I have recently deposited 2 US checks (in U.S. dollar) into my accounts with POSB (DBS Bank) and Citibank Singapore respectively, and I found out the clear disadvantage of depositing it into DBS Bank VS the subsidiary of the American bank. Based on my bank statements, DBS Bank has 3 types of additional fees: commission, postage and agent charges for clearing my US check, while Citibank Singapore has NONE! Here are the details:

DBS Bank

US Check: US$29.85
After Conversion: S$40.86

LESS
Commission: S$10.00
Postage: S$4.00
Agent Charges: US$5.00 (S$6.92)

What I received: S$19.94 – I’ve lost S$20.92 to the additional fees!

Citibank Singapore

US Check: US$89.70
After Conversion: S$121.43

What I received: S$121.43

I shall be depositing all my US checks into my account with Citibank Singapore from now onwards. If you think there’s a better option or the above information is misguided in any way, please share with us in the Comment Form below!

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