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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%.
If you need to get USD in your bank account, you can do so via Tiger/Moomoo:
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.
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.
IBKR~ $2 per conversion with 0 spread on their forex, good for large amount of $
Make sure it’s IBKR SG, not LLC, because bank will charge $10 fee for oversea usd bank deposit
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