Where to Deposit Foreign USD Checks in Singapore (Without Hefty Fees)

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I was informed by DBS that they would charge me $150 for depositing a foreign USD check of over $250 into my personal account. They also mentioned that the same charges would apply to corporate accounts. This incident occurred on July 19, 2024, with the new policy being implemented the day before on July 18, 2024. Upon hearing this, the bank teller suggested that I deposit the check into my other bank accounts. As a result, I decided to hold on to the check.

I do not have any other personal bank accounts, so now the challenge is to find a bank account to open.

I found many ways to cash a check, but none of them are applicable in Singapore.

I need to open a new bank account. I found some banks that offer USD currency-only accounts. I want to compare them to see which one accepts checks and USD deposits from PayPal with no conversion fees.

I'm not sure if PayPal can transfer USD to a USD currency account in Singapore or if it will convert to SGD first.

CIMB has a CIMB foreign currency savings account. with an initial deposit of 1000 USD... Service fee is 10 USD per month, if the average daily balance is less than 1000 USD... Can apply online...  Foreign Currency Savings Account | Savings Account | CIMB SG... https://www.cimb.com.sg/en/personal/banking-with-us/accounts/savings-accounts/cimb-foreign-currency-savings-account.html

Maybank has a foreign currency current account with an initial deposit of 1000 US dollars... The service fee is 5 US dollars. if the average daily balance falls below 1000 US dollars... Must go down to the bank to apply and it's considered a business current account which is not a personal account... Maybank Foreign Currency Current Account (maybank2u.com.sg)... https://www.maybank2u.com.sg/en/personal/accounts/current/foreign-currency-current-account.page

RHB has a foreign currency current account with a minimum deposit order of a minimum average daily balance of 2000 US dollars to get the prevailing interest rate of 2.5% per annum... The service fee is 10 USD if the average daily balance falls below 2000 USD.  Foreign Currency Current Account | RHB Singapore (rhbgroup.com.sg)... https://rhbgroup.com.sg/rhb/personal/deposits/foreign-currency-current-account

Forget about all the other premium banks in Singapore. I have decided to choose CIMB because of its user-friendliness when opening an account.



PS: 

Foreign USD Check Deposit Fees in Singapore: Is DBS's New Policy Fair? 

Best USD Bank Accounts in Singapore: PayPal, CIMB, Maybank, RHB & More. 

Singapore's $150 Check Fee? Alternatives & Solutions.

Don't Pay DBS $150! Foreign USD Check Options in Singapore.

DBS Charges $150 for Foreign USD Checks? Singapore Banks Compared.

The Monetary Authority of Singapore aims to phase out check transactions by 2025 and banks are imposing exorbitant fees on check deposits. So I need to find another channel to deposit my Amazon affiliate earnings check. By the way, Amazon refused to pay Singapore affiliates via Paypal or via bank account transfer. 



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