How to best use USD in DBS multicurrency account to buy IWDA (lump sum) via SCB/other brokerage?
I converted a lump sum of SGD to USD hoping to buy IWDA but did not buy as I realised DBS vickers charges custodian fee (lack of research :/). SCB seems like a better choice for lump sum IWDA purchase. I now have USD sitting in the multi currency account. I still wish to buy IWDA but not sure what is the best way to use the USD I have in DBS multi currency account and buy via SCB or any other better brokerage. Any suggestions?
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Nicholas Beh
20 Sep 2020
Student Ambassador 2020/21 at Seedly
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Interbank USD transfers are tricky in SG - there are no GIRO/FAST transfers for USD locally, hence local USD transfers between banks will count as an international wire transfer. One way to circumvent this is through using a local USD chequing facility, but you will need to check with DBS if they offer this service.
Tiger Brokers should allow you to deposit the USD for free as they use DBS for customers' funds. Interactive Brokers and TD Ameritrade should also allow you to deposit USD into their US-based accounts, which you can do so for free using DBS Remit. However, among the 3, only Interactive Brokers offers LSE market access, but charges a 10 USD minimum monthly commission which may be offputting to you.