DBS Multi-currency

[dreant]

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

... then why bother changing in advance?

If there is no (or insufficient) funds in your AUD wallet, it will take it from your SGD wallet at the prevailing exchange rate.

(Unless, you're expecting AUD to strengthen in the meantime?)

 

[butterfly11]

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

Confirmed, no withdrawal charges if you use DBS treasures Card.

 

[butterfly11]

Confirmed, no withdrawal charges if you use DBS treasures Card.

 

[butterfly11]

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!

Confirmed, no withdrawal charges if you use DBS treasures Card.

 

[xonix]

noob question... how the heck do I buy the foreign currency ?
Looking the website but there doesn't seem to be any guide ?

Can I do it via i-banking ?


Edit: Never mind, found a blog with the steps ( Link: http://www.yinagoh.com/2017/03/dbs-visa-debit-card-x-multi-currency.html )

 

[Keiryl]

Dear All,

Would like to get some advice from members who have worked in US or familiar with USD transactions.

My situation:
- Going to work in US for 2-3 years.
- Pay will be in SGD (super small company without established processes overseas yet -___-)
- Qn: What is the best way/ most economical way to get USD in cash for spending when I am in U.S?

I was planning to open up DBS Multi-currency Account so that I can convert my SGD pay to USD and use this account to hold the USD. Also, if I apply for DBS VISA Debit card and link to MCA, I can do online purchases in USD and they can deduct directly from the USD pocket without FX fees or DCC (correct me if I am wrong).

However, I realised that if I use the debit card to withdraw from ATM overseas, I will incur charges. And I also don't know if any purchases in U.S. will accept non-US debit card.

So should I instead open a Citibank account in SG and in U.S. and do TT between these 2 accounts? From the earlier threads, it seems like TT for Citibank is free? But the account I open in SG would have to be Citibank USD account, and I have to transfer my SGD from non-Citi account to Citi USD account, thus inccuring unfavourable exchange rate?

I am kind of at a loss here. Appreciate if all the senpai can give some advice.
Sorry, hope I'm not going too off-topic here.

Thanks!

 

[dreant]

Keiryl,

a) It seems unusual to me you'll be paid in SGD; there might be odd US tax implications as a result. I would have though the US side would need to pay you in the US because of work visa requirements. Do you know what visa class they plan to get for you?

b) You're probably better off starting a dedicated thread, instead of posting your question at the end of a 21 page thread about something else altogether.

c) You might also like to mention in that new thread where exactly will you be. The US is pretty big, and Citi does not have a presence in every state.

 

[xonix]

Does anybody know if why purchase paid via Paypal ( linked to debit card of the DBS MCA ) still deducts from SG account instead ?

I bought some stuff from eBay and Steam and paid via Paypal. But it seems like it's paid by SGD (converted) rather USD.

 

[stiwipl]

Does anybody know if why purchase paid via Paypal ( linked to debit card of the DBS MCA ) still deducts from SG account instead ?

I bought some stuff from eBay and Steam and paid via Paypal. But it seems like it's paid by SGD (converted) rather USD.

You need to pay attention to Paypal payment confirmation page and fine print. You need to change the billing to the currency you want to pay (sometimes every time you buy). Frankly speaking it looks a little tricky and you have to read it carefully.

 

[dreant]

Does anybody know if why purchase paid via Paypal ( linked to debit card of the DBS MCA ) still deducts from SG account instead ?

I bought some stuff from eBay and Steam and paid via Paypal. But it seems like it's paid by SGD (converted) rather USD.

By default, on the checkout screen, Paypal offers to charge your card in SGD at PP's (much higher) currency exchange rate.

You need to change it to charge you at your card issuer's rate instead.

If you have recurring billing arrangements, the setting is even more obscure to find.

 

[Asphodeli]

is there a fee for drawing out USD cheques? non-Treasures user here.

 

[Charlie_Zhan]

is there a fee for drawing out USD cheques? non-Treasures user here.

if you are holding on to the eMCA account with cheque facility, no fees for USD cheque book request and issuance.

if not then there will be charges for purchase of a USD cheque from the bank.

Sent from the toilet using GAGT

 

[henrysim83]

Hi, it is possible to link credit card (DBS Visa Altitude) to multi currency account in order to withdraw foreign currency overseas from multi currency account?

 

[Charlie_Zhan]

Hi, it is possible to link credit card (DBS Visa Altitude) to multi currency account in order to withdraw foreign currency overseas from multi currency account?

not possible.. this will only work with visa debit card, treasures debit, treasures private client debit and Dbs private bank debit.

Sent from the toilet using GAGT

 

[klarklar]

Does this DBS multi currency account provide free usd chequebook?

 

[Sinkie]

Does this DBS multi currency account provide free usd chequebook?

What u use usd cheque book for?

 

[dreant]

Does this DBS multi currency account provide free usd chequebook?

No. DBS multi-currency autosave accounts only have SGD chequebooks.

You need to open a USD current account for a USD chequebook. The downside is, you can't transfer USD between the MCA and USD current account via internet banking.

When depositing a USD cheque into your MCA account, I've been advised to append -USD to the end of your account number. If you do not, the cheque would be deposited into your SGD wallet (or so, I was told by the counter staff...)

 

[Charlie_Zhan]

No. DBS multi-currency autosave accounts only have SGD chequebooks.

You need to open a USD current account for a USD chequebook. The downside is, you can't transfer USD between the MCA and USD current account via internet banking.

When depositing a USD cheque into your MCA account, I've been advised to append -USD to the end of your account number. If you do not, the cheque would be deposited into your SGD wallet (or so, I was told by the counter staff...)

wrong info.. Dbs multi currency account offers cheque books in SGD and foreign currency.. and it's chequebooks for foreign currency is FOC. just need to call and request for one to be mailed to you.

Sent from the International Space Station using GAGT

 

[foozgarden]

wrong info.. Dbs multi currency account offers cheque books in SGD and foreign currency.. and it's chequebooks for foreign currency is FOC. just need to call and request for one to be mailed to you.

Sent from the International Space Station using GAGT

What u use usd cheque book for?

 

[Charlie_Zhan]

transfer USD to my other USD account with another bank, or use it to pay brokerage firms.

i requested for chequebooks in Euros and AUD as well.