DBS Multi-currency

[dreant]

why did you quote me without the sentence before this?

Because it was irrelevant, and does not change the meaning of the (incorrect) sentence that you wrote.

 

[Charlie_Zhan]

Because it was irrelevant, and does not change the meaning of the (incorrect) sentence that you wrote.

Sent from International Space Station using GAGT

 

[Trazora]

Because it was irrelevant, and does not change the meaning of the (incorrect) sentence that you wrote.

Maybe you can share with us why you think the account is good for withdrawing cash overseas from the respective currency wallet, even when fees will still apply

 

[dreant]

Maybe you can share with us why you think the account is good for withdrawing cash overseas from the respective currency wallet, even when fees will still apply

The sentence he wrote was incorrect, not because of his opinion of the account, but because of his use of English. His follow up response shows where the error was - he used the word 'good' as an adjective, but he wanted to convey its meaning if it was used as a noun instead. As such, the meaning of his sentence is entirely different from what he was trying to say.

When used as an adjective, specifically 'good for', is understood to mean validity. Effectively, the sentence he wrote means 'this will only withdraw from your foreign currency wallet if you use debit, and will *not* do so if you try to make an ATM withdrawal (ie - all atm withdrawals will come out of the SGD wallet). That sentence is thus incorrect, and I posted the relevant information to show that regardless if you use the debit function, or if you withdraw cash from an ATM, it will take from the foreign currency wallet instead (as long as you have enough funds).

 

[Trazora]

The sentence he wrote was incorrect, not because of his opinion of the account, but because of his use of English. His follow up response shows where the error was - he used the word 'good' as an adjective, but he wanted to convey its meaning if it was used as a noun instead. As such, the meaning of his sentence is entirely different from what he was trying to say.

When used as an adjective, specifically 'good for', is understood to mean validity. Effectively, the sentence he wrote means 'this will only withdraw from your foreign currency wallet if you use debit, and will *not* do so if you try to make an ATM withdrawal (ie - all atm withdrawals will come out of the SGD wallet). That sentence is thus incorrect, and I posted the relevant information to show that regardless if you use the debit function, or if you withdraw cash from an ATM, it will take from the foreign currency wallet instead (as long as you have enough funds).

What he meant is that the MCA debit card feature is only good for visa debit transactions done in foreign currencies (as there are no fees), not for ATM withdrawals (as fees still applies regardless which wallet the cash is withdrawn from). The main focus is on the fees, not on the wallet the cash is withdrawn from.

 

[5star_pundit]

Take note that one need to maintain $3000 in MCA account
for e.g if you have HKD $1000 in your a/c, you need to top up S$2,800 into your a/c otherwise there is a admin fee of $28

assuming HK$5 = S$1

 

[Trazora]

Take note that one need to maintain $3000 in MCA account
for e.g if you have HKD $1000 in your a/c, you need to top up S$2,800 into your a/c otherwise there is a admin fee of $28

assuming HK$5 = S$1

Think the fall below fer is $7.50

 

[dreant]

What he meant is that the MCA debit card feature is only good for visa debit transactions done in foreign currencies (as there are no fees), not for ATM withdrawals (as fees still applies regardless which wallet the cash is withdrawn from). The main focus is on the fees, not on the wallet the cash is withdrawn from.

While we now know what he meant, what he wrote does not convey that meaning at all, but something totally different instead.

 

[atlam42]

Have you considered using the Citibank multi currency debit card? There is no admin fee if withdrawing money from Citibank branch overseas (need to be from the account in that local currency ).

 

[dreant]

Have you considered using the Citibank multi currency debit card? There is no admin fee if withdrawing money from Citibank branch overseas (need to be from the account in that local currency ).

The DBS card appears more useful and versatile for debit transactions, as it will always deduct from the respective currency wallet, or your SGD balance if there isn't enough funds in there.

As such, it's also possible to ensure that never happens by keeping the SGD wallet at $0.

The Citi card needs to be linked to a particular currency, and all transactions will be deducted from there. While you are able to (instantly) change the link between currencies via phone (and maybe internet banking), in the event the transaction is charged in a different currency, you get hit with a 2.5% admin charge.

Sometimes, merchants automatically apply DCC (dynamic currency conversion), converting the transaction back to the currency your card is from while adding ~5% to the rate 'for your convenience' (*). In such transactions with the citi card, you'd be hit with almost 7.5% fees. With the DBS card, if DCC is applied by the merchant, the funds are deducted from your SGD wallet if there is enough funds, or the transaction is declined if there isn't.

(*) You should be allowed to choose, but that doesn't always happen.

