facebookI am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money? - Seedly

Anonymous

08 Mar 2020

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Saving Hacks

I am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money?

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For any kind of currency conversion, even completely within Singapore or even in your brokerage account use the (currently) cheapest: Transferwise

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If your salary credit through POSB, you may want to consider opening a DBS mutiplier A/C which can be convenient done online. It is most easily hit with min 1.55% interest if your salary is $2K & above + credit card spend (given that there is no requirement for min. spending on credit card compare to the rest which encourages you to spend more to entitle higher tier interest)

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You can refer to seedly blog with the comparison chart to see which of the savings A/C works better for you, given that everyone's spending nature differs:

https://blog.seedly.sg/best-savings-accounts-2018/

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To see if the DBS mutliper A/C works for you with higher interest compared to the rest, you can go to the below link and use the calculator to check what will be the interest rate you are eligible: https://www.dbs.com.sg/personal/landing/dbs-mul...

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If you are referring to cross country bank transfers, you can give transferwise a try for lower tran...

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