Foreign Exchange - Foreign Currency Deposits

Foreign Exchange - Foreign Currency Deposits

As your friendly neighbourhood bank, POSB is delighted to introduce to you a suite of foreign currency products and services that will help you get the most out of your money.

We understand that you constantly seek competitive rates for your foreign currency banking needs. That’s why we’re offering you Preferential Exchange Rates when you convert amounts of at least S$50,000 equivalent or more into currencies such as USD, EUR, GBP, AUD and other selected currencies.

What are the Foreign Currency Products and Services offered?

Whether you’re looking to place your money in deposits or if you’re looking to remit funds overseas, POSB offers you:

  • Foreign Currency Deposits Account
    Enjoy potentially better interest rates when you place your funds in our Foreign Currency Deposits Account.
  • Telegraphic Transfer
    Make use of our Telegraphic Transfer services to send payment to an overseas party by SWIFT/Telex.
  • Demand Draft
    You may choose to send money overseas by demand drafts through any of our overseas agent banks.
    A demand draft is a written order issued by DBS to our overseas agent banks who will, upon clearance, then pay the stated amount to your designated beneficiary present in the corresponding country. The payment amount can be in the corresponding country’s currency or in Singapore Dollars
Get the most out of your money with POSB Foreign Currency Products and Services. To find out more, speak to our staff at any POSB branch.

Before you apply,

  1. Check for the different options to fulfill your foreign currency banking needs.
  2. Find out if charges are applicable for the product or service.
Important Notice
Terms and conditions apply. This is intended for general information only and does not constitute an offer, an invitation or a recommendation to enter into any transaction.
Conversion between currencies involves exchange rates which are subject to fluctuations. In addition, foreign exchange controls may be imposed on certain currencies from time to time.
If you are converting funds from one currency to another currency when you apply for any of the Foreign Currency Products and Services, you may receive less than the original amount upon conversion of such funds back to the original currency.
Foreign currency deposits are not insured by the Singapore Deposit Insurance Corporation.