DBS Multi-currency

[Sinkie]

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.

I deposited before but no time go withdraw lahh

 

[stiwipl]

I deposited before but no time go withdraw lahh

Was this deposit free of charge?
Normally there are the same fees for FCY cash deposits / withdrawals.

 

[stiwipl]

Took 5 days to get a an offtopic response from DBS:

1. Is it possible to open MCA account being Employment Pass holder?

Answer: You can bring along the valid passport if you do not have the S
pass/Employment pass. All account opening are subjected to branch
approval.

[I asked this question as on their website it is not clearly written and MCA account appears in Citizen/PR section.]

2. Can you confirm that there are no fees for MCA account regarding
foreign currency cash deposits / withdrawals at the branch?

Answer: Ability to withdraw in foreign currencies without forex conversion
(Cash, Outward remittance/demand draft, Foreign Currency Fixed Deposit)
Receive foreign currency funds without conversion (Inward remittance,
foreign currency cheque deposits).

Seriously, DBS 12th safest bank in the world need so much time to get back with such lousy answers?

 

[dreant]

Took 5 days to get a an offtopic response from DBS:
2. Can you confirm that there are no fees for MCA account regarding
foreign currency cash deposits / withdrawals at the branch?

Answer: Ability to withdraw in foreign currencies without forex conversion (Cash, Outward remittance/demand draft, Foreign Currency Fixed Deposit)
Receive foreign currency funds without conversion (Inward remittance, foreign currency cheque deposits).

The answer seems lacking - if it's complete, it'd mean this account would incur fees for foreign currency cash deposits without forex conversion.

 

[chopra]

I got an off topic reply from them too.
ppl profit report gao gao, no time entertain small fry reply.

 

[Sinkie]

Took 5 days to get a an offtopic response from DBS:

1. Is it possible to open MCA account being Employment Pass holder?

Answer: You can bring along the valid passport if you do not have the S
pass/Employment pass. All account opening are subjected to branch
approval.

[I asked this question as on their website it is not clearly written and MCA account appears in Citizen/PR section.]

2. Can you confirm that there are no fees for MCA account regarding
foreign currency cash deposits / withdrawals at the branch?

Answer: Ability to withdraw in foreign currencies without forex conversion
(Cash, Outward remittance/demand draft, Foreign Currency Fixed Deposit)
Receive foreign currency funds without conversion (Inward remittance,
foreign currency cheque deposits).

Seriously, DBS 12th safest bank in the world need so much time to get back with such lousy answers?

Oklah oklah, everyone very busy no time go queue or even call the customer service number to get their answer

Later I go queue to withdraw $1 usd over counter and see how lor

 

[chopra]

Oklah oklah, everyone very busy no time go queue or even call the customer service number to get their answer

Later I go queue to withdraw $1 usd over counter and see how lor

1 2 3
3 2 1
sinkie lumber 1

 

[Sinkie]

1 2 3
3 2 1
sinkie lumber 1

I already said no need processing fee but no one believe.

Already tried depositing into the account

but dont understand why there are still people who must wait for other to really try to deposit and withdraw to really confirm that processing fee for both is really zero also?

Do i need to produce a gpgt?

Sigh.

 

[stiwipl]

I already said no need processing fee but no one believe.

Already tried depositing into the account

but dont understand why there are still people who must wait for other to really try to deposit and withdraw to really confirm that processing fee for both is really zero also?

Do i need to produce a gpgt?

Sigh.

I don't have this account and don't want to bother with opening to check if DBS is unable to answer straightforward questions. Just ask over the counter if there are any fees for FCY cash deposits / withdrawals and report back. I read your post there are no fees but it seems it was 1st cash deposit - that sometimes can be 1st time deposit waiver too.

 

[Sinkie]

I don't have this account and don't want to bother with opening to check if DBS is unable to answer straightforward questions. Just ask over the counter if there are any fees for FCY cash deposits / withdrawals and report back. I read your post there are no fees but it seems it was 1st cash deposit - that sometimes can be 1st time deposit waiver too.

Sigh, I give up.

 

[stiwipl]

Sigh, I give up.

Why? I don't want to call DBS because their phone staff is mostly uninformed as well as other SG banks hot lines, hence I sent an email to clearly express my questions but it is it too hard for them to read with understanding as well.

