Can I ask what's the purpose of a global savings account for different currencies? - Seedly
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Asked on 13 Feb 2020

Can I ask what's the purpose of a global savings account for different currencies?

Is it more for foreigners kind of thing? Also, how do transactions in foreign currency work in SG?

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Frankie Aufhauser-Rappaport
Frankie Aufhauser-Rappaport
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Answered on 14 Feb 2020

Meant to diversify currency risk. however should only include "stable" currencies,

if meant for saving.

Currency conversions can be done in SG by Your bank, but this is way to expensive.

If you are in need to convert currencies, use cheaper(and safe) Services

like Transferwise or CurrencyFair. If you f.ex. have in SG two bank accounts

in nominal SGD and USD currency, You can do the conversion even within Singapore.

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