facebookI 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? - Seedly
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Yg Teo

Asked on 04 Jun 2020

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!

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Answers (2)

There are 2 ways to go about doing this.

  1. You transfer SGD to your broker and use the FX conversion rates provided by the broker to convert to USD.

  2. You convert to USD at MCA account and perform a DBS Remit with the following details: https://www.dbs.com.sg/personal/support/investment-vickers-transfer-fc.html 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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1 more comments

Ng Wei En

Ng Wei En

06 Jun 2020

U mentioned DBS Vickers I am assuming you are using DBS Vickers as your broker?

Yg Teo

Yg Teo

06 Jun 2020

Thank You!

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Frankie Rappaport

Frankie Rappaport

Level 10. Unicorn

Answered on 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.

1

Yg Teo

Yg Teo

06 Jun 2020

Thank You!

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post