Comments on: Low Cost Foreign Exchange http://www.lioninvestor.com/low-cost-foreign-exchange/ Your Guide to Personal Finance, Investing and Trading in Singapore Tue, 06 Jan 2009 15:16:04 +0000 http://wordpress.org/?v=2.6 By: lioninvestor http://www.lioninvestor.com/low-cost-foreign-exchange/#comment-429 lioninvestor Fri, 27 Jun 2008 04:18:44 +0000 http://www.lioninvestor.com/low-cost-foreign-exchange/#comment-429 Hi 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/ Hi 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/

]]> By: Rhin http://www.lioninvestor.com/low-cost-foreign-exchange/#comment-428 Rhin Fri, 27 Jun 2008 02:33:28 +0000 http://www.lioninvestor.com/low-cost-foreign-exchange/#comment-428 This 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. This 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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