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kitokid

Edited 03 Sep 2021

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Why DBS Forex rate is so lagging?

I notice that DBS forex rate is lagging behind nearly 0.7%++ for SGD to USD exchange. I am planning to collect USD whenever possible to do lump sum investment later. Is there any other better platform which has better forex rate? any advice?

https://www.dbs.com.sg/personal/rates-online/fo...

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CCW

04 Sep 2021

Interactive brokers has close to spot rate.

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Wake Up Your Dollar

04 Sep 2021

Hi, if I am not wrong, banks usually provide spot rates, so i dont think there is a real lag. The 0.7% might very well be the bid ask spread that the bank charges you. If you are intending to invest the money, I suggest you do the forex transaction through stock brokerages like IBKR. They usually have a much smaller spread than banks do.

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Chris

03 Sep 2021

Owner and Writer at Tortoisemoney.com

I don't think it's lagging. The 0.7% is the spread they charge to convert currencies for you. Hearsa...

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