DBS Multi-currency

[Slowdown]

Thanks.

I missed that out.

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.

 

[onionhead]

the exchange rate for DBS doesnt look like its better than the money changers at raffles place?

Raffles place: JPY selling at 12.17
https://www.raffles1.net/currency.php

DBS: JPY selling at 1.2185
https://www.posb.com.sg/personal/rates-online/foreign-currency-foreign-exchange.page#

 

[havetheveryfun]

the exchange rate for DBS doesnt look like its better than the money changers at raffles place?

Raffles place: JPY selling at 12.17
https://www.raffles1.net/currency.php

DBS: JPY selling at 1.2185
https://www.posb.com.sg/personal/rates-online/foreign-currency-foreign-exchange.page#

exchange rates from banks most of the time are always worser than ah nehs

 

[GrandJedi]

DBS debit multi currency vs DBS credit card

Is there really savings if I buy some Euros and us my debit card while traveling in Europe vs just using my DBS credit card?

 

[xsoldix]

Is there really savings if I buy some Euros and us my debit card while traveling in Europe vs just using my DBS credit card?

Yes.
If use your cc, will incur foreign currency exchange fees.

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[GrandJedi]

How much savings are we looking at? I assume the exchange rates will be the same (on the day of crediting). If 2.5% administrative fee and 1.5% rebate on the CC... this will give a nett savings of 1%. So if it is not a big amount, it might be lots of works for very little savings.

 

[Trazora]

How much savings are we looking at? I assume the exchange rates will be the same (on the day of crediting). If 2.5% administrative fee and 1.5% rebate on the CC... this will give a nett savings of 1%. So if it is not a big amount, it might be lots of works for very little savings.

Suggest you use other cards eg icbc global travel which give 3% rebate, incur 2.5% fees.

 

[zhiming1]

try transferwise, their rates is much better

 

[Slammer]

Can experts here advise what the least expensive way to transfer HKD from DBS mca to another local bank's foreign currency acct is?

 

[anibit]

Anyone got any recommendation if I should sign up for DBS MCA. Is there a 1% admin fee charge by visa or mastercard?

How's the rate compared to other card like youtrip?

 

[hwmook]

Can experts here advise what the least expensive way to transfer HKD from DBS mca to another local bank's foreign currency acct is?

https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers

Not sure whether this work for local bank foreign account, you can try.

 

[Charlie_Zhan]

https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers

Not sure whether this work for local bank foreign account, you can try.

doesn't work.. need to go bank and pay money to do it.. otherwise if your account is the one with cheque you can call to ask them send you a hkd cheque book for free and deposit the cheque into the other bank

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[MilesTeh]

Hi all,
I have about 800plus pounds paper notes leftover from a 2016 trip. Last year or so, I think the $5 & 10 paper notes ended circulation. I have Multiplier account, so I was thinking of depositing the cash into Multiplier's Multi-currency account. I don't mind paying the 1.5% charge which just probably come up to $12 instead of having the remaining paper notes stuck on hand. I think polymer notes will be introduced next year. I won't be going to UK anytime soon anyway and the exchange rate wasn't like the 1.85 rate at the time I changed.

Is it advisable this way?

 

[Charlie_Zhan]

Hi all,
I have about 800plus pounds paper notes leftover from a 2016 trip. Last year or so, I think the $5 & 10 paper notes ended circulation. I have Multiplier account, so I was thinking of depositing the cash into Multiplier's Multi-currency account. I don't mind paying the 1.5% charge which just probably come up to $12 instead of having the remaining paper notes stuck on hand. I think polymer notes will be introduced next year. I won't be going to UK anytime soon anyway and the exchange rate wasn't like the 1.85 rate at the time I changed.

Is it advisable this way?

Compare the losses of exchanging it to SGD or USD at competitive money changers outside vs the commission fee charged for depositing into the account and see which one better for you..

furthermore, don't forget that withdraw that fccy notes out from that account will incur the commission fees again unless you tie a visa debit card to that account and spend it in UK via debit card transaction or online in GBP or if you remit/wire/transfer the funds in GBP itself to an UK account..

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[MilesTeh]

Compare the losses of exchanging it to SGD or USD at competitive money changers outside vs the commission fee charged for depositing into the account and see which one better for you..

furthermore, don't forget that withdraw that fccy notes out from that account will incur the commission fees again unless you tie a visa debit card to that account and spend it in UK via debit card transaction or online in GBP or if you remit/wire/transfer the funds in GBP itself to an UK account..

Sent from Samsung SM-G965F using GAGT

Ya, already calculated the difference if exchange back to Sgd with the money changers, about $120, with using the current 1.70 buy rate. I have also thought the same as you did, to keep the pounds for online spending, or just keep it in the MCA to use in the future if travelling to UK again with the visa debit card for debit payments.

I wonder if DBS will accept those notes that went out of circulation. Does anyone knows?

 

[Charlie_Zhan]

Ya, already calculated the difference if exchange back to Sgd with the money changers, about $120, with using the current 1.70 buy rate. I have also thought the same as you did, to keep the pounds for online spending, or just keep it in the MCA to use in the future if travelling to UK again with the visa debit card for debit payments.

I wonder if DBS will accept those notes that went out of circulation. Does anyone knows?

I guess it would depends if at the point of time, the UK central bank still considered those notes as legal tender?

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[willgoh]

I guess it would depends if at the point of time, the UK central bank still considered those notes as legal tender?

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I have encountered a similar problem when depositing USD cash with a bank. It is quite a sum of cash so they use a note counting machine (beside counting, it also checks the authenticity of the notes). Apparently, the machine is not updated to the latest features of the notes and rejected quite a few of them.

I wanted to deposit all to a single bank so I went to another bank, a US one and their machine accepted them all.

Morale of story: the notes may be genuine, but if they got rejected by the machine, the bank is not going to accept them.

 

[princessreiko]

I am about to transfer some money for my university fees in Australia and I have decided to use my DBS MCA account to do the transaction after comparing with remittance companies eg Pay2Home and Transferwise.

I feel more comfortable with DBS even if it means slightly more expensive rates.

I saw on their website that there is no transfer fees.

Does this mean that after I convert my SGD to AUD at the prevailing rate, and then I transfer the AUD to the uni, no charges will be further charges will be incurred?

Thanks.

 

[Charlie_Zhan]

I am about to transfer some money for my university fees in Australia and I have decided to use my DBS MCA account to do the transaction after comparing with remittance companies eg Pay2Home and Transferwise.

I feel more comfortable with DBS even if it means slightly more expensive rates.

I saw on their website that there is no transfer fees.

Does this mean that after I convert my SGD to AUD at the prevailing rate, and then I transfer the AUD to the uni, no charges will be further charges will be incurred?

Thanks.

thats correct..

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[princessreiko]

thats correct..

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Thanks for ur reply!

Another question.....

If I didn't convert SGD to AUD, but transfer a sum to the uni from my MCA account, will there be any transfer fee?

Will DBS convert the SGD to AUD at the prevailing rate at the time of transfer?

Thanks in advance.