Dbs Foreign Currency Fixed Deposit Accounts

[Orangutan]

I have been looking at the Foreign Currency Fixed Deposit accounts at DBS Bank in Singapore. For all the Currency Fixed Deposit accounts listed (USD, GBP, AUD, CAD, NZD, CHF, JPY, HKD, EUR) DBS lists Minimum Amount of 5'000SGD EQUIVALENT to open the account. Although on the charts they provide for each currency the minimum to open the account appears to be higher?

http://www.dbs.com.sg/ratesonline/fdacu.html

Can anyone please explain.

Thanks-O

[sonicdragon]

I have been looking at the Foreign Currency Fixed Deposit accounts at DBS Bank in Singapore. For all the Currency Fixed Deposit accounts listed (USD, GBP, AUD, CAD, NZD, CHF, JPY, HKD, EUR) DBS lists Minimum Amount of 5'000SGD EQUIVALENT to open the account. Although on the charts they provide for each currency the minimum to open the account appears to be higher?

http://www.dbs.com.sg/ratesonline/fdacu.html

Can anyone please explain.

Thanks-O

I don't see where it says that the minimum to open the account is higher .....what exactly are you referring to ?

[Orangutan]

I have been looking at the Foreign Currency Fixed Deposit accounts at DBS Bank in Singapore. For all the Currency Fixed Deposit accounts listed (USD, GBP, AUD, CAD, NZD, CHF, JPY, HKD, EUR) DBS lists Minimum Amount of 5'000SGD EQUIVALENT to open the account. Although on the charts they provide for each currency the minimum to open the account appears to be higher?

http://www.dbs.com.sg/ratesonline/fdacu.html

Can anyone please explain.

Thanks-O

I don't see where it says that the minimum to open the account is higher .....what exactly are you referring to ?

For example for the GBP deposits they have five columns starting at GBP 25,000, 50,000, 100,000, 250,000, 500,000. I don't understand 5,000 Singapore Dollar = 1,655.92 British Pound - 5,000 British Pound (GBP) = 15,097.4 Singapore Dollar (SGD). Isn't this below the 25,000 that is listed in the first column?

I'm thick.

Thanks - O

[sonicdragon]

I have been looking at the Foreign Currency Fixed Deposit accounts at DBS Bank in Singapore. For all the Currency Fixed Deposit accounts listed (USD, GBP, AUD, CAD, NZD, CHF, JPY, HKD, EUR) DBS lists Minimum Amount of 5'000SGD EQUIVALENT to open the account. Although on the charts they provide for each currency the minimum to open the account appears to be higher?

http://www.dbs.com.sg/ratesonline/fdacu.html

Can anyone please explain.

Thanks-O

I don't see where it says that the minimum to open the account is higher .....what exactly are you referring to ?

For example for the GBP deposits they have five columns starting at GBP 25,000, 50,000, 100,000, 250,000, 500,000. I don't understand 5,000 Singapore Dollar = 1,655.92 British Pound - 5,000 British Pound (GBP) = 15,097.4 Singapore Dollar (SGD). Isn't this below the 25,000 that is listed in the first column?

I'm thick.

Thanks - O

Note that it says "< 25'000" which means "less than 25,000 pounds" in this case. So if your deposit is for more than SGD5000 equivalent, and less than 25,000 pounds you will get the rates in that column.

*/edit typo

Edited November 7, 2007 by sonicdragon

[cclub75]

You are mixing the minimum amount to open a FCFD (indeed 5000 SDG equivalent). And the different interest rates offered depending on :

-the amount

-the maturity

(a deposit of 200 000 AUD for 6 month, will get a better rate than a deposit of 25 000 AUD etc, hence the columns).

[Orangutan]

Understand.

Thanks - O

[Orangutan]

Does anyone know if it's possible to open a Foreign Currency Fixed Deposit account in Singapore over the Internet? I have emailed both DBS and OCBC Banks for an answer, and as yet they have not replied.

Might have been discussed before but I can’t find a reference for it?

Thanks.

-O

[BalthazarBeefheart]

Does anyone know if it's possible to open a Foreign Currency Fixed Deposit account in Singapore over the Internet? I have emailed both DBS and OCBC Banks for an answer, and as yet they have not replied.

Might have been discussed before but I can’t find a reference for it?

Thanks.

-O

I was just wondering why Singapore when Bangkok Bank for example offer accounts here ?

Many Thanks BB

[Orangutan]

Does anyone know if it's possible to open a Foreign Currency Fixed Deposit account in Singapore over the Internet? I have emailed both DBS and OCBC Banks for an answer, and as yet they have not replied.

Might have been discussed before but I can’t find a reference for it?

Thanks.

-O

I was just wondering why Singapore when Bangkok Bank for example offer accounts here ?

Many Thanks BB

Because there are no taxes on the interest that you earn...but you pay 1% for deposits and withdrawals. And of course you pay the spread when you buy other currencies.

Anyone know a bank in Singapore or HK that allows you to open Foreign Currency Time Saving Accounts with anything less than $100,000.00 U.S.? How can us small guys participate in getting our U.S. dollars out of America?

Thanks - O

-O

[Prakanong]

Does anyone know if it's possible to open a Foreign Currency Fixed Deposit account in Singapore over the Internet? I have emailed both DBS and OCBC Banks for an answer, and as yet they have not replied.

Might have been discussed before but I can't find a reference for it?

Thanks.

-O

I bank with DBS but I live in Singapore.

I opened an account with only my passport if I remember correctly.

My pal opened a USD Account with Citibank here about 5 years ago when he was living in Thailand - he did fly down though - its pretty cheap now and can be done in a day.

[Iolare]

My wife and I just returned from a 3 day trip to Singapore for the purpose of opening bank accounts. We ended up going with DBS after checking around a little. They required passports, proof of residence, and a letter of reference from an international bank.

