Good question-forget about changing banks etc-the banking cartel is the same all over Singapore in screwing customers.
Stop asking for cashier cheques when you withdraw money from us broker.
which broker you are using? OXPS has a singapore office.
The anxiety till receiving the piece of paper by courier/post and the waiting time (7 days easy) till it is cleared.
If you still want to go by the paper route instead of TT, ask for a US$ Demand draft payable in singapore clearing. (yes both sing and HK have local US$ clearing) .
In this case the broker will issue demand draft from their bank(say Wells fago) payable at singapore thro thier correspondent bank (their own branch or any one of the local big 4)
To make things simple- open a us$ pass book saving/current in DBS/POBS.
you may need to maintain uS$1000 minimum though.
check DBS site(call C.S) what is the TT incoming charge for depositing TT in to US$ a/c. (US$ to US$- no conversion yet)
but when you do convert-they will hit you.(TT exchange rate quoted includes 0.2 commision)
That is another speculation. you can start watching USD/SGD when to convert!!
My base currency is not singapore $.
So I banked profit 500 pips and went back to us$. (that was 1.55 exchange rate -Now S$ has appreciated to 1.23/1.27 like that)
had I just left my money in S$ a/c (zero interst rate!) ,I would have made 20%.
Stop asking for cashier cheques when you withdraw money from us broker.
which broker you are using? OXPS has a singapore office.
The anxiety till receiving the piece of paper by courier/post and the waiting time (7 days easy) till it is cleared.
If you still want to go by the paper route instead of TT, ask for a US$ Demand draft payable in singapore clearing. (yes both sing and HK have local US$ clearing) .
In this case the broker will issue demand draft from their bank(say Wells fago) payable at singapore thro thier correspondent bank (their own branch or any one of the local big 4)
To make things simple- open a us$ pass book saving/current in DBS/POBS.
you may need to maintain uS$1000 minimum though.
check DBS site(call C.S) what is the TT incoming charge for depositing TT in to US$ a/c. (US$ to US$- no conversion yet)
but when you do convert-they will hit you.(TT exchange rate quoted includes 0.2 commision)
That is another speculation. you can start watching USD/SGD when to convert!!
My base currency is not singapore $.
So I banked profit 500 pips and went back to us$. (that was 1.55 exchange rate -Now S$ has appreciated to 1.23/1.27 like that)
had I just left my money in S$ a/c (zero interst rate!) ,I would have made 20%.