DBS Multi-currency

[Hafi]

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

Thanks!

https://www.dbs.com.sg/personal/edm/202001/08_multiplier_notice/index.html

 

[Slowdown]

The differences are minimal.

Multiplier is projected to be a saving account and thus you noticed that they don't offer your a credit card that is linked to that account. They focused on getting you to put more money inside. On the other hand, they project eMCA to be a transaction account. They even offer you a credit card that is linked to that account.

Because eMCA it is transnational they will try to catch you when you don't notice. The fall below fee for Multiplier is $5 while it is $7.50 for eMCA. They don't expect you to fall below for Multiplier because you would want to leave more money there to earn higher interest. Since eMCA is more transnational in nature, you may fall below the minimum sum and they can make their profit from you.

This is two difference I spotted. Maybe more.

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

 

[peppermint7]

The differences are minimal.

Multiplier is projected to be a saving account and thus you noticed that they don't offer your a credit card that is linked to that account. They focused on getting you to put more money inside. On the other hand, they project eMCA to be a transaction account. They even offer you a credit card that is linked to that account.

Because eMCA it is transnational they will try to catch you when you don't notice. The fall below fee for Multiplier is $5 while it is $7.50 for eMCA. They don't expect you to fall below for Multiplier because you would want to leave more money there to earn higher interest. Since eMCA is more transnational in nature, you may fall below the minimum sum and they can make their profit from you.

This is two difference I spotted. Maybe more.

I recently apply to open dbs Vickers cash upfront acc. Until now no communication from DBS. It has auto open an autosave acc for me. The linking to my CDP acc is still pending. The application to open vickers acc also show as pending since 21/3.

Am i right to say so long i open it at same time as DBS Vickers acc i will not b liable for any fall below fee?

 

[CrashWire]

The differences are minimal.

Multiplier is projected to be a saving account and thus you noticed that they don't offer your a credit card that is linked to that account. They focused on getting you to put more money inside. On the other hand, they project eMCA to be a transaction account. They even offer you a credit card that is linked to that account.

Unless I'm missing something, eMCA doesn't have a linked credit card.

They are similar accounts with different benefits. If you opt for Cashback Bonus (on your transactions) instead of Multiplier (higher interest on your balances), your Multiplier will automatically convert to eMCA. You can choose the Multiplier option again, and your eMCA will revert back to Multiplier.

 

[Slowdown]

I should not say credit card. It is linking debit card.

It is a marketing gimmick. In the promotion material they promote:

'Shop and spend like a local with your DBS Visa Debit Card

Link your DBS Visa Debit Card to your MCA and enjoy zero FX fees when you spend in foreign currency overseas or online.'

We all know that even the multiplier account we can do that. But they explicitly promote that. The two account is very similar. It is through marketing that they make look different. I would choose the Multiplier account for the reason that it has a lower fall below fee.

Unless I'm missing something, eMCA doesn't have a linked credit card.

They are similar accounts with different benefits. If you opt for Cashback Bonus (on your transactions) instead of Multiplier (higher interest on your balances), your Multiplier will automatically convert to eMCA. You can choose the Multiplier option again, and your eMCA will revert back to Multiplier.

 

[PimpBin]

The differences are minimal.

Multiplier is projected to be a saving account and thus you noticed that they don't offer your a credit card that is linked to that account. They focused on getting you to put more money inside. On the other hand, they project eMCA to be a transaction account. They even offer you a credit card that is linked to that account.

Because eMCA it is transnational they will try to catch you when you don't notice. The fall below fee for Multiplier is $5 while it is $7.50 for eMCA. They don't expect you to fall below for Multiplier because you would want to leave more money there to earn higher interest. Since eMCA is more transnational in nature, you may fall below the minimum sum and they can make their profit from you.

This is two difference I spotted. Maybe more.

Unless I'm missing something, eMCA doesn't have a linked credit card.

