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I think what Rhin meant is for transferring to a foreign currency FD account. If we use foreign currency current account, there will be no charge. I have done this transferring from my current account (USD) to DBS Vickers USD account. Current account usually comes with checking book facility, so just use the cheque to transfer to to other Singapore US account.
ReplyHi Joe,
Yes, in your case, there should be no additional charges.
In Rhin’s case, it was more to use Phillips low exchange spread to change currency, and deposit it into the bank’s FD. Apparently, the bank charges you for that.
ReplyHi Rhin,
Thanks for the inputs.
I’m aware that banks do charge a foreign currency exchange fee if you try to do a outward telegraphic transfer without changing the foreign currency through them.
It works something like:
If debiting from customer’s foreign currency account – 1/8% of the S$ equivalent of remittance amount, subject to minimum S$10 and maximum S$100
If payment using same foreign currency cash – 1.5% (for USD, GBP, EUR, JPY, CHF), 2.5% (for AUD), 3.0% (HKD), 5.0% (all other currencies except THB and IDR)
However, if you do an inward telegraphic transfer to your own foreign currency account, how can they be charging you for that?
It’s like if you have an account with them and someone tries to transfer money to you. An incoming fee of 3% is quite ridiculous.
POSB charges a handling fee of S$10 for inward transfers.
http://www.dbs.com.sg/posb/payment/inward/
ReplyThis is a useful tip indeed. However, when I tried it out at OCBC, they actually charges a 3% fee if one is transferring foreign currency to their foreign currency FD account, instead of buying the currency through them. I suppose this is to discourage people from using this tip, resulting in a loss of revenue for them.
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