SCB USD high account

[dreant]

Which bank offers the best USD FD rate ?

They're all pretty bad, but CIMB probably has the best rates currently. (1.61% for 1y, min USD20k).

Moving USD between banks locally however will cost you, unless you already have a USD current account with them.

 

[jane_neo2004]

They're all pretty bad, but CIMB probably has the best rates currently. (1.61% for 1y, min USD20k).

Moving USD between banks locally however will cost you, unless you already have a USD current account with them.

1.61% not bad, sgd FD also about there. More than 100k should be worth it. No choice uf dont want to convert to SGD yet.

 

[limster]

I went to see how much savings by going to money changer to get US$ and depositing cash into SCB account

IB: 1.385
Moneychanger: 1.39
SCB own rate: 1.394

So each US$1,000 I change using money changer and deposit the cash, I save $4. Maybe I'm not going to the right moneychanger but I have to factor in transport cost to go to the 'best' moneychanger vs the nearest one.

 

[foozgarden]

usu the best is arcade. from my expereince.
but unless you have at least 5 digit worth of FCY to change. the trip is not worth it.

 

[sgdividends]

USD high account ( below are all scb changes only)

TT out ( priority and non priority have different charges as per CSO, below are for priority)
Handling fee - 0.0312% ( min 5 - max 17 USD)
Commission in lieu - 0.0625 % ( min 5 - max $250 USD)
If intermediary bank charges are borne by sender, additional charge of $50 SGD equivalent
If intermediary bank charges borned by recipient, no additional charge of $50 SGD equivalent

TT in
10 SGD equivalent

Deposit (USD, OTC)
free

Withdraw (USD,OTC)
1.5% min 5 usd

 

[sgdividends]

How much does IB charge if TT from SCB high account into IB in USD?

 

[sgdividends]

I went to see how much savings by going to money changer to get US$ and depositing cash into SCB account

IB: 1.385
Moneychanger: 1.39
SCB own rate: 1.394

So each US$1,000 I change using money changer and deposit the cash, I save $4. Maybe I'm not going to the right moneychanger but I have to factor in transport cost to go to the 'best' moneychanger vs the nearest one.

Actually, this account is quite useful.

Limster is right.

Money changer 1.3855
SCB own rate : 1.391790

Every SGD$1000 , save only about $3.5, about the same as Limster said.

Could use this account to invest USD shares in online banking as comm is 0.18% (no min, priority)...IB exchange rates are better but there is a min comm of USD$5 for fixed rate pricing and the pesky $10 per month inactivity.

For the commoners who dont trade frequently, SCB online could be the way with this account.

Definitely much more simpler than IB too....

 

[foozgarden]

Actually, this account is quite useful.

Limster is right.

Money changer 1.3855
SCB own rate : 1.391790

Every SGD$1000 , save only about $3.5, about the same as Limster said.

Could use this account to invest USD shares in online banking as comm is 0.18% (no min, priority)...IB exchange rates are better but there is a min comm of USD$5 for fixed rate pricing and the pesky $10 per month inactivity.

For the commoners who dont trade frequently, SCB online could be the way with this account.

Definitely much more simpler than IB too....

which money changer is this?

for me, this acct is useful too. but may not be for others. it depends on what u use this for. if to earn interest aka FD-style, then no use.
but if for trading, it is...

for trading, its hassle free and with no min fee, u dont feel compelled to buy more to hit the min comm to make wuhua.

 

[sebastgt]

USD high account ( below are all scb changes only)

TT out ( priority and non priority have different charges as per CSO, below are for priority)
Handling fee - 0.0312% ( min 5 - max 17 USD)
Commission in lieu - 0.0625 % ( min 5 - max $250 USD)
If intermediary bank charges are borne by sender, additional charge of $50 SGD equivalent
If intermediary bank charges borned by recipient, no additional charge of $50 SGD equivalent

TT in
10 SGD equivalent

Deposit (USD, OTC)
free

Withdraw (USD,OTC)
1.5% min 5 usd

I made some usd cash withdrawal and was charged 1.5%. I got the 1.5% charge waived by rm, bank teller told me it can be waived

 

[limster]

Apart from using it for online trading, there is also the US$ debit card.

if I use the SCB debit mastercard, the exchange rate is definitely better than credit card even if there is a 0.5% transaction charge. I recall that credit card forex premium is 5%+++

 

[sebastgt]

Apart from using it for online trading, there is also the US$ debit card.

if I use the SCB debit mastercard, the exchange rate is definitely better than credit card even if there is a 0.5% transaction charge. I recall that credit card forex premium is 5%+++

Another benefit u didn't mention:
Earn More CashBack. 2% CashBack on all MasterCard debit card transactions.

