DBS Multi-currency

[oinkoink1999]

OMG! How stupid I was. Thought I would share this here so that those reading this thread is better informed.

My wife and I were very enticed by the recent DBS Multi Currency promotion for a USD Deposits with 2.5% P.A. for 4 months and went on to open a multi currency account. After transferring a fresh fund of $42k into the account, I called the DBS Hotline to seek advice on how to convert that into USD. The lady advised that just transfer the amount from SGD to the same account in USD will do. And I did just that.

To my horror, we were immediately down by $597 (from 42k become $41405 SGD equivalent. I called the hotline again, and was told that this is how the bank charge on the exchange rate.

Doing our maths, with our fresh fund of SGD $42k (USD $30k equivalent), our interest after the 4 months promotion would come up to about $350 SGD. We are already down by $250 before the promotion starts...sigh. Lesson learnt, never trust the bank again.

Sorry to hear that.. I was also attracted by this promo but I did some basic calculation against local FD and after factoring in the exchange rate diff spread .. Really is bo hua one

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[tangent314]

Yeah... not too expensive a lesson, fortunately. Others have lost more. I guess you can next time ask in this forum before making any big decisions

 

[poiuytrewqasdfghjkl]

Exchange rates are not competitive at all.. does anyone know if it is possible to change money and deposit into the MCA account for use overseas?

 

[vegavega25]

Not sure what the right thread is for this question.

Suppose I have USD in the USD wallet part of my DBS MCA. If I convert it to a USD FD with DBS, the transfer process is simple enough, and USD exit the account, become an FD and are deposited back as USD.

What is the procedure if I want to open a USD FD with another bank in Singapore, say CIMB or BOC? Can I do a transfer of funds within Singapore in USD? BOC SmartSaver is a MCA, so presumably that is possible? Or would I necessarily have to convert to SGD first and then transfer over - thereby getting hit by the Forex spreads twice?

While on the subject, what is the most lucrative way to hold USD in Singapore?

 

[Charlie_Zhan]

Not sure what the right thread is for this question.

Suppose I have USD in the USD wallet part of my DBS MCA. If I convert it to a USD FD with DBS, the transfer process is simple enough, and USD exit the account, become an FD and are deposited back as USD.

What is the procedure if I want to open a USD FD with another bank in Singapore, say CIMB or BOC? Can I do a transfer of funds within Singapore in USD? BOC SmartSaver is a MCA, so presumably that is possible? Or would I necessarily have to convert to SGD first and then transfer over - thereby getting hit by the Forex spreads twice?

While on the subject, what is the most lucrative way to hold USD in Singapore?

you can request to withdraw the USD in the form of a local clearing USD cheque then deposit it into your DOC SmartSaver

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[dreant]

Not sure what the right thread is for this question.

Suppose I have USD in the USD wallet part of my DBS MCA. If I convert it to a USD FD with DBS, the transfer process is simple enough, and USD exit the account, become an FD and are deposited back as USD.

What is the procedure if I want to open a USD FD with another bank in Singapore, say CIMB or BOC? Can I do a transfer of funds within Singapore in USD? BOC SmartSaver is a MCA, so presumably that is possible? Or would I necessarily have to convert to SGD first and then transfer over - thereby getting hit by the Forex spreads twice?

While on the subject, what is the most lucrative way to hold USD in Singapore?

There are two ways to move USD between banks in SG. Either via a local clearing USD cheque, or via telegraphic transfer.

For other currencies, it'll be by telegraphic transfer, or a foreign clearing cheque (takes 3-4 weeks).

I've found CIMB FCFD provides the highest USD returns currently. CIMB preferred get a better rate that isn't published online, check with your RM. They also have 1w and 2w tenors, with a minimum deposit of USD50k.

 

[Tiger9119]

There are two ways to move USD between banks in SG. Either via a local clearing USD cheque, or via telegraphic transfer.

For other currencies, it'll be by telegraphic transfer, or a foreign clearing cheque (takes 3-4 weeks).

I've found CIMB FCFD provides the highest USD returns currently. CIMB preferred get a better rate that isn't published online, check with your RM. They also have 1w and 2w tenors, with a minimum deposit of USD50k.

For USD telegraphic transfer between banks in Singapore, there are charges involved. Even you request for USD cashier order, there are charges too. This is what I know from UOB and OCBC. No charges if you use local clearing USD cheques.

 

[MrHighlander]

Local clearing USD cheques is issued by banks in SG? DBS, UOB, OCBC or include other foreign banks operating in SG such as Citi and CIMB? How long for local clearing USD cheques to clear ?

For USD telegraphic transfer between banks in Singapore, there are charges involved. Even you request for USD cashier order, there are charges too. This is what I know from UOB and OCBC. No charges if you use local clearing USD cheques.

 

[Tiger9119]

Local clearing USD cheques is issued by banks in SG? DBS, UOB, OCBC or include other foreign banks operating in SG such as Citi and CIMB? How long for local clearing USD cheques to clear ?

In my case, the USD cheques are from UOB & OCBC in Singapore and the clearing time is the same as SGD local cheques. Should be same for Citi, CIMB or SCB.

