SCB USD high account

[SBC]

Got any better recommendation?
Say USD$2k to 5k each time.

Any other hidden cost?

 

[revhappy]

Got any better recommendation?
Say USD$2k to 5k each time.

Any other hidden cost?

What you plan to do with the USD in the esaver account? Moving it out will again cost you money.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[SBC]

I am using the USD for US trading.

As USD rate seems to be low now, I can buy some now.

 

[sgbird]

Hi All,

Just wanna know, after opening the SCB high account, if I want to convert to local SGD currency, which bank offer the best rate? DBS eMSA or BOC?

 

[sgbird]

Today went to SCB for high account. They stated the criteria of opening high account ---- must be priority account holder first (asset >= 200K SGD)

 

[bin8lee]

Today went to SCB for high account. They stated the criteria of opening high account ---- must be priority account holder first (asset >= 200K SGD)

yes, right

 

[Lasogette]

This account can bank in loose notes like $1 USD notes but I have a bunch of them around $200 USD?

 

[limster]

This account can bank in loose notes like $1 USD notes but I have a bunch of them around $200 USD?

according to the website the answer is yes. but my experience is that if you want to do something unusual, its better to ask your RM to assist, because if you encounter counter staff who are not aware, that may cause delays.

 

[assiak71]

Sorry to dig

If there is a incoming usd transfer from overseas, are there any fees/commission for this acc?

 

[sgdividends]

Sorry to dig

If there is a incoming usd transfer from overseas, are there any fees/commission for this acc?

Yes there is no way to escape fees for funds into and out of this account whether overseas or local or same beneciary ..my understanding

 

[limster]

overseas sure got charges. local US$ cheque, no charges.

 

[assiak71]

https://www.sc.com/sg/save/current-accounts/usd-high-account/
It says
We waive our 1.5% commission when you make deposits in USD.
Is that applicable for overseas?

For overseas incoming usd, what are the total charges anyone knows?

 

[dreant]

https://www.sc.com/sg/save/current-accounts/usd-high-account/
It says
We waive our 1.5% commission when you make deposits in USD.
Is that applicable for overseas?

For overseas incoming usd, what are the total charges anyone knows?

Incoming USD TT usually does not incur a % commission; but a fixed incoming TT fee instead.
According to this pricing guide, SCB charges SGD50 for incoming international telegraphic transfers.

The only banks I know that does not charge an incoming TT fee are Citi and CIMB; and the others that I use that does usually charge around SGD10-20 only.

 

[assiak71]

Incoming USD TT usually does not incur a % commission; but a fixed incoming TT fee instead.
According to this pricing guide, SCB charges SGD50 for incoming international telegraphic transfers.

The only banks I know that does not charge an incoming TT fee are Citi and CIMB; and the others that I use that does usually charge around SGD10-20 only.

For overseas incoming usd to eventually sgd. Whats the cheapest way

1. Dbs: $10 + ~0.7% fx spread?

2. Receive at cimb, write cheque to scb usd high acc, convert to sgd in scb: is it only ~0.4% fx spread?

Any other ways? Thanks

Seriously i hope some digital bank shakes up our local industry

 

[limster]

if got incoming US$, why change to S$, just buy IWDA instead?

 

[assiak71]

if got incoming US$, why change to S$, just buy IWDA instead?

Bro dont like that leh

Genuine qn

 

[dreant]

For overseas incoming usd to eventually sgd. Whats the cheapest way

1. Dbs: $10 + ~0.7% fx spread?

2. Receive at cimb, write cheque to scb usd high acc, convert to sgd in scb: is it only ~0.4% fx spread?

Any other ways? Thanks

Seriously i hope some digital bank shakes up our local industry

Do you already have a USD current account with CIMB? If you do not, you need to open one, and park USD1k there to avoid the fall below fee; which could make this effort to save SGD10 pretty futile.

The upside, if you do already have one, is CIMB offers the best USD FD deposit rates, and you are able to make placements as well as update the maturity instructions via their internet banking.

I believe DBS offers the best USD->SGD rates, so, if you really have to, receive incoming TT at CIMB, then write a cheque to your DBS MCA account and convert it when the rates are good.

 

[assiak71]

Do you already have a USD current account with CIMB? If you do not, you need to open one, and park USD1k there to avoid the fall below fee; which could make this effort to save SGD10 pretty futile.

The upside, if you do already have one, is CIMB offers the best USD FD deposit rates, and you are able to make placements as well as update the maturity instructions via their internet banking.

I believe DBS offers the best USD->SGD rates, so, if you really have to, receive incoming TT at CIMB, then write a cheque to your DBS MCA account and convert it when the rates are good.

Scb offers the best usd to sgd rate if im not wrong. Hence the original qn

Based on your reply, i suppose my option 2 is actually the cheapest? This is assuming there are no fees for the usd cheque from cimb to scb. Downside is need to keep 1k usd in cimb

 

[Hafi]

For overseas incoming usd to eventually sgd. Whats the cheapest way

1. Dbs: $10 + ~0.7% fx spread?

2. Receive at cimb, write cheque to scb usd high acc, convert to sgd in scb: is it only ~0.4% fx spread?

Any other ways? Thanks

Seriously i hope some digital bank shakes up our local industry

use Transferwise?

 

[Hafi]

Scb offers the best usd to sgd rate if im not wrong. Hence the original qn

Based on your reply, i suppose my option 2 is actually the cheapest? This is assuming there are no fees for the usd cheque from cimb to scb. Downside is need to keep 1k usd in cimb

if keeping 1k USD in CIMB is tough for you then I suggest don't even think of SCB USD High account.