DBS Multi Currency Account Reviews and Comparison - Seedly
 

DBS Multi Currency Account

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DBS Multi Currency Account

Up to 0.25% p.a.
INTEREST RATES
None
MINIMUM INITIAL DEPOSIT
$3,000
MIN. AVE DAILY BALANCE

    DBS Multi Currency Account

    Up to 0.25% p.a.
    INTEREST RATES
    None
    MINIMUM INITIAL DEPOSIT
    $3,000
    MIN. AVE DAILY BALANCE
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Questions (12)

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Investments

Bank Account

DBS Multiplier

DBS Multi Currency Account

DBS digiPortfolio

Arun Pai
Arun Pai, Chief Kristals Officer at Kristal.AI
Level 4. Prodigy
Answered 4w ago
I use both the accounts and personally have not encountered any issues with amounts being different. Did you convert currencies too by any chance?

Bank Account

DBS Multiplier

DBS Multi Currency Account

CIMB

Fixed Deposits

Royalchem
Royalchem
Level 5. Genius
Answered on 03 Nov 2019
What is the broker you use for shares? Ibkr and saxo are rather decent for the conversion of SGD to USD and vice versa. Go google and read up. There are some articles floating around. In fact, you can be your own money changer if you have ibkr and DBS mca. Don't need to get eaten by the money changer.

Travel

Shopping

Lifestyle

YouTrip

DBS Multi Currency Account

Javier Lim
Javier Lim
Level 5. Genius
Updated on 27 Jul 2019
I'm not sure about UOB Mighty FX and RHB TravelFX. but comparing DBS MCA to YouTrip; Based on what i have gathered and through my own experience, YouTrip tend to offer better rates with the least margin. On another note, i do personally feel that it's safer to use YouTrip instead of your own debit/credit card as a precautionary measure against theft as you can instantly lock your card from the app. DBS MCA does offer free overseas withdrawal, though quite a limited range of banks/locations. I believe that overseas ATM Withdrawal would only cost S$5 with the YouTrip card, a small price to pay for the additional security of not holding on to too much cash. It would also be prudent to bring along a backup card such as the DBS MCA that you can keep just in case you do lose the YouTrip card.

Multi Currency Cards

DBS Multi Currency Account

TransferWise

If the currency you are converting to is USD then this is possible - will go through the SWIFT system and be a bit slower but Singapore is explicitly listed as a country they can remit USD to.

DBS

DBS Multi Currency Account

Multi Currency Cards

Cherie Julianne Tan
Cherie Julianne Tan, Content Strategist at Seedly
Level 6. Master
Answered on 01 Oct 2019
Hey Xuan!! It is pretty similar to YouTrip actually. The DBS website is pretty comprehensive when it comes to explaining the mechanics of MCA. Maybe you can elaborate more on what you wish to know! But I'll list down some pros and cons that I face when using the MCA. :) Pros: - Able to transfer your money out if you didn't finish using them - Get FX alerts for your ideal rates - No additional card (just the usual Visa Debit card that most of us alr have, the black card) - Easier to see when all your accounts are consolidated in one iBanking page - No max balance, YouTrip max balance is S$3,000 (doesn't affect me much tho) Cons: - YouTrip has better FX rates - this is enough to stop me from using my MCA

YouTrip

DBS Multi Currency Account

Travel

Lifestyle

Multi Currency Cards

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Updated on 24 Jun 2019
Personally, I prefer Youtrip for the competitive rates. I just used Youtrip on my Japan trip, and found rates to be comparable to what I could get from the Raffles Place money changers. Another big plus - when I was out of JPY for a transaction, it converted my SGD to JPY. Which also means, no small change that I need to change back to SGD when I get back! For me, that's a nice plus since I typically don't like to change it back to local currency. I don't mind using it as a one-way wallet, because I use Youtrip as an EZ-Link card as well for my local commute! Get S$15 free money after your first top up on Youtrip with this link! https://youtrip.app.link/HUI%20JUN128899 Update June 2019: GET AN ADDITIONAL $5 with the code JUNUS - which brings you to a total of $15 instead of the usual $10 from other referral codes! so a total of $15!

Bank Account

Multi Currency Cards

DBS Multi Currency Account

Cherie Julianne Tan
Cherie Julianne Tan
Level 6. Master
Answered on 15 May 2018
I'm quite sure you can as long as you have sufficient currency in your MCA for your purchases in the respective countries. For example, if you want to spend in Singapore, ensure that you have enough SGD in your MCA and so on. DBS states, "With DBS Multi-Currency Autosave, you can save and transact in Singapore dollars and multiple foreign currencies, through one comprehensive account." So just ensure that you have enough money in your account! You can link your debit card to that account as well, remember to link it as your primary account. I have mine linked to my DBS Visa Debit card! Hope this helps! :)

YouTrip

DBS Multi Currency Account

DBS

Multi Currency Cards

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Updated on 11 Jun 2019
Personally, I prefer Youtrip for the competitive rates. I just used Youtrip on my Japan trip, and found rates to be comparable to what I could get from the Raffles Place money changers. Another big plus - when I was out of JPY for a transaction, it converted my SGD to JPY. Which also means, no small change that I need to change back to SGD when I get back! For me, that's a nice plus since I typically don't like to change it back to local currency. I don't mind using it as a one-way wallet, because I use Youtrip as an EZ-Link card as well for my local commute! Get S$10 free money after your first top up on Youtrip with this link! https://youtrip.app.link/HUI%20JUN128899 Update June 2019: 9 more available!

DBS Multi Currency Account

DBS Vickers Securities

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 27 Aug 2019
Yup it's pretty straightforward :) You will be able to see a cash amount in your DBS Vickers trading account. And when you make a trade, you can actually check if the trade fees will be $10 which is the correct amount.

YouTrip

DBS Multi Currency Account

Travel

Mark
Mark
Level 4. Prodigy
Answered on 02 Aug 2019
YouTrip is better. See it as getting 3% rebate. Top up via app as and when required. Plus now no dormancy fee. The only drawback is that it doesn't support online payment that requires one time pin (OTP)
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About DBS Multi-Currency Account

DBS Multi-Currency Account is a multi-currency bank account that lets you buy and save currencies at your preferred rates. Allowing you to exchange and spend your foreign currencies at any time.

DBS Multi-Currency Account Features

  • Buy and save up to 12 different currencies at your preferred rate at any time.
  • Receive custom notifications for FX rates of your choice on digibank.
  • No FX conversion fees or extra charges.
  • Transfer funds at little to no fees.
  • Invest directly in foreign currency products with the Multi-Currency Account and a DBS Vickers Account. Trade in up to 7 different overseas markets.

How It Works

  • Begin by opening a Multi-Currency Account

Currencies available

  • Singapore Dollar (SGD)
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Chinese Renmibi (Offshore) (CNH)
  • Euro (EUR)
  • Hong Kong Dollar (HKD)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • Norwegian Kroner (NOK)
  • Sterling Pound (GBP)
  • Swedish Kroner (SEK)
  • Thai Bhat (THB)
  • US Dollar (USD)

You can check out DBS Multi-Currency Account’s full list of Interest Rates here.

  • Choose the currency you would like to exchange and make a fund transfer to lock in the rate in the Multi-Currency Account.
  • Link your DBS Visa Debit Card to enjoy direct foreign currency payments in up to 11 foreign currencies.

Eligibility

  • Applicants must be at least 18 years of age.

More Info

For more details, you can check out DBS Multi-Currency Account’s page here. And their FAQ here.

DBS Multi-Currency Account Contact Info

Phone: 1800 111 1111