USD Remittance without Forex Conversion

[sohguanh]

Just to share ever since I buy us stock,etf direct using USD dollars and after selling I get back USD this thread become important as I want to avoid change back to SGD but directly transfer the USD back to my Spore multicurrency bank account instead.

It seems advice given in here is some can find zero fees but some still need pay fees. Now I am controlling my direct USD investment to smaller overall amount. This step to convert to SGD or transfer USD back is to be factored into my final actual profits!

Thanks readers for this thread sharing.

 

[CrashWire]

Maybe, but a contract cannot achieve the impossible. If the recipient doesn’t even have a U.S. dollar bank account — and why should they? — what are you supposed to do? Send a courier with U.S. dollar cash for hand delivery? Hence my question about what the actual objective is.

I think the "proper", non-optimised way would be to send USD via telegraphic transfer anyway, and let the receiving bank do whatever conversion they want if the recipient's account doesn't have a multi-currency feature.

 

[Shiny Things]

I've been assigned a new task, and it involves making monthly salary payments to some employees who are located overseas. These employees earn salaries ranging from USD 800 to USD 1200 per month. So I have to transfer in USD from our company USD account with DBS or UOB without any forex conversion.

Unfortunately, if I use DBS/UOB to make the monthly salary transfers to their overseas bank accounts, the transaction costs imposed by the banks are quite high.

In the past, I used to transfer the salaries through AMEX, but now they are shutting down. I'm seeking alternatives or options to efficiently handle these overseas salary transfers. Any suggestions or guidance would be greatly appreciated. Thank you.

The obvious answer is "you're gonna have to send wires", but you're right, that isn't a great option.

A couple of options (I don't know if these will work, but they might be worth investigating):
1) Talk to Rippling - I've chatted to their global payroll team in the past, and they seem quite good at handling cross-border payroll. That said, I'm not sure if they offer their product to Singapore yet; alternatively,
2) Wise is a decent option (and as BBCW said, you should make sure whether they actually want to receive USD, or their local currency).

 

[tolong1]

https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers
dbs remit is like $0 fee for usd

Thanks for the reply. This is applicable only for Personal transfer not for business. Transfer.

 

[tolong1]

Why keep USD in DBS/UOB? These are all offshore USD.

USD should use US bank and utilise ACH.

I'll let the TS answer for themselves, but trying to pay contractors at scale in their original currency when the currency agreed upon in a contract is (likely) in USD might violate it.

The best a good employer can do is advise them to open a native USD account (though the contractor would get charged the bank's FX spread when they convert it back to their own currency to use), or a Wise account!

For example some contractors prefers in USD billing because they earn foreign exchange so there is some benefits from Government of their county. Some only prefer local currency. Also for example if we convert USD to INDIA Currency the exchange rate here offered is not attractive compared to the conversion takes in INDIA

Similary if you visit Jakarta or Batam, for 1 SGD in Batam we get more Rupea compare to what we get in Singapore.