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

-

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. 



Comments

Post a Comment

Popular posts from this blog

Macbook Air M1 Case

-
Image
I bought a transparent case for my MacBook Air M1 . It came with a free screen protector, a keyboard cover, and some rubber plugs to cover the ports. Check it out! https://youtu.be/d-wALSd3nn8 I didn't expect the rubber plugs. It was a nice surprise. The case fits snuggly, with access to all the ports. The keyboard cover is almost invisible to the eye. I have no intention to use the screen protector. Why? I need to see the true color of the display for my YouTube videos. ~ Adrian Lee  @Adrian Video Image  The video was recorded on iPhone 12 Pro Max with Filmic Pro app in 4K 60fps and edited with Capcut.
Read more

How to Connect an External Video Camera to MacBook Pro for Live Streaming

-
Image
How to use an external camera on Mac? In this video, I demonstrate how I connect my GoPro (or other cameras) to my Macbook Pro for live streaming? See the links below the video for the list of equipment required for the setup.  Links... - Micro-HDMI to HDMI cable... https://amzn.to/2VnZNcC - HDMI to USB Capture Device...   Elgato Cam Link 4K... https://amzn.to/3a0Gcob   Alternatives...   Ansten... https://amzn.to/2W4mzGM   Unisheen... https://amzn.to/2y9BDKS   Magewell... https://amzn.to/3b2StJX   ATEM Mini... https://amzn.to/2RtsDam   Treaslin... https://amzn.to/2YidpHJ - USB to USB cable... https://amzn.to/2VnhpVX (Not required for Elgato Cam Link / USB to USB-C required for New MacBook pro) - GoPro Hero7 Black... https://amzn.to/3a8oiA9 - Gekkopod Flexible Tripod Stand... https://amzn.to/2yOyosF Like this video? Buy me coffee... 😋 https://www.buymeacoffee.com/VideoLane
Read more

Sony Vegas Pro 8 Tutorial - Multicamera Editing

-
Image
Sony Vegas Pro 8 makes it easier to edit videos from different cameras right from the timeline. You can capture and edit video for a single scene from 2 or more cameras or for a single scene shot a few times with one camera. Here is a tutorial of a Multicamera Edit of a drama I shot. The drama was acted out four times to the public and being a non-profit organization, the client have budget only for one videographer. For each of the 4 acts, the camcorder (Sony HDR-FX7 High Definition Camcorder) was placed at 4 different positions and shot in various angles. Multicamera edit is accomplished in only 8 steps with the Sony Vegas Pro 8. Step #1: Capture Multicamera Video Clips Use the normal Sony Vegas Video Capture function to capture recordings from each camera. Give each capture filename a unique name. Enable scene detection before capturing so that each segment is captured as a separate clip. Step #2 : Layout Video Clips on Timeline Drag and drop video clips over each other on the
Read more