DBS Multi-currency

[foozgarden]

transfer USD to my other USD account with another bank, or use it to pay brokerage firms.

i requested for chequebooks in Euros and AUD as well.

is there not charges for processing the USD cheques?

 

[Charlie_Zhan]

is there not charges for processing the USD cheques?

it's cleared via local USD clearing.. so no charges.. paying it to another pay in overseas is a different story..

Sent from the International Space Station using GAGT

 

[foozgarden]

so since MCA has better USD spread than SCB USD.
we can buy USD with MCA , then use cheque to transfer the monies to SCB USD FCY?
is this work ard feasible?
how much would we be saving for every 100 USD changed?

 

[dreant]

wrong info.. Dbs multi currency account offers cheque books in SGD and foreign currency.. and it's chequebooks for foreign currency is FOC. just need to call and request for one to be mailed to you.

I guess it's changed since the account was first introduced. Back then, they only had SGD chequebooks.

So, how does other currency (non-SGD, non-USD) cheques get cleared? If you tried to deposit a EUR cheque into another DBS MCA account, how long does it take to clear, and what are the fees involved?

What if you tried to deposit that same cheque into another EUR dominated account with a different (non-DBS/POSB) local bank?

 

[Charlie_Zhan]

I guess it's changed since the account was first introduced. Back then, they only had SGD chequebooks.

So, how does other currency (non-SGD, non-USD) cheques get cleared? If you tried to deposit a EUR cheque into another DBS MCA account, how long does it take to clear, and what are the fees involved?

What if you tried to deposit that same cheque into another EUR dominated account with a different (non-DBS/POSB) local bank?

I had this account when it first launched in 2013 and it already had foreign currency cheque books. from what I understand the whole intention of launching this account was to render the standalone foreign currencies accounts obsolete and they stopped offering those standalone accounts ever since. (except corporate accounts as MCA is not offered for my corporate accounts. still have to use the standalone accounts)

you can do transfers from your MCA to another 3rd party dbs MCA on ibanking directly in your indicated currency without the need to issue a cheque.

non SGD and USD cheques paid to another local bank account will be cleared via clean bills and receiving banks may impose charges accordingly, best to check with the receiving side for the charges for non SGD and USD cheques

Sent from the International Space Station using GAGT

 

[dreant]

non SGD and USD cheques paid to another local bank account will be cleared via clean bills and receiving banks may impose charges accordingly, best to check with the receiving side for the charges for non SGD and USD cheques

So, if I wrote a non-SGD cash cheque, would the bearer will be able to receive foreign currency notes at no charge from the bank? What if it's for a non-whole dollar amount? (eg: EUR124.45)

 

[Charlie_Zhan]

So, if I wrote a non-SGD cash cheque, would the bearer will be able to receive foreign currency notes at no charge from the bank? What if it's for a non-whole dollar amount? (eg: EUR124.45)

good question I've never drawn a non SGD cash cheque to anyone before.. so I'm not sure if the commission in lieu fee will be imposed on your account or the value issued to the bearer upon encashment at the branch..

Sent from the toilet using GAGT

 

[Magickiller9]

Let say i'm heading for exchange oversea for 6-8 months. Would it make sense to open a MCA and convert one shot, withdraw from time to time or convert one shot at money changer?

 

[dreant]

Let say i'm heading for exchange oversea for 6-8 months. Would it make sense to open a MCA and convert one shot, withdraw from time to time or convert one shot at money changer?

It probably depends on where you're going, what your spending habits are like, and your risk vs cost value.

Some countries have (additional) ATM withdrawal fees, and also cap a per-transaction limit. It could add up if you find yourself having to withdraw money often.

Carrying a large amount of cash and keeping it at home (or worse, carrying it all with you wherever you go) does not incur any additional transaction fees, but (obviously) has far more risk.

Some countries, it could be a hassle to open and/or operate a bank account, especially if you're there for a very short period of time.

Best option would probably be a combination of different things, depending largely on where you're going, and how much you plan to spend.

Change and carry some cash for your arrival and initial settling down.

Consider setting up an MCA account and use the debit function instead (there are no additional fees if you use that). Either convert SGD to the foreign currency when rates are favorable; or just keep it as SGD if you're otherwise happy with DBS's rates. Some countries are more 'card friendly' than others. (eg: Australia and US, you can practically pay for everything via card; but in Japan, quite a number of places are cash only)

If you need to charge and move a large amount, it's usually better to open a local account there, and TT the funds across.

