Is this for a business account or a personal account? I ask because there may be differences in charges, etc. between the two.skyper65 wrote:How can I deposit USD (US dollars) in Singapore without incurring exorbitant service fees or incur minimal fees? I plan to open an USD bank account, hence I did like my savings to be in USD for an extended period of time and NOT Singapore dollars. I did hear banks in Singapore charge a 1.5% service fee for USD deposits.
There is another poster ZZM (ZZM9980, if I'm not mistaken) who is the go-to guy on this. But he's been quiet this week, maybe away...skyper65 wrote:How can I deposit USD (US dollars) in Singapore without incurring exorbitant service fees or incur minimal fees? I plan to open an USD bank account, hence I did like my savings to be in USD for an extended period of time and NOT Singapore dollars. I did hear banks in Singapore charge a 1.5% service fee for USD deposits.
Yes, it is 0.5% on FCY cash deposits:skyper65 wrote: [...]
stiwi, it sounds like Citibank comes up tops for telegraphic transfers to citibank accounts overseas. I just checked with citibank today. They charge a 0.5% deposit fee for USD CASH deposit to a USD bank account. I am not sure on SCB world partner status and whether I am eligible with exception of SGD50k or SGD20k. Is it the same as priority banking at SCB?
The least rip off would be MCA account at DBS since it seems they meet requirements and offers the best FX rates compares to UOB, SCB, Citi, OCBC.BillyB wrote: [...]
- Charging you a service fee
- Providing you with a poor exchange rate, and / or charging you a flat fee on currency exchange
- Charging you a higher rate for incoming / outgoing telegraphic transfers
Might be easier to use two accounts and withdraw in USD, change at a local money changer, and deposit in a separate SGD account.
Also, another point to consider, unless your participating in regular and large transactions, you're gonna spend a lot of time stressing about things that really don't make much difference to an FX transaction.
A little off topic - I see so many people looking at FX rates and wasting time and effort going to different places as there are a few pips difference in the rate. If you're changing $500-10000, that amounts to peanuts.......is it worth the hassle and time to save $1-2 sgd!!??
The least rip off would be MCA account at DBS since it seems they meet requirements and offers the best FX rates compares to UOB, SCB, Citi, OCBC.stiwi wrote:BillyB wrote: [...]
- Charging you a service fee
- Providing you with a poor exchange rate, and / or charging you a flat fee on currency exchange
- Charging you a higher rate for incoming / outgoing telegraphic transfers
Might be easier to use two accounts and withdraw in USD, change at a local money changer, and deposit in a separate SGD account.
Also, another point to consider, unless your participating in regular and large transactions, you're gonna spend a lot of time stressing about things that really don't make much difference to an FX transaction.
A little off topic - I see so many people looking at FX rates and wasting time and effort going to different places as there are a few pips difference in the rate. If you're changing $500-10000, that amounts to peanuts.......is it worth the hassle and time to save $1-2 sgd!!??
I think the issue is that a brokerage account is not likely to offer you a full service offering of any quality, live quotes, custodianship, +++, and be for free.skyper65 wrote: That interesting regarding the brokerage account. It sounds like another way to keep money than just retail banks in Singapore. Are brokerage account holders required to invest all or a substantial amount that is in the account?
Please show the bank which can manage FX rates properly, or you haven't been to Arcade? The FX rates offered by money changers there are close to mid-market rates. On every EUR 10.000 I am S$150 straight ahead compared to any SG banks FX rates.BillyB wrote:stiwi wrote: [...]
You've obviously got a bank which cannot manage it's FX to get arb's like that! Have you thought about doing money changing on the side?
But in general, I still stand by my point that people waste so much time and effort hopping from money changer to money changer to save .001, .01 or even 0.1 on a transaction of a few hundred dollars. Which for the time and effort, in my opinion, simply isn't worth it......
Agree re: The Arcade, you can get wafer thin spreads there (I've been going there when in-country, for 20 years now). Also, if you're doing say S$5k+ you can try and negotiate the indicated rate better by a couple of pips. There is nothing lost just asking. Maybe half the time you'll get something.stiwi wrote:... or you haven't been to Arcade? The FX rates offered by money changers there are close to mid-market rates. On every EUR 10.000 I am S$150 straight ahead compared to any SG banks FX rates.
I absolutely agree with you on SCB. I spoke to 3 different SCB representatives and all 3 gave different answers! An SCB personal banker said 1 transaction free each month, the telephone SCB customer officer said all transactions are free and the counter SCB teller said 1.5% for cash USD deposits. I was so disappointed with varying degrees of their answers. I spoke to the manager at the SCB branch I think and she allowed me to deposit USD cash without any fees after going from one channel to another and waiting 40 minutes for a simple transaction at the bank.stiwi wrote:Yes, it is 0.5% on FCY cash deposits:skyper65 wrote: [...]
stiwi, it sounds like Citibank comes up tops for telegraphic transfers to citibank accounts overseas. I just checked with citibank today. They charge a 0.5% deposit fee for USD CASH deposit to a USD bank account. I am not sure on SCB world partner status and whether I am eligible with exception of SGD50k or SGD20k. Is it the same as priority banking at SCB?
https://www.citibank.com.sg/global_docs ... g_fees.pdf
Cheques in USD deposited to USD FCY account in UOB are free of charge but it refers to USD only. Solutions provided by me above refer to any FCY that bank can provide.
You would have to approach to SCB branch to see if it is S$20k or S$50k (they told me 20k but officially is 50k). If you ask 3 different persons you will get 3 different answers as in most SG banks the level of personnel knowledge is disappointing.
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