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I used to bank USD cheques into POEMS because it's free and I can do conversion to SGD at spot rate
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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Best to ask the local dbs bank what charges are made to cashing USD cheques.
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02-08-2017, 06:59 AM
(This post was last modified: 02-08-2017, 07:32 AM by wee.)
you may want to try asking DBS bank first. I was told about 2 months back by their banker that they waive off charges for depositing USD cheques issued by DBS.
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Most local banks allow you to bank in local USD cheques without charges (with the exception of HSBC, I think), if u bank into a local USD acct. If you bank into a local SGD acct, there'll be a forex penalty. I've deposited multiple times into StdChart USD without fees.
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Hi specuvestor, soros, wee, hitandrun,lanoitar. Thanks for all your advice, definitely help. I will call dbs and std chrt to find out details hopefully can share findings with u too.
Raymond
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