DBS Multi-currency

[dreant]

I can confirm that SCB USD High Account has a USD cheque book.

Then, it's really easy to. Just deposit your USD notes into SCB, and write a USD cheque to yourself to deposit it into your DBS USD account. DBS does not charge any fees to clear locally drawn USD cheques. If you're depositing it into a DBS MCA account you *must* indicate (USD) after the account number - or so I was told by a counter teller once, if you do not, it will be deposited into the MCA SGD wallet instead.

Just remember that SCB only waives the fee for deposits, but not for withdrawals. So, whatever USD notes you deposit with them, you won't be able to get them out again as USD physical notes without paying a fee to do so.

 

[Charlie_Zhan]

even if the SCB USD high account doesn't come with cheque facility, I believe SCB could issue a local clearing USD cheque to you drawing from that account right? still will most likely be better than performing a TT to Dbs in terms of fees and speed.

Sent from International Space Station using GAGT

 

[archcherub]

Then, it's really easy to. Just deposit your USD notes into SCB, and write a USD cheque to yourself to deposit it into your DBS USD account. DBS does not charge any fees to clear locally drawn USD cheques. If you're depositing it into a DBS MCA account you *must* indicate (USD) after the account number - or so I was told by a counter teller once, if you do not, it will be deposited into the MCA SGD wallet instead.

Just remember that SCB only waives the fee for deposits, but not for withdrawals. So, whatever USD notes you deposit with them, you won't be able to get them out again as USD physical notes without paying a fee to do so.

even if the SCB USD high account doesn't come with cheque facility, I believe SCB could issue a local clearing USD cheque to you drawing from that account right? still will most likely be better than performing a TT to Dbs in terms of fees and speed.

Sent from International Space Station using GAGT

I can confirm that SCB USD High Account has a USD cheque book.

great! thanks guys! I didn't expect cheque clearance to be cheaper than bank transfer.
i would have done a bank transfer if not for this thread... coz i thought bank electronic shld be cheaper to process.
Thanks again!

 

[DreamerChin]

Nobody withdrew / deposit FCY in cash from this account to confirm fee waiver?
I wrote to DBS but they didn't care to reply yet.

Recently, open the eMCA account and tried to deposit FCY hard cash but counter say there is a commission of 2.5% charge, so I didn't bank in. Anyone ever tried deposit FCY hard cash without charges can advise? Thanks

 

[dreant]

Recently, open the eMCA account and tried to deposit FCY hard cash but counter say there is a commission of 2.5% charge, so I didn't bank in. Anyone ever tried deposit FCY hard cash without charges can advise? Thanks

When DBS introduced being able to pay directly from the foreign wallet via the DBS Visa debit card (early 2017?), they imposed the fees for direct FCY deposits/withdrawals to the MCA account (between 1.5%-5.0%, depending on the currency. It was free before that).

There is no way around this, except to get a time machine, travel back in time and make the deposit before the change was made.

2.5%? AUD? I don't think there are any banks here that will allow you to deposit AUD notes with no fee. You'll need to travel to Australia to do so.

The only other way to look into, is to find a money changer to change your AUD notes to SGD, deposit that into DBS, and buy AUD with it. The entire process might just cost you more than the 2.5% fee however.

 

[revhappy]

Why do you want to deposit FCY cash? What is your end goal? If your end goal is FCY FD then find a bank that lets you do it without charges. The eMCA is at best good for inward FCY TT.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[alanjw55]

buddies, the thread is kinda long, apologies if the questions have been asked before...

can the currency be changed back to sgd ? assuming i find no more use for that currency after i come back

or i can only do a 1 way change?

 

[vegavega25]

buddies, the thread is kinda long, apologies if the questions have been asked before...

can the currency be changed back to sgd ? assuming i find no more use for that currency after i come back

or i can only do a 1 way change?

You can change it back to SGD.

 

[foozgarden]

How about drawing out USD from DBS MCA?
Is there a free way to do it?

Then, it's really easy to. Just deposit your USD notes into SCB, and write a USD cheque to yourself to deposit it into your DBS USD account. DBS does not charge any fees to clear locally drawn USD cheques. If you're depositing it into a DBS MCA account you *must* indicate (USD) after the account number - or so I was told by a counter teller once, if you do not, it will be deposited into the MCA SGD wallet instead.

Just remember that SCB only waives the fee for deposits, but not for withdrawals. So, whatever USD notes you deposit with them, you won't be able to get them out again as USD physical notes without paying a fee to do so.

