Yes ! This is the spirit !!!!!!!!!!!!

I call upon DBS to close some Malaysians' accounts which are not productive.

Give chances to other Malaysians who don't have work permits to open accounts there.

After Ramjade's posting,... now we know more why there are dormant Malaysians' accounts in DBS,... wasting disk space inside their computer system only, and depriving of other Malaysians who wished to open...

Do you own UOB?

Too bad that DBS can't to have IDR currency...

Err,... no, I don't own UOB. I think it's a family-controlled bank,...

Yes, I have a UOB Account too, but DBS seems to catch my attention always when I need to use banking facilities,...

Yeah,.. I know,.. emerging mkt currencies are not favoured by banks worldwide, that's why there are limited wallets for EM currencies in multi-currency accounts worldwide. DBS MCA does not have a wallet for the Ringgit too.

Hence, I must always use the SGD as a proxy, and I TT SGD back to Msia at zero charges at both ends when I need to use larger amounts in Msia.

Never realise TT SGD back to Malaysia is zero fee. I thought to FAST to CIMB and use CIMB SG to TT back to CIMB MYR

Have applied TransferWise account and awaiting for verification.

Using DBS Remit is free, SGD is converted into MYR, then transfer back to, say, your Maybank Account in Msia. ALL THE WAY IS FREE. At this end, also no charge,... Transferring by using DBS Remit to any bank is Australia, The USA, Canada also no-charge.

How abt CIMB SG to CIMB MY ? Any charge at either end ?

The interesting part is,... there is also no charge by any intermediary bank,... I noticed this too,... but I'm still studying this. DBS has a lot of facilities if we know how to use it ! To me,... it's a great bank,... lots of facilities that other banks don't have.

Hence, if no charge at all, then the only thing we need to worry abt is the exchange rate.

If you tell me to hold multucurrency, Transferwise can do that for free. So tell me why should I pay or give DBS free money? Multicurrency card? Many card offer better deal than DBS multicurrency card. Even created by our very own Malaysian company.

I don't like giving banks free money. Hence I will find ways to get things for as cheap as possible from the bank. Transferwise is offering masses a cheap option to hold multicurrency with ease. No need to go begging people.

Read the PDF. Incoming TT is charged. You may not be charged TT fees but you are charged marked up exchange rate. Don't believe me? Check out exchange rate offer by fintech vs DBS. I did and noticed the difference. Again why bother giving banks free and good money? Are they your relatives that you must help them? No. They are just glamorous money lenders.

Try moving USD to other bank in SG. If within DBS bank I am sure no problem. Try moving it to say UOB and OCBC via online. Not by RM or cheque. See if it can be done.


I would use their account more often if they are more generous. Since they are so stingy, I am also stingy with them. If they are generous, I will be more generous with them.

Good example was Maybank MY. Back when they have eGIA which give 4.5%p.a with no lock in penalty, I parked my cash with them.

Agreed free but never let free fool you. Free is good but keep your eyes open on the exchange rate. I have surveyed their rates (other currencies). Definitely better than what Malaysian banks offer but not the best vs fintech. Now free transfer vs cheaper than free transfer, which would be a better pick?

PS I never laugh at you. But I am trying to open your eyes that better options exist.

But transfer via transferwise to anyone will not be under your name right

From my experience:

For GBP:
The sender's name will appear as "your name TW". For example, your name is John Doe, the sender's name will appear as "John Doe TW". Brokerage account might not accept this transfer.

For EUR:
The sender's name will appear exactly as your own name in the SEPA transfer. This method is acceptable for transfer to brokerage account in your own name.

For USD:
It seems that the sender's name appears as your own name. I noticed this from a TW transfer into my US bank account.
However, when I tried to send a TW transfer to top up my Interactive Broker (IB) account, the transfer was rejected. Possibly the ACH transfer was sent in a different bank account number but still in my own name, just my guess.

In addition, for GBP/EUR/USD/SGD, you can add a short message/text which will be sent along with the money transfer. However, no short message/text cannot be added for HKD/CNY transfer. For currencies where no message/text can be added, they offer to send the message via email to the recipient.

This post has been edited by hyperzz: Jun 28 2018, 02:47 PM

Thanks for your useful inputs. Appreciated.

But still some brokerages require to match with account number and it will be used for withdrawal purpose.



This post has been edited by jack2: Jun 27 2018, 05:12 AM

Just give brokerage your account as appear in transferwise. Each currency account on transferwise have their own account no.

This post has been edited by Ramjade: Jun 27 2018, 07:50 AM

I appreciated yr comments. I am open to suggestions,...

To simplify things,... I will look at DBS' function on TT'ing money only... I have not used TransferWise,... using TransferWise, pls tell me :-

1) How much cost, overall, to TT, say SGD1000 into a Malaysian Maybank Account ?

2) What would be the Exchange Rate used, for SGD to MYR for today ?

By the way,.. I'm aware of the exchange rate matter,... I have mentioned it in my posts earlier,... still, I have compared the exchange rate used in DBS Remit against other banks' inside SG. I find DBS' exchange rate is still good enough, after taking-in the overall cost of doing the DBS Remit TT.

Incoming TT AT THE RECEIVING BANK is NOT charged when using DBS Remit,....................except for TT's to a Japanese bank, to be more specific...

We can move USDs from one bank to another bank online in SG. USD clearing is done inside SG. I will leave it at that.

CORRECTED

For all outgoing transfers from TW, the sending account number is most likely different from your Borderless account number but your name will appear as the sender.

In case of withdrawal from IB, the EUR IBAN works fine. The GBP account number won't work as IB requires an IBAN.
The USD account number might work for ACH withdrawal but I never tried it as I already have an US bank account linked to IB.

This post has been edited by hyperzz: Jun 28 2018, 04:21 AM

@Ramjade,... pls reply on the bolded above,... let me compare,...

Sure. No problem. These are rates offered by the bank and Transferwise as of 7.14pm
Cimb SG (Transfer to My CIMB Malaysia Account )
SGD1000 = RM2925.90

DBS Remit
SGD1000 = RM2916.30
- Of course I don't know whether beng priority customer can get you better discount or not.

Transferwise
SGD1000 = RM2936.86

And this is just the tip of the iceberg. Many other remittance company from SG can offer cheaper rates than Transferwise. Seen it before. But we cannot apply as either
1) open to SGrean only
2) must have address and SG phone no.



This post has been edited by Ramjade: Jun 28 2018, 07:34 PM

It has been 4 days TW hasnt verified me

They validated me already.

How long it was done for you.

In less than a week.
Need to upload IC and bank statement.

For me I uploaded both. Then they email me said watermark cover too much. Ask me to upload new pic. Upload new pic, validated within 2 days.

Ya, I uploaded both.