DBS Multi-currency

[stiwipl]

It is not possible to do local FCY online transfer between local banks in DBS or in OCBC. All FCY transfers in SG are in fact international TT, the problem with DBS and OCBC (maybe other banks too) is that it is not even possible to submit online international TT for destination account in Singapore. It is possible in the branch though (expensive). It is possible to do it from Standard Chartered Bank and if you have World Partner status with them, the only fee (if you choose SHA transfer) is cable fee of US$15. I did this many times between SC and Citibank (EUR to EUR in this case) and always got money in full on Citi side, while the only charge from SC was US$15.

It appears that you can also submit international TT in FCY to other local bank via Citibank Online as you can simply add international recipient with Singapore as destination country.

 

[dreant]

hi sifu...

if i transfering my SG DBS USD$ ( in DBS usd$ account ) to other SG OCBC USD$ account by using internet USD fund transfer ( like our Local sg FAST transaction ) without using USD bank check , is it possible ?

the below , any fee incurred... someone told it is done by tele or wire transfer , it will cost a lot ?

any bank or anyway is more cheaper way , to transfer the USD$ ( both held in sg local bank usd$ account ) between two sg local bank ?

thank in advance

USD can be moved locally at no charge with locally drawn USD cheques. This can't be done via internet banking. All other currencies can only be moved inter-bank via TT via internet, or over the counter.

If your DBS account doesn't have a cheque book, you should be able to get a local clearing USD bank draft in your own name for a small fee; also try asking if the fee can be waived, as it's to your own name (some banks do this, not sure about DBS).

Alternatively, find a trusted friend with a DBS USD checking account. Transfer the funds to his account over the counter, then have him write you a cheque.

 

[lcpteck]

Alternatively, find a trusted friend with a DBS USD checking account. Transfer the funds to his account over the counter, then have him write you a cheque.

I charge an admin fee of a nice steak dinner for this service.

 

[kungfoo]

Other than US$, can other foreign currencies be transacted over the counter?

 

[stiwipl]

Other than US$, can other foreign currencies be transacted over the counter?

Withdrawals? Can, DBS free of charge. Over the counter you are not restricted to any limitations banks may have in their online banking systems, so you can do pretty much whatever you like. Just the fees might be higher in case of telegraphic transfers.

 

[kungfoo]

Withdrawals? Can, DBS free of charge. Over the counter you are not restricted to any limitations banks may have in their online banking systems, so you can do pretty much whatever you like. Just the fees might be higher in case of telegraphic transfers.

many thanks. meaning we can withdraw yen or euro at the counter? how about deposits? understand this can be done also?

 

[stiwipl]

many thanks. meaning we can withdraw yen or euro at the counter? how about deposits? understand this can be done also?

Yes, not sure about YEN deposits/withdrawals as I have no experience, but EUR for sure at DBS free of charge for Multi-Currency Account.

 

[lcpteck]

This account only deals with 13 currencies as listed on it's website.

There is no admin charge/fee for depositing/withdrawing of those said currencies. I use this account to safe keep my surplus FCY between travels.

 

[dreant]

many thanks. meaning we can withdraw yen or euro at the counter? how about deposits? understand this can be done also?

Yes, you can deposit/withdraw almost any currency notes, with the exception of RMB - last I checked, they did not accept RMB notes deposits/withdrawals.

However, I didn't find it very useful.

a) It takes 2-4 hours to withdraw FCY funds deposited (and subject to availability); it does help if you call ahead to 'reserve' the notes.
b) The 'interest' rate is negligible - because deposits/withdrawals are notes only (no coins), any interest earned will have to be withdrawn in SGD; you're looking at a couple of cents per year, unless you're parking a couple of thousand of dollars there.
c) There is no cross currency rates. Eg: If you want to convert USD to JPY, they first change it to SGD (at TT buy), then to JPY (at TT sell). Effectively, you're hit by the FX spread twice.
d) The bank's TT buy/sell rates are nowhere as competitive as your neighborhood money changer. You're usually better off withdrawing SGD, and going to a money changer for your FCY instead; or selling your remainder FCY notes if you don't need it anymore for SGD.

I keep my spare FCY in a shoebox in between travels instead.

I feel this account is only useful if you regularly receive foreign currency notes, and want to put it into the banking system (by TT'ing it somewhere else after depositing...).

 

[stiwipl]

Pretty much agree with all what @Dreant wrote. Just to add: there is actually no interest rate at all if you keep EUR currency on DBS MCA. Although TT buy/sell is not competitive, DBS has one of the best if not the best FX rates on the market. I think only Bank of China has slightly better FX rates.

 

[dreant]

Just to add: there is actually no interest rate at all if you keep EUR currency on DBS MCA.

It isn't just EUR. As indicated in the link above, interest rates for CAD, HKD, JPY, NOK, SEK, and THB are 0% too.

 

[only_lonely]

Where to get the latest rate for eur? The buy or sell tt rate at dbs website?

 

[stiwipl]

Where to get the latest rate for eur? The buy or sell tt rate at dbs website?

http://www.dbs.com.sg/personal/rates-online/foreign-currency-foreign-exchange.page

 

[Владимир]

This MCA can be link to fx trading account right? Anyone?

 

[sathz666]

hi. is it a smart thing to do to open this account to deposit AUD in it. accumulate overtime..and transfer to my Australian bank account? I am going to Australia end 2016. change at money changer and bank in account.... any advise?

 

[Shiny Things]

hi. is it a smart thing to do to open this account to deposit AUD in it. accumulate overtime..and transfer to my Australian bank account? I am going to Australia end 2016. change at money changer and bank in account.... any advise?

Ehh, not really. DBS's MCA isn't a great vehicle for holding money for the long term.

If you're just going on holiday and need a few hundred dollars or whatever, then you really don't need to bother changing it (just use your credit card, it's a lot safer than carrying thousands of dollars of cash). If you're going there for college or work, I'd probably be inclined to talk to ANZ instead; they'll be able to help you open up an Australian bank account.

 

[lingua101]

Can someone confirm, how much I need to put in USD account before I can start seeing monthly interest?

 

[dreant]

Can someone confirm, how much I need to put in USD account before I can start seeing monthly interest?

USD in the DBS Multi-Currency account?

DBS MCA currencies and interest rates
US Dollar (USD)
0.030% First USD10,000
0.030% Next USD90,000
0.030% Next USD250,000
0.050% Next USD650,000
0.100% Remaining balance >USD1m

 

[Shurikenger]

Below is qouted by DBS bank regarding overseas cheque deposit:
Will I be charged for depositing a foreign currency cheque?

Type of Currency

Cheque(s) Deposited on :

USD cheques cleared via
Singapore USD Cheque
Clearing System

Free

Other Currencies (non-SGD) and USD (non- local clearing)

1/8% (min. S$10, max. S$100)
per cheque





Can someone please explain what does USD local and non-clearing means?
I have a USD check sent by mail/letter from US , and i am wondering what are the charges charged by DBS bank.

Thanks soooo much in advance !

 

[Slideryuri]

I have open a eMCA account online using DBS iBanking. So far so good, the spread comes in by the FX conversation rates released by DBS.