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Singapore Dividend Cheque in USD
02-06-2020, 06:08 PM.
Post: #1
Singapore Dividend Cheque in USD
I recently got a dividend cheque for Jardine Strategic (listed in Singapaore) in USD

Despite a Singapore listing, their default dividend payment currency is in USD.

Now dividends paid in SGD get automatically credited to my account, but that doesn't work for USD.

Jardine Strategic send out a form for you to select how to receive the dividend, but that's NOT a permanent slection, so you have to do this every time there is a dividend.   If you don't receive the form, they send a USD cheque.   Which is highly inconvenient when I live in the UK.

Is there any better way to deal with this ?

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03-06-2020, 08:37 PM.
Post: #2
RE: Singapore Dividend Cheque in USD
Drop the USD cheque to your bank and they will convert and deposit to your SGD account.
IINW, from June 2020, all foreign currency dividends will be automatically converted by CDP and deposited to your SGD account.
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03-06-2020, 08:43 PM.
Post: #3
RE: Singapore Dividend Cheque in USD
(03-06-2020, 08:37 PM)cyclone Wrote: Drop the USD cheque to your bank and they will convert and deposit to your SGD account.
IINW, from June 2020, all foreign currency dividends will be automatically converted by CDP and deposited to your SGD account.

I live in England, so popping into my OCBC branch isn't easy.

However, thank you for pointing out that from June 2020, all foreign currency dividends will automatically be converted by the CDP and deposited.    
The CDP site confirms this.    https://www.sgx.com/cdp-goes-digital
Better still, Cheque free from September.

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04-06-2020, 07:28 PM.
Post: #4
RE: Singapore Dividend Cheque in USD
When jardine issued the form for currency selection, they have already spelled out the USD to SGD exchange rate which is quite close to real-time rate at that point in time. But when CDP do the conversion, does anyone knows what the conversion rate will be like? I mean will it be like the banks which will take a cut and give a very lousy rate?

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04-06-2020, 08:41 PM.
Post: #5
RE: Singapore Dividend Cheque in USD
(04-06-2020, 07:28 PM)Bibi Wrote: When jardine issued the form for currency selection, they have already spelled out the USD to SGD exchange rate which is quite close to real-time rate at that point in time. But when CDP do the conversion, does anyone knows what the conversion rate will be like? I mean will it be like the banks which will take a cut and give a very lousy rate?

The 3 local banks are quite fair with the exchange rate based on my own experience

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05-06-2020, 12:07 AM. (This post was last modified: 05-06-2020, 12:08 AM by donmihaihai.)
Post: #6
RE: Singapore Dividend Cheque in USD
Currently there is a way to "play" with the exchange on say USD dividend chq if you don't like the rate and if you have a hard time depositing the dividend chq

CDP holds your dividend under your CDP account for 7 years.
So let the chq lapsed if you don't need the money and dislike the exchange rate.
Within 7 years, you can send in a form requesting CDP to TT all outstanding dividends to your bank for a fee of $35.

Not for everyone of course.

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