DBS Expatriate Multi Currency account

[Yahaan]

Has anybody opened this type of account in Singapore that stores multiple currencies?

Sounds like a cool account as its a single account number and it can receive amounts and store in multiple currencies.

http://www.dbs.com.sg/personal/deposit/ ... fault.page

I just opened one online, it was instantaneous. The reason I needed it is because since I got terminated my pension funds I need to withdraw and these funds are managed by HSBC Hong Kong in HKD.

Ultimately I need to remit these to India(INR). Its either no possible or very difficult to directly convert from the pension funds to INR. The other way is to get these wired to my SGD savings account and then use DBS remit to India. But then I will face the conversion charges twice.

Hence I am planning to get the pension funds in HKD in the DBS Expatriate Multi Currency account and then use DBS Remit to remit these to India. I hope in this case its direct HKD to INR.

Anybody has similar experience?

[maneo]

Review the various scenarios with the bank to be sure about what fees you will be charged.

By the way, if you try to deposit any of those foreign currencies in cash it is likely you will be charged a "handling fee" for doing so.

[aster]

Actually the DBS multi-currency account is very good. HSBC also has one, which has been around for like forever, but DBS has better currency exchange rates so it's definitely a welcome addition to what's currently available in terms of multi-currency bank accounts.

[JR8]

As an ex 'private client' banker, I can say that every step of any transaction is going to garner a nice juicy fee; for the bank. Especially when bundled into any '''Woo-hoo!!! Convenient 1-step package!!!'''. Heck, we had major strategy-analyses gauging precisely how much pain (and $) the clients were likely to be willing to tolerate, and how much $ we'd make from the apathetic and lazy: Don't line up to be a lamb to such slaughter!

My advice would be to DIY as much as you can, and Keep It Simple. Singaporean retail banking is still at the primitive v1.05 stage. With a little effort on your part, you will get a lot better value. If you are needing to go multi-currency, Change Alley/The Arcade/Mustafa are your friends.

[Wd40]

JR8, good advice. But carrying cash may work fine for developed markets.

In countries like India and Indonesia, carry cash of even meagre amounts like $1000 equivalents raises eyebrows doubting that its black money.

[JR8]

JR8, good advice. But carrying cash may work fine for developed markets.
In countries like India and Indonesia, carry cash of even meagre amounts like $1000 equivalents raises eyebrows doubting that its black money.

Carrying £10k in cash through Heathrow will get you taken aside (the x-ray scan goes bonkers) and questioned. But who cares? If the funds are legit... who cares. (If there are national currency limits elsewhere, in Asia, then clearly that is another matter - I'm not advocating breaking any law).

I've not done that for a while now. But one time I had the customs man ask me:

CM: So, why are you carrying £10k in cash on you today?
Me: Well, I could have done as I have, or paid £500+ in fees to convert/wire it. In Singapore I pay razor-thin fx margins to convert it. Just look outside at the FX kiosks, Travelex, I'd immediately lose maybe 5-10% if I changed money there. So I pay £0 in fees and possibly trade within the market spread, and carry it with me, as now, or I get raped here. It really is that simple
CM: And what is the source of these monies?
Me: My job, and investments.
CM: Ok, thank you, please fill out this form, and then you're free to go.

^ This actually happened to me.

p.s. And I'd happily do it again. I have nothing to fear. I appreciate why they wish to monitor these things, and that is fine with me.

[beppi]

I bought two houses in Indonesia (years ago) and paid in cash carried over on my body. However, I did arrange for a guard (employee of a befriended money changer there) to meet me after customs and accompany me to the exchange office and then to the bank.
As JR8 said, no fees, razor-thin margins and a sense of adventure as an added bonus!

[JR8]

^ The first time you carry a 'donkey-choker' of £10-50k in cash on a flight.... yeah it's quite a no-fun buzz.

[BillyB]

^ The first time you carry a 'donkey-choker' of £10-50k in cash on a flight.... yeah it's quite a no-fun buzz.

I reckon I could do 500k in SG 10k denoms without breaking a sweat......

[JR8]

^ The first time you carry a 'donkey-choker' of £10-50k in cash on a flight.... yeah it's quite a no-fun buzz.

I reckon I could do 500k in SG 10k denoms without breaking a sweat......

Oh hark at Bunter!

It's not fun, when you realise and accept how prevalent theft from your 'nice looking' fellow journeymen apparently is. So you need to 'wear it' for the duration. Still, it's an occasional thing, and it beats paying bank fees.


p.s. More seriously, if I may: Change to your home currency here. You will get waaay better rates than 'back home'.

[CaptainBullus]

p.s. More seriously, if I may: Change to your home currency here. You will get waaay better rates than 'back home'.

Is this also true if bringing £ in?

[JR8]

Travalex @ Heathrow*:
£1000 = S$2024

Sheen Intl[*1] @ at The Arcade, Raffles Place
£1000 = S$2114

HSBC, in the UK [*2]:
£1000 = S$1975


Start doing that 'in size' and it can make a difference. It literally can come down to 'am I informed enough, and can I be bothered to walk 10 minutes from say Raffles City to Raffles Place, and hence save S$1000.

If I were bringing funds here from the UK, I'd either do it via a bank-wire, with the conversion done here, not beforehand in the UK. Or, I'd bring the donkey-choker (with all the previously mentioned caveats) and go to Change Alley.



* http://www.heathrowairport.com/shop,-ea ... avel-money
*1 http://sheen.sg/
*2 http://www.hsbc.co.uk/1/2/travel-money/apply

[CaptainBullus]

Travalex @ Heathrow*:
£1000 = S$2024

Sheen Intl[*1] @ at The Arcade, Raffles Place
£1000 = S$2114

HSBC, in the UK [*2]:
£1000 = S$1975


Start doing that 'in size' and it can make a difference. It literally can come down to 'am I informed enough, and can I be bothered to walk 10 minutes from say Raffles City to Raffles Place, and hence save S$1000.

If I were bringing funds here from the UK, I'd either do it via a bank-wire, with the conversion done here, not beforehand in the UK. Or, I'd bring the donkey-choker (with all the previously mentioned caveats) and go to Change Alley.



* http://www.heathrowairport.com/shop,-ea ... avel-money
*1 http://sheen.sg/
*2 http://www.hsbc.co.uk/1/2/travel-money/apply

Wow, that's a considerable difference even on a relatively small amount. Cheers!

[JR8]

Yes it is.

And I think it's a useful discussion as many of us come to SG with the intention of saving. Often, we visit 'back home' just once a year and seek to repatriate funds at that time. That can thus be a very significant sum of money (even multiples of my example).

There are some here that prefer going to Mustaffa. I prefer the aforementioned 'Arcade', and cruising up and down and picking the best rate available on the day. [Immediate profit being a stranger to any supposed loyalty]. Either way it'll beat the pants off what the Post Office back home in Chipping Norton is going to offer you

This is the virtue of a liquid market. Singapore is a crossing-point for the world, there's liquidity, competition and hence thin margins. Whereas back home most people probably don't know where SG is, or what a S$ is.

[the lynx]

Sorry to revive this thread but has anyone used Transfer Wise to transfer funds? A friend introduced this company when I was looking for transfer services between Australia and UK. It says that banks charge around 5% per transfer in hidden fees and Transfer Wise only charges 0.5%. And first transfer through this link is free.

http://goo.gl/xQaRZu

I have no experience honestly, but I know you guys are well-versed in this so I guess I'd better ask here first. Is there a catch here? Or should I go for the regular bank route instead?

Thanks.