DBS Multi-currency

[stiwipl]

Both done simultaneously...

HSBC GetRate:
EUR 1,000.00 = SGD 1,599.11

XE mid-rate
EUR 1,000.00 = SGD 1,614.34

If you already have funds at DBS then do they use the "Buying TT" or "Buying OD" rate?

Buying TT. DBS has the best rates then compared to other SG banks, however money changers at Arcade are usually better by 0.015.

 

[aster1]

Buying TT. DBS has the best rates then compared to other SG banks, however money changers at Arcade are usually better by 0.015.

Maybe someone ought to check if those rates are actually the ones offered when trying to convert funds within a DBS MCA.

Pity DBS has nothing near those rates when using their ATMs with a foreign card and being offered a "DBS rate" instead of the Mastercard one.

 

[aster1]

That is similar to what you can get at moneychangers, decent rate but not very tight like you said.

They are less "tight" with their spreads here than in some other countries where they also offer the GetRate feature.

On the plus side you can also make use of GetRate for business internet banking and not just for personal accounts. Does DBS offer those same posted rates to business clients or is that only for individuals?

 

[hwmook]

Maybe someone ought to check if those rates are actually the ones offered when trying to convert funds within a DBS MCA.

Pity DBS has nothing near those rates when using their ATMs with a foreign card and being offered a "DBS rate" instead of the Mastercard one.

I am not sure about using a foreign card in local atm but i had used a local card in Taiwan to withdraw cash, the rate is mastercard rate with $5 service charge which is pretty good when i withdraw SGD1000 even after factoring in the $5.

 

[hwmook]

They are less "tight" with their spreads here than in some other countries where they also offer the GetRate feature.

On the plus side you can also make use of GetRate for business internet banking and not just for personal accounts. Does DBS offer those same posted rates to business clients or is that only for individuals?

Those doing business can consider oanda, they let you exchange money at spot rate. It only cost $60 to transfer $25k to and fro oanda which mean a 0.24% charge only.

 

[aster1]

Those doing business can consider oanda, they let you exchange money at spot rate. It only cost $60 to transfer $25k to and fro oanda which mean a 0.24% charge only.

Could you technically use DBS Vickers for this? They offer fx trading and you can withdraw funds in foreign currencies, so shouldn't you be able to make a trade into your chosen currency and then pull your funds?

 

[dao]

Those doing business can consider oanda, they let you exchange money at spot rate. It only cost $60 to transfer $25k to and fro oanda which mean a 0.24% charge only.

Are you referring to fxGlobalTransfer? I was told Oanda no longer offer it.

 

[hwmook]

Could you technically use DBS Vickers for this? They offer fx trading and you can withdraw funds in foreign currencies, so shouldn't you be able to make a trade into your chosen currency and then pull your funds?

Yes, technically possible. Didn't really use my dbs vickers much.

 

[hwmook]

Are you referring to fxGlobalTransfer? I was told Oanda no longer offer it.

fxglobaltransfer let you transfer to 3rd party which is no longer available but you can still use fxtrade which allow you to transfer to yourself.

 

[dao]

fxglobaltransfer let you transfer to 3rd party which is no longer available but you can still use fxtrade which allow you to transfer to yourself.

Saw this at their website:
Funds must be withdrawn by the same method used to deposit money into your OANDA account. For example, if you deposit funds via bank transfer, withdrawals will be sent via bank transfer.

If I fund using a SGD account, can I withdraw to a JPY account?

 

[Sinkie]

more details for this account

Just went to the bank to deposit into this mca account, and I asked for a free statement and shocked to saw a $7.50 deduction for last month.

Apparently this mca account has also one sgd pocket beside those foreign pockets. And when they calculate your daily balance, they will take into consideration of the mca's sgd pocket and not your personal saving accounts that u have

And mca's sgd pocket interest is 0.05%, and normal saving account is lower?

And also when u are oversea, when u withdraw usd from mca, you withdraw and convert into usd from sgd pocket but not directly from your usd pocket even if has enough balance. Only withdrawal of usd in Singapore is possible.

And also, your Atm card is tied to your saving account, you need to request for a new ATM card for this mca.

