USD account

[highsulphur]

Which bank has the cheapest USD account in terms of transferring money in and out? I looking to open a Usd account here to transfer some USD from overseas.

 

[nokiatech]

Which bank has the cheapest USD account in terms of transferring money in and out? I looking to open a Usd account here to transfer some USD from overseas.

What do U mean by "cheapest USD account in terms of transferring money in and out " ?

Cheapest in terms of transfer fees ?
Transfer In/Out from where ?

One of the more cost effective bank "here" is OCBC .

However , if most of your transfers are via wire AND to/from the USA , then the T/T + bank charges can get costly .

In this case , I m of the view that it would be easier / cheaper to open a bank account in the USA itself, esp one with ACH-enabled USD checking account. This way, one can avoid the hefty T/T fees .

 

[highsulphur]

I am thinking of opening a US chequing account here that doesnt charge for cheque clearing. I doubt I will need to wire overseas. More likely it will be money coming in from overseas.

 

[nokiatech]

If the USD$ cheque originates from another local bank, OCBC is free . Some other banks e.g HSBC charges US$5 per cheque.

However , if the USD$ cheque originates from outside Singapore, then you will need to pay a fee .

( about 1/8% commission (min S$30, max S$100)
+ Postage (if applicable) + Agent Fees (if applicable)

OCBC - Help & Support - General


Why the requirement to open the account "here " when your sole purpose is to receive funds from overseas ?

(Personally, I would open the USD$ account "here" only if I need to receive USD$ cheque from a local bank ) .