DBS Multi-currency

[stiwipl]

thanks. open the account already with the pretty pfc in mbfc.


i still have about 1000 aud and 100+ usd in hcbc mca. can i transfer to dbs mca (any fee??) any one tried?

hsbc does not pay any interest anymore in usd/aud

With the amounts mentioned above, the cheapest way to be to withdraw cash from HSBC (pay the commission whatever they charge, 1.5% I think) and deposit in cash to DBS MCA (free of charge).

 

[dreant]

Received the following reply about incoming TT to the eMCA account...

Any remittance received in the DBS eMulti-Currency Autosave Accoun will be retained it its currency automatically.
If you are receiving AUD, then it will be credited to the AUD wallet. If you happen to receive USD, it will be credited to the USD wallet. For as long as it is received in any currency listed below, it will be credited in its respective currency wallet. For foreign Currency Remittance not listed below, will be converted to SGD.

1. AUD
2. USD
3. CNH
4. CAD
5. NZD
6. JPY
7. EUR
8. GBP
9. HKD
10.THB
11.SEK
12.NOK

 

[lcpteck]

Just deposited some leftover USD and THB into the account.

It seems they don't take in old USD notes that's older than year 2000. I kept the 199x notes at home. Wonder if they have some value in the future.

 

[SpeedingBullet]

Just deposited some leftover USD and THB into the account.

It seems they don't take in old USD notes that's older than year 2000. I kept the 199x notes at home. Wonder if they have some value in the future.

You'd have to wait like.. maybe half a century or more . I have uncut 1970s USD $2 notes (no longer in circulation) and they're still just worth.. $2 each

 

[Shiny Things]

Just deposited some leftover USD and THB into the account.

It seems they don't take in old USD notes that's older than year 2000. I kept the 199x notes at home. Wonder if they have some value in the future.

They'll have full value if you take 'em over to the States - I think banks are just reluctant to take the older notes in because it's harder to make sure they're not counterfeit.

 

[lcpteck]

They'll have full value if you take 'em over to the States - I think banks are just reluctant to take the older notes in because it's harder to make sure they're not counterfeit.

I see, I have 1 $50 1985 note and 2 $100 1996 notes. Maybe If I keep them long enough, some collector might want them I suppose?

 

[stiwipl]

Received the following reply about incoming TT to the eMCA account...

Any remittance received in the DBS eMulti-Currency Autosave Accoun will be retained it its currency automatically.
If you are receiving AUD, then it will be credited to the AUD wallet. If you happen to receive USD, it will be credited to the USD wallet. For as long as it is received in any currency listed below, it will be credited in its respective currency wallet. For foreign Currency Remittance not listed below, will be converted to SGD.

1. AUD
2. USD
3. CNH
4. CAD
5. NZD
6. JPY
7. EUR
8. GBP
9. HKD
10.THB
11.SEK
12.NOK

I have finally found some time to open this bank account, my first with "local" bank. First impression is that DBS internet banking looks terrible compared to Standard Chartered or Citibank. The aggressive red color looks very tiresome at 3am and these HTML "iframes"...

Anyway, I was told by the manager that this account will convert all incoming foreign bank transfers to SGD unless specific instructions are provided to retain it in the original currency. Now when I am thinking about it, this can be a gamble. There is usually no space or possibility to provide additional handling instructions for beneficiary bank. The manager suggested I can add EUR in brackets (!) after typing bank account number. I left it without comments.

Any real life experience in receiving international FCY TT into this account?

 

[lcpteck]

I have finally found some time to open this bank account, my first with "local" bank. First impression is that DBS internet banking looks terrible compared to Standard Chartered or Citibank. The aggressive red color looks very tiresome at 3am and these HTML "iframes"...

Anyway, I was told by the manager that this account will convert all incoming foreign bank transfers to SGD unless specific instructions are provided to retain it in the original currency. Now when I am thinking about it, this can be a gamble. There is usually no space or possibility to provide additional handling instructions for beneficiary bank. The manager suggested I can add EUR in brackets (!) after typing bank account number. I left it without comments.

Any real life experience in receiving international FCY TT into this account?

That's what I was told too when I opened this account late last year. So far no experience receiving FCY TT yet.

Do note DBS charges a S$10 handling fee for incoming TT.

 

[stiwipl]

I sent EUR FCY TT from Standard Chartered to DBS MCA today. It arrived same day in EUR and has been retained under EUR currency. So everything seems to be working as expected.

I don't like couple of things though:
- it doesn't show an overview of the currencies & amounts until you go into account details. It just shows you indicative SGD balance.
- I don't like the combination of SMS/Token for authorizing certain things, like limit changes
- When sending payment, you can't see the balance available in your account

 

[stiwipl]

Now a real bummer... It is not possible to send FCY from DBS to another bank in SG! What a major flaw...

