SCB USD high account

[achtung7]

My RM just reimburse the charges after a few days.. actually most bank RM shud be able to waive such fees..

Sent from Htc NEXUS 9 using GAGT

 

[sgdividends]

My RM just reimburse the charges after a few days.. actually most bank RM shud be able to waive such fees..

Sent from Htc NEXUS 9 using GAGT

Did u ask ?

My RM hates me because I always don't buy.

 

[doody_]

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 am willing to contribute data for the USD exchange rate for SCB. Anyone can contribute IB USD exchange rate?

Last time I checked, also realised the "hype" over better USD exchange rate at IB is just that, hype. The extra spread charged by SCB is only a couple of dollars per $1000.

 

[sgdividends]

I am willing to contribute data for the USD exchange rate for SCB. Anyone can contribute IB USD exchange rate?

Last time I checked, also realised the "hype" over better USD exchange rate at IB is just that, hype. The extra spread charged by SCB is only a couple of dollars per $1000.

Thanks for pitching in...I also realise unless one changes a lot.

I'm wondering what to do with the money inside other while waiting for opportunity.

Can we buy treasury bills with scb online ? I'm thinking about BBC idea for its use as a kind of fixed deposit

 

[foozgarden]

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 .

thats 2.80 for every 1000 changed.
abt the cost of the train ride to and fro.

yea, opening this account is value add svc from RM. they dont gain comms from doing this. your RM pull rank, jiak the newbie, do sai kang.

I am willing to contribute data for the USD exchange rate for SCB. Anyone can contribute IB USD exchange rate?

Last time I checked, also realised the "hype" over better USD exchange rate at IB is just that, hype. The extra spread charged by SCB is only a couple of dollars per $1000.

if we can get both rates will be good...
i read alot on the hype of IB too. but i am not IB client. so i cant say for sure if the latter is better..

 

[foozgarden]

Thanks for pitching in...I also realise unless one changes a lot.

I'm wondering what to do with the money inside other while waiting for opportunity.

Can we buy treasury bills with scb online ? I'm thinking about BBC idea for its use as a kind of fixed deposit

can one buy T-bills via SCB?
whats their i/r now. .

i was thinking to DCA into IWDA/VWDA.

 

[sgdividends]

can one buy T-bills via SCB?
whats their i/r now. .

i was thinking to DCA into IWDA/VWDA.

I'm a noob at this too . Seems like 6 month yield is about 1.06%.

https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

Buy 0.20% and sell 0.20% total 0.4% comm.

Net yield 0.606% pa for 6months.

Hmm maybe no point..

Btw vrwd = Vrwl in scb right ?
How about iwda code in scb?

 

[doody_]

thats 2.80 for every 1000 changed.
abt the cost of the train ride to and fro.

yea, opening this account is value add svc from RM. they dont gain comms from doing this. your RM pull rank, jiak the newbie, do sai kang.





if we can get both rates will be good...
i read alot on the hype of IB too. but i am not IB client. so i cant say for sure if the latter is better..

I only checked the exchange rate between IB and SCB once, SCB was 0.5% more ex. Someone mentioned might not be accurate, that's why thought of relooking into the FX rates between IB and SCB.

 

[Panerex]

If I transfer usd from my SCB USD trading account to this USD High Yield account, I suppose there will be no admin fees levied right?

Also, does it mean SCB will auto send me the Debit Card after account opening?

 

[foozgarden]

I'm a noob at this too . Seems like 6 month yield is about 1.06%.

https://www.treasury.gov/resource-c...interest-rates/Pages/TextView.aspx?data=yield

Buy 0.20% and sell 0.20% total 0.4% comm.

Net yield 0.606% pa for 6months.

Hmm maybe no point..

Btw vrwd = Vrwl in scb right ?
How about iwda code in scb?

not sure ... i havent tried yet.
maybe can use the ticker code search on the field beside


act 0.6% is ok .. still better than the i/r in the acct itself.
just not sure how to buy thru scb though

 

[foozgarden]

If I transfer usd from my SCB USD trading account to this USD High Yield account, I suppose there will be no admin fees levied right?

Also, does it mean SCB will auto send me the Debit Card after account opening?

no.

yes.

tenchar

 

[wa1ker]

If I TT the USD out from this HighAccount to another local bank. Will there be TT charges by SCB?

 

[sgdividends]

If I TT the USD out from this HighAccount to another local bank. Will there be TT charges by SCB?

Yes. At least1.5% plus some others

 

[cybercom8]

If I TT the USD out from this HighAccount to another local bank. Will there be TT charges by SCB?

best is to issue cheque

 

[sgdividends]

best is to issue cheque

Still will have at least 1.5% charge at least. No matter what one does to withdraw in USD, this minimum 1.5% charge exists

 

[dreant]

Still will have at least 1.5% charge at least. No matter what one does to withdraw in USD, this minimum 1.5% charge exists

Except HSBC, all other banks will clear local USD cheques with no additional charges.

(wa1ker wanted to know about moving the USD from one bank, to another; he wasn't asking about withdrawing in USD).

