[SERIOUS]Cheapest way to convert large amount of SGD to USD for investment purpose
Running out of trade ideas on SGX. Thinking of going NYSE and other US stocks.
What is the cheapest way to convert SGD to USD for investment purpose?
My fren recommended me
Phillip Futures
i went to the website trying to find the spread price but cannot find. Anyone know the spread?
Any cheaper or better?
Please no troll reply. dont come in say I FATA master then go offtopic
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
(07-09-2014, 12:17 AM)CY09 Wrote: [ -> ]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
WA!!!!! didnt know retail money changers give better rates!?
Ya. Arcade Spread is narrower. Bank FX bid ask spread so big lorry can make a U turn. Haha.
do the money change at the Arcade have enough to change maybe 30k SGD to USD!?
(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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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.
(07-09-2014, 12:42 AM)opmi Wrote: [ -> ]Ya. Arcade Spread is narrower. Bank FX bid ask spread so big lorry can make a U turn. Haha.
i agree that banks quote ridiculous FX spreads to retailers. But have you tried their preferred/premier/private banking? I've recently learnt that they will quote a much better FX spread -- but dunno if better than Arcade -- for just 50k and above (at least for DBS Treasures). But may need to be their clients first i suppose.
i was told interactive brokers can do it 1-4 pips spread
is this better than arcade?
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