I am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money? - Seedly
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Savings Accounts

Anonymous

Asked on 04 Jun 2018

I am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money?

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Ck Chai

Ck Chai

Level 6. Master

Updated on 07 Jun 2019

If your salary credit through POSB, you may want to consider opening a DBS mutiplier A/C which can be convenient done online. It is most easily hit with min 1.55% interest if your salary is $2K & above + credit card spend (given that there is no requirement for min. spending on credit card compare to the rest which encourages you to spend more to entitle higher tier interest)

You can refer to seedly blog with the comparison chart to see which of the savings A/C works better for you, given that everyone's spending nature differs:

https://blog.seedly.sg/best-savings-accounts-2018/

To see if the DBS mutliper A/C works for you with higher interest compared to the rest, you can go to the below link and use the calculator to check what will be the interest rate you are eligible: https://www.dbs.com.sg/personal/landing/dbs-multiplier/?cid=sg-dbs-vanity-others-dbs-multiplier

2

Zach Howe
Zach Howe

13 Jun 2018

It seems that TS is mostly transferring the funds for his/ her Overseas bank to Singapore bank, it will not work/ garner higher interests since one of the condition for DBS Multiplier A/C (unless I am wrong?)
Ck Chai
Ck Chai

23 Jul 2018

Ooh, my bad, I missed out on the portion that the salary is transferred instead of credited, I guess CIMB Fastsaver at 1% interest will be the next best option then.
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For any kind of currency conversion, even completely within Singapore or even in your brokerage account use the (currently) cheapest: Transferwise

2

Daniel

08 Mar 2020

How are the spreads? It seems that on top of the spread there's a 0.35% to 1% fee for conversion?
Frankie Rappaport
Frankie Rappaport

08 Mar 2020

You can see/compare their total conversion rates on their webpage live
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Ric Wang Poh Peng

Ric Wang Poh Peng

Level 4. Prodigy

Answered on 12 Jun 2018

If you are referring to cross country bank transfers, you can give transferwise a try for lower transfer fees .

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Zi Song Lim

Zi Song Lim

Level 3. Wonderkid

Answered on 10 Jun 2018

you can try DBS Multiplier account or the OCBC 360, however, there are certain requirements to meet for you to get the most interest. If those are not feasible, you can explore CIMB Savings too, as they give 1% just for having the savings account with them.

read more here: https://blog.seedly.sg/best-savings-accounts-2018/​​​

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Thank You!
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