DBS Multi-currency

[natgw88]

I read that only first cheque book is free, after that is $10 (same as Citibank). Maybe you have lots of cash in the account so they waived it?

that is for sgd chq book.

foreign ccy chq bk is free..

 

[Yowzer]

Quite amazing a simple foreign currency account also so much confusion. Features not fully clear until now.

Even needed kind sinkie to do live deposit demo .lol.

 

[dreant]

chq books request for dbs mca is foc....

eMCA has no chequebook, but eMCA+ ($2/month fee) and MCA+($4/month fee) do. I wouldn't consider it 'free' if you have to pay $24-$48/year.

Quite amazing a simple foreign currency account also so much confusion. Features not fully clear until now.

Even needed kind sinkie to do live deposit demo .lol.

Only because the information posted on their website and fee listings are ambiguous.

However, you cannot deposit/withdraw RMB via DBS MCA account at this time.

 

[natgw88]

eMCA has no chequebook, but eMCA+ ($2/month fee) and MCA+($4/month fee) do. I wouldn't consider it 'free' if you have to pay $24-$48/year.

all along, dbs autosave and posb current account also have $2 monthly account fee. sgd chequebook is still payable.

but for this emca+ account, foreign currency chequebook request is free.

if you still not smart enough to get my point and comparison, its ok.

 

[dreant]

all along, dbs autosave and posb current account also have $2 monthly account fee. sgd chequebook is still payable.

I was curious as to why would you pay $2/month for an SGD DBS eAutosave checkbook account, when you could open a SGD DBS Current checkbook account with no monthly fee instead?

(The POSB current account, is effectively an 'eAutosave', hence the fee).

The only difference appears that the eAutosave is interest bearing, while the current account isn't - but at 0.05%, you'll need to be parking a rather substantial amount to break even...

if you still not smart enough to get my point and comparison, its ok.

Yeah, I'm not getting it, because I don't pay any monthly fees for any of my SGD checking accounts.

 

[natgw88]

I was curious as to why would you pay $2/month for an SGD DBS eAutosave checkbook account, when you could open a SGD DBS Current checkbook account with no monthly fee instead?

(The POSB current account, is effectively an 'eAutosave', hence the fee).

The only difference appears that the eAutosave is interest bearing, while the current account isn't - but at 0.05%, you'll need to be parking a rather substantial amount to break even...



Yeah, I'm not getting it, because I don't pay any monthly fees for any of my SGD checking accounts.

my interest received for autosave a/c easily exceeds the monthly account fee. for sgd and aud

DBS Multi-Currency Autosave (MCA)

 

[lcpteck]

Something interesting I noticed. DBS eAutosave, DBS eAutosave Plus, and DBS Current Account is no longer available for new accounts.

Saw the info in the Deposits guide. No wonder DBS website doesn't show the link to these accounts anymore.

However POSB Current account is still available.

 

[aster1]

DBS Singapore | Rates Online | Foreign Currencies | Foreign Exchange

Do DBS' rates apply only to personal accounts or also to company accounts?

 

[aster1]

Has anyone been able to open such an account as an EP-holder?

 

[Shiny Things]

Has anyone been able to open such an account as an EP-holder?

Yep, I did this - I just rocked into DBS with my passport and EP card and it was all good.

 

[aster1]

Yep, I did this - I just rocked into DBS with my passport and EP card and it was all good.

Thanks for the info.

Was this your first account or did you already bank with them before?

I already have an account so I'm hoping this goes smoothly. Also hope it takes less time to open a second account than it did the first...

 

[aster1]

Is it possible to upgrade the standard MCY account to the higher one that gives a chequebook? Or does this mean opening an entirely new account?

 

[lcpteck]

Opened the account today. Need to put in S$3k equivalent before month end to avoid the fall below fee. Gonna store my FCYs here instead of having them in envelopes at home..

 

[lcpteck]

Not sure if anyone is aware or was it already mentioned but it seems only CNH/RMB is not allowed into this account.

Here's the official reply:

"Upon checking, we cannot accept Chinese Yuan physical cash for deposits or withdrawal, not even for CNH/RMB denominated accounts to DBS eMulti-Currency Autosave Accounts."

If that's the case then chinese yuan shouldn't be advertised as one of the 13 allowed currencies.

 

[Sniperw0lf]

Just to confirm,

For EP eMulti + account, the minimum balance will be 5k is it?

 

[lcpteck]

Just to confirm,

For EP eMulti + account, the minimum balance will be 5k is it?

What's EP? There's no minimum balance but to prevent fall below fee, you must maintain S$3k equivalent.

 

[lingua101]

What's EP? There's no minimum balance but to prevent fall below fee, you must maintain S$3k equivalent.

I think EP = employment pass holder

 

[lingua101]

just applied the account through iBanking.

Called DBS personnel - says that i can deposit and withdraw in foreign currencies for the new multisaver account, in that exact same currency and value BUT must be through the bank outlet. Thru ATM/iBanking will be SGD eqv.

Do they take all 13 currencies? if only selective, do you know which one?

I tried to search in DBS website, but cannot find. Only find this info:

• 
  Better manage your foreign exchange exposure

• Easy conversion from one currency to another, to take advantage of any foreign exchange movement
• Withdrawal in foreign currencies without further foreign exchange conversions
• Receive foreign currency funds directly into your account

Does not say I can deposit hard cash of foreign currency here.

I have a need of THB in 3 months time. I am afraid it will get strenghten against SGD. So I guess it may be good if I start keeping some THB now while the rate is rather high. But I saw the DBS rate is a bit lousy. I am thinking to exchange it at money change and then deposit it into the account. Not sure if this is possible.

 

[lcpteck]

Do they take all 13 currencies? if only selective, do you know which one?

I tried to search in DBS website, but cannot find. Only find this info:



Does not say I can deposit hard cash of foreign currency here.

I have a need of THB in 3 months time. I am afraid it will get strenghten against SGD. So I guess it may be good if I start keeping some THB now while the rate is rather high. But I saw the DBS rate is a bit lousy. I am thinking to exchange it at money change and then deposit it into the account. Not sure if this is possible.

You can deposit the listed FCY into the account except for RMB (CNY) either via counter service or via cheque or iBanking transfer.

Just an example, I deposited USD via USD cheque. HKD, JPY, THB via cash at the counter. You need to fill out the green FCY slips. I have withdrawn USD 150 from a branch before. It took about 4 hours for the money to be available for collection. So I suggest early morning or noon time head to the branch to request withdrawal, then they will call you when it's ready to be collected. Apparently you can skip queue when you go for collection (that's what the counter staff said after it was my turn in the queue, not sure how true that is).

 

[lingua101]

You can deposit the listed FCY into the account except for RMB (CNY) either via counter service or via cheque or iBanking transfer.

Just an example, I deposited USD via USD cheque. HKD, JPY, THB via cash at the counter. You need to fill out the green FCY slips. I have withdrawn USD 150 from a branch before. It took about 4 hours for the money to be available for collection. So I suggest early morning or noon time head to the branch to request withdrawal, then they will call you when it's ready to be collected. Apparently you can skip queue when you go for collection (that's what the counter staff said after it was my turn in the queue, not sure how true that is).

thanks. open the account already with the pretty pfc in mbfc.


i still have about 1000 aud and 100+ usd in hcbc mca. can i transfer to dbs mca (any fee??) any one tried?

hsbc does not pay any interest anymore in usd/aud