Even if it is possible to open an account online, I personally prefer to meet and know who my banker is, and to have actual signatures and records on file with the bank. If you’re planning to move a significant amount of your cash into a new bank, I think it’s worth the time and expense to show up in person.

Anyway, the trip was a fun, relatively inexpensive, and it highlighted the contrast between the micromanaged organization that is Singapore, and the lovable chaos that is LOS.

[Prakanong]

My wife and I just returned from a 3 day trip to Singapore for the purpose of opening bank accounts. We ended up going with DBS after checking around a little. They required passports, proof of residence, and a letter of reference from an international bank.

Even if it is possible to open an account online, I personally prefer to meet and know who my banker is, and to have actual signatures and records on file with the bank. If you're planning to move a significant amount of your cash into a new bank, I think it's worth the time and expense to show up in person.

Anyway, the trip was a fun, relatively inexpensive, and it highlighted the contrast between the micromanaged organization that is Singapore, and the lovable chaos that is LOS.

I did not need a letter but I had a company letter with salary etc so thats is probably the alternative when living here.

Good one about the face to face meeting and sigs/ records on file

The pal I mentiend above had almost 100,000 USD phished from his account - totally his fault and the idiot filled in ALL of his details. It went through 6 other Citibank accounts at the same branch then out to Germany, Eastern Europe and thin air.

He got the money back after a while but they did not need to give it - he never admitted being phished on advice from others - his personal banker would not have refunded the money but it went higher up.

Singapore can be cheap - I reckon I live here cheaper than I would in Thailand but I tend not to go out much to bar's etc in Singapore. My utilities ie water, electricoty and gas ar cheaper and I reckon I would have to pay more for the same level of condo in Bangkok than I currently do here (but I bet I am not saying that in October 2008)

[Iolare]

My wife and I just returned from a 3 day trip to Singapore for the purpose of opening bank accounts. We ended up going with DBS after checking around a little. They required passports, proof of residence, and a letter of reference from an international bank.

Even if it is possible to open an account online, I personally prefer to meet and know who my banker is, and to have actual signatures and records on file with the bank. If you're planning to move a significant amount of your cash into a new bank, I think it's worth the time and expense to show up in person.

Anyway, the trip was a fun, relatively inexpensive, and it highlighted the contrast between the micromanaged organization that is Singapore, and the lovable chaos that is LOS.

I did not need a letter but I had a company letter with salary etc so thats is probably the alternative when living here.

Good one about the face to face meeting and sigs/ records on file

The pal I mentiend above had almost 100,000 USD phished from his account - totally his fault and the idiot filled in ALL of his details. It went through 6 other Citibank accounts at the same branch then out to Germany, Eastern Europe and thin air.

He got the money back after a while but they did not need to give it - he never admitted being phished on advice from others - his personal banker would not have refunded the money but it went higher up.

Singapore can be cheap - I reckon I live here cheaper than I would in Thailand but I tend not to go out much to bar's etc in Singapore. My utilities ie water, electricoty and gas ar cheaper and I reckon I would have to pay more for the same level of condo in Bangkok than I currently do here (but I bet I am not saying that in October 2008)

I agree with you about sending banking details through unsecured email, but then there’s the other issue of just being able to get a hold of a banker when you want to talk about something. If you don’t have a banker that you’ve met “eyeball to eyeball” then you have to call the general phone number and try to go through all the recorded menus of choices hoping you get a live operator and not a recording offering to repeat the choices again. I have the direct phone numbers and mobile phone numbers of the people I met at the bank. That’s worth a lot to me.

[Orangutan]

Yes it sounds like you must appear in person to open any type of account in Singapore. The interest rates at OCBC Bank appear to be higher than DBS. But I pose the same question, are there any banks that have a lower minimum deposit requirement for fixed time currency deposits...other than $100,000.00 U.S.?

-O

[Prakanong]

Yes it sounds like you must appear in person to open any type of account in Singapore. The interest rates at OCBC Bank appear to be higher than DBS. But I pose the same question, are there any banks that have a lower minimum deposit requirement for fixed time currency deposits...other than $100,000.00 U.S.?

-O

Its not 100K - its 1000USD - look at this link

http://www.dbs.com/sg/personal/deposit/for...rrent/interest/

I am on the DBS site as I write this paying some bills so decided to check.

[Orangutan]

Yes it sounds like you must appear in person to open any type of account in Singapore. The interest rates at OCBC Bank appear to be higher than DBS. But I pose the same question, are there any banks that have a lower minimum deposit requirement for fixed time currency deposits...other than $100,000.00 U.S.?

-O

Its not 100K - its 1000USD - look at this link

http://www.dbs.com/sg/personal/deposit/for...rrent/interest/

I am on the DBS site as I write this paying some bills so decided to check.

Prakanong,

I Received this reply from OCBC Bank in Singapore:

We would appreciate if you could ascertain whether you have a valid Work Permit, Employment Pass or Student Pass. In the event you are a non-Singaporean without a valid Work Permit, Employment Pass or Student Pass, you may apply for our Offshore Banking service.

"The following are the eligibility requirements for our Offshore Banking Service:

* Foreigners / Non-Singapore citizens

* Permanent Residents of Singapore

* Minimum investment of USD 100,000 (or equivalent) in Foreign Currency Time Deposits and a Singapore Dollar transactional account with Phone Banking facility".

I haven't dug into the DBS site much, I became uninterested when I saw that their Foreign Currency Time Deposits rates were paying less than OCBC. I think I remember Dr. Namm saying that the minimum deposit was also $100,000.00, if you lived outside of Singapore?

I am living in Bangkok.

Thanks for your time.

-O