What to do with a USD cheque?

[peterlth]

Need advice from bros ...

I did some overseas investment and now received my earnings. Citibank in US sent me a cheque in US dollar. Can I deposit the cheque into my DBS SGD saving account?

Or do I have to open a USD account somewhere?

Thanks for advising ...

 

[Leongsam]

Or do I have to open a USD account somewhere?

Thanks for advising ...

If you want to keep the currency in USD, you have to open a USD account.

If you're not interested in holding money in a different currency, you can simply deposit it in your SGD bank account. The bank will buy the cheque at the prevailing rate.

The rate is usually slightly better than the rate for buying cash. Check with your bank.

 

[peterlth]

Thanks Sam.

 

[Jimmy1978]

Was looking at POSB foreign exchange rate chart, USD to SGD is at 1.2351 which means you'll get 23 cents on the dollar assuming your amount is less than S$50K. I would recommend that if you don't need that money, to keep it in a USD account first then when the dollar rises (eventually), then cash in and get more money in SGD.

 

[cunnilaubu]

I think if its an outstation cheque, the banks (both local and overseas) will charge a fee and it takes a long time to clear. Check with your bank.

 

[Fook Seng]

I think if its an outstation cheque, the banks (both local and overseas) will charge a fee and it takes a long time to clear. Check with your bank.

Yes outstation USD cheques take a long time to clear, something like 2 to 3 weeks.

 

[GOD IS MY DOG]

si mi investment lobang ?

must tell us mah..................