[Sg banking Qn] - If I can use my DBS savings account to remit USD, why do I need a multi-currency account?

[UltimaOnline]

this payment could be a USD bank holiday thats why delayed idk
when u made another payment from savings it could be normal day
not too sure, best is you call up dbs and ask why, could be some compliance thing

what i know is, the MCA is good because, lets say you need to send out swiss francs later this month, if you think swiss francs is cheap now, you can buy first and keep in MCA. you cant do that with savings acct. same with foreign currencies funds that u received

The 2 working day delay is not the US side, but the DBS side. If transfer USD from savings account to USA, it's instantaneous. If you convert SGD (from savings account) to USD (in MCA), DBS will always take 2 working days to process this, before you can send out the USD to USA. So it seems as far as sending USD to USA, notwithstanding considering the beneficial exchange rate you mentioned, there seems to be no compulsory reason to follow the video's instruction (which should have said it was optional, but misleadingly implied it to be compulsory) for me to send USD only from MCA and not savings account.

Thanks!

 

[mahjongking]

btw you should be more concerned with the exchange rate used because 2 days delay in interest amount is negligible.
the exchange rate will affect you more.

u should call them and get to the bottom of this, if not in future this could screw up your business transactions if your client is anal

 

[UltimaOnline]

btw you should be more concerned with the exchange rate used because 2 days delay in interest amount is negligible.
the exchange rate will affect you more.

u should call them and get to the bottom of this, if not in future this could screw up your business transactions if your client is anal

@glockman

I suspect I've solved the riddle of why the youtube video's instruction was to send USD from MCA instead of savings account : the youtuber was advising we use Tiger brokers or some other 3rd party currency exchanger to get a better exchange rate instead of the DBS exchange rate which would be the case if sending USD directly from savings account.

It's just that the youtuber didn't explicitly explain this, so it was confusing why he made it seem compulsory to send USD from the MCA. The 2 working day delay is for using DBS to convert SGD (savings account) to USD (multi-currency account), so if I do this method, I'd just waste 2 working day delay and still use the same DBS exchange rate anyway. No pros, only cons. So if I'm ok with using the DBS exchange rate, then I should send USD directly from savings account instead of wasting 2 additional days waiting for DBS to convert SGD from savings account to USD into the MCA.

The youtuber should have explained it more clearly. Well at least it seems I've figured this one out.

 

[eatshitndie]

I understand, thanks. But my question remains : since I'm using the same DBS exchange rate (SGD to USD) whether I send USD from SGD from my savings account, or send USD from USD earlier converted from SGD (using the same DBS SGD to USD exchange rate) from my multi-currency account (eg. DBS Multiplier account or My Account), so there's no difference in terms of exchange rate (since using the same DBS exchange rate), right?

Then what's the point of 1st converting SGD (from DBS savings account) to USD (in DBS multiple-currency account) which takes up 2 extra working days to process, but uses the same DBS exchange rate anyway? No additional benefit, just wasting 2 days waiting time, yes?

there’s a difference in sexchange rate almost every 69 seconds. there are pros who make money just by playing huge trade volumes to sexploit ups and downs every minute. thus every minute counts. for sexample, usd was 1.4 sgd a few days ago and it’s now down to 1.391 sgd. just an hour ago it was 1 usd to 1.394 sgd. if one trades in millions profits and or losses are huge.

 

[eatshitndie]

If it's a one off transfer then don't need to heart pain about forex exposure. If you run a biz that transacts in non SGD then it makes sense to maintain foreign currency accounts for both receipt and payment

correct.

 

[gutpunch]

liddat seems citibank global wallet is better, same currency (so no issue with exchange rate) but still instant no delay

 

[liamricci]

Did you find an answer?

 

[bobby]

Nowadays international payments are settled in real time…funds can be received by beneficiary within same hour.

 

[eatshitndie]

some banks in sg offer higher fixed deposit rates for usd as compared to sgd. because sgd is so strong against the usd sometimes it’s better off to keep the fd in sgd within a 6.9-month period. the stronger sexchange rate in sgd may equal out the higher interest earned in usd within 6.9 months.

 

[birdie69]

Does the DBS multiplier account give you higher interest on your deposits? I can only think of this reason to have multiple accounts in the same bank.

You have to pay bank charges for deposit and withdraw of foreign currency from your multiple currency account, I cannot understand why?

 

[rushifa666]

[Qn] - If I can use my dbs savings account to remit USD, why do I need a multi-currency account?

I was told that to remit USD overseas to USA, I needed to use a DB multi-currency account, not a local savings account.

So I setup a multi-currency account, deposited some SGD into the multi-currency account as USD. I tried to remit USD over using the multi-currency account, but it seems DBS requires 2 working days to complete the SGD to USD conversion process? So I tried remitting USD from my local savings account instead, and it seemed to work instantaneously, no need for 2 working days.

So what's happening? Why bother with a multi-currency account that holds up my funds for 2 working days converting from SGD to USD, when I can always just use my savings account to remit USD over to USA instantaenously? Anyone knows?

Crypto rates are 1/10 of remittance, but sure. Sinkies are bank addicts

 

[NanoSpeed]

[Qn] - If I can use my dbs savings account to remit USD, why do I need a multi-currency account?

I was told that to remit USD overseas to USA, I needed to use a DB multi-currency account, not a local savings account.

So I setup a multi-currency account, deposited some SGD into the multi-currency account as USD. I tried to remit USD over using the multi-currency account, but it seems DBS requires 2 working days to complete the SGD to USD conversion process? So I tried remitting USD from my local savings account instead, and it seemed to work instantaneously, no need for 2 working days.

So what's happening? Why bother with a multi-currency account that holds up my funds for 2 working days converting from SGD to USD, when I can always just use my savings account to remit USD over to USA instantaenously? Anyone knows?

You deposited SGD into MCA as USD - you tio charge conversion rates the 1st time.
DBS requires 2 working days .... SGD to USD conversion process. Isn't your account USD ? Why do they need to do another conversion.

A MCA is useful for receiving foreign currencies. Some people pay you in USD, some in EURO, and you don't want everything to be converted in SGD. That's why you need MCA.

For remittance of money to overseas, use Wise. Instantaneous. The rates are much better than banks.

 

[Norty]

I agree that the MCA is a great solution for managing multiple currencies. I also use the Rates currency charts https://rates.fm/ This source has really helpful guides on setting up and using an MCA effectively. Wise is also my go-to for fast, affordable overseas remittances.