Dealing with a USD income

Hey finance gurus, I'll be getting a steady, sizeable, monthly income in USD, and I'd like to gather opinions and advice on how to deal with this in Singapore.

A few concerns / intentions that I have to decide which account to open:

Keeping USD, then changing to SGD when it's more favourable (I'm okay with liquid $, investing is a bonus but not necessary since it's all complicated)
Transaction fees on receipt / transfers (I do not know which party will incur the transfer fee, so let's leave it vague for now?)
Least fuss
(least concern) Investing with USD

Thanks yall.

2

Discussion (2)

What are your thoughts?

Learn how to style your text

PolicyWoke

23 Oct 2021

Turbo-charge Your Savings with REPs at PolicyWoke

Hi Anonymous,

You may consider opening a Wise account which comes with USD bank account details. This way, you can receive monthly income like a local. https://wise.prf.hn/l/6nwD8mX

Reply

Save

Tan Choong Hwee

21 Oct 2021

Investor/Trader at Home

If you are fine with liquidity and not necessary to invest, then perhaps the local bank multi currency account would be most appropriate. With such account, you can do internal transfer from one currency to another, subjecting to the bank currency exchange rate (not necessary the best rate, but relatively fuss free).

Another option is stock brokerage firms with multi currency facility, and some have temporary cash parking facility (which invest in money market fund that may generate slightly better returns than bank interests). One such account I use is POEMS Cash Plus Account. You can convert currency at their spot rate, and invest in USD-based stocks if you want. Let me know if you are keen to open POEMS Cash Plus Account, I can provide my referral link.

Typical inward telegraphic transfer commission is SGD10 from the receiving bank, the sending party may also incur some fee.

Reply

Save

Write your thoughts