Question on oversea transfer

[foxer77]

If I were to wire a usd amount to be bank into a local bank which had no multi currency .
Would it go thorough and credit to my saving account?

And how would the conversion rate goes ?

 

[tutonic]

It would be at the bank's rate, after any processing fee. You're almost always better off using a transfer service like Transferwise instead (if you don't have a MCA).

 

[iamnotlame]

If I were to wire a usd amount to be bank into a local bank which had no multi currency .
Would it go thorough and credit to my saving account?

And how would the conversion rate goes ?

Yes, it will go through. The FX rate is based on the local bank's USD buying rate. Based on experience, POSB/DBS will charge SGD10 for effecting the transfer to SGD savings account.

 

[foxer77]

Thanks guys for the advice ......

 

[artluo100]

TransferWise is great. I recommend it vs using your banks remittance. There’s no transfer fees on the receiving account, as well.

 

[oceanicmanta]

looking to sign up TransferWise ... pls PM code .. TIA

 

[james9195]

looking to sign up TransferWise ... pls PM code .. TIA

PM sent...