

Revision of Foreign Currency Notes Transaction Charges

With effect from 9 January 2017, the following commission-in-lieu charges will apply for all foreign currency cash deposits and withdrawals done at DBS and POSB branches.

...

Which part of the announcement, or this thread did you find confusing?

This account was interesting before because it was the only bank that allowed you to deposit/withdraw FCY *notes* (ie: physical cash) with no fee to/from the same currency account. No other bank did that.

It's however rather unusual and niche, and not many people would need such a service. However, they've since removed it, and so there isn't anything very special about this account anymore.

 

[pcmdan]

'double confirm' Zzz...

http://www.dbs.com.sg/personal/deposits/fees.page

Revision of Foreign Currency Notes Transaction Charges

With effect from 9 January 2017, the following commission-in-lieu charges will apply for all foreign currency cash deposits and withdrawals done at DBS and POSB branches.

...

Which part of the announcement, or this thread did you find confusing?

This account was interesting before because it was the only bank that allowed you to deposit/withdraw FCY *notes* (ie: physical cash) with no fee to/from the same currency account. No other bank did that.

It's however rather unusual and niche, and not many people would need such a service. However, they've since removed it, and so there isn't anything very special about this account anymore.

lol...totally agree with you.

 

[dreant]

HWZ MM thread: DBS MCA Account Revamped

Access 12 foreign currencies and the Singapore dollar conveniently with one account and transact at your preferred rates wherever you are. Pay for shopping, dining and leisure with your linked DBS Visa Debit Card in up to 11 foreign currencies* with no foreign exchange fees. Your foreign currency transactions will be debited directly from the respective foreign currency wallet.

*Renminbi Offshore (CNH) is not available for the card payment feature

(DBS: DBS MCA)


If your MCA is linked as the primary account to your DBS Visa Debit Card, purchases made in foreign currencies and overseas ATM cash withdrawals will be automatically deducted from your respective foreign currency wallet(s) at no foreign exchange conversion fees.

DBS: MCA Visa Debit FAQ


I wonder if this card has DCC fees for SGD payments by foreign companies?

 

[stiwipl]

'double confirm' Zzz...

http://www.dbs.com.sg/personal/deposits/fees.page

Revision of Foreign Currency Notes Transaction Charges

With effect from 9 January 2017, the following commission-in-lieu charges will apply for all foreign currency cash deposits and withdrawals done at DBS and POSB branches.

...

Which part of the announcement, or this thread did you find confusing?

This account was interesting before because it was the only bank that allowed you to deposit/withdraw FCY *notes* (ie: physical cash) with no fee to/from the same currency account. No other bank did that.
[...]

Agree with the exception of Standard Chartered World Partner status / account. Who can however get this WP status is unclear. I have it but I am a foreigner. Based on the feedback here, WP status is not available to SG citizens but I would still ask the bank about it. Different bank employees may provide different responses. Then you can transfer FCY from SCB to DBS for a fixed fee of US$20 or equivalent (Shared fees) + DBS FCY inward remittance fee (if any).

 

[xiaowhois]

like that this acccount no longer good for deposit foreign currency?

 

[kinnik]

seems like i am late to join in...
only needed the "special" features of the DBS MCA recently and started researching about it only to find out that they have started to impose a fee... -.-"

 

[renyreny]

I am trying to reduce the currency conversion fee for paypal. I have some money in paypal. Has anyone tried depositing USD from your paypal into your multicurrency? Are there any extra charges??

 

[Hafi]

I am trying to reduce the currency conversion fee for paypal. I have some money in paypal. Has anyone tried depositing USD from your paypal into your multicurrency? Are there any extra charges??

no you can't, PayPal only withdraws to Singapore bank account in SGD. If you withdraw to a USD account based in Singapore, you will be double charged on currency conversion fee... USD ---> SGD by PayPal and then SGD ---> USD by your bank. PayPal only withdraws USD to banks in the US with routing codes.

I faced this problem too so I am looking for a workaround. Not tested but theory wise, you need to have a bank account which has a routing number and presence in the US. My research only comes up to 2 foreign banks in Singapore which have this criteria but not sure it will be successful with the withdrawal.

 

[sHaDy69]

Any way to withdraw usd without incurring charges? Just back from oversea since last Nov didn't receive any notice for the charges till I visited the bank today

 

[yukita]

Any way to withdraw usd without incurring charges? Just back from oversea since last Nov didn't receive any notice for the charges till I visited the bank today

i didn't receive any notice as well ... so any fee if i withdraw in usd cheque?

 

[yukita]

anyone know?

 

[Hafi]

i didn't receive any notice as well ... so any fee if i withdraw in usd cheque?

check your bank statement... POSB and DBS monthly statements have the notice printed there.

