Glad to see this thread and need some advice with USD cash handling
I received payments of USD cash when my customers fly to Singapore to buy some electronics. Not large amount, roughly $50,000 or so of USD.
I request for bank transfer, but they do not want to incur the large fees.
I pay some of my suppliers in US, so I thought I can use the USD to pay them directly, instead of changing in SGD with money changer, and then remitting and occurring FX fees again.
1) Depositing USD cash notes in DBS eMultiCurrency AutoSave account incurs 1.5% fee.
I am sure this fee is more than what I incurred if i change to SGD at moneychanger
2) SCB USD High Account
https://www.sc.com/sg/save/current-a...-high-account/
I read online that the USD cash deposit is free. No fees!
Unfortunately, I am sure the remitting is expensive, haha. DBS has no fees for remitting.
I wonder has anyone here tried this?
Is it possible to do internet bank transfer of USD from SCB USD high account to DBS e-multicurrency autosave account in Singapore, at no charges?
And then I will use DBS Remit from the multicurrency account to remit money outwards.
IF anyone has experience in converting USD cash notes to wire transfer to bank in USA, that would be highly appreciated.
Thank you!