Bank Account

Asked by Anonymous

Updated 3w ago

I am about to receive 2,000 GBP from UK. What's the best way to minimize the forex/transaction fees? Is it (a) to deposit 2,000 GBP at source currency via DBS's MCA and subsequently convert to SGD or (b) receive the money as SGD?


Answers (2)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Tina Sharon Lee
Tina Sharon Lee,
Level 3. Wonderkid
Updated 3w ago

I did the former thinking the pound will strengthen. Still waiting! The former doesn't incur any costs. Make sure that they specifically state remitting in Sterling Pounds though in the advice.

1 comment

Tina Sharon Lee
Tina Sharon Lee

20 Jul 2018

Oh if you decide to withdraw Sterling Pounds from the DBS MCA they will charge you a fee...if not mistaken about 1.5% for Sterling Pounds! Fyi
Deanna Lim
Deanna Lim,
Level 1. Freshie
Answered on 18 Jul 2018

I think that might be a possible option. You convert the amount you need via DBS MCA. Additionally, you can also turn on your notification to look out for favourable exchange rates. Can read more here:

There are other ways to minimise the forex fees, i.e. using Transferwise or WorldFirst- but that will require you to set up an account with them. Quite troublesome. If it's a one-off transfer, I would suggest using DBS MCA instead.