Anonymous

10 Sep 2020

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General Investing

Exchange rate spread for banks ( sgd to usd) between own account?

Can I cfm if my calculation is right.. for dbs the exchange rate spread between sgd to usd is around 0.7% and standard chart is around 0.4%

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Nicholas Beh

10 Sep 2020

Student Ambassador 2020/21 at Seedly

The spread is not fixed and can vary from day to day. It can also vary depending on what currency you are switching to, for example the rate for USD to SGD may not be the same as the rate for SGD to USD.

The best way would be to compare between the rates of the services you have access to. Alternatively, some banks/brokers give you full access to the forex markets (e.g. Interactive Brokers) so the rate that they charge is equivalent to the actual rate at the time.

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Related Posts

I'm a self-employed & will receive my fees in USD. Should I open an USD accounts or receive the fees in my SGD accounts? Any recommended opt that can save in exchange rate and bank charges?

Which bank gives better rates for covering SGD to USD for US stock investments? Am considering DBS multi currency account and SC bonussave?

I have some USD in my PayPal and OCBC USD current account. The goal is to transfer USD in PayPal to my OCBC USD but the conversion is at an unattractive rate as they will convert to SGD. Suggestions?

USD is going up. Any best ways to get good usd exchange rate, than converting SGD to USD on IBKR?

How can I fund my Saxo trading account (base currency USD) from a Singapore bank account with SGD balance? Can I use money transfer service such as Transferwise or Instarem? What's the cheapest way?