Pro-tip: Always have a backup source of funds, and a different way to access it. Your card could get damaged or lost, bank networks could occasionally go down, or other unforeseen circumstances could otherwise make it difficult to access you money (eg. Way back, there was a period of time where it was difficult to withdraw money from US ATMs, because we had moved to 6 digit pins, but most of their ATMs would only accept 4 digits...)

 

[Magickiller9]

It probably depends on where you're going, what your spending habits are like, and your risk vs cost value.

Some countries have (additional) ATM withdrawal fees, and also cap a per-transaction limit. It could add up if you find yourself having to withdraw money often.

Carrying a large amount of cash and keeping it at home (or worse, carrying it all with you wherever you go) does not incur any additional transaction fees, but (obviously) has far more risk.

Some countries, it could be a hassle to open and/or operate a bank account, especially if you're there for a very short period of time.

Best option would probably be a combination of different things, depending largely on where you're going, and how much you plan to spend.

Change and carry some cash for your arrival and initial settling down.

Consider setting up an MCA account and use the debit function instead (there are no additional fees if you use that). Either convert SGD to the foreign currency when rates are favorable; or just keep it as SGD if you're otherwise happy with DBS's rates. Some countries are more 'card friendly' than others. (eg: Australia and US, you can practically pay for everything via card; but in Japan, quite a number of places are cash only)

If you need to charge and move a large amount, it's usually better to open a local account there, and TT the funds across.

Pro-tip: Always have a backup source of funds, and a different way to access it. Your card could get damaged or lost, bank networks could occasionally go down, or other unforeseen circumstances could otherwise make it difficult to access you money (eg. Way back, there was a period of time where it was difficult to withdraw money from US ATMs, because we had moved to 6 digit pins, but most of their ATMs would only accept 4 digits...)

Hi sorry, i forgot to state UK (England) and Canada actually. Cause i notice they mention DBS provide better rates than money changer as well as it being safer and since i'll be away for 6-9 months.

 

[Charlie_Zhan]

the rates are competitive to money changers if you're referring to amount for regular holiday trips.

if you're talking about 6-8mths.. you'll be better off getting a bank account in that country instead.. Dbs remit to UK is FOC as of now..

otherwise you Dbs debit card will still be subjected to ATM withdrawals fees on BOTH SG and probably the overseas ATM bank's fee.

the MCA debit card feature is only good for visa debit transactions done in foreign currencies. not for ATM withdrawals..

Sent from International Space Station using GAGT

 

[dreant]

Hi sorry, i forgot to state UK (England) and Canada actually. Cause i notice they mention DBS provide better rates than money changer as well as it being safer and since i'll be away for 6-9 months.

Who are the 'they' that you refer to?
Most good money changers provide a slighly better rate than banks, but the difference is usually pretty small.
If you're comparing bank rates, than yes, DBS usually provides a better rate than other banks.

the MCA debit card feature is only good for visa debit transactions done in foreign currencies. not for ATM withdrawals..

This is incorrect. ATM withdrawals for foreign currency is deducted from the respective wallet. (ATM withdrawal fees do apply)

What option should I select on the overseas ATM screen for foreign currency cash withdrawals?

Generally, overseas ATM withdrawals will be deducted from your primary account. However, if prompted, please select "Checking/Current Account" to withdraw foreign currency cash overseas from your MCA using your DBS Visa Debit Card.

You will be able to withdraw cash directly from your foreign currency wallet on the condition that you have sufficient funds in your foreign currency wallet. Otherwise, the foreign currency cash withdrawal will be deducted from your SGD wallet.

 

[Charlie_Zhan]

Who are the 'they' that you refer to?
Most good money changers provide a slighly better rate than banks, but the difference is usually pretty small.
If you're comparing bank rates, than yes, DBS usually provides a better rate than other banks.



This is incorrect. ATM withdrawals for foreign currency is deducted from the respective wallet. (ATM withdrawal fees do apply)

What option should I select on the overseas ATM screen for foreign currency cash withdrawals?

Generally, overseas ATM withdrawals will be deducted from your primary account. However, if prompted, please select "Checking/Current Account" to withdraw foreign currency cash overseas from your MCA using your DBS Visa Debit Card.

