DBS Multi-currency

[sacredrays]

It is a POSB Debit Card linked to MCA account.
Went down to DBS VTM, it only provided POSB Debit option.

Wow! Applied for the debit card specifically for my overseas trip.
Didn’t realise POSB card don’t allow foreigners currency withdrawal.
Now I’m overseas and getting charged conversions all over...
Am I pissed now...

Thx for replies.

lol... you never read the website meh.. they write it very clearly liao, sorry but i guess you can only be pissed with yourself ba..

Eligible MCA Accounts and DBS Visa Debit Cards
Eligible (Joint/Single) Multi-Currency Autosave Accounts:

eMulti-Currency Autosave
eMulti-Currency Autosave Plus
Multi-Currency Autosave
Multi-Currency Autosave Plus
Expatriate eMulti-Currency Autosave
Expatriate eMulti-Currency Autosave Plus account
Multiplier Account
Eligible DBS Visa Debit Cards:

DBS Visa Debit Card
DBS Treasures Visa Debit Card
DBS Treasures Private Client Visa Debit Card
DBS Private Bank Visa Debit Card

 

[iantao99]

Yes. Only myself to blame.
Just wondering why I was only given the option for POSB debit card at the VTM...

 

[Charlie_Zhan]

Is it a DBS debit card, or POSB debit card?

The MCA link only works for DBS debit cards. POSB cards linked to the MCA does not have the multi currency function, and will only draw from the SGD wallet.

The other time it draws from the SGD wallet, is if there is insufficent funds in the FCY wallet.

Eg, you only have AUD200, but you tried to charge AUD201; the entire balance will be taken from your SGD wallet (with fees).

Some merchants will also do a DCC (direct currency conversion), offering you the option to pay in your home currency (SGD) - some unscrupulous merchants will choose DCC for you automatically. When this happens, your card will be charged in SGD (at a significantly higher exchange rate). You can see if it's a DCC transaction by examining the receipt. It will indicate the transaction was processed in SGD, and the amount that was charged to your card.

In all cases, you should never use DCC, even if it's an SGD based debit/credit card; your bank's exchange rate will *always* be better than DCC.

there are no MC that starts with 4.. MC starts with 5.. and not all DBS Visa Debit works as well because they have a card BIN that is 428425 but majority of DBS Visa debit cards are 462845, these cards with MCA linked to it as the main account will work.

Sent from Samsung SM-G965F using GAGT

 

[Trazora]

there are no MC that starts with 4.. MC starts with 5.. and not all DBS Visa Debit works as well because they have a card BIN that is 428425 but majority of DBS Visa debit cards are 462845, these cards with MCA linked to it as the main account will work.

Sent from Samsung SM-G965F using GAGT

So all of the following start with 462845?
DBS Visa Debit Card
DBS Treasures Visa Debit Card
DBS Treasures Private Client Visa Debit Card
DBS Private Bank Visa Debit Card

 

[Overkill_Zero]

Hello.

Context: Going overseas in a few weeks. Don't have a credit card of my own to bring.

Question: I have my DBS Visa Debit card linked to my eMCA. If I activate the magnetic strip for overseas spending, will it work the same as a normal CC?

The hotel will have to hold a certain amount of money as deposit. Are the charges held in pending settlement and then voided? Or does it work differently?

 

[Charlie_Zhan]

Hello.

Context: Going overseas in a few weeks. Don't have a credit card of my own to bring.

Question: I have my DBS Visa Debit card linked to my eMCA. If I activate the magnetic strip for overseas spending, will it work the same as a normal CC?

The hotel will have to hold a certain amount of money as deposit. Are the charges held in pending settlement and then voided? Or does it work differently?

A: Generally yes. But any transactions; including deposit for hotels would fail if the linked account does not have sufficient funds.

Yes the charges would be held as pending settlement and either;
- Voided and reversed by merchant at check out
or
- Automatically released under transactions pending settlement after 10-12 calendar days.

It's usually the latter.

Sent from Samsung SM-G965F using GAGT

 

[Alphas]

Hey guys, i have a USD securities account, can I do a FAST transfer to the DBS MCA in USD without any charges?

