facebookWhat is the best broker/bank to convert SGD to USD getting USD in a Singapore bank account? - Seedly

Advertisement

What is the best broker/bank to convert SGD to USD getting USD in a Singapore bank account?

I.e. Convert SGD in Singapore bank to USD in a Singapore bank.

Discussion (9)

What are your thoughts?

Learn how to style your text

thefrugalstudent

01 Dec 2021

Founder at thefrugalstudent.com

For banks, I believe the rates are mostly similar. The FX spread results in a loss of about 0.7%.

โ€‹

If you need to get USD in your bank account, you can do so via Tiger/Moomoo:

  1. Transfer SGD to Tiger/Moomoo account
  2. Convert SGD to USD in Tiger/Moomoo
  3. Transfer USD from Tiger/Moomoo to DBS MCA (ie Multiplier)

This helps you reduce FX losses because Tiger/Moomoo has better rates than banks (0.3%), and transfer of USD from Tiger/Moomoo to DBS multicurrency accounts are free.

โ€‹

IBKR offers even better FX rates than Tiger/Moomoo, but a transfer of USD from IBKR to DBS is subject to a fee of about $10.

View 3 replies

IBKR~ $2 per conversion with 0 spread on their forex, good for large amount of $

Make sure itโ€™s IBKR SG, not LLC, because bank will charge $10 fee for oversea usd bank deposit

View 4 replies

Write your thoughts

Advertisement