UOB MIGHTY FX account

[awful999]

http://www.uob.com.sg/personal/save...&vid=none&productcat=deposits&productid=curfx

Just wonder how this compare to DBS multi currency account

one plus point so far i see is No minimum deposit or fall below fee on your foreign currency accounts.

 

[kimjio1989]

Can try try lo, new toy worth trying

 

[dexboi]

All banks are cashing in on this instant FX trend on Master debit card. DBS, UOB, CITI.

To fight with brick & motar money changers and disruptive apps.

 

[Perisher]

So which fx account is good?

 

[DarkBlue]

Not mid-market rates.

 

[Mr.Canberra]

http://www.uob.com.sg/personal/save...&vid=none&productcat=deposits&productid=curfx

Just wonder how this compare to DBS multi currency account

one plus point so far i see is No minimum deposit or fall below fee on your foreign currency accounts.

Haha now Forex getting more and more popular sia.

 

[Mr.Canberra]

Mighty FX has to be linked to any one of the UOB SGD base accounts – One Account, iAccount, Wealth Premium Account, Privilege Account or KrisFlyer UOB Account.

Aiyoh existing normal peasant savings account cannot be linked wor.

Make entry barrier very difficult for poor uncles like me.

 

[awful999]

Aiyoh existing normal peasant savings account cannot be linked wor.

Make entry barrier very difficult for poor uncles like me.

then use DBS one loh, DBS can link to normal saving account, I dont think you are poor uncle

 

[Mr.Canberra]

All banks are cashing in on this instant FX trend on Master debit card. DBS, UOB, CITI.

To fight with brick & motar money changers and disruptive apps.

They can try but it is an uphill battle. It is well known that Singaporeans still prefer using physical cash even when travelling overseas.

If you get ripped off with the 2-3% credit card fees constantly when spending overseas you will know what I mean.

 

[Mr.Canberra]

then use DBS one loh, DBS can link to normal saving account, I dont think you are poor uncle

End 2017 no enough cash to buy UOB physical gold haha.

DBS aka POSB the humble uncle/auntie bank.

EUR/USD 1.22766 liao.

 

[seowbin]

I was reading their website. A bit confusing....

They stated that
Your Mighty FX foreign currency account will be debited if transactions are in the supported foreign currency.
If your transactions are in non-supported foreign currency, your UOB SGD base account will be debited.

Then
Please note with effect from 1 July 2018, the following debit card related fees and charges will be revised to the rates below:

All transactions made in foreign currencies will be subjected to an administrative fee of 3.25% of the transaction amount.
All Mastercard debit card transactions effected in Singapore dollars and processed overseas will be subject to an International Processing fee of 2.8% of the transaction amount.


So if I have enough balance of HKD for example, will I kanna the 3.25 percent processing fee?

 

[plathium]

I was reading their website. A bit confusing....

They stated that
Your Mighty FX foreign currency account will be debited if transactions are in the supported foreign currency.
If your transactions are in non-supported foreign currency, your UOB SGD base account will be debited.

Then
Please note with effect from 1 July 2018, the following debit card related fees and charges will be revised to the rates below:

All transactions made in foreign currencies will be subjected to an administrative fee of 3.25% of the transaction amount.
All Mastercard debit card transactions effected in Singapore dollars and processed overseas will be subject to an International Processing fee of 2.8% of the transaction amount.


So if I have enough balance of HKD for example, will I kanna the 3.25 percent processing fee?

No, you won't be charged. Based on their Debit Card T&Cs https://www.uob.com.sg/debit/fees/debit_card_fees.pdf

Card transactions in foreign currencies (other than US and AUD dollars), will be converted into US
dollars before being converted into your card billing currency based on the prevailing exchange
rate determined by the relevant card associations, and for Visa and Mastercard debit cards, all
transactions in foreign currencies will be subjected to an administrative fee of 2.8% of the
transaction amount (With effect from 1 July 2018, the administrative fee shall be revised to 3.25%
of the transaction amount) unless:
• your card account is the default account linked to Mighty FX;
• you have allowed card transactions in foreign currencies supported by Mighty FX to be
debited from the corresponding Mighty FX foreign currency account; and
• there is sufficient foreign currency balance in the corresponding Mighty FX foreign
currency account

 

[aster1]

Could someone pls post the exact fx rate (and date of course) for a currency conversion they've done? That way we can check against the mid-rate on that particular day.

Also curious whether you can actually withdraw foreign currencies after conversion should you wish to do so - or would you have to convert back to SGD beforehand?

 

[aster1]

Anyone used this account for fx already?

How tight are the spreads on buy/sell?

 

[yiwei]

Anyone used this account for fx already?

How tight are the spreads on buy/sell?

I bought some USD yesterday at 100SGD=72.61USD
Abt 1.377 SGD per USD, not too bad

MightyFX rate is better than their online published rate

 

[aster1]

Thanks, if possible could you pls check the rate for both buy and sell at the same time and post here? I'm curious how tight their spreads are and how they compare to other banks.

 

[yiwei]

Thanks, if possible could you pls check the rate for both buy and sell at the same time and post here? I'm curious how tight their spreads are and how they compare to other banks.

Buy USD 0.7246
sell USD 1.3709

 

[aster1]

Buy USD 0.7246
sell USD 1.3709

Wow, those seem very tight spreads indeed.

So basically USD (selling/buying) is 1.3709 / 1.38 which will be hard to beat by other banks.

 

[aster1]

Apparently today they had a Black Friday deal on USD, how tight did those spreads get considering they are super-tight already?!?

 

[superboy123]

Buy USD 0.7246
sell USD 1.3709

Wondering if you guys can list out today's (23 Dec) UOB Mighty FX Rate for both USD <-> SGD for both sell/buy. I have USD to convert to SGD.
if rate is really good, thinking of opening this account too.