DBS Multi-currency

[yuanzhe]

Going Australia year end. Considering DBS MCA debit card and Youtrip, which card is a better choice to be used in Australia? Is DBS rate better, comparable or worst than Youtrip most of the time?

Thanks.

 

[lurker88]

I did some comparisons. YT rates are better. However, there have been several issues reported on accurancy and timeliness of transactions, as well as the service of their feedback channels. (You may refer to the last few pages of the YT thread. The last time I used YT was in Dec 18 in Europe. It was a breeze. Transactions reflected on my YT app pretty fast

I have both the YT and this MC, but has not used the latter for overseas transaction.

Sent from LGE LM-V405 using GAGT

 

[yuanzhe]

I did some comparisons. YT rates are better. However, there have been several issues reported on accurancy and timeliness of transactions, as well as the service of their feedback channels. (You may refer to the last few pages of the YT thread. The last time I used YT was in Dec 18 in Europe. It was a breeze. Transactions reflected on my YT app pretty fast

I have both the YT and this MC, but has not used the latter for overseas transaction.

Sent from LGE LM-V405 using GAGT

Thanks for your info. I have read through YT forum and it appears that the reviews are mixed. The server downtime and the customer service seem to be a major concern.

 

[onnion]

Already have aud in my mca account.

If I go Australia and use my dbs visa debit card at POS terminals, any specific thing needs to be done to make sure the transaction debit aud from my mca account?

 

[xsoldix]

Already have aud in my mca account.

If I go Australia and use my dbs visa debit card at POS terminals, any specific thing needs to be done to make sure the transaction debit aud from my mca account?

No need. Just use.
As long as charged as aud.
It will deduct from aud wallet.

Posted with fingers HardwareZone Forums app

 

[Charlie_Zhan]

Already have aud in my mca account.

If I go Australia and use my dbs visa debit card at POS terminals, any specific thing needs to be done to make sure the transaction debit aud from my mca account?

make sure merchant don't ninja DCC you..

Sent from Samsung SM-G965F using GAGT

 

[Kraken203]

Hi guys, just wanna check. For multipler the interest and cash rebate will go into multipler account or our normal saving account that we credit salary in?

And is there any limit (number or transactions per mth) in transferring funds back normal savings accounts for withdrawal and usage.

Thks all.

 

[DarkMage168]

The interest for multiplier goes to multiplier account. It's principal is in multiplier account. The maximum limit for multiplier account is 50k ( for salary + 2 actions [any 2 of DBS credit card / DBS insurance / DBS home loan / DBS investment )

If you are rich and have 50k to 100k, you can earn more interest (up to 3.8%) when you have salary + 3 actions. With huge monthly salary or huge monthly transaction from credit card/investment etc.

Your salary, credit cards, etc does not need to be through multiplier account, which means they can still be transacted from your savings account.

You don't have to internally transfer back and forth between your savings and multiplier account. Just leave a small buffer in your savings for your existing monthly deductions like GIRO, other issurance, ultilities, telcos, etc.

You can also deduct directly from your multiplier account. Like new GIRO, etc.

Alternatively, you can also credit your GIRO, telcos, utilities to your POSB everyday credit card to 'earn' some savings. Hehe.

As for your 2nd question, it didn't state the limit of transaction, but why do you need to transfer back and forth so many times. Just transfer all your major deductions to multiplier. Or leave a buffer in your savings to manage monthly. Note your multiplier can only limit 50k interest, any above 50k doesn't have this bonus interest.

Hope this will help.you.

Hi guys, just wanna check. For multipler the interest and cash rebate will go into multipler account or our normal saving account that we credit salary in?

And is there any limit (number or transactions per mth) in transferring funds back normal savings accounts for withdrawal and usage.

Thks all.

 

[DarkMage168]

Just for your info.

DBS multiplier account is also a Multi Currency Account.

It can hold foreign currency also.

Going Australia year end. Considering DBS MCA debit card and Youtrip, which card is a better choice to be used in Australia? Is DBS rate better, comparable or worst than Youtrip most of the time?

Thanks.

 

[ionai6]

It looks like DBS will now pay bonus interest on balances up to SGD100,000.

