Multi Currency Cards
Asked on 18 Oct 2019
I've recently opened up DBS Vickers and Saxo market account, looking to invest in US market and trying to minimize currency losses.
Out of curiosity, I look at the FX spreads on IB. Have to concede defeat. On the other hand, local bank FX spreads are quite horrendous.
I'm constrained though. Have to use POEMS.
10 Dec 2019
Interactive Brokers hands down! Real time exchange rate, follows Google super closely. You can top up your account in SGD as well. And did I share that it has one of the lowest commissions in the market!?
Interactive broker can solved all your concerns. SGD is one of the strong currency. Not to worry much about the currency fluctuations. What you have to worry most is the commission charged by local brokerages instead. So interactive broker is one of the cheapest platform out there and you can have access to most of the countries stock exchange.
There are a number of platforms, multi-currency cards etc out there that enables investors to convert currency from one to the other but there is no investing offering after that which will lead to a number of transactions.
Through Kristal.AI we enable our investors to convert currency (SGD into USD) at a nominal charge of 5 bps i.e. .05% after which you will be able to invest into the various Kristals (trading strategies) on the platform. In addition up to an amount of 50k USD, no fees are charged (no advisory fees, no transaction fees!
Interactive brokers due to their low cost brokerage and in house exchange rates. Other overseas online brokers has similar low fees such as AMD trade and CMC, dbs vickers is far behind them in fees and exchange rate fees
I used revolut to change SGD/USD at mid-market rates with no fees then use revolut to send USD back to my DBS multicurrency account. My DBS account got the exact amount of USD at the end with no fee deduction. The S$10 handling commission is definitely waived because of my DBS treasures status. But I have read from seedly posts that this fee is waived too and for other EUR business accounts. Time taken is around 2 days. But if you intend to change more than sgd9k per month, then subscribe to their Premium account and can have turbo transfer for free which will then cut down to 1 day.
In my opinion, Interactive Broker has one of the lowest cost.
Interactive Brokers is one of the largest discount online brokers. They process more than 1,000,000 trades Monday to Friday.
You can check out Interactive Broker website to know more about it :)
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