If an institution allows direct bank-in of foreign currency notes without charges, then you control the spread. When you control the spread. a whole new world of currency exchange tactic opens up to you in terms of which currency you wish to use, where to exchange, and another factor ! From my experiments and experience, if I control the spread, I stand to gain all and nothing to lose.

becareful Singky banks (unsure about Malaysian banks) has this policy if your account is dormant within a few months (you need to read the application form how many exactly) it will start to charge you banking fees and deduct direct from your account until almost zero then by law it will close the account and surrender it to the govt

if u have the means to "control" the spread, it is surely to yr advantage!

but i guess this is only for ultra premium customers in special banks.

as far as brokers like IB are concerned, they dun care how u get/buy the fx, they accept face value what u bank in, no other charge.

when u withdraw, same, in that currency. the rest will depend which bank u stipulate the money goes to.

12 months for DBS and requires debiting to count as an activity. Asked their customer service. If you have 2 account, very simple. Transfer from one account to another and back to "trick the bank" into thinking it's active.

This post has been edited by Ramjade: Jan 9 2017, 10:08 AM

what is the interest rate for a normal savings account in DBS bank? Also the FD rates?

Yes bro,...

Does IB allow banking-in and withdrawal of foreign currency notes, eg the USDs without charging 1% ?

Practically 0% (SA is 0.05% FD 12 months = 0.35%) Welcome to the world of singapore where interest is freaking low

They want their people to invest instead of keeping the money under the pillow or biscuit tong or bank acc

Better than Japan where you need to pay a fee to keep money in the bank

i hv not done much transfers, multi currency with IB.

details like this, best to ask rjb123 in this thread:
https://forum.lowyat.net/topic/3396549

Tq bro,.. I think no need to ask,... surely can't accept foreign notes,...

Actually according to his way, he fund his IB account using SGD. Then switch over the currency on IB platform to buy ETF from LSE.

I have replied in the other thread, bro,...

What I understood that is being done by rjb123 is different from what you said in the above.

prince_mk, Hansel, I have asked Merchant Trade, they say it will take 1 working days to transfer the money over to SG. Max RM50k/day/person. However to get around that limit, can ask family member to transfer RM50k/person. So if got 1 wife, 2 kids, can transfer max RM200k/day

Bad news is they don't accept SGD. They only accept RM. Each transfer cost RM22. Cheaper than banks.

quite pissed with this as well, jez found out yesterday bout that % charges. From the read of the page, it looks like just physical deposit/withdrawal at the bank right?
Does it apply for online transaction as well
http://www.dbs.com.sg/personal/deposits/fees.page

Any idea which Spore banks provide free service for $$ dep & withdrawn?

quite pissed with this as well, jez found out yesterday bout that % charges. From the read of the page, it looks like just physical deposit/withdrawal at the bank right?
Does it apply for online transaction as well
http://www.dbs.com.sg/personal/deposits/fees.page

Any idea which Spore banks provide free service for $$ dep & withdrawn?

Bro,... for SGD deposits/withdrawals, it is still FREE,... please do NOT be confused,... everywhere in the world, the depositing of the natural currency of that country into the banking system is FREE, generally,... well, I don't know of any ctry that charges for this. Unless,... clients are encouraged to use the ATMs,.. in which case the charges would be minimal,...

The beauty of DBS earlier was : EVEN THE DEPOSITING AND WITHDRAWAL OF FOREIGN CURRENCIES WAS FREE ! When this happens, we can control the spread of currency exchange already,....anyway,... there is no more of this free meal,.. so, no point talking abt this anymore, unless another bank starts to open up too.

How about maybank SG? If we have maybank account in Malaysia we can open maybank SG and link both account into our maybank2u and then we can have multiple currencies in one profile . Need to ask how much they charge for transferring RM to SGD from maybank MY to maybank SG.

For me Maybank MY no reply until now. Already 1 month +. No call nothing, no package.

Since I everyday I wait, chances of opening are becoming slimmer. Decide to head down myself.

Usually I would either ask my family members to exchange sgd & rm or I drop by Sg to deposit into acc while have 2 days break there.

I find Maybank service is not as great as before already after they had the retrenchment and branches closed down.
Yeah do update us . Thanks