 

[sgdividends]

which money changer is this?

for me, this acct is useful too. but may not be for others. it depends on what u use this for. if to earn interest aka FD-style, then no use.
but if for trading, it is...

for trading, its hassle free and with no min fee, u dont feel compelled to buy more to hit the min comm to make wuhua.

Yup for investing AND to buy USD priced products.

Only charged 0.8% cross border fee...No 3.5% fee unlike other SGD denominated scb CC

 

[sebastgt]

I have a few tens of thousands usd in my Uob account resulting from currency pair trade. I am wondering what are the charges Uob and SCB will charge if i TT the money to SCB. Anybody has any experience or advice?

 

[Jazzbie]

Just to confirm that this account can only open in branch and not online right?

And I guess if we withdraw from Priority Banking status, this account would be closed as well? Wonder what will happen to the USD in it if that happens.

 

[foozgarden]

I made some usd cash withdrawal and was charged 1.5%. I got the 1.5% charge waived by rm, bank teller told me it can be waived

this is good to know!
dont mind me asking, how much did they waived?

Yup for investing AND to buy USD priced products.

Only charged 0.8% cross border fee...No 3.5% fee unlike other SGD denominated scb CC

Another benefit u didn't mention:
Earn More CashBack. 2% CashBack on all MasterCard debit card transactions.

i got the debit card too, but never actually used it yet.
using it to buy USD priced items ie on amazon is straightfwd. USD deducted.

but say, if u buy in other FCY... what are the other charges? is it only 0.8%
coz if there is also the 2% **, then the net ** is still 1.2% which is decent

 

[w1rbelw1nd]

How sure are you that the rates below are executed on the same timing? Taking into consideration that you might be changing at the day's most expensive usdsgd rate for IB, and the lowest rate of e day for scb, would this be a good comparison?

Do you happen to have a comparison where there is perhaps 10 instances (or >30, that's what the math teachers would like for sample size) to more accurately ascertain the fx loss on scb? Or perhaps the rest can share their experiences and we pool our figures together?

I went to see how much savings by going to money changer to get US$ and depositing cash into SCB account

IB: 1.385
Moneychanger: 1.39
SCB own rate: 1.394

So each US$1,000 I change using money changer and deposit the cash, I save $4. Maybe I'm not going to the right moneychanger but I have to factor in transport cost to go to the 'best' moneychanger vs the nearest one.

 

[sgdividends]

How sure are you that the rates below are executed on the same timing? Taking into consideration that you might be changing at the day's most expensive usdsgd rate for IB, and the lowest rate of e day for scb, would this be a good comparison?

Do you happen to have a comparison where there is perhaps 10 instances (or >30, that's what the math teachers would like for sample size) to more accurately ascertain the fx loss on scb? Or perhaps the rest can share their experiences and we pool our figures together?

I used the 4X app ( compares money changers in Singapore ) and the indicative exchange rate when I tried to fund my USD settlement scb account with my scb SGD esaver .

About the same as limster like what I posted

 

[sgdividends]

but say, if u buy in other FCY... what are the other charges? is it only 0.8%
coz if there is also the 2% **, then the net ** is still 1.2% which is decent

I guess it's 3.5%. this includes the 0.8% already.

I asked CSO before

 

[sebastgt]

this is good to know!
dont mind me asking, how much did they waived ?

About 15 usd

 

[sgdividends]

About 15 usd

That's good to hear but this is an exception because no black or white .

Was your RM beside u when u withdrew or was this automatic , maybe it's meant as a surprise marketing thingy that leads one to believe they have a very high service level. ( Actually if like that damn power customer satisfaction )

Do u give your RM a lot of business or are u private and not priority status?

For me, my RM damn Sian of me and when I opened the USD high account , he called a junior RM to serve me.


Anyway, on average I found that the exchange rate is about 0.28% more expensive that the average money changer if u change one way .