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07-09-2014, 12:17 AM
(This post was last modified: 07-09-2014, 12:18 AM by CY09.)
There is a cheap way and I am being serious here.
1) Open a stan chart USD settlement acc
2) Go Arcade at Raffles place, withdraw the SGD amt you need before hand
3) Change the amt into USD at the best money changer rate.
4) Go to stan chart raffles place to deposit the USD into your USD settlement acc
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Ya. Arcade Spread is narrower. Bank FX bid ask spread so big lorry can make a U turn. Haha.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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do the money change at the Arcade have enough to change maybe 30k SGD to USD!?
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(07-09-2014, 12:44 AM)wahkao Wrote: do the money change at the Arcade have enough to change maybe 30k SGD to USD!?
Got la. That is about 10-20 customers nia. If not, how to do business. They also can get from their Neighbours or the bank wholesale nearby.
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"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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The way I know of is to make use of those Dual Currency deposits. They use spot rates, so you just have to set the strike to zero pips above the spot rate, the duration as short as possible, and "hope" that it converted. You can even earn a little interest.
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If you are thinking of investing in US stocks, interactive brokers can be pretty cost effective:
1) commissions are low (US$0.5cents per share subject to min. commission of US$1 per trade)
2) you can get a margin account where they provide you with a loan in the currency where you are buying stocks in (e.g USD). In this case, you can "hedge" the exchange risk but you need to pay interest (which surprisingly is not too high)
3) fx spread quite low ( definitely lower than your local broker but not sure about Arcade)
Just discovered interactive brokers recently and started an account a few weeks ago