Depositing a US check in Singapore? One bank charges hefty fees while another charges nothing — here's what happened when one person tried both.
KEY POINTS
IN SIMPLE TERMS
When you deposit a US dollar check into a Singapore bank, some banks charge you extra fees (commission, postage, agent charges) while others don't. One person compared deposits at two banks and found they lost much more money at one bank than the other.
WHY IT MATTERS
WHERE DO YOU STAND?
Should banks be required to clearly disclose all foreign check deposit fees upfront before processing?
👍 👎 Vote ↓I have recently deposited two US checks (in U.S. dollar) into my accounts with POSB (DBS Bank) and Citibank Singapore respectively.
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 american check, while Citibank Singapore has NONE!
Here are the details:
DBS Bank
U.S. 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
U.S. 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.
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Should banks be required to clearly disclose all foreign check deposit fees upfront before processing?
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