Which multi currency account to open

[scudettoz7]

Can I ask if which multi currency account out there is good for depositing small amount of some currencies like £, €, ¥ or usd etc? Probably less than 1k of each for a start?
Probably along with
- no min sum or fall below fees
- no charges for withdrawing at atm locally or overseas
Please advise. Thanks

 

[BBCWatcher]

Can I ask if which multi currency account out there is good for depositing small amount of some currencies like £, €, ¥ or usd etc? Probably less than 1k of each for a start?
Probably along with
- no min sum or fall below fees
- no charges for withdrawing at atm locally or overseas

Wirex looks pretty good on a paper, but a few cautions even before you get reports about how well it works in practice (or doesn't):

1. There might be an inactivity fee if you don't use the card for 9 months. (One reviewer pointed out that detail, but I cannot find specific mention of it.)

2. ATM withdrawals without an extra Wirex fee are limited to SGD 400 per month.

3. There are no rebates or other reliefs if the ATM operator charges a fee.

4. You ought to be very careful about loading too much value onto this card. In particular, the funds are not SDIC protected.

 

[nekoarc]

Can I ask if which multi currency account out there is good for depositing small amount of some currencies like £, €, ¥ or usd etc? Probably less than 1k of each for a start?
Probably along with
- no min sum or fall below fees
- no charges for withdrawing at atm locally or overseas
Please advise. Thanks

As BBCWatcher noted, the card might not charge a fee, but the ATM network might charge its own fee.

As of 2019 when I checked, the 'free' ATM in Japan (SEVEN Bank) does not charge operator ATM fees for MasterCard Singapore cards only. VISA cards, unfortunately do not enjoy the benefit.

 

[BBCWatcher]

As BBCWatcher noted, the card might not charge a fee, but the ATM network might charge its own fee.

There are a few U.S. issued ATM/debit cards that provide ATM fee rebates -- Schwab's debit card is probably the best known (also issued in some other countries where Schwab operates) -- but obviously it's hard to get one of those cards unless you have some sort of U.S. financial "footprint."

There are some countries where it's at least getting very, very difficult to find ATMs that don't charge "foreign card" fees. And some of those countries are in this region, in ASEAN. There's another great solution to this problem: avoid cash as much as possible.

 

[zoneguard]

Wirex uses Wirecard: https://wirexapp.com/en/issuer-terms
so probably not a good choice now.

If disregarding ATM fees (since there are no easy alternatives), DBS My Account has multi-currency capability and no min sum/fall-below fee.

 

[BBCWatcher]

Wirex uses Wirecard: https://wirexapp.com/en/issuer-terms
so probably not a good choice now.

OK, that's not good. RHB's TravelFX and MCO Visa cards are also in that same Wirecard bucket.

 

[scudettoz7]

Thanks guys, will take a look into those mentioned!

 

[scudettoz7]

This DBS my account has $2/mth account fee?! Looking at no account fees also though :/

Wirex uses Wirecard: https://wirexapp.com/en/issuer-terms
so probably not a good choice now.

If disregarding ATM fees (since there are no easy alternatives), DBS My Account has multi-currency capability and no min sum/fall-below fee.

 

[BBCWatcher]

This DBS my account has $2/mth account fee?!

DBS's "My Account" doesn't have a monthly fee. Are you looking at some other account?

 

[scudettoz7]

This is "my account" right?

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

DBS's "My Account" doesn't have a monthly fee. Are you looking at some other account?

 

[BBCWatcher]

DBS's My Account is described here.

I see why you might be confused. There's a $2 monthly fee...if you opt for a paper statement. Don't do that! Statements are available online free of charge.

 

[scudettoz7]

Ah I see, thanks!

DBS's My Account is described here.

I see why you might be confused. There's a $2 monthly fee...if you opt for a paper statement. Don't do that! Statements are available online free of charge.

 

[scudettoz7]

Let's say I receive £ div from SCB trading, I transfer out from securities settlement account into my fcy$aver acct. Can I transfer out this £ into DBS my account without incurring that commission-in-lieu of exchange fee? For £ it's 1.5%? Since I'm only wiring money around, no cash is involved.

 

[reddevil0728]

Let's say I receive £ div from SCB trading, I transfer out from securities settlement account into my fcy$aver acct. Can I transfer out this £ into DBS my account without incurring that commission-in-lieu of exchange fee? For £ it's 1.5%? Since I'm only wiring money around, no cash is involved.

that charges not meant to be for cash anyway. i believe if it is cash, it will be much more expensive

 

[scudettoz7]

Ohh, don't understand why must there be so many charges involving multi currency. Sigh

that charges not meant to be for cash anyway. i believe if it is cash, it will be much more expensive

 

[reddevil0728]

Ohh, don't understand why must there be so many charges involving multi currency. Sigh

I think cause they need to rely on a partner bank to process all those