 

[pnclim]

thats 2.80 for every 1000 changed.
abt the cost of the train ride to and fro.

yea, opening this account is value add svc from RM. they dont gain comms from doing this. your RM pull rank, jiak the newbie, do sai kang.

if we can get both rates will be good...
i read alot on the hype of IB too. but i am not IB client. so i cant say for sure if the latter is better..

I am curious why there is a question about IB "conversion" rate to any currency. Are we talking about the same IB = Interactive Brokerage here? I am an IB client (brokerage account). The way I understand it IB "conversion" is done as a forex trade ... Meaning there is zero spread. When I want to "convert" USD to SGD I just sell certain amount of USD.SGD (just like I would do if I want to buy/sell a US listed stock). When the sale is done I ended up with some balance of SGD in my IB account. I get charged a USD 2.00 commission for doing that forex trade. After that when I want to move that SGD to my bank account in Singapore I just give IB a withdrawal instruction ... Completely no charge for first withdrawal in any month; SGD 15 (if I withdraw SGD) for any additional withdrawal after that.

So I do not see any other bank/institute which can compete against the rate unless you are talking about dual currency pairing scheme from some banks (which is like a future contract) ... But in this you do not have control over exactly when and at what price point you are converting.

I understand that the Forex rate is essentially what another buyer/seller is willing to transact with you at the time of the trade (much like if you want to sell a stock and another buyer agree to buy from you at certain price) with no spread charged by IB.

e.g. Right now the Currency Convert app on my mobile phone says USD 1 = SGD 1.3603. The USD.SGD rate on IB = 1.36120 (the same whether you buy or sell USD).

Am I getting something wrong? If so please enlighten me.

 

[limster]

I am curious why there is a question about IB "conversion" rate to any currency. Are we talking about the same IB = Interactive Brokerage here? I am an IB client (brokerage account). The way I understand it IB "conversion" is done as a forex trade ... Meaning there is zero spread. When I want to "convert" USD to SGD I just sell certain amount of USD.SGD (just like I would do if I want to buy/sell a US listed stock). When the sale is done I ended up with some balance of SGD in my IB account. I get charged a USD 2.00 commission for doing that forex trade. After that when I want to move that SGD to my bank account in Singapore I just give IB a withdrawal instruction ... Completely no charge for first withdrawal in any month; SGD 15 (if I withdraw SGD) for any additional withdrawal after that.

So I do not see any other bank/institute which can compete against the rate unless you are talking about dual currency pairing scheme from some banks (which is like a future contract) ... But in this you do not have control over exactly when and at what price point you are converting.

I understand that the Forex rate is essentially what another buyer/seller is willing to transact with you at the time of the trade (much like if you want to sell a stock and another buyer agree to buy from you at certain price) with no spread charged by IB.

e.g. Right now the Currency Convert app on my mobile phone says USD 1 = SGD 1.3603. The USD.SGD rate on IB = 1.36120 (the same whether you buy or sell USD).

Am I getting something wrong? If so please enlighten me.

I am using both IB and SCB. Both have their uses.

(1) minimal spread is not the same as zero spread.
(2) Activity fee for IB matters to those with less than us$100k.
(3) Can use SCB US$ debit card to make purchases in amazon, ebay, paypal, etc. Cheaper than using S$ credit card and US$->S$ spread of credit card company.
(4) Apparently, while not listed on website, if you ask your RM nicely, you can get US$ chequebook free of charge.
(5) US$ assets in SCB count towards the S$200k AUM needed to get priority banking and no minimum commission for SGX trades.

 

[foozgarden]

Except HSBC, all other banks will clear local USD cheques with no additional charges.

(wa1ker wanted to know about moving the USD from one bank, to another; he wasn't asking about withdrawing in USD).

u mean, if i want to move my USD from DBS to USD to SCB , vice versa, there is no charge? if i use cheq?

TT for sure will kenahandling charge

 

[revhappy]

I am curious why there is a question about IB "conversion" rate to any currency. Are we talking about the same IB = Interactive Brokerage here? I am an IB client (brokerage account). The way I understand it IB "conversion" is done as a forex trade ... Meaning there is zero spread. When I want to "convert" USD to SGD I just sell certain amount of USD.SGD (just like I would do if I want to buy/sell a US listed stock). When the sale is done I ended up with some balance of SGD in my IB account. I get charged a USD 2.00 commission for doing that forex trade. After that when I want to move that SGD to my bank account in Singapore I just give IB a withdrawal instruction ... Completely no charge for first withdrawal in any month; SGD 15 (if I withdraw SGD) for any additional withdrawal after that.

So I do not see any other bank/institute which can compete against the rate unless you are talking about dual currency pairing scheme from some banks (which is like a future contract) ... But in this you do not have control over exactly when and at what price point you are converting.

I understand that the Forex rate is essentially what another buyer/seller is willing to transact with you at the time of the trade (much like if you want to sell a stock and another buyer agree to buy from you at certain price) with no spread charged by IB.

e.g. Right now the Currency Convert app on my mobile phone says USD 1 = SGD 1.3603. The USD.SGD rate on IB = 1.36120 (the same whether you buy or sell USD).

Am I getting something wrong? If so please enlighten me.

SC is useful only if you die die want to buy SG stocks and/or keep their assets domiciled in SG, all other reasons are BS, period!

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