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DBS Exchange Rates

#Banks #Global #HKD #SGD
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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.

The Australian operations were officially launched in Sydney in the year 2015.

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 Transfer ProvidersReceive USD(U$)Exchange RateFee SGDTotal CostDeal Links
DBS Bank International Money Transfers
DBS Bank logo
U$7,080.23
Compare
0.7093182.81%
OFX logo
U$7,227
U$147 more
0.72270 for BER users (normally $15)0.8%
TransferWise logo
U$7,240.88
U$161 more
0.7278S$510.61%
OCBC Bank International Money Transfers
OCBC Bank logo
U$7,017.12
U$63 less
0.7088S$1003.68%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo OCBC Bank logo
U$7,014
U$66 less
0.7040183.72%
HSBC logo
U$7,010.47
U$70 less
0.7021S$153.77%
Citibank International Money Transfers
Citibank logo
U$6,948.65
U$132 less
0.6957124.62%
 

DBS Bank logo

DBS Bank: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:18
Exchange Rate:0.7093 (2.64% from mid-rate)
To Amount (USD) U$7,080.23
Total Cost:2.81%
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

OFX logo

OFX: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:0 for BER users (normally $15)
Exchange Rate:0.7227 (0.8% from mid-rate)
To Amount (USD) U$7,227
Total Cost:0.8%
Difference:
U$147 USD more than using DBS Bank
Time:
Rate Fetched: 8:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

TransferWise logo

TransferWise: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:S$51 SGD (0.5% + S$1)
Exchange Rate:0.7278 (0.1% from mid-rate)
To Amount (USD) U$7,240.88
Total Cost:0.61%
Difference:
U$161 USD more than using DBS Bank
Time:8:45 Local
Transfer Speed:0-2 days
Services:Bank Transfers - Online, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 

OCBC Bank logo

OCBC Bank: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:S$100 SGD (1%)
Exchange Rate:0.7088 (2.7% from mid-rate)
To Amount (USD) U$7,017.12
Total Cost:3.68%
Difference:
U$63 USD less than using DBS Bank
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:18
Exchange Rate:0.7036 (3.42% from mid-rate)
To Amount (USD) U$7,014
Total Cost:3.72%
Difference:
U$66 USD less than using DBS Bank
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logo

HSBC: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:S$15 SGD (.15%)
Exchange Rate:0.7021 (3.62% from mid-rate)
To Amount (USD) U$7,010.47
Total Cost:3.77%
Difference:
U$70 USD less than using DBS Bank
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logo

Citibank: Foreign Transfer SGD→USD
From Amount (SGD)S$10,000
Fee:12
Exchange Rate:0.6957 (4.5% from mid-rate)
To Amount (USD) U$6,948.65
Total Cost:4.62%
Difference:
U$132 USD less than using DBS Bank
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 10/16/2019 - See full table
Sending $SGD 10K with DBS vs Best Provider
 


Hong Kong United States HKD to USD


Foreign Transfer ProvidersReceive USD(U$)Exchange RateFee HKDTotal CostDeal Links
DBS Bank International Money Transfers
DBS Bank logo
U$6,168.83
Compare
0.1235503.23%
WorldFirst logo
U$6,345
U$176 more
0.126900.47%
OFX logo
U$6,235
U$66 more
0.12470 for BER users (normally $15)2.2%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
U$6,104
U$65 less
0.1222554.25%
HSBC logo
U$6,085.25
U$84 less
0.1219HK$804.55%
Citibank International Money Transfers
Citibank logo
U$6,058.55
U$110 less
0.1212124.96%
 

DBS Bank logo

DBS Bank: Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:50
Exchange Rate:0.1235 (3.14% from mid-rate)
To Amount (USD) U$6,168.83
Total Cost:3.23%
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

WorldFirst logo

WorldFirst: Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:
Exchange Rate:0.1269 (0.47% from mid-rate)
To Amount (USD) U$6,345
Total Cost:0.47%
Difference:
U$176 USD more than using DBS Bank
Time:8:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 

OFX logo

OFX: Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:0 for BER users (normally $15)
Exchange Rate:0.1247 (2.2% from mid-rate)
To Amount (USD) U$6,235
Total Cost:2.2%
Difference:
U$66 USD more than using DBS Bank
Time:
Rate Fetched: Wed Oct 16 2019 08:16:13 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:55
Exchange Rate:0.1225 (3.92% from mid-rate)
To Amount (USD) U$6,104
Total Cost:4.25%
Difference:
U$65 USD less than using DBS Bank
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logo

HSBC: Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:HK$80 HKD (Minimum fee)
Exchange Rate:0.1219 (4.39% from mid-rate)
To Amount (USD) U$6,085.25
Total Cost:4.55%
Difference:
U$84 USD less than using DBS Bank
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logo

Citibank: Foreign Transfer HKD→USD
From Amount (HKD)HK$50,000
Fee:12
Exchange Rate:0.1212 (4.94% from mid-rate)
To Amount (USD) U$6,058.55
Total Cost:4.96%
Difference:
U$110 USD less than using DBS Bank
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 10/16/2019 - See full table
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.

 

Further Reading

 

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

Booming Commodities Can’t Save Australian Dollar

The Australian dollar is at or near multi-month lows against a number of major currencies in spite of a rampant iron ore market — once a great influence on AUD.

Last update: 15 Jun, 2019

Best Multi-Currency Accounts 2019: WorldFirst vs. TransferWise vs. OFX

We compare the features, exchange rates and security of the three best multi-currency accounts available today — the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account.

Last update: 12 Jun, 2019

  

Posted to: Banks

 
   

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