Singapore Expats

Anyone use Charles Schwab as their bank in Singapore?

Discuss the different banking options, rates, offers and perks.
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amariem
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Anyone use Charles Schwab as their bank in Singapore?

Post by amariem » Sat, 05 Jan 2013 10:29 am

I'm trying to figure out the best bank to use while I'm in Singapore for 4 months. Has anyone else from the USA had luck using Charles Schwab abroad? It seems too good to be true - no currency conversion fees with their checking account, and the check card should work at ATMs abroad. They say that they reimburse all ATM fees so it should be free.

However, the check card is just a normal magnetic swipe, not a chip and pin. Will this be a problem with cashiers at stores in Singapore or with the ATM machines?

Would it be better for me to go with a local Singapore bank? I'm still getting paid in USD and have a travel stipend in USD, so I'm trying to figure out the best way to have access to SGD while there with no or limited fees.

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Mad Scientist
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Post by Mad Scientist » Sat, 05 Jan 2013 12:29 pm

A little bit of googling on banks in Singapore will do you a lot of goodness. Citibank, Stanchart , DBS to name a few do provide US currency account. Four months is not a big deal unless you are being paid in millions but when you are paid in millions , you will have a personal banker travelling with you , I would imagine.
Look, Singapore is not a third world country and the public infrastructure is bloody efficient.
So go one and google rather than waiting for someone to do your walk
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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zzm9980
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Post by zzm9980 » Sun, 06 Jan 2013 8:01 pm

You wont have a problem with your magnetic stripe. (Side note: Singapore doesn't even use chip and pin properly, they use signature instead of the pin)

You'll have a very difficult time getting a bank account without a proper Employment Pass from MOM. Since you're only here for four months and being paid in USD, I suspect you don't have one (which may mean you legally can't work here, but that's a topic for another thread). Anyway, sounds like your Schwab account if they really charge no fees is the way to go. I'd check the currency conversion on your transactions to make sure you're not getting screwed too hard. Even if they charge no fees, they're not going to tell you how badly the exchange they use is for you.

If you are on an Employment Pass, and find you need a local bank, there are dozens of threads about it. As an American, I prefer Citibank SG for many reasons, primarily being that their ATMs are all over the world and you can link it to a Citibank US account for instant online transfers between the two for no fees. Most other banks will require you to wire transfer for a fee and a few day delay.

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JR8
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Post by JR8 » Sun, 06 Jan 2013 10:12 pm

Agree with Z, no bank is going to provide a service for 'free' (there is always somewhere a profit in them, as one should expect).

So, odds-on the killer might be in the FX spread.

If S$1.00 trades at say US$0.81 http://www.xe.com/ucc/convert/?Amount=1&From=SGD&To=USD

... But they debit your US$ account US$0.85, then that's an effective 5% fee.

My old UK bank worked from a rates-sheet from the previous days close (i.e not live market rates). In any case why not call up CS and ask them what 'todays conversion rate is on S$ ATM withdrawals on a US$ account' and then compare it to Xe.com

Then you will be able to make an informed decision whether you're willing to accept the spread, or seek an alternative.

p.s. If you do, please let us know how you get on. This kind of feedback can be of real use to people who follow in your footsteps.

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