 

[dreant]

Now a real bummer... It is not possible to send FCY from DBS to another bank in SG! What a major flaw...

It's possible to move USD around locally via cheque. For all other currencies, it is only possible to via telegraphic transfer.

 

[stiwipl]

It's possible to move USD around locally via cheque. For all other currencies, it is only possible to via telegraphic transfer.

It is not possible to process local FCY TT via DBS online banking. When adding overseas fund transfer payee, there is no "Singapore" to choose from...

 

[dreant]

It is not possible to process local FCY TT via DBS online banking. When adding overseas fund transfer payee, there is no "Singapore" to choose from...

You need to do it at a branch.

 

[stiwipl]

You need to do it at a branch.

I understand I can do pretty much everything in the branch. However I believe it is major flaw that I physically need to go to the branch to make a simple FCY transfer between local banks.

 

[lcpteck]

I saw 44 cents interest in my USD pocket... Think I should put some USD into fixed deposit for better interest.

 

[dreant]

Now a real bummer... It is not possible to send FCY from DBS to another bank in SG! What a major flaw...

I understand I can do pretty much everything in the branch. However I believe it is major flaw that I physically need to go to the branch to make a simple FCY transfer between local banks.

Not being able to do it online does not mean it can't be done at all.

Your earlier post indicated it was 'not possible to", which would mean it was impossible, which isn't true. It's possible, you just need to do it at a branch...

I saw 44 cents interest in my USD pocket... Think I should put some USD into fixed deposit for better interest.

It's only viable if you have a way of moving the funds (eg: local USD current account). Otherwise, it's usually not worth trying to.

Currently UOB has a USD FD promotion 0.8% for 3 months; USD50k minimum. Ends Aug 30.

 

[lcpteck]

It's only viable if you have a way of moving the funds (eg: local USD current account). Otherwise, it's usually not worth trying to.

Currently UOB has a USD FD promotion 0.8% for 3 months; USD50k minimum. Ends Aug 30.

Thanks for the heads up, will check with the local UOB branch near my office on this.

 

[stiwipl]

Not being able to do it online does not mean it can't be done at all.

Your earlier post indicated it was 'not possible to", which would mean it was impossible, which isn't true. It's possible, you just need to do it at a branch...
[...]

Forgot to add it is not possible to do online FCY local transfer in DBS. Anyway what is the point of going to the branch to do such transfer? You will end up paying some horrible fees.

Online FCY transfer from Standard Chartered to any other bank in Singapore cost me only €11.50 and I can move money locally in FCY up to S$50,000 equivalent from SC. I only need to go to the branch if I want to make transfer higher than that - but I will end up paying exactly the same fees.

Honestly I hate going to the branches, that is the whole point of online banking, isn't it? It is just a shame that DBS online banking is inflexible in this regard. You can send FCY anywhere except within Singapore.

 

[dreant]

Forgot to add it is not possible to do online FCY local transfer in DBS. Anyway what is the point of going to the branch to do such transfer? You will end up paying some horrible fees.

Online FCY transfer from Standard Chartered to any other bank in Singapore cost me only €11.50 and I can move money locally in FCY up to S$50,000 equivalent from SC. I only need to go to the branch if I want to make transfer higher than that - but I will end up paying exactly the same fees.

Honestly I hate going to the branches, that is the whole point of online banking, isn't it? It is just a shame that DBS online banking is inflexible in this regard. You can send FCY anywhere except within Singapore.

The *only* advantage the DBS MCA account provides, compared to other FCY deposit accounts, is the ability to deposit and withdraw foreign currency notes without charge... which, you would have to do at a bank *anyway*. Last I checked, they've not yet figured out how to deposit physical notes online yet.

It's only useful if you actually need such a facility; but also bear in mind there is no easy (actually, this should be read as 'cheap') way to move FCY between banks in SG (*except* USD... which you can't do online either).

All banks charge fees to move FCY around locally. I'm not familiar with the SC facility that you used, but from what I can see, SC's TT charges appear to be similar to all other banks.

If you want good online banking experience, I would recommend UOB or Citibank. I've been able to do *all* operations that I required with them online without too much trouble.

I've briefly banked with SC, and didn't enjoy the experience... UOB wasn't stellar either, but their internet banking was generally trouble-free.
Was not impressed with Standard Chartered either. It seemed to me that their call center was not based in SG, and was not empowered to do anything, or have basic information and couldn't answer my questions; it was always "We'll have to arrange for someone to call you soon...", and even then, the callback person was mostly clueless, and on more than one occasion didn't even know *why* they were calling me back (they were only told to call me...).

 

[sophie.wee.weng]

So is this account free to open?