 

[alanjw55]

You can change it back to SGD.

Nice! Thanks very much

 

[daniel890]

Advisable for Exchange Student?

Not sure if this has been asked before... but is DBS MCA advisable for exchange students?

I would be in England for around 3+ months, and would be travelling around. Since the duration is less than 6 months, I'm unable to open a bank account there.

So far, it seems like my best options is to open a DBS MCA or get one of those multi-currency cash passport cards. However, for the latter, it costs 2% fees everytime I top up + $5 SGD everytime I withdraw.

Seems like DBS MCA is the best option? Would appreciate if anyone can give some input

 

[dreant]

Not sure if this has been asked before... but is DBS MCA advisable for exchange students?

I would be in England for around 3+ months, and would be travelling around. Since the duration is less than 6 months, I'm unable to open a bank account there.

So far, it seems like my best options is to open a DBS MCA or get one of those multi-currency cash passport cards. However, for the latter, it costs 2% fees everytime I top up + $5 SGD everytime I withdraw.

Seems like DBS MCA is the best option? Would appreciate if anyone can give some input

I would think DBS MCA has very limited use in your scenario. While it's possible to use it, I don't see how it can be beneficial for the amount of effort required to do so, if there is any at all.

Without knowing how much you need while you're there, I would guess for maybe up to GBP10,000, the best option would be to carry cash, an ATM card that is able to withdraw money from an ATM overseas, and a credit card (as a backup, or for large purchases.)

Just withdraw cash once every 2 weeks, or monthly, depending on your spending needs, and you should be good.

The 'currency cash passport card' sounds downright terrible. You shouldn't even think about it

 

[vegavega25]

Not sure if this has been asked before... but is DBS MCA advisable for exchange students?

I would be in England for around 3+ months, and would be travelling around. Since the duration is less than 6 months, I'm unable to open a bank account there.

So far, it seems like my best options is to open a DBS MCA or get one of those multi-currency cash passport cards. However, for the latter, it costs 2% fees everytime I top up + $5 SGD everytime I withdraw.

Seems like DBS MCA is the best option? Would appreciate if anyone can give some input

Yes, I would do it if I were you.

Open any of the DBS MCA accounts and get yourself a DBS Visa Debit card to go with it. Convert your S$'s to GBP. You mentioned traveling - if that includes Europe, then think about converting some money to Euros as well.

Remember, withdrawing GBP in cash from an ATM in England will attract fees. But spending at a merchant in England will attract absolutely no additional fee.

What I like very much about these MCA accounts is that one knows the foreign exchange rate at the first point in time when one converts the S$ to the foreign currency. And then the foreign currency spend debits the exact same amount from the foreign currency portion of the account. I don't have to think one extra second about any conversion rate at the time of doing the purchase, administrative fees that will be levied by the bank, or how much my S$ credit card bill will be at the end of the month. I know how many - for example - US dollars I have in my account, and I go about spending from that.

In the US and in England, I have carried US$ cash as a backup, but not spent ANY of it because every single place accepted my card.

Make sure you meet the monthly balance requirement - it is S$3000 to avoid the monthly fall-below fee. That S$3000 is the S$ balance plus the S$ equivalent of any foreign currency in your account. But if you're not able to do that, just think of the S$5 as an added cost for the convenience.

I agree with the other member on this though: the passport card you mentioned sounds like a terrible idea.

 

[LoanGroan]

The DBS card appears more useful and versatile for debit transactions, as it will always deduct from the respective currency wallet, or your SGD balance if there isn't enough funds in there.

As such, it's also possible to ensure that never happens by keeping the SGD wallet at $0.

The Citi card needs to be linked to a particular currency, and all transactions will be deducted from there. While you are able to (instantly) change the link between currencies via phone (and maybe internet banking), in the event the transaction is charged in a different currency, you get hit with a 2.5% admin charge.

Sometimes, merchants automatically apply DCC (dynamic currency conversion), converting the transaction back to the currency your card is from while adding ~5% to the rate 'for your convenience' (*). In such transactions with the citi card, you'd be hit with almost 7.5% fees. With the DBS card, if DCC is applied by the merchant, the funds are deducted from your SGD wallet if there is enough funds, or the transaction is declined if there isn't.

(*) You should be allowed to choose, but that doesn't always happen.

The other downside of Citi is, their FX rates are not the best. So, every FX transaction you make, effectively costs you a little bit more when compared to making an identical transaction with, say, DBS.

