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? - Seedly
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Anonymous

Asked on 16 Jul 2018

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?

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    Frankie Rappaport

    Frankie Rappaport

    Level 10. Unicorn

    Answered on 05 Mar 2020

    Transferwise is the best, safe, cheap and fast.

    CurrencyFair maybe second.​​​

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    I would recommend using Transferwise or equivalent. They are transparent, fast and competitive rates.

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    Tina Sharon Lee

    Tina Sharon Lee

    Level 4. Prodigy

    Updated on 07 Jun 2019

    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.

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    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
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    Deanna Lim

    Deanna Lim

    Level 2. Rookie

    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: https://dollarsandsense.sg/studying-overseas-heres-applying-multi-currency-account-makes-financial-sense/

    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.

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