SCB USD high account

[assiak71]

use Transferwise?

Not an option as not supported. Had thought of it

 

[assiak71]

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

Not a useful reply. Please try to address my original question instead if you are replying.

 

[Hafi]

Not a useful reply. Please try to address my original question instead if you are replying.

I meant the min balance and initial deposit for SCB High USD account is way way higher then CIMB.

You can try ICBC which incoming TT is always free and don't think need to keep min balance.

 

[bin8lee]

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?

think it's for cash deposit.

 

[assiak71]

I meant the min balance and initial deposit for SCB High USD account is way way higher then CIMB.

You can try ICBC which incoming TT is always free and don't think need to keep min balance.

Thanks for the icbc info.

What im trying to find out is, is there a cheaper option than dbs (~0.7% fx spread)

1. I read that scb usd fx spread is about 0.4%. Correct?

2. If so, what is the cheapest way to get usd to scb usd high? I gave the example of usd cheque from cimb. This should be considered local clearing and hence no fees right?

On icbc
3. What is its fx spread if convert usd to sgd in icbc? Their website uses rmb as the base currency. Does it mean need to swap twice, usd to rmb, rmb to sgd?

4. Does icbc have free usd chequebook?

 

[Hafi]

Thanks for the icbc info.

What im trying to find out is, is there a cheaper option than dbs (~0.7% fx spread)

1. I read that scb usd fx spread is about 0.4%. Correct?

2. If so, what is the cheapest way to get usd to scb usd high? I gave the example of usd cheque from cimb. This should be considered local clearing and hence no fees right?

On icbc
3. What is its fx spread if convert usd to sgd in icbc? Their website uses rmb as the base currency. Does it mean need to swap twice, usd to rmb, rmb to sgd?

4. Does icbc have free usd chequebook?

1. no idea, I do not keep track of FX rate.

2. yes local USD cheque clearing to another bank's USD account is free.

3. no, you can convert from USD to SGD right from their Internet Banking, they only have one type of multi-currency account. I do not keep track of FX rate, you can try asking their live chat. I don't think the 0.7% make a lot of difference unless you are talking about exchanging above a mil then I can assure you SCB USD High account will be a better choice for you.

4. USD cheque book is free when you open a multi-currency account, just make sure you let the counter girl know your preference.

 

[assiak71]

1. no idea, I do not keep track of FX rate.

2. yes local USD cheque clearing to another bank's USD account is free.

3. no, you can convert from USD to SGD right from their Internet Banking, they only have one type of multi-currency account. I do not keep track of FX rate, you can try asking their live chat. I don't think the 0.7% make a lot of difference unless you are talking about exchanging above a mil then I can assure you SCB USD High account will be a better choice for you.

4. USD cheque book is free when you open a multi-currency account, just make sure you let the counter girl know your preference.

Thanks.
Regarding 2, is it possible to deposit a local clearing usd cheque to a sgd acc? Will there be any fees? E.g. just deposit the usd cheque to a scb sgd acc and let them auto convert for you (at 0.4% fx spread).

 

[Hafi]

Thanks.
Regarding 2, is it possible to deposit a local clearing usd cheque to a sgd acc? Will there be any fees? E.g. just deposit the usd cheque to a scb sgd acc and let them auto convert for you (at 0.4% fx spread).

there shouldn't be any fees but different bank might have different policy so its best to check with them first or you can do a first test deposit of a small amount say US$50 and see how much you got credited in SGD then derive your fee/spread from there.

 

[kongming78]

Anyone know if i have balance and receive USD in Paypal, can credit the USD back to SCB US$ high account?

Right now if i credit my Paypal USD balance back to DBS, OCBC or other bank account, Paypal will automatically convert to SGD for me with lousy exchange rate.

 

[Tiger9119]

Anyone know if i have balance and receive USD in Paypal, can credit the USD back to SCB US$ high account?

Right now if i credit my Paypal USD balance back to DBS, OCBC or other bank account, Paypal will automatically convert to SGD for me with lousy exchange rate.

If you don't have USD account with DBS, OCBC or other banks, the bank will auto convert the USD to SGD. If Paypal remit the USD to SCB US$ high account, there will be a fee of SGD10 plus possible intermediary bank fee.

 

[Han Shot First]

Anyone know if i have balance and receive USD in Paypal, can credit the USD back to SCB US$ high account?

Right now if i credit my Paypal USD balance back to DBS, OCBC or other bank account, Paypal will automatically convert to SGD for me with lousy exchange rate.

Can't comment about Paypal. However, I've deposited USD cheques and transferred USD to SCB USD High Account successfully i.e. received USD into the account without any conversion or need to pay fees.

For credit to DBS, you might need to use a multi-currency account to avoid FX conversion fees.

 

[dreant]

Anyone know if i have balance and receive USD in Paypal, can credit the USD back to SCB US$ high account?

Right now if i credit my Paypal USD balance back to DBS, OCBC or other bank account, Paypal will automatically convert to SGD for me with lousy exchange rate.

It is not possible. All transfers to a SG based bank account will be converted to SGD at PPs rates, even if the account is denominated in USD.

The only way to withdraw USD PP funds in USD is to a US bank account.

I just leave it in PP and use it to buy things from the US instead...

 

[ingen]

This account completely disappeared from the SC website. Anyone know if its still available?

 

[reddevil0728]

This account completely disappeared from the SC website. Anyone know if its still available?

You planning to sign up or already an account holder?

 

[ingen]

Wanted to sign up

 

[reddevil0728]

Wanted to sign up

Likely no longer available if it’s not available on the website.

give SCB a call to confirm?

 

[yuzu28]

Wanted to sign up

I think this account is only for priority. Call your RM for help.

 

[ingen]

To update, I called my RM, who said i can still open this at the branch.

Went to branch and got it opened on the spot. So yea it is still available, but quietly for priority members.

 

[yuzu28]

To update, I called my RM, who said i can still open this at the branch.

Went to branch and got it opened on the spot. So yea it is still available, but quietly for priority members.

Usd high is only meant for priority since i joined one yr plus ago. My rm opened it for me and i went to deposit cash at the branch. Just dunno whether this account earns interest or not. I think is 0% interest?

 

[wutawa]

To update, I called my RM, who said i can still open this at the branch.

Went to branch and got it opened on the spot. So yea it is still available, but quietly for priority members.

did u receive the usd cheque book for free?