 

[dreant]

Any way to withdraw usd without incurring charges? Just back from oversea since last Nov didn't receive any notice for the charges till I visited the bank today

Yes. Qualify for DBS Treasures, and withdraw money from an ATM in the US.

If your MCA is linked as the primary account to your DBS Visa Debit Card, purchases made in foreign currencies and overseas ATM cash withdrawals will be automatically deducted from your respective foreign currency wallet(s) at no foreign exchange conversion fees.

DBS ATM fees will be waived for:
* DBS Treasures / Treasures Private Client / Private Bank Visa Debit Cards
* Withdrawals made using DBS cards at DBS ATMs overseas and Westpac Group ATMs

Otherwise, there will be fees applied.

DBS: MCA Visa Debit FAQ

If you are able to move the funds into Citibank, and qualify for CitiGold, you can withdraw up to USD10k per day for free from Citibank Hong Kong branches. You would need to travel there and do it in person however.

i didn't receive any notice as well ... so any fee if i withdraw in usd cheque?

anyone know?

Yes. The people at the other end of this phone number would know: 1800 111 1111. Try give them a call and ask.

 

[Yat]

Fees for Treasure customers for making overseas ATM withdrawal with 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!

 

[IronMan123]

Anyone use this debit card function to withdraw monies or pay their expenses in Australia before? Which banks ATM support the cash withdrawal w/o service charge? Not much infos from DBS website. Sigh!

 

[zumaba]

Anyone use this debit card function to withdraw monies or pay their expenses in Australia before? Which banks ATM support the cash withdrawal w/o service charge? Not much infos from DBS website. Sigh!

Withdrawal w/o service charg? Unlikely. I think whether you have AUD purse in your MCA or not, $5 applied for each withdrawal?

 

[dreant]

Anyone use this debit card function to withdraw monies or pay their expenses in Australia before? Which banks ATM support the cash withdrawal w/o service charge? Not much infos from DBS website. Sigh!

The information you're looking for is here.

There is a service charge of S$5 per cash withdrawal on overseas Plus/Cirrus ATMs. You will enjoy a preferential flat service charge of S$2 if you use your Cirrus Card at the ATMs of Bank of Central Asia (BCA, Indonesia) and Bank of Philippines Island (Philippines) or Plus/Cirrus Card at the ATMs of HDFC (India). Cash withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong, DBS Taiwan and Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) or Plus Card at DBS India and DBS Indonesia ATMs. Service charge of S$5 for DBS UnionPay Platinum Debit Card will be waived until further notice.

Where we allow your Card to be tagged to a Multi-Currency Account and used for any and/or all foreign currency funds in the Multi-Currency Account, foreign currency transactions and Cash Withdrawals will be directly authorised from the respective foreign currency wallets within the Multi-Currency Account in the foreign currency directly. Provided there are sufficient funds in the relevant foreign currency. Foreign currency Cash Withdrawals at overseas ATMs is subject to a service charge of S$5 per Cash Withdrawal charged in the equivalent foreign currency. For example, your USD Cash Withdrawal in New York will be charged a service fee of US$3.50 or any other such rate as determined by us and notified to you.

Click here for the list of the fees in foreign currency.

 

[IronMan123]

The information you're looking for is here.

There is a service charge of S$5 per cash withdrawal on overseas Plus/Cirrus ATMs. You will enjoy a preferential flat service charge of S$2 if you use your Cirrus Card at the ATMs of Bank of Central Asia (BCA, Indonesia) and Bank of Philippines Island (Philippines) or Plus/Cirrus Card at the ATMs of HDFC (India). Cash withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong, DBS Taiwan and Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) or Plus Card at DBS India and DBS Indonesia ATMs. Service charge of S$5 for DBS UnionPay Platinum Debit Card will be waived until further notice.

Where we allow your Card to be tagged to a Multi-Currency Account and used for any and/or all foreign currency funds in the Multi-Currency Account, foreign currency transactions and Cash Withdrawals will be directly authorised from the respective foreign currency wallets within the Multi-Currency Account in the foreign currency directly. Provided there are sufficient funds in the relevant foreign currency. Foreign currency Cash Withdrawals at overseas ATMs is subject to a service charge of S$5 per Cash Withdrawal charged in the equivalent foreign currency. For example, your USD Cash Withdrawal in New York will be charged a service fee of US$3.50 or any other such rate as determined by us and notified to you.

Click here for the list of the fees in foreign currency.

OK, thanks...

 

[IronMan123]

Withdrawal w/o service charg? Unlikely. I think whether you have AUD purse in your MCA or not, $5 applied for each withdrawal?

I have MCA and intend to change some $ into AUD. Cash withdrawal there is only for emergency cases.