 

[Sinkie]

Why? I don't want to call DBS because their phone staff is mostly uninformed as well as other SG banks hot lines, hence I sent an email to clearly express my questions but it is it too hard for them to read with understanding as well.

For the benefit of spoon feeding generation

I queued,

I asked,

And again confirmed from the counter girl that there is no processing fee for withdrawal

Do you need me to queue and try to withdraw $1 usd and rejoin the queue to deposit the $1 usd to double confirm for you sir?

 

[stiwipl]

For the benefit of spoon feeding generation

I queued,

I asked,

And again confirmed from the counter girl that there is no processing fee for withdrawal

Do you need me to queue and try to withdraw $1 usd and rejoin the queue to deposit the $1 usd to double confirm for you sir?

Thanks Sinkie! I wonder why DBS cannot clearly write this in their pricing schedule, coming up with something like this instead:

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.

 

[Sinkie]

Thanks Sinkie! I wonder why DBS cannot clearly write this in their pricing schedule, coming up with something like this instead:

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.

Because its a new product

Wait for them to finish distributing their deposit/withdrawal guide first lor.. Actually I also don't know, I'm not a staff of Posb

 

[stiwipl]

Because its a new product

Wait for them to finish distributing their deposit/withdrawal guide first lor..

For other FCC accounts they clearly say 1.5% for USD/EUR cash deposits / withdrawals, hence it was not clear for MCA.

 

[chopra]

I already said no need processing fee but no one believe.

Already tried depositing into the account

but dont understand why there are still people who must wait for other to really try to deposit and withdraw to really confirm that processing fee for both is really zero also?

Do i need to produce a gpgt?

Sigh.

i not in a hurry to do so ma. still waiting to sell all my us stocks...then TT over to DBS US$ account one shot.

 

[chopra]

For the benefit of spoon feeding generation

-picture-

I queued,

-picture-

I asked,

And again confirmed from the counter girl that there is no processing fee for withdrawal

Do you need me to queue and try to withdraw $1 usd and rejoin the queue to deposit the $1 usd to double confirm for you sir?

My lord, so you manage to withdraw $1 usd cash? Really ish never convert to SGD ah?

 

[stiwipl]

My lord, so you manage to withdraw $1 usd cash? Really ish never convert to SGD ah?

This is entirely possible that lady over the counter thought no fees assuming FX conversion After my experiences with SG banks and their uninformed staff, nothing will surprise me anymore.

 

[lzydata]

Took 5 days to get a an offtopic response from DBS:

1. Is it possible to open MCA account being Employment Pass holder?

Answer: You can bring along the valid passport if you do not have the S
pass/Employment pass. All account opening are subjected to branch
approval.

[I asked this question as on their website it is not clearly written and MCA account appears in Citizen/PR section.]

2. Can you confirm that there are no fees for MCA account regarding
foreign currency cash deposits / withdrawals at the branch?

Answer: Ability to withdraw in foreign currencies without forex conversion
(Cash, Outward remittance/demand draft, Foreign Currency Fixed Deposit)
Receive foreign currency funds without conversion (Inward remittance,
foreign currency cheque deposits).

Seriously, DBS 12th safest bank in the world need so much time to get back with such lousy answers?

Looks like they just outsourced it to some clueless guy overseas who only has their website and some manuals to go on.

I once emailed them to ask whether there are any fees and charges for buying SGS T-bills through ATMs. The email reply was that there was no such service. They really don't even know what services they have.

Anyway, I tried it for myself and yes, there were no fees. Looks like the only way to get answers about DBS stuff is to try it yourself.

 

[dreant]

Thanks Sinkie! I wonder why DBS cannot clearly write this in their pricing schedule, coming up with something like this instead:

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.

It would appear this is one area that they make money from you - by making it easy to swap between currencies, but without a favorable cross-rate.

By switching through SGD, you lose money with this product.

Eg: If you wish to move from USD to AUD, most other banks have a favorable cross rate.

However, with this account, you'll be selling USD to SGD (most likely at their USD TT buy rate), then buying AUD with the SGD received (at their AUD TT sell rate) - you're hit by their FX spread twice, and it's highly disadvantageous to do so.