Read our review of DBS foreign exchange services and how their exchange rates compare to FX specialist providers, compare rates and check if you can save money when you send and spend abroad.
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.
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.
This article aims to help you:
The exchange rates are determined by three factors. They are:
Let’s now examine these in detail:
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.
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.
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.
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.
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.
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 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.