When doing a USD transfer out, is the USD taken from the usd cash account or sgd cash account? Is there any charges for transferring out non-sgd currency?
Thanks in advance.
It is up to you to specify which currency you want to use for the transfer.
They also offer cash conversion services, so you can convert any of your SGD ( or HKD, GBP ...etc) balances to USD, before transferring it out.
There are no fees charged for transfers, from the outgoing FSM side.
However, your other bank might charge fees for incoming funds.
I use a Bank Account which has free incoming transfers, so I don't incur any charges for both legs.
However, as the saying goes, there is no such thing as a free lunch.
The "fees" charged by FSM would be via the currency conversion exhange rates used.
The exchange rates are quite competitive, I recently used their currency conversion services, compared with Oanada direct Interbank rates, there is a difference of roughly about 0.5% above interbank rates.
You can treat the 0.5% as the "fees" to be paid.