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DBS Expatriate Multi Currency account

Discuss the different banking options, rates, offers and perks.
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JR8
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Re: DBS Expatriate Multi Currency account

Post by JR8 » Tue, 09 Dec 2014 4:40 pm

http://en.wikipedia.org/wiki/TransferWise

I have vaguely heard of them, and the proposition sounds a good one*. Their Wiki entry sounds ok, i.e. no 'Criticism received'.

This discussion from May on Motley Fool might be of interest. It mentions TW, and another alternative. http://boards.fool.co.uk/cheap-foreign- ... e#13022766
[It is perhaps worth me mentioning, that although I've not met any of the participants in this linked chat, they're all well established regulars, and I've participated variously with all them many (many) times over the years...]

Let us know how your investigations turn out. I'm sure it would be most useful for others in future.

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* I considered setting up a similar concept 'in-house' via the corporate Bloomberg trading/comms terminals back in the 90s. Many $-savvy people around the world with money to repatriate trading with each other, agreed with the security of dealing vs a fellow employee. But HR were unwilling (understandably) to give it their blessing, and having no personal profit motive, yet having my name attached to a scheme via which some big-swinging-dick might one day lose out on had no upsides. Concept vs reality.
'Do it or do not do it: You will regret both' - Kierkegaard

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maneo
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Re: DBS Expatriate Multi Currency account

Post by maneo » Tue, 09 Dec 2014 5:09 pm

the lynx wrote:It says that banks charge around 5% per transfer in hidden fees and Transfer Wise only charges 0.5%.
I have tracked almost 20 of my most recent transfers through DBS and SCB, but I've not seen banks taking 5%.
The typical sender's transfer fee has been less than 0.4%.
For large transfers (over $50K) it's actually been less.

There is also a beneficiary's fee (for the transfer agent), which I normally don't pay, but this is typically just 0.25%.

There will also be a cost for the currency exchange, but this has typically been only 1.6%, just slightly more than half the normal bid-ask spread, which is just slightly more than the money changers' cut.
You have to pay this anyway, unless you have AUD or an AUD account you can source from.

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