Thanks JR8, The reason, I couldnt convert it directly is because HSBC AMC in Hong Kong in their redemption form had only a few select currencies to redeem, the usual USD, AUD, EUR, SGD and HKD. Most people from my previous office just asked got it redeemed in SGD. I was probably one of the very rare smarties to open a multi currency account in Singapore and ask them to redeem in HKD without any conversionJR8 wrote: Why do you want to convert from HK$ to S$ then later to INR? The downside with that is two sets of ‘spreads’/fees. I can see cases where it might be worthwhile, i.e. you earn peanuts interest% on the HK$, but can get a decent rate% on S$, and the S$ would be there long enough that it makes it worthwhile. No deposit a/c in India? ... Don’t know, just thinking aloud...
If only 1%, that's not too bad for DBS.Wd40 wrote:If I try DBS online transfer the exchange rate is bad, its like about 1%.
I've found banks like DBS & Std. Chartered charge "handling fees" whether giving or receiving foreign currency for their foreign currency accounts. Very annoying.Wd40 wrote:I am going to check whether DBS charges anything to withdraw cash in the foreign currency from the multicurrency account.
As JR8 said, it's not likely the money changers will have a problem coming up with large amounts of SGD. Even if they were short, they should be able to come up with more within 10-15 minutes.Wd40 wrote:I wonder whether converting so much amount will cause problems at the money changer or cause any other alters at MAS.
Arranging for large sums might have mileage in it. But IME no changer, however loyal you are will ever give you a 'friends rate'... what's on the board is it, barring negotiation for size... but no automatic bonus for having used them before, in fact IME how ever often you use them, they never recognise you... everything is down to 'this deal, right now (and you a stranger)'.maneo wrote: If you're going to change large amounts regularly, you might be able to establish a relationship and get better rates and also be able to arrange for large amounts in advance.
That may be your experience at the Arcade, but our experience (elsewhere) has been different.JR8 wrote:But IME no changer, however loyal you are will ever give you a 'friends rate'... what's on the board is it, barring negotiation for size... but no automatic bonus for having used them before, in fact IME how ever often you use them, they never recognise you... everything is down to 'this deal, right now (and you a stranger)'.
This is quite hilarious... almost deserves a sticky! Well done.Wd40 wrote:Hello Guys,
Mission accomplished! Went to DBS early morning and asked for cash in HKD. No charges for withdrawal. I asked them what the best rate they can give if I were to convert to SGD from them. The cute lady at the teller called the relationship manager who quoted the best rate as 0.1590 which is slightly better than their usual rate, since I was converting big amount. The spot rate was 0.1604. I said no thank you and asked for HKD. They asked me to come back after 1 hr.
Then during lunch break went and collected the cash. It was 9 stacks of 100X$500 notes. Took it straight to arcade and after inquiring couple of shops, the best rate I got after nego, was the spot rate on XE.com i.e. 0.1604. Converted and this time got like 12 stacks of $50X100 SGD notes and some $1000 bills. Came back straight to the same bank and branch and deposited to my account.
The irony of this whole thing is when I asked the lady at the teller at the DBS bank what time I will get the cash and the denominations, she mentioned that they need to bring it from the money changerThink about it. They pay the money changer at spot or worse rates to convert from SGD to HKD and then I go to the money changer and convert at spot or worse rates back from HKD to SGD. DBS could have saved both of us the trouble by offering me spot or slightly worse rate, but no.
Thanks a lot for your helps, especially JR8.
Yep, looks like HKD is in demand here in SG.Wd40 wrote: Took it straight to arcade and after inquiring couple of shops, the best rate I got after nego, was the spot rate on XE.com i.e. 0.1604.
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