 

[Charlie_Zhan]

Hey guys, i have a USD securities account, can I do a FAST transfer to the DBS MCA in USD without any charges?

FAST is only available applicable to SGD.

Sent from Samsung SM-G965F using GAGT

 

[Alphas]

Ok what’s the best method? Open a Stanchart USD saving account and take out in usd cheque and then deposit in DBS MCA account in USD? Basically I wanna avoid double forex fees.

 

[Trazora]

Ok what’s the best method? Open a Stanchart USD saving account and take out in usd cheque and then deposit in DBS MCA account in USD? Basically I wanna avoid double forex fees.

The USD securities is with which bank?

 

[Alphas]

StanChart trading securities account

 

[Alphas]

They told me this will incur outbound TT charge.

 

[Charlie_Zhan]

They told me this will incur outbound TT charge.

local clearing USD cheque will incur outbound Telegraphic Transfer (TT) charge?????????????

so I would suppose SCB charges outbound demand draft fees when their clients performs TT transactions?

Sent from Samsung SM-G965F using GAGT

 

[CorgiDoge]

MCA or Transferwise

Hi all,

What's the usual method used to convert SGD into HKD or USD for investing purposes.

MCA - Convert within DBS?


Transferwise - Send money to Transferwise to send it back to DBS and incur a $10 TT charge?


Use Interactive Broker entirely?

 

[Middle-C]

1) Hi guys, I'm on the DBS Multiplier Acct. I have an excess of 1k USD cash from holidaying and am wondering if I can just walk into a DBS bank to deposit this into my multiplier acct?

I understand that I can convert SGD and hold USD in the multi-currency acct. but not sure how the bank deals with hard cash...

2) 2nd qn is DBS advertise as us being able to convert to USD at a favourable rate, hold it and then spend it when really need to transact in USD, but how does this actually work? As isn't our credit card statement just billed to us in SGD? how to indicate that I want to pay in USD?

Thanks all in advance =)

 

[Middle-C]

1) Hi guys, I'm on the DBS Multiplier Acct. I have an excess of 1k USD cash from holidaying and am wondering if I can just walk into a DBS bank to deposit this into my multiplier acct?

I understand that I can convert SGD and hold USD in the multi-currency acct. but not sure how the bank deals with hard cash...

2) 2nd qn is DBS advertise as us being able to convert to USD at a favourable rate, hold it and then spend it when really need to transact in USD, but how does this actually work? As isn't our credit card statement just billed to us in SGD? how to indicate that I want to pay in USD?

Thanks all in advance =)

Ok. Managed to contact DBS service line. so I'd be answering my own qn.

1) You can deposit USD into your acct at any branch. but theres a 1.5% service charge.

2) You will need to spend via a VISA-DEBIT card (not cash card, and must be Visa) so the Passion debit card for eg which I have won't work.

Spending via this VISA-DEBIT card will auto deduct in USD from your acct first if you have USD in your multi-currency acct.

 

[willgoh]

1) Hi guys, I'm on the DBS Multiplier Acct. I have an excess of 1k USD cash from holidaying and am wondering if I can just walk into a DBS bank to deposit this into my multiplier acct?

I understand that I can convert SGD and hold USD in the multi-currency acct. but not sure how the bank deals with hard cash...

2) 2nd qn is DBS advertise as us being able to convert to USD at a favourable rate, hold it and then spend it when really need to transact in USD, but how does this actually work? As isn't our credit card statement just billed to us in SGD? how to indicate that I want to pay in USD?

Thanks all in advance =)

I believe you will need to pay a handling charges for depositing foreign currency cash to DBS account. Min S$10 or 1.5% for usd

 

[Sinkie]

I believe you will need to pay a handling charges for depositing foreign currency cash to DBS account. Min S$10 or 1.5% for usd

What about depositing hkd?

 

[willgoh]

What about depositing hkd?

This says it all

https://www.dbs.com.sg/iwov-resources/pdf/deposits/DBS_deposit_guide.pdf

 

[blueboat]

https://www.dbs.com.sg/personal/promotion/online-account-opening

Got new promo. Lock in 10k for 6 months to get 10,000 miles