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DBS Remit - Unlimited $0 Charge

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  1. #1

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    DBS Remit - Unlimited $0 Charge

    Seems DBS now offers $0 remittance charges to several countries with "preferential" FX rates. Any idea what DBS's rates are?

    May consider moving to them as they also offer international brokerage services if you join their Treasures account. It seems from last year they have drop their fees from 0.9% to 0.4%. Can't figure out what their custody fees are though.


  2. #2

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    Not sure about their spreads, but make sure they don’t have any account maintenance fees in addition to the typical brokerage and custody fees.

    pin likes this.

  3. #3

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    Quote Originally Posted by DimSumBond:
    Not sure about their spreads, but make sure they don’t have any account maintenance fees in addition to the typical brokerage and custody fees.
    Yes, seems to suggest the fees are a max of HKD2.5k a year per portfolio. That's still cheaper than IB's custody fee of 0.12% a year. I will give them a call tomorrow and try and get a bit more information.

  4. #4

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    Quote Originally Posted by pin:
    IB's custody fee of 0.12% a year.
    What do you mean by this? Where does the 0.12% per year come from?

  5. #5

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    Quote Originally Posted by Windmill65:
    What do you mean by this? Where does the 0.12% per year come from?
    Sorry not IB, meant to say Saxo.

  6. #6

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    Quote Originally Posted by pin:
    Yes, seems to suggest the fees are a max of HKD2.5k a year per portfolio. That's still cheaper than IB's custody fee of 0.12% a year. I will give them a call tomorrow and try and get a bit more information.
    So that’s only the case if the portfolio is more than 2m. Otherwise Saxo would be cheaper.

  7. #7

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    Quote Originally Posted by Sith:
    So that’s only the case if the portfolio is more than 2m. Otherwise Saxo would be cheaper.
    Exactly. For certain people cheaper.

    And DBS is a bank unlike Saxo and IB, which are brokers.....
    Sith likes this.

  8. #8

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    Went into DBS today. Confirmed the brokerage fees are what they are. HKD2.5k per year per portfolio not per stock held. That's not too bad, USD320 per year custody fee.

    For fee free remittance the rates are "preferential" but didn't say what. Instarem, Transferwise, etc would probably have better rates.

    They charge HKD15 for inward non HKD remittance if the other party doesn't hold a DBS account.

    Now to try and figure out how to move my UK listed ETFs from IB to DBS and the charges involved in that.....

    Drunken Master likes this.

  9. #9

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    IB have come back saying that the transfer of shares is FOP (Free of Payment). DBS has said that they don't charge for transfer of shares.


  10. #10

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    isn't free of payment suppose to mean that, you can only transfer if you do not have any more payment obligatory on the shares... instead of free of charge ?

    most brokers will charge a cost to transfer shares out. but what you can also do is to negotiate with dbs telling them you are transferring shares over to beef up your wealth account and see if they are willing to foot the transfer bill for you.