Is it possible to store USD in a SG bank account?

• LatecomerX

  31 Dec 07, 16:17

  As per title. And convert it to SGD when withdrawing? Coz that damn PayPal charges at 2.5% currency conversion fee which is really painful.
  
  I'm new to all these banking stuff, so if this is a stupid question, just let me know.
  
• noopi

  31 Dec 07, 16:20

  you need to open foreign currency a/c for anything that is not sg dollar
  but these are FD a/cs (fixed deposit)
  so cannot do IB one (internet banking)
  
• LatecomerX

  31 Dec 07, 16:28

  Haiz. So the fee is inevitable then.
  
  Anyway what exactly are FD bank accounts? Is it just deposit money monthly until a stated amount of time, eg. 5 years, then collect the money + interest? And during the meantime, the money is non-withdrawable?
  
• kristovorus

  31 Dec 07, 16:59

  to be more precise, withdrawable but u have to pay a very heavy penalty which makes it not worthwhile at all to withdraw or even deposit there in the first place. so dont open a FD account if u dont have any spare cash ready for rainy days
• Ponders

  31 Dec 07, 17:10

  if you are thinking of opening a USD Account in Singapore banks just for Paypal.. forget it.
  
  Because Paypal will pay you according to the country you are in.
  
  So when you want them to remit the $$ to Singapore, they will always convert to SGD first before remitting.
  
  USD accounts in Singapore have the following restrictions (typical)
  
  1. minimum balance of US$1000
  2. charge per transactions made (withdrawal or deposit, 0.2% at least minimum $10)
  3. Receipt of TT is usually $10 deduction.
  4. inter-account transfer $5 or a commission.
  
  
• CoffeeBoii

  31 Dec 07, 18:48

  Paypal scam de la .
• selfobliged

  31 Dec 07, 18:50

  Originally posted by LatecomerX:

  As per title. And convert it to SGD when withdrawing? Coz that damn PayPal charges at 2.5% currency conversion fee which is really painful.
  
  I'm new to all these banking stuff, so if this is a stupid question, just let me know.
  

  I thought u can convert the currency in PayPal?
• alfagal

  31 Dec 07, 19:24

  HSBC has a multi currency savings account..
  choose from 10 default currencies...USD is one of them.
  its an e-account. u can look up more..
• Ponders

  1 Jan 08, 10:53

  Originally posted by selfobliged:

  I thought u can convert the currency in PayPal?

  can convert, but when it comes to asking them to remit to your bank account it wil be to the currency of that country
• LatecomerX

  1 Jan 08, 14:37

  Originally posted by Ponders:

  can convert, but when it comes to asking them to remit to your bank account it wil be to the currency of that country

  Seems like the conversion fees are 100% unavoidable. Thanks for all the replies and advices above. I have learnt new things from you guys.
  
• LatecomerX

  1 Jan 08, 14:38

  And a happy new year
  
• Daisuke-kun

  1 Jan 08, 14:41

  cannot.
  must giv me the USD