You will be able to withdraw cash directly from your foreign currency wallet on the condition that you have sufficient funds in your foreign currency wallet. Otherwise, the foreign currency cash withdrawal will be deducted from your SGD wallet.

why did you quote me without the sentence before this?

I said that TS will be subjected to ATM withdrawal fees by both Dbs and maybe the overseas ATM bank if he uses the card to make cash withdrawal. this is regardless if the funds is deducted from.his SGD or respective foreign currency wallet.. even in my case although the ATM withdrawal fee is waived by Dbs for being a treasures customer, the overseas ATM still levies a service charge on me for the withdrawal.

Sent from International Space Station using GAGT

 

[5star_pundit]

 

[Charlie_Zhan]

??? the purpose of your post is?

Sent from International Space Station using GAGT

 

[foozgarden]

why did you quote me without the sentence before this?

I said that TS will be subjected to ATM withdrawal fees by both Dbs and maybe the overseas ATM bank if he uses the card to make cash withdrawal. this is regardless if the funds is deducted from.his SGD or respective foreign currency wallet.. even in my case although the ATM withdrawal fee is waived by Dbs for being a treasures customer, the overseas ATM still levies a service charge on me for the withdrawal.

Sent from International Space Station using GAGT

how much is the overseas atm charge?

 

[Charlie_Zhan]

how much is the overseas atm charge?

overseas ATM withdrawal fee charged by DBS bank for most of the overseas ATM is S$5 per withdrawal. Dbs will waive or reduce this charge for certain overseas ATMs as stated below.. this S$5 rule is applicable if the transaction value deducted from your SGD account.

For deduction in foreign currencies using your MCA account, the fees will be in the respective currency at an amount decided by Dbs.

this fee is waived for Dbs treasures and private banking clients.

but all that is mentioned above is excluding any additional fees that may be imposed by the overseas ATM itself. if I not did remember wrongly, certain banks in Thailand will charge an additional 150-250 baht when you use your card to withdraw from their ATM.

"There is a service charge of S$5 per cash withdrawal on overseas Plus/Cirrus ATMs. You will enjoy a preferential flat service charge of S$2 if you use your Cirrus Card at the ATMs of Bank of Central Asia (BCA, Indonesia) and Bank of Philippines Island (Philippines) or Plus/Cirrus Card at the ATMs of HDFC (India). Cash withdrawal will be free of charge if you use your Plus/Cirrus Card at DBS Hong Kong, DBS Taiwan and Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA) or Plus Card at DBS India and DBS Indonesia ATMs. Service charge of S$5 for DBS UnionPay Platinum Debit Card will be waived until further notice.

Where we allow your Card to be tagged to a Multi-Currency Account and used for any and/or all foreign currency funds in the Multi-Currency Account, foreign currency transactions and Cash Withdrawals will be directly authorised from the respective foreign currency wallets within the Multi-Currency Account in the foreign currency directly. Provided there are sufficient funds in the relevant foreign currency. Foreign currency Cash Withdrawals at overseas ATMs is subject to a service charge of S$5 per Cash Withdrawal charged in the equivalent foreign currency. For example, your USD Cash Withdrawal in New York will be charged a service fee of US$3.50 or any other such rate as determined by us and notified to you."

sauce: https://www.dbs.com.sg/personal/cards/cards-terms-conditions.page#cash-withdrawal

Sent from International Space Station using GAGT

 

[foozgarden]

thanks charlie! this is good!/

i also treasures customer.. waht else u use their priviledges for?

 

[FljpFl0p]

I just opened a MCA account and deposited some USD into now. Is there a way I can withdraw the USD as cash? If so, any fee that I should be aware about?

Information online seems to be all about withdrawing overseas, nothing much about withdrawing USD in Singapore.

 

[Charlie_Zhan]

I just opened a MCA account and deposited some USD into now. Is there a way I can withdraw the USD as cash? If so, any fee that I should be aware about?

Information online seems to be all about withdrawing overseas, nothing much about withdrawing USD in Singapore.

refer to page 17 under foreign currency notes

https://www.dbs.com.sg/iwov-resources/pdf/deposits/DBS_deposit_guide.pdf

Sent from the International Space Station using GAGT