Transfer USD from Wise to DBS Multi-currency

[artemov]

I have the DBS multi-currency My Account and I am exploring various way of transfering USD directly from my IBKR account into this account.

Previously I did a direct USD transfer (Wire?) from IBKR to DBS, the charges were USD10 (JP Morgan) + SGD10 (DBS).

I opened a Wise account recently, linked it up with IBKR and transfered a small amount of USD from IBKR to Wise (no fee!).
Does anyone have any experience withdrawing USD from Wise back to a SG bank?
It seems there are 3 choices: ACH, Wire, Swift. ACH requires a Routing Number, which DBS does not have.
Just exploring, any insight would be appreciated.

Have not tried the other direction though, USD from DBS to Wise/IBKR.

 

[oceanbed]

Wise to SGD sure no problem. For me usually I use credit card to do something and change to USDT. From it any SGD operations is easy.

 

[stanlawj]

I have the DBS multi-currency My Account and I am exploring various way of transfering USD directly from my IBKR account into this account.

Previously I did a direct USD transfer (Wire?) from IBKR to DBS, the charges were USD10 (JP Morgan) + SGD10 (DBS).

I opened a Wise account recently, linked it up with IBKR and transfered a small amount of USD from IBKR to Wise (no fee!).
Does anyone have any experience withdrawing USD from Wise back to a SG bank?
It seems there are 3 choices: ACH, Wire, Swift. ACH requires a Routing Number, which DBS does not have.
Just exploring, any insight would be appreciated.

Have not tried the other direction though, USD from DBS to Wise/IBKR.

This is my honest opinion: DBS MCA is actually SGD account with book-keeping features for virtual FX, in which the bank earns the fees from FX spreads to run this book-keeping.

Reason: "If you wish to convert an amount in a foreign currency into another foreign currency, we will convert to S$ equivalent and then reconvert to the foreign currency at prevailing exchange rates."

My advise is to keep your USD in IBKR and some in WISE. Then wait for WISE to revise up their account balance limit for Singapore. DBS MCA should only be used to store foreign currencies temporarily while you are conducting foreign stock trades using DBS Vickers.

Unlike DBS MCA, Wise and IBKR's USD accounts allow FX conversion at close to spot rates. No funny conversion/reconversion between SGD.

 

[CrashWire]

Does anyone have any experience withdrawing USD from Wise back to a SG bank?
It seems there are 3 choices: ACH, Wire, Swift. ACH requires a Routing Number, which DBS does not have.
Just exploring, any insight would be appreciated.

Swift, also $10 charge to receive.

You can keep your USD in Wise and turn on the Interests feature. The yield isn't as good as IBKR for high balances, but is still around 3.91% right now.

 

[fr33d0m]

Why is there such a need? Wise USD is more flexible than DBS MCA.

 

[HoGnix]

Why is there such a need? Wise USD is more flexible than DBS MCA.

DBS US$ Fixed Deposit rate is higher, and can use it to buy SG usd$ stocks.

 

[fr33d0m]

DBS US$ Fixed Deposit rate is higher, and can use it to buy SG usd$ stocks.

Only with DBS, right? Can buy via other brokerage?

 

[HoGnix]

Only with DBS, right? Can buy via other brokerage?

Via DBS broker

 

[fr33d0m]

Via DBS broker

In this case, don’t see a particular issue to convert to SGD and transfer to DBS, right?

 

[vegavega25]

While on this thread, I am also curious:

Does Wise allow adding USD into it from a USD account in a SG bank?

 

[fr33d0m]

ACH is free I believe.

 

[HoGnix]

In this case, don’t see a particular issue to convert to SGD and transfer to DBS, right?

No conversation.

