DBS Multi-currency

[zumaba]

Thanks for ur reply!

Another question.....

If I didn't convert SGD to AUD, but transfer a sum to the uni from my MCA account, will there be any transfer fee?

Will DBS convert the SGD to AUD at the prevailing rate at the time of transfer?

Thanks in advance.

no free for overseas funds transfer & remit: either you convert SGD to AUD first then transfer, or you transfer SGD to overseas AUD account directly, with the prevailing rate when transferring.

 

[MilesTeh]

I guess it would depends if at the point of time, the UK central bank still considered those notes as legal tender?

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Thanks. Will check with the bank before I do the deposit.

 

[Titus3]

Folks here talk about deposits of foreign currency and the fees that banks imposed. I understand that Dbs, OCBC don’t charge for deposit of local USD cheque and only HSBC does it.
However no one here talks about withdrawal of the foreign currency? I had a nasty surprise because DBS/OCBC charge a hefty fee for withdrawal of USD at the branch in the form of cheque, bank draft, cashier order. Fees are even heftier if you do interbank transfer.

 

[SpeedingBullet]

Just did an outgoing TT transfer from USD to a USD account in the US. Same day transfer, no fees. Cool!

Don’t know if thats normal but I like not being charged moving money around.

 

[princessreiko]

Folks here talk about deposits of foreign currency and the fees that banks imposed. I understand that Dbs, OCBC don’t charge for deposit of local USD cheque and only HSBC does it.
However no one here talks about withdrawal of the foreign currency? I had a nasty surprise because DBS/OCBC charge a hefty fee for withdrawal of USD at the branch in the form of cheque, bank draft, cashier order. Fees are even heftier if you do interbank transfer.

Recently I bought a bank draft from OCBC.
I bought it in AUD.

OCBC converted the SGD to AUD at their rate and I had to pay $15 for the bank draft.

I suppose it would be about the same price for DBS.

I haven't done interbank transfer of AUD from one SG bank to another SG bank, but I would think that there will be charges for that too.

But if I transfer the AUD from SG bank to a bank in Australia, I am sure that there will be no charges by DBS.

 

[Titus3]

Recently I bought a bank draft from OCBC.
I bought it in AUD.

OCBC converted the SGD to AUD at their rate and I had to pay $15 for the bank draft.

I suppose it would be about the same price for DBS.

I haven't done interbank transfer of AUD from one SG bank to another SG bank, but I would think that there will be charges for that too.

But if I transfer the AUD from SG bank to a bank in Australia, I am sure that there will be no charges by DBS.

I was withdrawing usd in usd local bank draft. No currency exchange at all. Therefore they charge a percentage of the withdrawal amount in lieu of exchange. 1/8% for dbs and 0.16% for ocbc. If I want to do an interbank transfer, the fees are much much higher.
The thing is.. it’s my money and I am withdrawing from my account and cheque issued to my own name, why do I have to pay! I would understand if they charge for cheque issued to third party. But definitely unjustified for one that’s issued in my own name.

 

[dreant]

I was withdrawing usd in usd local bank draft. No currency exchange at all. Therefore they charge a percentage of the withdrawal amount in lieu of exchange. 1/8% for dbs and 0.16% for ocbc. If I want to do an interbank transfer, the fees are much much higher.
The thing is.. it’s my money and I am withdrawing from my account and cheque issued to my own name, why do I have to pay! I would understand if they charge for cheque issued to third party. But definitely unjustified for one that’s issued in my own name.

Entitled much? How about for 'services rendered'?

A couple of years back, for a brief period of time, DBS did offer an account that could deposit/withdraw FCY notes at no charge; but it probably wasn't sustainable and they did away with it after just a year or two.

Or, are you the kind of person who expects to be able to get a prata with egg, at the same price as a prata kosong if you bring your own egg to the prataman?

 

[Charlie_Zhan]

Just did an outgoing TT transfer from USD to a USD account in the US. Same day transfer, no fees. Cool!

Don’t know if thats normal but I like not being charged moving money around.

it has been the case for DBS's Remit Services to countries like USA, China, Philippines, India, UK, Australia, Thailand, Indonesia.

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[Charlie_Zhan]

Entitled much? How about for 'services rendered'?

A couple of years back, for a brief period of time, DBS did offer an account that could deposit/withdraw FCY notes at no charge; but it probably wasn't sustainable and they did away with it after just a year or two.

