Different currencies transfer to SG Bank account

Background: I am a forex trader for a prop trading firm. The way it works is the profit I generate for the firm is paid to me in commissions monthly in the form of a payout. However, here comes the tricky part. I am paid out in the currency USD and it is paid to Deel (https://www.letsdeel.com/) . From there, I have various options of withdrawal, namely PayPal, SWIFT, Wise etc. My go to option all along have been PayPal account, and at this point, PayPal would have already charged me 2.5% for the amount I received.

So my questions is, what is the most cost efficient way for me to transfer larger amount of money (e.g. 50k USD) from Deel/Paypal, to local bank, and finally changing it to SGD and withdrawing it for my daily use?

There are a few cases I managed to find online:
1. Opening a multi currency account with a local bank. However, I will be pegged to the bank's exchange rates, which we all know are quite shitty (unless you're a privilege customer etc.) The fees are crazy too, somewhere in the range of 2.5% to 5% for the whole process.
2. Funding it to a MAS recognized broker which offers SPOT exchange rates, from USD to SGD. Then withdrawing it to local bank. (however this way may face certain AML/CTF regulations etc., not very sure about this)

I would really appreciate if anyone of this expertise to leave a comment to what are the options I have.

Do include the fee structure and process too.

Thank you.