I'm using everyday Posb card, so I just changed my primary account with mca and secondary with Posb saving so that when I go oversea to withdraw, it's deducted from my mca sgd account and not my Posb saving account

 

[stiwipl]

Sinkie, this is the way this account is supposed to work. If you like to withdraw FCY from ATM card, there are three solutions that I know: ANZ, HSBC, Citibank. The latter offers free ATM withdrawals worldwide, e.g. I have my attached to EUR currency account and withdraw EUR in Europe free of charge.

 

[deViLzAdV0C4TE]

hi, I am looking at getting a foreign currency account (multi or single, doesnt matter). Would u recommend the DBS? or Citibank, or any other bank?

I have a hsbc one right now, but i can tell u that it sucks. Really sucks. It used to be that when somebody TTs in cash in a foreign currency, the bank would not charge anything. Now they take S$10 out of the amount as a charge! Never mind. Then dont pay me interest some more! Plus will charge me again if i take my own (foreign currency) money out!

So I am looking for something that wont charge me for any TT in, or any withdrawals in foreign currency. And that will pay me interest for my money. Would somebody be able to recommend something?

 

[lousylah]

hi, I am looking at getting a foreign currency account (multi or single, doesnt matter). Would u recommend the DBS? or Citibank, or any other bank?

I have a hsbc one right now, but i can tell u that it sucks. Really sucks. It used to be that when somebody TTs in cash in a foreign currency, the bank would not charge anything. Now they take S$10 out of the amount as a charge! Never mind. Then dont pay me interest some more! Plus will charge me again if i take my own (foreign currency) money out!

So I am looking for something that wont charge me for any TT in, or any withdrawals in foreign currency. And that will pay me interest for my money. Would somebody be able to recommend something?

try citibank.

Free global transfer to another citibank account. free global atm withdrawal.

Personal Banking | Insurance | mortgages - Citibank Singapore

 

[deViLzAdV0C4TE]

try citibank.

Free global transfer to another citibank account. free global atm withdrawal.

Personal Banking | Insurance | mortgages - Citibank Singapore

are u referring to the "Global Foreign Currency Account"? Foreign Currency Account | Fund Management | Foreign Exchange Transaction | Deposits | Global Foreign Currency Checking Account - Citibank Singapore ?

(btw sorry and hope i havent deviated from the topic here!)

 

[stiwipl]

hi, I am looking at getting a foreign currency account (multi or single, doesnt matter). Would u recommend the DBS? or Citibank, or any other bank?

I have a hsbc one right now, but i can tell u that it sucks. Really sucks. It used to be that when somebody TTs in cash in a foreign currency, the bank would not charge anything. Now they take S$10 out of the amount as a charge! Never mind. Then dont pay me interest some more! Plus will charge me again if i take my own (foreign currency) money out!

So I am looking for something that wont charge me for any TT in, or any withdrawals in foreign currency. And that will pay me interest for my money. Would somebody be able to recommend something?

There is no such bank in SG I am afraid...
Citi doesn't charge for incoming TT, they do have interest on FCY account but will charge for FCY cash withdrawal.
SCB FCY saver will charge for incoming TT, it has interest, free FCY cash withdrawal for World Partner status.
DBS will charge for incoming TT, has no interest I believe (at least for EUR) and has free FCY cash withdrawals according to reports in this thread.

 

[deViLzAdV0C4TE]

thanks, and a relatively nice summary! Do u know the charges for those? ie. Citi FCY cash withdrawal, and incoming TT charges for SCB and DBS.

 

[stiwipl]

SCB, DBS same TT incoming charges $10. Citi FCY cash withdrawal 1% or 1.5%, check their pricing guide.

 

[dreant]

So I am looking for something that wont charge me for any TT in, or any withdrawals in foreign currency. And that will pay me interest for my money. Would somebody be able to recommend something?

You'll need 2/3 bank accounts to do the above.

No incoming TT charges: USD current account with Citibank or CIMB.
Interest bearing: USD current account with Citibank or UOB
USD Cash Withdrawal: DBS Multicurrency.

So, incoming TT arrives at your CIMB/Citibank account. If required, you then write a check to transfer the funds to your interest bearing account.

If you need to withdraw cash, you then write another check and transfer the amount required to your DBS account.

Of course, each bank also charges a fee for a new checkbook, and you need to maintain 3 minimum balances to prevent being charged a fall-below fee.

 

[stiwipl]

Dreant, you forgot to mention this solution is strictly USD related, it won't work for any other FCY.