They are similar accounts with different benefits. If you opt for Cashback Bonus (on your transactions) instead of Multiplier (higher interest on your balances), your Multiplier will automatically convert to eMCA. You can choose the Multiplier option again, and your eMCA will revert back to Multiplier.

Thanks, Slowdown and CrashWire! Your answers are better than the info available on their website. Take care and stay safe!

 

[Microstar]

If I TT USD into my eMCA, will the SGD10 charge be deducted from my SGD wallet in the eMCA or will the equivalent amount be deducted from the USD I transferred?

 

[slowmover]

just opened a DBS eMulti-Currency Autosave Account. Will tt in usd from tdameritrade
and when the fund is in, will transfer the usd out into interactive broker after which i will convert the usd to sgd in ibkr and transfer it back into dbs. Since info in dbs website are not very clear. Will update here for fees incurred once transaction is done.

 

[wutawa]

just opened a DBS eMulti-Currency Autosave Account. Will tt in usd from tdameritrade
and when the fund is in, will transfer the usd out into interactive broker after which i will convert the usd to sgd in ibkr and transfer it back into dbs. Since info in dbs website are not very clear. Will update here for fees incurred once transaction is done.

Why not convert directly under dbs instead of the lengthly process?

 

[oceanicmanta]

Why not convert directly under dbs instead of the lengthly process?

trying to minimise the spread ... converting directly is easily 0.6% spread

 

[peppermint7]

Why not convert directly under dbs instead of the lengthly process?

Even convert under HSBC is also between 0.6% to 0.65%

 

[Gughie]

just opened a DBS eMulti-Currency Autosave Account. Will tt in usd from tdameritrade
and when the fund is in, will transfer the usd out into interactive broker after which i will convert the usd to sgd in ibkr and transfer it back into dbs. Since info in dbs website are not very clear. Will update here for fees incurred once transaction is done.

Hi bro. Any updates on whether it can be done and the fees involved? I know there is an incoming fee of SGD 10 bucks for DBS.

Will you be able to remit USD from the Multi Currency account?

 

[stiwipl]

just opened a DBS eMulti-Currency Autosave Account. Will tt in usd from tdameritrade
and when the fund is in, will transfer the usd out into interactive broker after which i will convert the usd to sgd in ibkr and transfer it back into dbs. Since info in dbs website are not very clear. Will update here for fees incurred once transaction is done.

There should be no fees at all if you are sending USD to US IB from eMCA using DBS Remit.

 

[MrExile]

Just wondering if anyone has done a USD to USD transfer from DBS MCA -> SAXO?

DBS is charging me a $25 fee via their DBS Remit even tho SAXO's account is based in Singapore (HSBC)

 

[zack14]

just opened a DBS eMulti-Currency Autosave Account. Will tt in usd from tdameritrade
and when the fund is in, will transfer the usd out into interactive broker after which i will convert the usd to sgd in ibkr and transfer it back into dbs. Since info in dbs website are not very clear. Will update here for fees incurred once transaction is done.

any updates?

 

[stiwipl]

Just wondering if anyone has done a USD to USD transfer from DBS MCA -> SAXO?

DBS is charging me a $25 fee via their DBS Remit even tho SAXO's account is based in Singapore (HSBC)

DBS Remit works great if you are sending a transfer in default destination country currency. So USD to USA, EUR to Europe, GBP to UK etc. Otherwise it's $25. Ask Saxo if they have USD account in USA.

 

[arcaninx]

Hi all where do i enter intermediary bank details for Dbs remit?

 

[reddevil0728]

Hi all where do i enter intermediary bank details for Dbs remit?

more context?

 

[arcaninx]

more context?

Thanks reddevil. Basically, my beneficiary bank has an intermediary bank. Dbs ibanking does not have fields to enter intermediary bank details.

 

[reddevil0728]

Thanks reddevil. Basically, my beneficiary bank has an intermediary bank. Dbs ibanking does not have fields to enter intermediary bank details.

when you "Add a New Recipient" u should be able to key in the details no?