 

[Kraken203]

Hi boss. Thks so much for your inputs

The interest for multiplier goes to multiplier account. It's principal is in multiplier account. The maximum limit for multiplier account is 50k ( for salary + 2 actions [any 2 of DBS credit card / DBS insurance / DBS home loan / DBS investment )

If you are rich and have 50k to 100k, you can earn more interest (up to 3.8%) when you have salary + 3 actions. With huge monthly salary or huge monthly transaction from credit card/investment etc.

Your salary, credit cards, etc does not need to be through multiplier account, which means they can still be transacted from your savings account.

You don't have to internally transfer back and forth between your savings and multiplier account. Just leave a small buffer in your savings for your existing monthly deductions like GIRO, other issurance, ultilities, telcos, etc.

You can also deduct directly from your multiplier account. Like new GIRO, etc.

Alternatively, you can also credit your GIRO, telcos, utilities to your POSB everyday credit card to 'earn' some savings. Hehe.

As for your 2nd question, it didn't state the limit of transaction, but why do you need to transfer back and forth so many times. Just transfer all your major deductions to multiplier. Or leave a buffer in your savings to manage monthly. Note your multiplier can only limit 50k interest, any above 50k doesn't have this bonus interest.

Hope this will help.you.

 

[simwb90]

Yes, you could get your employer to credit your GBP salary into your DBS GBP wallet. Hopefully, when they credit, DBS will not deduct any fees. I think if they use online transfer (and not TT) there won’t be any fees deducted by DBS.

You can then use DBS Remit to send the GBP to your HSBC UK account

I just sent some GBP using DBS Remit to my son’s HSBC UK account this afternoon for his expenses for this coming academic year. It won’t show up until tomorrow (Monday). As you can see, it says $0 fee on DBS’ end.

just to update
i managed to setup a HSBC UK account and transferred some GBP to myself.
even though DBS doesnt charge fees, HSBC UK does =(
for receiving money above 100 GBP from outside of UK, there is a 6 GBP fee.

wonder if it is against the rules for me to do multiple 100 GBP transfers to myself

whizzard, do you also have to pay the fees on HSBC UK's side when you remit to your child?

 

[whizzard]

just to update
i managed to setup a HSBC UK account and transferred some GBP to myself.
even though DBS doesnt charge fees, HSBC UK does =(
for receiving money above 100 GBP from outside of UK, there is a 6 GBP fee.

wonder if it is against the rules for me to do multiple 100 GBP transfers to myself

whizzard, do you also have to pay the fees on HSBC UK's side when you remit to your child?

No, nothing was deducted by my son’s HSBC UK account when I remit the GBP to him. Don’t think it’s the amount as the sum I sent is quite large to cover his entire year’s expenses, accommodation, tuition fees, etc.

His HSBC UK account is a premier account so don’t know whether they waive any fees .....

 

[whizzard]

I just checked HSBC UK’s charges and product terms. It appears that they don’t charge if the money is remitted electronically into the account.

Appended the relevant section below.

upload images

 

[simwb90]

thanks whizzard
the funds just got reflected in my account and there was no fees =)
i guess the customer service person wasn't familiar with this bah.

 

[noobkia]

can i receive HKD sent from my brokerage into my DBS multi currency account ?

 

[blurpandasg2014]

Have anyone tried using revolut to transfer currency into DBS multi currency acc?

Any fees to receive funds?

 

[kelx01]

Hello, just wondering if anyone knows the difference between the DBS Multiplier Account vs the eMulti-Currency Autosave (eMCA) Account?

Understand that both are "Multi-Currency Account" but from the DBS website, can't seem to find details on the difference apart from the fall below fee..

https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave

 

[Brad.C]

Anyone wants to sell back their USD into SGD in their MCA? Now seems like a good time. Keen on dealing at mid market rate.

 

[PimpBin]

Hello, just wondering if anyone knows the difference between the DBS Multiplier Account vs the eMulti-Currency Autosave (eMCA) Account?

Understand that both are "Multi-Currency Account" but from the DBS website, can't seem to find details on the difference apart from the fall below fee..

https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave

Yes, I cannot find the difference on their website too. Does anyone know?

Thanks!