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DBS Exchange Rates

  DBS Exchange Rates

Currency exchange is a complex subject for most people. For the majority of them, it is not something they need to track on a daily basis. However, when someone plans to travel abroad or send/receive cash from overseas, one needs to have some awareness of exchange rates and its calculation. In this article we look in-depth at DBS exchange rates in particular.

DBS offers a wide range of services to their customers and their foreign exchange services are excellent. The bank offers various foreign exchange services to cater to the varying needs of its customer. Travel cards, foreign cash, ITT (Inward Telegraphic Transfer) are some of the main products offered by DBS.

About DBS

Before we proceed to learn more about the services and exchange rate calculation, let’s take a quick look at the bank’s history. DBS is Southeast Asia’s largest bank and operates in 18 countries across the world. Subsequently, the bank provides both domestic and institutional banking activities like corporate finance, trade finance, cash management and treasury solutions, among others.

DBS Bank aims to facilitate better business and investment flows between Asia and important trading markets such as Australia, Europe and the Americas.

DBS Exchange rates explained

This article aims to help you:

  • Find the exact exchange rate as per your requirement.
  • Undertake currency conversion by using the exchange rates.
  • Compare the DBS exchange rates to other foreign exchange providers.

Components of exchange rate

The exchange rates are determined by three factors. They are:

  • The currency
  • Nature of your transaction – purchase or sale.
  • Product purchased (cash, travel money card or bank transfer).

Let’s now examine these in detail:

Currency

The exchange rate largely depends on the currency you wish to buy or sell. For instance, to send money to the UK, you’ll need to buy GBP and to send money to the US, you must buy USD. Once you know which currency you need, all you have to do is to check the rates of that currency against the SGD.

You can check the DBS foreign exchange rates online anytime of the day.

Type of transaction

Once the currency requirement is identified, the next step is to decide what you want to do with it. Are you looking to buy some or sell some?

The rates differ slightly depending on the transaction type and across the currencies. It means that if you are buying USD, the rates will be different from what you’ll get if you are selling it.

Product you need

Another factor, which determines the exchange rate, is the type of product you wish to buy. The rates differ accordingly. While carrying cash could be the cheapest option, it is risky as well. Travel cards might be hassle-free but are costlier. Likewise, it is not practical to go for online transfers for each and everything. So, the best solution is to go for a combination of all.

Comparing DBS Exchange Rates (HKD & SGD)

Use the live foreign transfer exchange comparison tables below to compare DBS exchange rates in Hong Kong and Singapore to the leading FX specialists. The table uses the scenario of a user wanting to send $SGD 10,000 abroad, note the margin refers to the difference to the current mid-rate. You can change the currencies and send or receive amount with our full DBS foreign transfers calculator.


Singapore United States SGD to USD


Foreign Transfers - Best Rates vs DBS Bank DBS Bank logo

Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee SGDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
WorldFirst logo
7,320 USD0.73200.39%Bank Transfers - Online & Phone1-2 days
 
OFX logo
7,280 USD0.72800.94%Bank Transfers - Online & Phone1-2 days
DBS Bank logo
7,198.02 USD0.7211182.05%Online, Branch, Bank Transfers2-3 days
HSBC logo
7,127.29 USD0.7138$153.02%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo OCBC Bank logo
7,117 USD0.7143183.16%Online, Branch, Bank Transfers2-3 days
OCBC Bank International Money Transfers
OCBC Bank logo
7,079.49 USD0.7151$1003.67%Online, Branch, Bank Transfers2-3 days
Citibank International Money Transfers
Citibank logo
7,063.51 USD0.7072123.88%Online, Branch, Bank Transfers2-3 days
WorldFirst: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:
Exchange Rate:0.7320 (0.39% from mid-rate)
USD amount:7,320 USD
Total Cost:0.39%
Time:8:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:0
Exchange Rate:0.7280 (0.94% from mid-rate)
USD amount:7,280 USD
Total Cost:0.94%
Difference:
$40 less than using WorldFirst
Time:
Rate Fetched: Tue Jan 22 2019 00:13:55 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
DBS Bank: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:18
Exchange Rate:0.7211 (1.88% from mid-rate)
USD amount:7,198.02 USD
Total Cost:2.05%
Difference:
$122 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:$15 SGD (.15%)
Exchange Rate:0.7138 (2.87% from mid-rate)
USD amount:7,127.29 USD
Total Cost:3.02%
Difference:
$193 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo OCBC Bank logo

Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:18
Exchange Rate:0.7152 (2.68% from mid-rate)
USD amount:7,117 USD
Total Cost:3.16%
Difference:
$203 less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
OCBC Bank: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:$100 SGD (1%)
Exchange Rate:0.7151 (2.69% from mid-rate)
USD amount:7,079.49 USD
Total Cost:3.67%
Difference:
$241 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Citibank: Foreign Transfer SGD→USD
SGD amount:$10,000 SGD
Fee:12
Exchange Rate:0.7072 (3.77% from mid-rate)
USD amount:7,063.51 USD
Total Cost:3.88%
Difference:
$256 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Sending $SGD 10K with DBS vs Best Provider
 


Hong Kong United States HKD to USD


Foreign Transfers - Best Rates vs DBS Bank DBS Bank logo

Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee HKDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
WorldFirst logo
6,350 USD0.12700.39%Bank Transfers - Online & Phone1-2 days
 
OFX logo
6,255 USD0.12510 for BER users (normally $60)1.88%Bank Transfers - Online & Phone1-2 days
DBS Bank logo
6,188.81 USD0.1239502.92%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
6,124 USD0.1226553.93%Online, Branch, Bank Transfers2-3 days
HSBC logo
6,105.22 USD0.1223$804.23%Online, Branch, Bank Transfers2-3 days
Citibank International Money Transfers
Citibank logo
6,078.54 USD0.1216124.65%Online, Branch, Bank Transfers2-3 days
WorldFirst: Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:
Exchange Rate:0.1270 (0.39% from mid-rate)
USD amount:6,350 USD
Total Cost:0.39%
Time:8:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.6/5.0
Reviews:
 
OFX: Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:0 for BER users (normally $60)
Exchange Rate:0.1251 (1.88% from mid-rate)
USD amount:6,255 USD
Total Cost:1.88%
Difference:
$95 less than using WorldFirst
Time:
Rate Fetched: Tue Jan 22 2019 00:16:12 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
DBS Bank: Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:50
Exchange Rate:0.1239 (2.82% from mid-rate)
USD amount:6,188.81 USD
Total Cost:2.92%
Difference:
$161 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo

Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:55
Exchange Rate:0.1229 (3.61% from mid-rate)
USD amount:6,124 USD
Total Cost:3.93%
Difference:
$226 less than using WorldFirst
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
HSBC: Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:$80 HKD (Minimum fee)
Exchange Rate:0.1223 (4.08% from mid-rate)
USD amount:6,105.22 USD
Total Cost:4.23%
Difference:
$245 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Citibank: Foreign Transfer HKD→USD
HKD amount:$50,000 HKD
Fee:12
Exchange Rate:0.1216 (4.63% from mid-rate)
USD amount:6,078.54 USD
Total Cost:4.65%
Difference:
$271 less than using WorldFirst
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Sending $HKD 10K with DBS HK
 

Usually, there are some costs attached to money transfers. However, the cost depends on the type of account you hold. In most cases, there will be a minimum transfer fee and in some cases, the bank would waive this fee.

The figure below shows the DBS transfer and remit details in a glance:

It is worth noting that the intermediary or the recipient bank that handles the transaction at the other end of the spectrum may impose an additional fee. There might also be some charges for amendments, cancellation or for tracing a payment.

As you can see from the above image, there are no transfer fees and the bank offers preferential rates when the transfer amount is above a certain limit. They also offer same day online transfers, foreign exchange lock-ins so that you can get the rate you wish and so on.

Time taken to do an international money transfer by DBS

The turnaround time for international transfers depends on the country to which transfer is made. In most cases, the beneficiary will receive the fund anytime between one and three business days.

Here is a figure showing the details of the turnaround time by DBS Singapore:

DBS Reviews

DBS foreign exchange services have been highly rated by the customers. They feel the competitive exchange rates across the major currencies gave them an edge over others. The ease of doing online transfers and the prompt services offered by the bank has been a highlight of the reviews from customers. Most customers agreed that the DBS customer service is exceptionally professional and efficient.

For more information on DBS exchange rates and international money transfers, click here.

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