SCB USD high account

[foozgarden]

does anyone have the above SCB USD high account?

https://www.sc.com/sg/save/current-accounts/usd-high-account/
their website is quite vague, dont seem to have too much info

what is the base interest rate?

is there any cost of depositing cash over the counter in USD?

there seems to be mention of a USD credit card. does this mean, you can buy from US websites and pay in USD?

 

[achtung7]

It's a MAster DEbit card linked to the account.

They will waive the 1.5% commission for deposits.

 

[foozgarden]

debit is quite good as well.. since there is no transaction and FX cost.

wow, sounds v good. if they waive the otc cost.

 

[limster]

If you are using SCB to buy US$ ETF /shares that declare US$ dividends, this is a problem as converting US$ to S$ you get hit by 3% spread.

With this Debit card, you can use the US$ Debit card to make purchases on amazon/ebay which is win-win, because credit cards charge like 5%+ for US$ purchases.

 

[wealth_farmer]

It's not a good idea to use debit cards for online or overseas purchases though. With a credit card, you have better fraud protection and can dispute charges. With a debit card, once the money is out of your bank account, that's pretty much it. Imho, the savings is not worth the risk but ymmv.

 

[limster]

It's not a good idea to use debit cards for online or overseas purchases though. With a credit card, you have better fraud protection and can dispute charges. With a debit card, once the money is out of your bank account, that's pretty much it. Imho, the savings is not worth the risk but ymmv.

In the world got many risks, you got to relax. lol.

I am currently using a UK Visa Debit for GBP related transactions for many years without problems. I have 2 UK bank accounts and just keep the minimum amount in the one linked to the Debit card.

If I were to use a US$ debit card, I would put in just enough money for my actual Amazon order only. Probably just a few hundred dollars.

Furthermore, I've been ordering from Amazon (not amazon sellers, amazon direct) and Ebay/Paypal for many years without problems. When I have raised disputes with Paypal, Paypal has always resolved it to my satisfaction. As for Amazon, the moment I say the order didn't arrive, they just send me a new order.

Anyway if you are super cautious, can you link a US$/ GBP debit to Paypal to give you an extra layer of protection? (Paypal buyer resolution is superb).

 

[TravellingMcDs]

What is the % Interest they are paying out on this? I'm looking to park some USD, but not lock it in.

 

[foozgarden]

If you are using SCB to buy US$ ETF /shares that declare US$ dividends, this is a problem as converting US$ to S$ you get hit by 3% spread.

With this Debit card, you can use the US$ Debit card to make purchases on amazon/ebay which is win-win, because credit cards charge like 5%+ for US$ purchases.

not really looking to convert it back to SGD.
as it will used as a separate acct to hold USD for purchases.
got dividends is even better.
on a side note, can you tx this USD in the high acct to the SCB USD pocket in the trading platform?

also, have you tried to deposit USD cash over the counter?
DBS used to be free, but now charge a X%. so llooking for another bank which can do so.

 

[limster]

not really looking to convert it back to SGD.
as it will used as a separate acct to hold USD for purchases.
got dividends is even better.
on a side note, can you tx this USD in the high acct to the SCB USD pocket in the trading platform?

also, have you tried to deposit USD cash over the counter?
DBS used to be free, but now charge a X%. so llooking for another bank which can do so.

sorry don't know the charges for depositing physical US$ in branch.

 

[foozgarden]

In the world got many risks, you got to relax. lol.

I am currently using a UK Visa Debit for GBP related transactions for many years without problems. I have 2 UK bank accounts and just keep the minimum amount in the one linked to the Debit card.

If I were to use a US$ debit card, I would put in just enough money for my actual Amazon order only. Probably just a few hundred dollars.

Furthermore, I've been ordering from Amazon (not amazon sellers, amazon direct) and Ebay/Paypal for many years without problems. When I have raised disputes with Paypal, Paypal has always resolved it to my satisfaction. As for Amazon, the moment I say the order didn't arrive, they just send me a new order.

