Yg Teo

06 Jun 2020

∙

General Investing

I want to buy a Singapore stock but it is quoted in USD. I have a DBS MCA account. Do I need to do currency conversion or will DBS Vickers auto convert and deduct from my account?

Thanks!

DBS Vickers Securities

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Ng Wei En

05 Jun 2020

Analyst at Mastercard

There are 2 ways to go about doing this.

You transfer SGD to your broker and use the FX conversion rates provided by the broker to convert to USD.
You convert to USD at MCA account and perform a DBS Remit with the following details: https://www.dbs.com.sg/personal/support/investm... Performing USD remittance via DBS Remit should be at no charge if I am not wrong.

I would imagine both to offer similar FX conversion rates. But for a more fuss-free and quicker experience, I would suggest 1.

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Frankie Rappaport

04 Jun 2020

Better switch currencies by something like TransferWise, the brokers often charge hefty fees for this currency conversion and they often do not state the % fee transparently.

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