SCB USD high account

[foozgarden]

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.

how do u open the anz usd acct? in sgp?

also how do fund in the anz usd acct? in cash?

 

[foozgarden]

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.

is there any charges for tx the usd bewteen anz and scb?

 

[dreant]

A quick view of the website, it seems it wants to try to compete with DBS's MCA account with debit card, which allows you to spend FX with no fees.

The downside is that it appears international USD spending on SCB's debit card attracts a 0.8% fee
¹ MasterCard transactions incurred with merchants based outside of Singapore are subject to a charge of 0.80% of the transaction as imposed by MasterCard International on us..

DBS doesn't have such a fee, so if USD spending is your main objective, at first glance, the DBS card might be better; but SCB's site says there is a 2% cashback on debit card spending. If so, it could effectively mean you get a 1.2% 'discount' with SCB instead.

The upside of SCB's account, is it seems to allow you to deposit USD currency with no charge; so if you've stacks of USD with you, it becomes a good way to push it all into the banking system. I would think once it's inside, you're free to move it around (via TT, or with a separate USD checking account). This account doesn't appear to provide any fee-free way to get your money back out as hard USD currency however.

Interesting account. DBS's MCA debit card has 2 essential features which I think is important:
a) You can change the debit card limit anytime online (from $0 to prevent all spending, to SGD5000; or no upper limit if you do it by phone)
b) You can set a the debit card SMS alert from as low as SGD1.

Would be good if SCB had similar features.

 

[Panerex]

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

Hope someone will know the answer. I got differing answers from CSO

 

[yaucs]

How to open this account? Need to go branch or can do online?

 

[foozgarden]

A quick view of the website, it seems it wants to try to compete with DBS's MCA account with debit card, which allows you to spend FX with no fees.

The downside is that it appears international USD spending on SCB's debit card attracts a 0.8% fee
¹ MasterCard transactions incurred with merchants based outside of Singapore are subject to a charge of 0.80% of the transaction as imposed by MasterCard International on us..

DBS doesn't have such a fee, so if USD spending is your main objective, at first glance, the DBS card might be better; but SCB's site says there is a 2% cashback on debit card spending. If so, it could effectively mean you get a 1.2% 'discount' with SCB instead.

The upside of SCB's account, is it seems to allow you to deposit USD currency with no charge; so if you've stacks of USD with you, it becomes a good way to push it all into the banking system. I would think once it's inside, you're free to move it around (via TT, or with a separate USD checking account). This account doesn't appear to provide any fee-free way to get your money back out as hard USD currency however.

Interesting account. DBS's MCA debit card has 2 essential features which I think is important:
a) You can change the debit card limit anytime online (from $0 to prevent all spending, to SGD5000; or no upper limit if you do it by phone)
b) You can set a the debit card SMS alert from as low as SGD1.

Would be good if SCB had similar features.

the last time (few years ago) there was a X% charge on the cash deposit of USD.
if its free handling, then it is definitely a good way to fund in the USD account..
the main objective is to spend it in USD, since most purchases on overseas website ie amazon etc , better to use this than paypal. which gives really shiity fx rates.

i think its ok to leave it in there to earn the interest from the usd acct.

 

[foozgarden]

Commission Waiver

We waive our 1.5% commission when you make deposits in USD.

 

[bin8lee]

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,

both can be done. but exchange rate may not very good.

 

[flikmy]

how do u open the anz usd acct? in sgp?

also how do fund in the anz usd acct? in cash?

is there any charges for tx the usd bewteen anz and scb?

You can go to the ANZ singapore branch to do this.
However, to note, ANZ retail has now been acquired by DBS.

I did promo (free) with the account for for funding it and the local USD transfer. Not sure what is available now.

 

[foozgarden]

Commission Waiver

We waive our 1.5% commission when you make deposits in USD.

just opned this acct tdy.
no charge for OTC USD cash deposit. withdrawal , yes
can tx to SCB US securites acct to buy thru their platform. no charge

interest is only 0.X%, not worth to talk about it. but thats not the pt for opening this account.

good if you have USD and duno what to do with it.

 

[limster]

just opned this acct tdy.
no charge for OTC USD cash deposit. withdrawal , yes
can tx to SCB US securites acct to buy thru their platform. no charge

interest is only 0.X%, not worth to talk about it. but thats not the pt for opening this account.

good if you have USD and duno what to do with it.

thanks for the confirmation that OTC USD deposit no charges.

Next question, any lobang for money changer with better exchange rate than SCB?

With High Account, SCB for US$ investments is a very valid alternative After my IB portfolio reaches a certain amount, I will start spreading my foreign stock investments between IB and SCB to avoid putting everything into 1 broker.

 

[foozgarden]

arcade lo.. physical tx.
but have to change a few Ks to make the trip worthwhile.
the internal scb fx rate is pathetic. so many pips difference

 

[foozgarden]

thanks for the confirmation that OTC USD deposit no charges.

Next question, any lobang for money changer with better exchange rate than SCB?

With High Account, SCB for US$ investments is a very valid alternative After my IB portfolio reaches a certain amount, I will start spreading my foreign stock investments between IB and SCB to avoid putting everything into 1 broker.

i read someone comments that can use IB rates then TT to own USD acct,
but i think too many hoops to jump.

 

[doody_]

Isn't this account for Priority Banking customers only?

 

[o2atom]

When I checked with the counter staff at SCB, she mentioned that the "commission waiver" is only applicable one time per month per account.

I forgot to check if there is a max. limit.

 

[bin8lee]

Isn't this account for Priority Banking customers only?

ya, Priority Banking

 

[foozgarden]

When I checked with the counter staff at SCB, she mentioned that the "commission waiver" is only applicable one time per month per account.

I forgot to check if there is a max. limit.

good nuff la.
just accum your deposit once a mth is ok. free service, must be resonavble

 

[sgdividends]

Deposit is waived but what about the cost of withdrawal in USD?

I can only see value if one uses the MasterCard to spend on the sum inside, but the unknown fees like cross border fees , Etc needs to be checked out.

 

[jane_neo2004]

Which bank offers the best USD FD rate ?

 

[foozgarden]

Deposit is waived but what about the cost of withdrawal in USD?

I can only see value if one uses the MasterCard to spend on the sum inside, but the unknown fees like cross border fees , Etc needs to be checked out.

withdrawal is charged. 1.X%.
only deposit is free

if u plan to visit USA. this card is good. if non-usa, then your sgd cc is better.

Which bank offers the best USD FD rate ?

all differ by only a few pips. and they have min sum.
if looking for USD FD, dont waste your time.