The upside of the citi account is, you can queue FX transactions, and you are able to (try to) purchase foreign currency at your preferred rate. (Eg: You can queue a transaction to buy USD1,000 if the rate hits USD1 = SGD1.21 within the next 1 month; if USD ever falls to that rate, the transaction executes, and if it doesn't, it expires). I would guess, it's only a matter of time before other banks have a similar feature - but for now, only Citi offers it.

Also, withdrawals at Citibank ATMs overseas at no additional conversion fee is for all their ATM cards. So, if that is a feature you want, any Citi account with a regular ATM card will allow you to do just that.

How about local or overseas transfer of Usd into citibank account? Is there a fee?

 

[dreant]

How about local or overseas transfer of Usd into citibank account? Is there a fee?

Citibank does not charge any fees for incoming TT's, or to clear locally drawn USD cheques.

The sending bank usually charges a fee however, and if an intermediary bank is required, they usually charge a fee too.

Citi to Citi transfers via CGT is usually free, or very low cost, and instant; but the restrictions are usually source & destination country specific, and you'll need to check with Citi from the sending country for details about CGT transfers to Singapore.

 

[daniel890]

Yes, I would do it if I were you.

Open any of the DBS MCA accounts and get yourself a DBS Visa Debit card to go with it. Convert your S$'s to GBP. You mentioned traveling - if that includes Europe, then think about converting some money to Euros as well.

Remember, withdrawing GBP in cash from an ATM in England will attract fees. But spending at a merchant in England will attract absolutely no additional fee.

What I like very much about these MCA accounts is that one knows the foreign exchange rate at the first point in time when one converts the S$ to the foreign currency. And then the foreign currency spend debits the exact same amount from the foreign currency portion of the account. I don't have to think one extra second about any conversion rate at the time of doing the purchase, administrative fees that will be levied by the bank, or how much my S$ credit card bill will be at the end of the month. I know how many - for example - US dollars I have in my account, and I go about spending from that.

In the US and in England, I have carried US$ cash as a backup, but not spent ANY of it because every single place accepted my card.

Make sure you meet the monthly balance requirement - it is S$3000 to avoid the monthly fall-below fee. That S$3000 is the S$ balance plus the S$ equivalent of any foreign currency in your account. But if you're not able to do that, just think of the S$5 as an added cost for the convenience.

I agree with the other member on this though: the passport card you mentioned sounds like a terrible idea.

Thanks for the reply!

Would it be better to:
1. Transfer from a bank account and exchange the SGD to GBP and Euros in the MCA, or
2. Withdraw all the SGD from the bank account, exchange it into GBP/Euros at a money changer (when the rates are good, of course), and then deposit the GBP/Euros into the MCA directly?

The total amount of SGD during the transaction would be around 12K only.

I'm looking at DBS' Foreign Exchange rates page and trying to compare with the money changers' rates but tbh I have no clue how to read the chart since I'm new to all this.

 

[vegavega25]

Thanks for the reply!

Would it be better to:
1. Transfer from a bank account and exchange the SGD to GBP and Euros in the MCA, or
2. Withdraw all the SGD from the bank account, exchange it into GBP/Euros at a money changer (when the rates are good, of course), and then deposit the GBP/Euros into the MCA directly?

The total amount of SGD during the transaction would be around 12K only.

Without a doubt whatsoever, transfer the funds from one account to another.

First transfer the money for free using FAST from your non-DBS source account to your DBS MCA account, and then convert the S$ to the GBP and Euros within the MCA.

DBS foreign exchange rates are very competitive in my view. And for a bunch of currencies, there is no explicit surcharge or fee (although one must obviously believe that these are built into the rate itself, much like Citibank's global transfer forex rates).

Depositing foreign currency bank notes at a branch attracts a fee - I don't recall how much.

If you end up spending all the GBP or Euros, good for you. If anything remains, you can always hold on to it in the foreign currency portion of your account (remember, that counts as far as meeting the monthly balance requirement is concerned) for your next trip! Or if the next trip is to another part of the world which uses one of the currencies allowed in the DBS MCA account, convert to that currency and spend using the Visa debit card (or worse, withdraw cash there). The beauty of the MCA product is that you can convert any time back into S$, naturally at the exchange rate prevailing at the time.

Overall it is infinitely safer than carrying around cash in the first place, cheaper than converting at a bureau de change, and at the end you're not left holding the currency notes.

 

[LoanGroan]

Citibank does not charge any fees for incoming TT's, or to clear locally drawn USD cheques.

The sending bank usually charges a fee however, and if an intermediary bank is required, they usually charge a fee too.