Or, are you the kind of person who expects to be able to get a prata with egg, at the same price as a prata kosong if you bring your own egg to the prataman?

agreed.. those with such mindset of "it's my money and paying to my name and most probably to another bank" should consider keeping they money at home under their pillow or somewhere in a biscuit tin and handle the money in their own desired method if they feel such charges are unjustifiable, especially so when we're talking about fccy here..

i can confidently tell such people that if they have a significant AUM with the bank, they should should see such charges automatically waived by the bank even without them having to request for it..

it's the same reason why banks charge fall below fees for accounts that can't even meet the min balance.. such account are generally a liability to the bank and cost the bank to keep and maintain them.

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[lifeislonggamma]

I was withdrawing usd in usd local bank draft. No currency exchange at all. Therefore they charge a percentage of the withdrawal amount in lieu of exchange. 1/8% for dbs and 0.16% for ocbc. If I want to do an interbank transfer, the fees are much much higher.
The thing is.. it’s my money and I am withdrawing from my account and cheque issued to my own name, why do I have to pay! I would understand if they charge for cheque issued to third party. But definitely unjustified for one that’s issued in my own name.

The transaction that you have executed, from the bank's perspective, is a transfer of its USD liability to you from itself to the bank that will be the recipient of the funds being transferred. Whether the local bank draft was drawn in your name or that of a third party makes no difference, since the same procedures and costs are involved.

In legal terms, you have transferred your claim against Bank A to Bank B.

If a man's lease is up and he has decided to rent a new place, and he wants to move his grand piano from House 1 to House 2, does it make sense to claim that just because the grand piano belongs to him, he ought not be charged by movers for the transfer?

 

[Shalost]

Hi,

Not sure if this has been asked b4.

Hows the $ savings from the MCA compared to when using a credit card (i.e true cashback card or any card with low currency conversion penalty)?

 

[Trazora]

Hi,

Not sure if this has been asked b4.

Hows the $ savings from the MCA compared to when using a credit card (i.e true cashback card or any card with low currency conversion penalty)?

Better to use card with rebate higher than the foreign currency conversion fee eg icbc global travel mastercard (3% rebate, 2.5% fee)

 

[Shalost]

Better to use card with rebate higher than the foreign currency conversion fee eg icbc global travel mastercard (3% rebate, 2.5% fee)

Thanks for the info.

Seems like holding a good CC meant for overseas use is better than this MCA.

 

[Charlie_Zhan]

Thanks for the info.

Seems like holding a good CC meant for overseas use is better than this MCA.

Not always the case.. it depends also on how you use the MCA account at other times..

e.g. if you regularly exchange currencies when the rates are good and hold them..

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[lifeislonggamma]

Not always the case.. it depends also on how you use the MCA account at other times..

e.g. if you regularly exchange currencies when the rates are good and hold them..

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Agreed. I use it to get HKD cash at zero fees via the Visa debit card as DBS has a decent number of ATM machines in HK.

 

[Shalost]

Agree. Its only a yearly holiday trip for me, so i guess getting the CC is more wroth it.

 

[beyond_26]

Hi, wanted to know if I use DBS EMCA debit card to pay in USD but I did not convert any USD beforehand. Understand it will deduct from my SGD wallet. But will it incur fx conversion fee? Or it will convert from my SGD wallet at the conversion rate at the time of transaction with any fx conversion fee?

 

[dreant]

Hi, wanted to know if I use DBS EMCA debit card to pay in USD but I did not convert any USD beforehand. Understand it will deduct from my SGD wallet. But will it incur fx conversion fee? Or it will convert from my SGD wallet at the conversion rate at the time of transaction with any fx conversion fee?

Yes, it will.

If you spend USD, and it is taken from your SGD wallet, a 2% administrative fee, on top of the prevailing foreign exchange rate determined MasterCard, is incurred.

 

[beyond_26]

Yes, it will.

If you spend USD, and it is taken from your SGD wallet, a 2% administrative fee, on top of the prevailing foreign exchange rate determined MasterCard, is incurred.

Thanks. Then better convert in advance.

 

[Charlie_Zhan]

Yes, it will.

If you spend USD, and it is taken from your SGD wallet, a 2% administrative fee, on top of the prevailing foreign exchange rate determined MasterCard, is incurred.

well... it's actually a total of 3.25% admin fees (visa+issuer) for dbs master/visa debit cards..

for credit cards it's 3% (card assoc 1%+issuer 2%)

https://www.dbs.com.sg/personal/cards/cards-rates-fees.page?pid=sg-dbs-pweb-footer-cards-rates-fees-textlink

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