DBS Multi-currency

[focus1974]

It is unrealistic to expect no spread unless you are banking with six digit figures and above.

It is unrealistic to expect no spread unless you are banking with eight digit figures and above.

 

[hwmook]

DBS Multi-Currency Autosave (MCA)

Most basic one don't have, but the plus will need to maintain 3k.

You are reading it wrongly, all need to maintain SGD3000 else fall below fees apply.

 

[chopra]

* Withdrawal in foreign currencies without further foreign exchange conversions
* Receive foreign currency funds directly into your account

Deposits/Withdrawals in foreign currency: If you wish to convert an amount in a foreign currency into another foreign currency, we will convert to S$ equivalent and then re-convert to the foreign currency at prevailing exchange rates.

From the website and their deposit guide, it's unclear if there is any commission-in-lieu of exchange when you deposit/withdraw foreign currency *notes* into an account of the same currency.

For their foreign currency current accounts, doing so incurs a fee of between 1.5% to 3% with a minimum of SGD10. This account is only useful if this fee is waived; otherwise, there isn't anything special about it.

That's exactly my point. In fact the DBS person has replied to my earlier query and dunno intentionally or unintentionally siamed this part.

Im throwing back the question to them again. Let's see...

 

[hwmook]

That's exactly my point. In fact the DBS person has replied to my earlier query and dunno intentionally or unintentionally siamed this part.

Im throwing back the question to them again. Let's see...

If you look at the bank charges details, the charges for foreign current account is listed while there is no charges listed under the MCA.

 

[dreant]

If you look at the bank charges details, the charges for foreign current account is listed while there is no charges listed under the MCA.

Could have been an oversight; but the choice of words for the MCA's fees and overall description seem to have been very carefully chosen such that they still have room to charge account holders with commission-in-lieu of exchange fees when depositing/withdrawing foreign currency notes.

Unless otherwise clarified, I'm inclined to think they will levy a fee if there is no foreign exchange involved.

 

[Mecisteus]

Deposits/Withdrawals in foreign currency: If you wish to convert an amount in a foreign currency into another foreign currency, we will convert to S$ equivalent and then re-convert to the foreign currency at prevailing exchange rates.

From the website and their deposit guide, it's unclear if there is any commission-in-lieu of exchange when you deposit/withdraw foreign currency *notes* into an account of the same currency.

no spread means converting at spot rates. do you think that it is possible?

banks and money changes will definitely charge a spread.

 

[Sinkie]

Just tried and deposited my first $3000 usd cash last week into this account, confirmed there is no additional transaction fee

 

[Sinkie]

Could have been an oversight; but the choice of words for the MCA's fees and overall description seem to have been very carefully chosen such that they still have room to charge account holders with commission-in-lieu of exchange fees when depositing/withdrawing foreign currency notes.

Unless otherwise clarified, I'm inclined to think they will levy a fee if there is no foreign exchange involved.

It's a new product. I verified over phone and also over the counter with the manager who is trained in this product in that branch that there's no levy or exchange conversion when withdrawing foreign cash as long that foreign currency pocket has enough balance

Currently they have one deposit promotion, the first conversion from Sgd to any foreign currency deposit will take the middle of the bid/ask spread but the amount cannot be more than (can't rmb is $3000 or $5000)

 

[Sinkie]

You guys are confusing yourself.

1. You can deposit and withdraw in foreign currency with no additional charges meaning if you put in USD5000, you can withdraw USD5000 in cold hard cash. No spread because there is no exchange involved.

2. If you put in USD and want to take out these money in SGD then there is currency exchange involved and prevailing spreads apply.

Its all a matter of what currency is deposited and withdrawn, spread is always there if exchange is involved.

This is correct.

Maybe next week I will try to withdraw usd to ssrr

 

[Motherliquor.P]

This is correct.

Maybe next week I will try to withdraw usd to ssrr

Some bank do charge 1% fee when you do that.

 

[Sinkie]

Some bank do charge 1% fee when you do that.

yeah i know, but i have already verified and got assurance from them via otc and phone, that as long the debit or credit transaction is for this multi-currency account, there will be no 1% fee

let me withdraw $10 usd next week (provided queue is short) and see will they charge me any 1% fee or not first

 

[civicguy]

I have this acct (just converted) and coincidentially just received an USD cheque from an USA bank (morgan stanley)... Can deposit into the acct right ?

 

[shotbottle]

yeah i know, but i have already verified and got assurance from them via otc and phone, that as long the debit or credit transaction is for this multi-currency account, there will be no 1% fee

let me withdraw $10 usd next week (provided queue is short) and see will they charge me any 1% fee or not first

That's interesting......
Please keep us updated if you managed to withdraw without any fees and charges, thanks

 

[Sinkie]

I have this acct (just converted) and coincidentially just received an USD cheque from an USA bank (morgan stanley)... Can deposit into the acct right ?

Can, but iirc there will be clearing fee involved if the cheque is from oversea bank/issuers

Only cheque issued by local banks will be free

 

[chopra]

Can, but iirc there will be clearing fee involved if the cheque is from oversea bank/issuers

Only cheque issued by local banks will be free

if the morgan stanley check is from USA, then need to air freight back. about 30sgd if i remb correctly.

 

[iCuteCube]

That time i went to US for quite sometime, i uses Citibank, no extra charge, but need to maintain a minimum sum, cant remember, i think it is 5k

 

[civicguy]

Thanks guys.. Did not know got charges

 

[piggyming]

Refer to page 5 for some T&C

http://www.dbs.com.sg/Resources/personal/docs/deposit/DBS_deposit_guide.pdf

 

[stiwipl]

Any update on this account? Are foreign currency withdrawals fees at the branches waived? It would be great if this is true. I have checked all banks in Singapore and the only one that waive fees for FCY cash withdrawal is SCB (upon holding World Partner status).

 

[stiwipl]

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.