Citi to Citi transfers via CGT is usually free, or very low cost, and instant; but the restrictions are usually source & destination country specific, and you'll need to check with Citi from the sending country for details about CGT transfers to Singapore.

Thank you for the information, what about debit card charges? The website states no currency conversion, but what about admin fee?

Citibank seems the best for my situation. I do currency conversion in my IB account. Going to only one country for extended periods of time, so default currency can be set to that particular one. Citi atm seems to be convinent for me in that country as well. Is there any down side I am not seeing?

Sent from Samsung SM-G935F using GAGT

 

[artered]

can i transfer USD from my scb trading account in USD to the DBS multi currency saver USD account?

 

[dreant]

Thanks for the reply!

Would it be better to:
1. Transfer from a bank account and exchange the SGD to GBP and Euros in the MCA, or
2. Withdraw all the SGD from the bank account, exchange it into GBP/Euros at a money changer (when the rates are good, of course), and then deposit the GBP/Euros into the MCA directly?

The total amount of SGD during the transaction would be around 12K only.

I'm looking at DBS' Foreign Exchange rates page and trying to compare with the money changers' rates but tbh I have no clue how to read the chart since I'm new to all this.

Neither. Not sure if my earlier post was unclear, but IMHO, DBS MCA is really not a good fit for your purpose.

a) Are you familiar with the current trend of SGD/GBP? The main advantage of DBS MCA is being able to buy GBP when you know it is cheap, hold it, and and spend via debit card transactions.

If your plan is just to change a large sum of GBP, you should only do it when the rate is low; if you're not familiar with the current trend, and are banking on DBS's rate being 'better most of the time', then you should just fund the SGD wallet only - and each time you spend or withdraw GBP, it will use DBS's current FX rate instead, and average it out over the duration of your stay.

b) Do you think, as a student, your regular day to day expenses will be put on your debit card? I would think, more often than not, you will require cash. So, either you'll either need to carry it there, or withdraw from an ATM.

DBS MCA is only good for debit card transactions. If you need to withdraw cash from an ATM, there are fees involved.

c) If you really want fund your DBS MCA GBP wallet (why??!!), you should deposit SGD with DBS and buy GBP. If you exchanged GBP at a money changer, and try to deposit those notes, DBS will charge you a 1.5% handling fee.

But as mentioned in (a) above, I would think you're better off just keeping your funds in SGD, and averaging the Fx rate over the duration of your stay if you're not familiar with the current trend.

d) While DBS's FX rate is pretty good, it is really just the best *among banks*. Any good money changer(*) will *always* give you a better rate than DBS.

(*) Mustafa, Chinatown, Change Alley, etc. *Not* your regular money changers in the mall near you, or at the airport.

In your particular case, my recommendation remains the same.

Carry some cash (GBP), an ATM (non-debit!) card that is able to withdraw money from an ATM overseas (DBS/POSB would be good, as they have the best Fx rates among SG banks), and a credit card (as a backup, or for large purchases.)

Why an ATM card, and not a debit card? Debit cards are high risk - if the card is lost (or the card information is stolen), it's your bank account that gets drained and it can take weeks before your funds are restored (if at all).

Thank you for the information, what about debit card charges? The website states no currency conversion, but what about admin fee?

Citibank seems the best for my situation. I do currency conversion in my IB account. Going to only one country for extended periods of time, so default currency can be set to that particular one. Citi atm seems to be convinent for me in that country as well. Is there any down side I am not seeing?

The upside of Citi is, free ATM withdrawals at Citi ATMs - so, you really should check where you're going, and if there are any near where you'll be, to take advantage of that. (#)

(#) In the past, when Citi was still in Japan, they only had like 2 locations in all of Nagoya, and perhaps about 20 locations around Tokyo. While 20 sounds pretty good, bear in mind Tokyo is perhaps 3 times larger than Singapore - extrapolating that, it's almost equivalent to only 7 locations in all of Singapore.

The other upside of Citi is you can queue Fx transactions for up to a month to try catch it at a good rate. No other bank appears to offer this service yet at this time.

I would think, the main downside of Citi is that their Fx rates aren't great.

Right now, Citi's sell rate for Euro is 1.6100
DBS's sell rate for Euro right now is 1.6054

If you bought EUR10,000, it would cost you:

Citi: SGD16,100
DBS: SGD 16,054 (SGD46 cheaper)

I think the only fee I am aware about for Citi debit card, is that there is a 2.5% fee if the currency charged is different from the currency the card is linked to at the time of the transaction.