Asked by Nicholas Chan

What is the cheapest way to transfer SGD from a SG bank to USD in another SG bank?

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  • Jonathan Chia Guangrong
    Jonathan Chia Guangrong, Fund Manager at JCG Fund
    Level 6. Master
    Answered on 07 Oct 2018

    Consider dbs multi currency account. You can convert from sgd to usd at anytime you wish. If you really need the usd account to be in another bank other than dbs, not much choices actually. FAST transfer will not work as it can only be done in sgd.. If the bank where your usd is in does not have a high commission charge for accepting physical deposits in USD, can consider changing at a money changer and deposit

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    • Nicholas Chan
      Are that sg banks that don't charge for over the counter usd deposits?
      07 Oct 2018
    • Jonathan Chia Guangrong
      Dbs charges 1.5% for this service. Not sure about other banks
      07 Oct 2018