 

[artemov]

The aim of this thread is find the best way to transfer USD between an SG based account and Wise/IBKR/overseas, to minimise the fees involved and perhaps if needed do any FX at the best rate... so let's keep it at that pls

I have a DBS USD FD, the interests are quite good actually (dropping, but still >4%). Just trying to find a more economical way to move USD in (or out, in the future), cos the DBS FX sucks

 

[reddevil0728]

The aim of this thread is find the best way to transfer USD between an SG based account and Wise/IBKR/overseas, to minimise the fees involved and perhaps if needed do any FX at the best rate... so let's keep it at that pls

I have a DBS USD FD, the interests are quite good actually (droppping, but still >4%). Just trying to find a more economical way to move USD in (or out, in the future), cos the DBS FX sucks

if that's the aim, then maybe is best to update your thread title?

 

[artemov]

if that's the aim, then maybe is best to update your thread title?

That's my current and immediate aim actually. The rest can come later, if at all.

 

[reddevil0728]

That's my current and immediate aim actually.

ur title is just "Transfer USD from Wise to DBS Multi-currency"

like quite specific.

while ur aim is to find the best way to transfer. so maybe title has to be updated to be more accurate?

 

[fr33d0m]

DBS MCA is at most an offshore USD account, unlike Wise, which is onshore USD account and can do ACH free.

 

[stanlawj]

The aim of this thread is find the best way to transfer USD between an SG based account and Wise/IBKR/overseas, to minimise the fees involved and perhaps if needed do any FX at the best rate... so let's keep it at that pls

I have a DBS USD FD, the interests are quite good actually (dropping, but still >4%). Just trying to find a more economical way to move USD in (or out, in the future), cos the DBS FX sucks

I have the DBS multi-currency My Account and I am exploring various way of transfering USD directly from my IBKR account into this account.

Which direction is more important to you DBS to IBKR, or IBKR to DBS? ie your USD originally comes from where?
1. your boss pays you USD from US account?
2. it starts from your own SGD income, and you convert to USD yourself
3. it comes from IBKR profits from US stocks?

Because if #2 or #3, pros self-invest in Tbills in IBKR to earn the interest directly from US govt, beating DBS FD rates.
I question why the need to have DBS FD in USD.
DBS SG is not a US bank, and your bank accounts are not onshore US bank accounts. So any USD entering this place is like entering a deep pit, expensive to get out in any way. Any USD within DBS SG ecosystem need to stay within it, i.e. go back to DBS MCA and spend with the MCA debit card.

 

[HoGnix]

Which direction is more important to you DBS to IBKR, or IBKR to DBS? ie your USD originally comes from where?
1. your boss pays you USD from US account?
2. it starts from your own SGD income, and you convert to USD yourself
3. it comes from IBKR profits from US stocks?

Because if #2 or #3, pros self-invest in Tbills in IBKR to earn the interest directly from US govt, beating DBS FD rates.
I question why the need to have DBS FD in USD.
DBS SG is not a US bank, and your bank accounts are not onshore US bank accounts. So any USD entering this place is like entering a deep pit, expensive to get out in any way. Any USD within DBS SG ecosystem need to stay within it, i.e. go back to DBS MCA and spend with the MCA debit card.

I recall, there is no fees transfer USD from DBS to iBKR.
And from IBKR to DBS is only $10 Singapore dollars.
We should not be bothered by such tiny expenses.

 

[stanlawj]

I recall, there is no fees transfer USD from DBS to iBKR.
And from IBKR to DBS is only $10 Singapore dollars.
We should not be bothered by such tiny expenses.

Have not tried the other direction though, USD from DBS to Wise/IBKR.

As mentioned by HoGnix, no fee for deposit to IBKR SG direction i.e. from DBS MCA Local Funds Transfer to IBKR's DBS SG Corporate MCA following IBKR's instruction: https://www.ibkrguides.com/kb/article-4745.htm
"Please ensure that on the Mobile Application, select Pay and Transfer then Local Transfer. On the Website, select Transfer then To other DBS or POSB account."

I just tested it just now for confirmation, and the FT was completed in less than 1 hour.

In effect, the USD funds are still locked in the DBS MCA ecosystem pit, although different owners.

P/S I realised your IBKR is IBKR LLC not IBKR SG?
In that case, none of what I wrote is applicable to you.