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Anonymous

07 Sep 2021

∙

Depositing Foreign Currency notes into the bank Multi Currency Account without incurring any bank charges?

Hi I have some foreign currency notes on hand and is looking to bank in to my DBS MCA. Is there a way to deposit these notes (eg. USD, HKD, EURO) without incurring any bank charges?

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Sherwin Lim

07 Sep 2021

Deposit usually free or handled by the depositing part via remittance fee. DBS has no charges but you’re at the mercy of their bid spread which can be quite wide.

You can consider deposit into an online broker like SAXO, IBKR, Tiger or Moomoo and swap to SGD before transferring back to your sgd account.

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Ivan Guan

07 Sep 2021

Founder at SGMoneyMatters.com

I am also interested in knowing if any bank has less charges? how about USD cheque?

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Tan Choong Hwee

07 Sep 2021

Investor/Trader at Home

There will be foreign currency deposit commission (USD/EUR 1.5%, HKD 3%, min SGD10), refer to DBS de...

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