DBS Multi-currency

[nydeidith]

9 Jan next year..

 

[silphscope]

i also saw the notice on commission charges for deposit and withdrawal of FC notes...sad that it is gone but to be honest no charges was too good to be true in the first place haha...

May I ask where did you see the notice?

 

[dexboi]

Just recently parked USD$3,000 in eMCA for about 2 months already. But i don't see any interest credit.

Does US$ in eMCA gives interest on a monthly basis?

According to their website below, I should be getting at least $0.075 per month??

First USD10,000 @ 0.03%p.a.
http://www.dbs.com.sg/personal/rates-online/multi-currency-accounts.page

 

[hygge island]

Pls advise where u guys see this notice. I asked my RM last week and he say he didn't hear anything leh??

May I ask where did you see the notice?

 

[nydeidith]

Pls advise where u guys see this notice. I asked my RM last week and he say he didn't hear anything leh??

wah lao go to dbs website la....

http://www.dbs.com.sg/personal/deposits/fees.page

 

[lcpteck]

Yyeah guess it's online now, saw it on their counter as well. Guess I have to withdraw my FCYs before that date.

Anybody have any ideas where to park USD?

 

[dreant]

Yyeah guess it's online now, saw it on their counter as well. Guess I have to withdraw my FCYs before that date.

Anybody have any ideas where to park USD?

The problem with withdrawing USD in cash, is the only place that you can 'park' it is in a shoebox, until you exchange it for SGD at a money changer (unless you have an account in the US and are able to deposit it there...)

But, if you leave your USD is in the bank, you would be able to move it between banks via locally drawn cheques and TT.

 

[foozgarden]

The problem with withdrawing USD in cash, is the only place that you can 'park' it is in a shoebox, until you exchange it for SGD at a money changer (unless you have an account in the US and are able to deposit it there...)

But, if you leave your USD is in the bank, you would be able to move it between banks via locally drawn cheques and TT.

u incur transactional cost for moving between banks. via cheque or TT

 

[dreant]

u incur transactional cost for moving between banks. via cheque or TT

Not as much as trying to deposit and withdraw FCY notes.

And locally drawn USD cheques are (almost) free.

 

[lcpteck]

Not as much as trying to deposit and withdraw FCY notes.

And locally drawn USD cheques are (almost) free.

Yeah it seems withdrawing USD is the usual 1.5% across the few banks I've checked.

I moved USD between a few banks with the local USD cheques and no fees were involved and processing is only 1 working day.

 

[foozgarden]

Not as much as trying to deposit and withdraw FCY notes.

And locally drawn USD cheques are (almost) free.

u mean, draw out cheques in USD? then how to cash it out?
if you go to any local banks to cash it, they will impose tx charges? no?

 

[foozgarden]

Yeah it seems withdrawing USD is the usual 1.5% across the few banks I've checked.

I moved USD between a few banks with the local USD cheques and no fees were involved and processing is only 1 working day.

how does it work?
so say, i draw out USD cheque from DBS. and cash it out at citibank? u mean its free?

 

[dreant]

u mean, draw out cheques in USD? then how to cash it out?
if you go to any local banks to cash it, they will impose tx charges? no?

how does it work?
so say, i draw out USD cheque from DBS. and cash it out at citibank? u mean its free?

Yes, Citibank will clear a locally drawn USD cheque for free (#). If you are depositing it into your USD account, you will receive the full amount there. If you're depositing it into a non-USD account, it will be converted at their regular FX rates.

I have no idea what you mean by 'tx charges'.

(#) All local banks do it for free *except* HSBC.

(*) Interestingly, while other banks will clear USD cheques drawn from US banks for a fee, I have heard that Citi will also clear them for free - I've never tried it before however, and can't confirm if this is true.

 

[lingua101]

Pls advise where u guys see this notice. I asked my RM last week and he say he didn't hear anything leh??

My Friend works at back office also know. Internal circular has been sent out as early as early December leh. How come your RM didn't hear anything.

 

[lingua101]

Just recently parked USD$3,000 in eMCA for about 2 months already. But i don't see any interest credit.

Does US$ in eMCA gives interest on a monthly basis?

According to their website below, I should be getting at least $0.075 per month??

The interest is being rounding on daily basis. So if you don't earn at least 0.5 cents interest on daily basis then you won't earn any interest at all.

The last time I calculate you need at least around USD 7,000 on daily balance to start getting an interest.

 

[ardneh]

wah lao go to dbs website la....

http://www.dbs.com.sg/personal/deposits/fees.page

Does this fee only applicable if deposit via branch?

Sent from Samsung SM-G935F using GAGT

 

[dreant]

Does this fee only applicable if deposit via branch?

Aside from doing so at a branch, do you know any other way to deposit FCY notes into your account?

 

[pcmdan]

I can Confirm

All deposit and withdrawal of FCy will incur charges after 9 Jan.

 

[lingua101]

I can Confirm

All deposit and withdrawal of FCy will incur charges after 9 Jan.

for those who want to withdraw foreign currency note without fee or even close the account, please plan accordingly.

today there was a long queue, I cannot request a Q number at the MBFC branch. I have to go to Raffles Place branch and the queue was 28 when I requested during lunch time.

I asked the teller why there is long queue and she told me because of this (aka closing or withdrawal of foreign currency notes). She told me this week was quite busy.

so you only have 2 more days (tomorrow and Friday) to withdraw it for free. The charges will start apply next Monday!!!

 

[ardneh]

Aside from doing so at a branch, do you know any other way to deposit FCY notes into your account?

I normally buy the FCy online, so I don't deposit them via the branch. ( I found DBS rate is pretty attractive in comparison with nearby money changer)
And when I withdraw, I do a TT. So also not visiting the branch.

Do those things will incur the fee as well? If yes, that's really bad

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