The other downside of Citi is, their FX rates are not the best. So, every FX transaction you make, effectively costs you a little bit more when compared to making an identical transaction with, say, DBS.

The upside of the citi account is, you can queue FX transactions, and you are able to (try to) purchase foreign currency at your preferred rate. (Eg: You can queue a transaction to buy USD1,000 if the rate hits USD1 = SGD1.21 within the next 1 month; if USD ever falls to that rate, the transaction executes, and if it doesn't, it expires). I would guess, it's only a matter of time before other banks have a similar feature - but for now, only Citi offers it.

Also, withdrawals at Citibank ATMs overseas at no additional conversion fee is for all their ATM cards. So, if that is a feature you want, any Citi account with a regular ATM card will allow you to do just that.

 

[Charlie_Zhan]

The DBS card appears more useful and versatile for debit transactions, as it will always deduct from the respective currency wallet, or your SGD balance if there isn't enough funds in there.

As such, it's also possible to ensure that never happens by keeping the SGD wallet at $0.

good tip to prevent the foreign currency transaction from falling back to deduct in SGD if the foreign currency balance is insufficient.

but when adapting this $0 SGD balance approach, do ensure that the minimum average daily balance of the account is maintained above S$3000 equivalent in your foreign currency balances. otherwise the fall below fee of S$7.50 levied at month end will cause your SGD balance to go into deficit and subsequently incur an additional S$20 incidental overdraft interest charge.

The upside of the citi account is, you can queue FX transactions, and you are able to (try to) purchase foreign currency at your preferred rate. (Eg: You can queue a transaction to buy USD1,000 if the rate hits USD1 = SGD1.21 within the next 1 month; if USD ever falls to that rate, the transaction executes, and if it doesn't, it expires). I would guess, it's only a matter of time before other banks have a similar feature - but for now, only Citi offers it.

Dbs bank currently offers a feature similar to this but it's usage is currently only applicable for overseas remit transactions, it queues your remittance transaction at your preferred rate for a period of time and executes when the rates meets your target or void the transaction if it doesn't after the given time period..

hopefully they would implement this feature to the MCA account as well since this feature is already there in use for its other service offering.

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[vddgnd]

Sorry if I ask stupid question.
I see that this DBS Multi Currency account is very similar to DBS Multiplier account, in term of both are foreign currency saving account. Is it what a DBS Multi Currency account can do, the DBS Multiplier account also can do, so no need to have this account if open the DBS Multiplier account?

 

[Charlie_Zhan]

Sorry if I ask stupid question.
I see that this DBS Multi Currency account is very similar to DBS Multiplier account, in term of both are foreign currency saving account. Is it what a DBS Multi Currency account can do, the DBS Multiplier account also can do, so no need to have this account if open the DBS Multiplier account?

yes.. the only difference is MCA+ have cheque book.. so if you don't need SGD or foreign currency chequebooks, just go for multiplier.. multiplier fall below fee is S$5 instead of S$7.50. but MCA fall below fee is waived for account holders up to the age of 29.

multiplier can earn higher interest on your SGD balance if u meet the requirements..

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[Trazora]

Sorry if I ask stupid question.
I see that this DBS Multi Currency account is very similar to DBS Multiplier account, in term of both are foreign currency saving account. Is it what a DBS Multi Currency account can do, the DBS Multiplier account also can do, so no need to have this account if open the DBS Multiplier account?

Dbs multiplier dun allow the use of visa debit card overseas without fees, dbs multicurrency do

 

[Charlie_Zhan]

Dbs multiplier dun allow the use of visa debit card overseas without fees, dbs multicurrency do

erm... not true... the feature is applicable to multiplier account as well.

https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave/mca-visa-debit-faq.page

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[archcherub]

USD cash to transfer to USA bank

Glad to see this thread and need some advice with USD cash handling

I received payments of USD cash when my customers fly to Singapore to buy some electronics. Not large amount, roughly $50,000 or so of USD.
I request for bank transfer, but they do not want to incur the large fees.

I pay some of my suppliers in US, so I thought I can use the USD to pay them directly, instead of changing in SGD with money changer, and then remitting and occurring FX fees again.

1) Depositing USD cash notes in DBS eMultiCurrency AutoSave account incurs 1.5% fee.
I am sure this fee is more than what I incurred if i change to SGD at moneychanger

2) SCB USD High Account
https://www.sc.com/sg/save/current-accounts/usd-high-account/
I read online that the USD cash deposit is free. No fees!

Unfortunately, I am sure the remitting is expensive, haha. DBS has no fees for remitting.