 

[MrHighlander]

Ok, is there a USD local clearing cheque book we can get upfront or have to physically go to bank branch to get the USD local clearing cheque ? The latter is a bit of a hassle

In my case, the USD cheques are from UOB & OCBC in Singapore and the clearing time is the same as SGD local cheques. Should be same for Citi, CIMB or SCB.

 

[Tiger9119]

Ok, is there a USD local clearing cheque book we can get upfront or have to physically go to bank branch to get the USD local clearing cheque ? The latter is a bit of a hassle

If I remember correctly, OCBC mailed the USD cheque book to me after I opened USD current account with them at the branch.

 

[dreant]

Local clearing USD cheques is issued by banks in SG? DBS, UOB, OCBC or include other foreign banks operating in SG such as Citi and CIMB? How long for local clearing USD cheques to clear ?

CIMB and SG Citi's USD current accounts provide local clearing USD cheques.

Local clearing USD cheques clear the next business day, if it's deposited before the cut-off time (usually 1pm) the day before.

Almost all banks (with the exception of HSBC) will clear local-clearing USD cheques for free.

Ok, is there a USD local clearing cheque book we can get upfront or have to physically go to bank branch to get the USD local clearing cheque ? The latter is a bit of a hassle

DBS MCA 'Autosave Plus' accounts (eMCA+ or MCA+) have cheque facilities.
Alternatively, you'll need to open a USD current account with your bank to obtain one. Most banks will require you maintain a minimum USD balance to avoid a fall-below fee.

For DBS/POSB, you can only move USD from your MCA to your USD current account at a branch. You currently still can't do it via internet banking or via phone.

 

[MrHighlander]

Thanks for the detailed feedback. Does DBS Multipler account offer USD cheque facilities ? I use the Multiplier account with them to benefit from the tiered interest rates.

CIMB and SG Citi's USD current accounts provide local clearing USD cheques.

Local clearing USD cheques clear the next business day, if it's deposited before the cut-off time (usually 1pm) the day before.

Almost all banks (with the exception of HSBC) will clear local-clearing USD cheques for free.



DBS MCA 'Autosave Plus' accounts (eMCA+ or MCA+) have cheque facilities.
Alternatively, you'll need to open a USD current account with your bank to obtain one. Most banks will require you maintain a minimum USD balance to avoid a fall-below fee.

For DBS/POSB, you can only move USD from your MCA to your USD current account at a branch. You currently still can't do it via internet banking or via phone.

 

[dreant]

Thanks for the detailed feedback. Does DBS Multipler account offer USD cheque facilities ? I use the Multiplier account with them to benefit from the tiered interest rates.

You'll be able to find the answers here...

 

[helloworld321]

There are two ways to move USD between banks in SG. Either via a local clearing USD cheque, or via telegraphic transfer.

For other currencies, it'll be by telegraphic transfer, or a foreign clearing cheque (takes 3-4 weeks).

I've found CIMB FCFD provides the highest USD returns currently. CIMB preferred get a better rate that isn't published online, check with your RM. They also have 1w and 2w tenors, with a minimum deposit of USD50k.

I remember some bank charge deposit fee for foreign currency right. Would tha tapply for local clearing cheque as well?

like DBS to StandChart

 

[Charlie_Zhan]

I remember some bank charge deposit fee for foreign currency right. Would tha tapply for local clearing cheque as well?

like DBS to StandChart

those are banknotes deposits.. afaik no banks in SG would charge for local clearing USD cheques

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[dreant]

I remember some bank charge deposit fee for foreign currency right. Would tha tapply for local clearing cheque as well?

like DBS to StandChart

The answer to this question is found just two posts above yours...

those are banknotes deposits.. afaik no banks in SG would charge for local clearing USD cheques

Only one bank here charges for depositing locally drawn USD cheques.

 

[Slowdown]

I have the DBS Multiplier account which is similar to MCA. I am planning to go China and I thought of transfering some SGD into RMB into my Multiplier acct and use the Visa Debit Card while I am in China.

However I note that currency is RMB Offshore in the DBS website on MCA. Is that the same as RMB. Would I be able to do what I am thinking of doing in China?

Thanks

 

[Charlie_Zhan]

The answer to this question is found just two posts above yours...



Only one bank here charges for depositing locally drawn USD cheques.

is it HSBC? because recently when I went for my routine specialist follow up appointment, my doctor went off topic and told me HSBC charged her fees for depositing a local clearing USD cheque.

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[lifeislonggamma]

I have the DBS Multiplier account which is similar to MCA. I am planning to go China and I thought of transfering some SGD into RMB into my Multiplier acct and use the Visa Debit Card while I am in China.

However I note that currency is RMB Offshore in the DBS website on MCA. Is that the same as RMB. Would I be able to do what I am thinking of doing in China?

Thanks

Here's what the DBS website says:

"How many foreign currencies can I transact with my MCA-linked DBS Visa Debit Card?

There are 11 available foreign currencies: Australia Dollar, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Sterling Pound, Swedish Kroner, Thai Baht and US Dollar.

Renminbi Offshore (CNH) is not available."

Chinese banks like BOC and ICBC have dual-currency RMB Union Pay debit cards that allow the account to be pre-funded with RMB for spending or ATM withdrawal within China.