For those who have not realised, if you have a USD cheque, the best bank to deposit your cheque is Citibank Singapore.
Usually, when you bank in USD cheque in Singapore, the amount that you finally receive will be subjected to foreign exchange conversion as well as commission, postage and agent charges. For example, UOB charges 0.125% commission (subject to min. S$10 and max. S$50) plus postage fee and DBS charges 0.125% (subject to min. S$10 and max. S$100) plus postage fee and agent fee. For amount above USD$25, these charges can easily add up to S$15-$25 or more.
On the other hand, there is no charge if you deposit your USD cheque in Citibank Singapore, as long as it doesn't involve sending for overseas collection. So, if you receive USD cheques regularly, it is wise have an account with Citibank, even if it's solely for depositing USD cheques.
Look under "Cheque Charges"
Tuesday, September 11, 2012
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3 comments:
it's not true, there is NO charge by UOB, DBS for a Singapore cleared USD cheque (usually issued by a singapore company or individual). But for a U.S. cleared USD cheque (issued by a US person or company), all banks have charges, and UOB has the lowest charge.
Hi Anonymous,
What I meant is depositing a USD cheque into a SGD account in Singapore.
There are charges involved even if it's a USD cheque issued by a Singapore company or individual. Eg. A DBS cheque in USD issued by CDP.
Please feel free to check out the fact with UOB and DBS.
I have never been a great fan of bank stocks.
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