Which is the cheapest way to transfer USD10k from US bank account to SGD? - Seedly
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Anonymous

Asked on 04 Jan 2020

Which is the cheapest way to transfer USD10k from US bank account to SGD?

Am currently considering DBS MCA, TransferWise, are there any others that I should also be considering?

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Andy Sim
Andy Sim, HR Professional at a Financial Institution
Level 7. Grand Master
Answered on 05 Mar 2020

You can try instarem as well :)

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Answered on 05 Mar 2020

Yes Transferwise is currently the best, safe snd cheapest.

Of note one can not only convert/transfer to countries abroad but also works within a single country. Should always be used if one buys equity in a non SGD currency with a SG bank or broker because they charge almost invisible fees with their automatic conversion.

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Lky
Lky
Level 4. Prodigy
Answered on 04 Jan 2020

Citibank global transfer can transfer USD for free if you have an account with Citi US and Citibank SG.

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Question Poster

04 Jan 2020

Thank you. I tried Citi Global Transfer before and the rate wasn’t good. For example, for USD/SGD the quote was 1.33 when the mid market rate was 1.35. So that’s a huge loss if I converted.
Lky
Lky

04 Jan 2020

I kept in USD and did not use their conversion rate.

Transferwise. They have us bank details so you can ACH to them and then use their system to SG and FAST for last mile to your own bank account

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Jonathan Chia Guangrong
Jonathan Chia Guangrong

05 Jan 2020

Yes it'll be considered to be a TT as it'll involve wiring the funds over to your dbs mca account. This will probably cost about 20 to 25 usd alone.
Kelly Trinh
Kelly Trinh

06 Jan 2020

@OP - what did you end up doing?