Anyway if you are super cautious, can you link a US$/ GBP debit to Paypal to give you an extra layer of protection? (Paypal buyer resolution is superb).

i agree. even cc has it own risks

 

[flikmy]

not really looking to convert it back to SGD.
as it will used as a separate acct to hold USD for purchases.
got dividends is even better.
on a side note, can you tx this USD in the high acct to the SCB USD pocket in the trading platform?

also, have you tried to deposit USD cash over the counter?
DBS used to be free, but now charge a X%. so llooking for another bank which can do so.

The account doesn't seem like it would block transferring the USD into a USD stock settlement account. I use a similar account on SCB (USD esaver) and transfer the USD in that account to the settlement account.

However, though the webpage says it pays interest, there's nothing mentioning the interest rate. To note, USD libor rates are now higher than SGD SIBOR/SOR. CIMB for example gives a 6m fixed deposit at 1.48%.
https://www.cimbbank.com.sg/en/pers...foreign-currency-fixed-deposit-promotion.html

 

[Witwit84]

The account doesn't seem like it would block transferring the USD into a USD stock settlement account. I use a similar account on SCB (USD esaver) and transfer the USD in that account to the settlement account.

However, though the webpage says it pays interest, there's nothing mentioning the interest rate. To note, USD libor rates are now higher than SGD SIBOR/SOR. CIMB for example gives a 6m fixed deposit at 1.48%.
https://www.cimbbank.com.sg/en/pers...foreign-currency-fixed-deposit-promotion.html

How to apply for a USD eSaver account with SCB? Don't see this on their website..

 

[bin8lee]

The account doesn't seem like it would block transferring the USD into a USD stock settlement account. I use a similar account on SCB (USD esaver) and transfer the USD in that account to the settlement account.

However, though the webpage says it pays interest, there's nothing mentioning the interest rate. To note, USD libor rates are now higher than SGD SIBOR/SOR. CIMB for example gives a 6m fixed deposit at 1.48%.
https://www.cimbbank.com.sg/en/pers...foreign-currency-fixed-deposit-promotion.html

But USD esaver only got 0.03%.

 

[foozgarden]

The account doesn't seem like it would block transferring the USD into a USD stock settlement account. I use a similar account on SCB (USD esaver) and transfer the USD in that account to the settlement account.

However, though the webpage says it pays interest, there's nothing mentioning the interest rate. To note, USD libor rates are now higher than SGD SIBOR/SOR. CIMB for example gives a 6m fixed deposit at 1.48%.
https://www.cimbbank.com.sg/en/pers...foreign-currency-fixed-deposit-promotion.html

do you fund in yourUSD account in cash or use the internal SCB shitty FX rates?

 

[seatore]

does anyone have the above SCB USD high account?

https://www.sc.com/sg/save/current-accounts/usd-high-account/
their website is quite vague, dont seem to have too much info

what is the base interest rate?

is there any cost of depositing cash over the counter in USD?

there seems to be mention of a USD credit card. does this mean, you can buy from US websites and pay in USD?

For Standard Chartered Bank (Singapore) Limited Priority Banking Customer only?

 

[Panerex]

Would like to know if can transfer from SCB USD securities account into this debit account.

And from this debit account to SCB SGD esaver,

 

[cybercom8]

Would like to know if can transfer from SCB USD securities account into this debit account.

And from this debit account to SCB SGD esaver,

first 1 for sure can...2nd one different currencies never try before

 

[sgdividends]

How about transferring US dollars from interactive brokers to this SCB USD account?

Anyone tried?

 

[flikmy]

do you fund in yourUSD account in cash or use the internal SCB shitty FX rates?

I transferred from my sg anz USD account to SCB's USD FCY savers.

Transferring from IB to this SCB account should work as well.

 

[kael1n83]

It's a MAster DEbit card linked to the account.

They will waive the 1.5% commission for deposits.

any idea if there are fees for cash withdrawals?