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DBS - Weird 'Offline' Hours for 'Online' Transfers

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  1. #1

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    DBS - Weird 'Offline' Hours for 'Online' Transfers

    Really not sure why they would want to do this..

    Figured this out the hard way in Friday night.

    Apparently you cannot transfer funds from your say, USD or GBP (foreign currency savings) to your iWealth account to buy stocks.

    Same account holder and same currency from savings to investment account.

    With the holidays, the transfer transaction will complete on Wednesday.

    Anyone have an idea why they would want to put this restriction?


  2. #2

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    Perhaps just in case they don’t actually have the forex and need to buy it themselves ?


  3. #3

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    Ifitmakesyoufeelbetter


  4. #4

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    Found the page with the time restrictions. Just odd.

    https://www.dbs.com.hk/personal/depo...-fund-transfer


  5. #5

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    Without getting too technical.. Should be same subsidiary. Would have to check extremely fine print.


  6. #6

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    HSBC used to have the same restrictions for their "24 hour currency conversion". Haven't exchanged foreign currency in a while, so not sure if that's still the case.


  7. #7

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    Not currency conversion.. From USD savings to USD stocks/investment acct.


  8. #8

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    Forgot to update this thread - I suspect these transfers from DBS banking to DBS wealth management get cut off at 9PM as the wealth management platform (stock trading) uses the DBS Vickers backend/services.

    No major concerns ... just updating the thread.


  9. #9

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    @shri - Yes. The platform uses DBS Vickers technology for trading. That said, it should not affect your ability to transfer funds into the Investment account.

    You should reach out to them....

    Last edited by rkenia852; 04-03-2020 at 10:50 AM.

  10. #10

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    @rkenia852 - HSBC / stocks, I think we have a few other threads related to this. Might want to post there and keep it more relevant and get more replies.

    rkenia852 likes this.