DBS Bank Forex Rates 14-08-2024
Daily Forex Rates DBS Bank
Currency Exchange Rate
DBS Bank, formerly known as The Development Bank of Singapore Limited, underwent a significant transformation in 2003 to embrace its global stature. Today, it stands as one of Singapore’s “Big Three” banks, alongside OCBC Bank and United Overseas Bank (UOB). Offering a wide range of financial services, DBS is renowned for its competitive forex rates, including dbs forex exchange rates, dbs forex fd rates, and dbs forex card options. Customers rely on DBS for accurate and up-to-date exchange rates, whether for personal or business transactions. With convenient services like dbs debit card exchange rates and dbs bank exchange rates for SGD to INR, DBS continues to facilitate seamless international transactions for its clientele.
DBS Bank Foreign Currency Retail Transactions
For Visa/Mastercard transactions in US Dollar, conversion to Singapore Dollar occurs on the date of conversion. Transactions in other foreign currencies are first converted to US Dollar before being converted to Singapore Dollar.
UnionPay transactions in US Dollar, Chinese Yuan, and Brunei Dollar are converted to Singapore Dollar on the date of conversion. Transactions in other foreign currencies undergo conversion to US Dollar before being converted to Singapore Dollar.
Conversions are based on prevailing wholesale interbank rates or government-mandated rates determined by the respective Card Associations. The conversion rate may differ from the transaction date rate due to market fluctuations.
All foreign currency transactions (including refunds and reversals) incur a charge imposed by the respective Card Associations. For Visa/Mastercard transactions, a 1% conversion factor applies. For UnionPay transactions, a 0.6% conversion factor applies.
An administrative fee, up to 2.65% on the converted Singapore Dollar amount, is debited from your Account for services provided. Total administrative and conversion factor fees shall not exceed 3.25%.
DBS Bank Dynamic Currency Conversion
If your transaction undergoes dynamic currency conversion (available at selected overseas merchants or websites), conversion process and rates are determined by the relevant merchant or service provider.
All transactions converted via dynamic currency conversion incur an administrative fee of 2.8% on the converted Singapore Dollar amount, including a 1% fee by Visa/Mastercard or 0.6% fee by UnionPay.
Singapore Dollar Transactions Processed Outside Singapore
Transactions processed outside Singapore but charged in Singapore Dollar (without currency conversion) incur an administrative fee of 2.8% on the total transaction amount, including a 1% fee by Visa/Mastercard or 0.6% fee by UnionPay. This applies to transactions on overseas-based websites and mobile applications.
Note: All Rates Displayed below are directly taking from respective websites of bank, For more exact details, Please contact Concern Bank.
DBS Toll Free Customer Care Numbers
How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance
| Currency | Selling TT | Selling Cash | Buying TT | Buying Cash |
|---|---|---|---|---|
| US Dollar | 85.5983 | 85.5983 | 82.2416 | 82.2416 |
| Singapore Dollar | 65.1374 | 65.1374 | 62.2709 | 62.2709 |
| Australian Dollar | 56.855 | 56.855 | 54.353 | 54.353 |
| Swiss Franc | 99.2276 | 99.2276 | 94.8608 | 94.8608 |
| Euro | 94.3147 | 94.3147 | 90.1641 | 90.1641 |
| British Pound | 110.3354 | 110.3354 | 105.48 | 105.48 |
| Canadian Dollar | 62.5668 | 62.5668 | 59.8134 | 59.8134 |
| Hong Kong Dollar | 11.0171 | 11.0171 | 10.5343 | 10.5343 |
| Japanese Yen | 0.5848 | 0.5848 | 0.5591 | 0.5591 |
| United Arab Emirates Dirham | 23.3627 | 23.3627 | 22.3345 | 22.3345 |
Explanation of Terms:
T.T. Buying – This rate applies when converting a Foreign Inward Remittance received via Telegraphic Transfer, Foreign DD, or Foreign Cheque into Rupees. For Foreign DDs & Cheques, charges are deducted as per FEDAI guidelines during the transit period/collection.
T.C. Buying – This rate is used when purchasing Foreign Currency Traveller’s Cheques from a customer.
Currency Buying – This rate is applicable when buying Foreign Currency Notes from a customer.
T.T. Selling – This rate is relevant when a customer sends an outward remittance through Telegraphic Transfer or by issuing a Demand Draft.
T.C. Selling – This rate comes into play when a customer buys Foreign Currency Traveller’s Cheques from the Bank.
Currency Selling – This rate applies when a customer purchases Foreign Currency notes from the Bank, subject to availability at the concerned branch.