What are the fees, rates, and other features of the Standard Chartered FCY$aver Account? Here’s a quick guide that includes everything you need to know about Standard Chartered’s Multi-Currency Account.
In an increasingly interconnected world where people and transactions are going global, having multiple currencies in one place can prove useful. While most of us are unable to travel during this indefinite circuit breaker period, many of us might still be sending or receiving money overseas, whether it be for online purchases, freelance gigs or more. In this article, we’ll be taking a closer look at the Standard Chartered FCY$aver Account and its pros and cons.
We all know transacting in foreign currencies usually comes with hidden fees and exchange rate markups, but you can easily avoid all that with a multi-currency account. Not only do you get to enjoy benefits including better foreign exchange rates, but you can also conveniently hold a balance in multiple foreign currencies and switch between them at any time.
There are several multi-currency account options currently available in the market, all with slightly different fees and requirements to get started. It may be confusing to find the option that caters best for your needs, but that’s why we’ve come up with our series of guides to help you evaluate all the available bank multi-currency accounts in the market.
Standard Chartered Multi-Currency Options
Standard Chartered FCY$aver Account is the main foreign currency savings account for personal banking customers. This account allows for transactions in 9 foreign currencies (USD, EUR, GBP, AUD, NZD, CHF, CAD, HKD, JPY).
Standard Chartered also has a multi-currency feature for Bonus$aver account holders, where you can transact in up to 14 different currencies at FX rates with zero overseas transaction fees.
|Standard Chartered Multi-Currency Accounts||Account Eligibility||Account Fees|
|FCY$aver Multi-Currency Savings Account||• Minimum 18 years of age|
•Min. US$2,000 or equivalent initial deposit
|• Varying fall-below monthly fees for various currency balance|
• US$20 fee for early account closure (within 6 months)
|Bonus$aver account||• Minimum 18 years for an account with a debit card, or 21 for an account with a credit card|
• Min. S$3,000 initial deposit
|• S$5 fee if monthly balance falls below S$3,000|
• Recurring Credit/Debit card annual fee
While the FCY$aver doesn’t yield any interest rates, Bonus$aver account holders can earn up to 2.38% per annum on your SGD balance of up to S$80,000.
How Can I Apply For Standard Chartered FCY$aver Account?
Singaporeans, Singapore permanent residents and foreigners can all apply. To open a multi-currency account as a personal customer, you need to be at least 18 years old.
You can simply apply for an account online using your MyInfo profile.
Are There Any Fees Associated With Standard Chartered FCY$aver Account?
The FCY$aver Account has a minimum initial deposit, as well as a fall-below fee to look out for if you fail to meet the minimum average daily balance for the various supported currencies. For example, the USD account requires a minimum monthly balance of US$2,000 or you’ll pay a US$5 fee, whereas a GBP account requires a minimum of £1,000 or be charged £2.
There’s also an early account closure fee should you wish to close your account within 6 months of opening.
How Do I Use The Standard Chartered FCY$aver Account?
You can manage your account or make transactions in any of the 9 foreign currencies supported via Phone Banking, Online Banking and Mobile Banking.
Standard Chartered also allows you to pay your Visa or MasterCard credit card bills online via Online Banking even if your cards were issued by a different bank!
Exchange rates will be determined by Standard Chartered and may therefore be subjected to markups as compared to rates seen on Google or financial websites like xe.com.
YouTrip vs Standard Chartered FCY$aver Account
|Currencies Available||Exchange Rates||Multi-Currency Card||Overseas ATM Withdrawal Fee|
|YouTrip||Over 150 currencies10 wallet currencies||Wholesale Exchange Rates||YouTrip Mastercard||S$5|
|Standard Chartered FCY$aver Account||USD, EUR, GBP, AUD, NZD, CHF, CAD, HKD, JPY||Determined by Bank||–||S$0 at SC ATMs|
YouTrip is Singapore’s first multi-currency wallet that comes with similar benefits to other multi-currency accounts offered by traditional banks, but with no minimum account balances or any account fees.
It only takes you 3 minutes or less to open and start using your account with us, and we provide you with your own YouTrip card so you can pay in over 150 currencies with no transaction fees or exchange rate markups! You can even use your YouTrip card locally for your daily commutes as well.
With YouTrip, you can make in-app currency exchanges on 10 popular currencies anytime at the best, real-time Wholesale Exchange Rates. So whether you’re travelling or shopping on international online sites, you can pay with your YouTrip card in practically any currency, anywhere AND at the best rates. Plus, you’ll be able to send any of your wallet currencies to other YouTrip users with no commissions.