I wonder has anyone here tried this?

Is it possible to do internet bank transfer of USD from SCB USD high account to DBS e-multicurrency autosave account in Singapore, at no charges?

And then I will use DBS Remit from the multicurrency account to remit money outwards.


IF anyone has experience in converting USD cash notes to wire transfer to bank in USA, that would be highly appreciated.
Thank you!

UPDATE: I just asked DBS and got a fast reply

Can I clarify the following:-

1) There is a no Remit fees when I remit USD to a USA bank. I have done using SGD to transfer USD to USA bank. I did incur forex charges as DBS convert my SGD to USD.
Now if I remit USD from USD balances in eMulticurrency AutoSave to a USD bank account in Singapore, do I incur any remit fees or any other charges?

2) Can I receive USD from other Singapore account with USD balances? Is there any fees, and how long would the transaction be?
I may transfer USD from SCB High USD account to DBS, but I need to check the fees.

DBS Staff Reply:-
As for remittances, the bank currently does not charge any commission for DBS USA Remit.
You can receive USD from other local bank accounts. This would still be done via telegraphic transfer and a flat charge of $10.00 for receiving funds via telegraphic transfer will be charged.

 

[Charlie_Zhan]

Glad to see this thread and need some advice with USD cash handling

I received payments of USD cash when my customers fly to Singapore to buy some electronics. Not large amount, roughly $50,000 or so of USD.
I request for bank transfer, but they do not want to incur the large fees.

I pay some of my suppliers in US, so I thought I can use the USD to pay them directly, instead of changing in SGD with money changer, and then remitting and occurring FX fees again.

1) Depositing USD cash notes in DBS eMultiCurrency AutoSave account incurs 1.5% fee.
I am sure this fee is more than what I incurred if i change to SGD at moneychanger

2) SCB USD High Account
https://www.sc.com/sg/save/current-accounts/usd-high-account/
I read online that the USD cash deposit is free. No fees!

Unfortunately, I am sure the remitting is expensive, haha. DBS has no fees for remitting.

I wonder has anyone here tried this?

Is it possible to do internet bank transfer of USD from SCB USD high account to DBS e-multicurrency autosave account in Singapore, at no charges?

And then I will use DBS Remit from the multicurrency account to remit money outwards.


IF anyone has experience in converting USD cash notes to wire transfer to bank in USA, that would be highly appreciated.
Thank you!

does SCB charge you a fee for transferring USD to another local bank account? they SCB sg can issue you a local clearing USD cheque, you can deposit that chq into your dbs mca with no fees since it will be local clearing.. after funds is clear u can remit it to US in via Dbs ibanking remit with no fees

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[archcherub]

does SCB charge you a fee for transferring USD to another local bank account? they SCB sg can issue you a local clearing USD cheque, you can deposit that chq into your dbs mca with no fees since it will be local clearing.. after funds is clear u can remit it to US in via Dbs ibanking remit with no fees

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hey thats a good way.
I have just message SCB on what are the fees to transfer USD from SCB to DBS.
I hope there are no fees.

I got information from DBS that they charge $10 flat fee to receive USD from other banks. The $10 fee is reasonable if my USD is large amount.

1.5% is simply too much!

 

[dreant]

It's unclear if the SCB USD High Account has a USD cheque book (it shows up on their current accounts page). If it does, request for one and you can easily move USD to DBS with almost no cost by writing a cheque to yourself. If it does not, you need a second SCB USD current account with a cheque book to facilitate the transfer.

The only other way is to perform a TT, which typically costs between $30-50, all in. It will cost the same to TT funds to DBS, as it is to TT funds to your supplier in the US.

The main drawback of receiving physical USD notes, is unless you are familiar with them and/or have the right equipment to check, it is possible to receive counterfeit currency. If you're not already aware, very high quality USD100 counterfeits exist. I would recommend only accepting the newer notes with the 3D hologram ribbon. Aside from use usual risk of having to carry a large amount of money, the second drawback would usually be the cost (time and/or money) involved in getting physical notes back into the banking system, if required.

SCB USD High Account is perhaps the only remaining way in SG to do so. The only other way I am aware of in this region is via Citibank HK. Citigold HK accounts can deposit or withdraw up to USD10k daily at branches in HK for free.

If your clients have a Citibank account at home, you can consider opening an account here too. Citibank Global Transfer will allow you to move funds instantly at no (or very low) cost between many countries.

 

[jinn]

It's unclear if the SCB USD High Account has a USD cheque book (it shows up on their current accounts page).

I can confirm that SCB USD High Account has a USD cheque book.