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:
US Check: US$29.85
After Conversion: S$40.86
Agent Charges: US$5.00 (S$6.92)
What I received: S$19.94 – I’ve lost S$20.92 to the additional fees!
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!