Initially SCB had no minimum commission, then they implemented minimum commission (unless you had priority banking). Fortunately by then, I was close to $200k so I did a transfer of one counter from CDP to SCB to hit $200k so that I could get PB and no min comms again.
One of the benefits of SCB priority banking is the US$ High Account ( a US$ bank account with chequebook and Debit Mastercard). I purchase things online regularly and having a US$ Debit card appeared to be very helpful, especially if I am spending my US$ dividends.
To cut a long story short, the US$ Debit Mastercard will save you money compared to an S$ credit card that makes tries to make a profit by converting your US$ transactions to S$. The features of this card are:
- SCB's S$-> US$ exchange rate is better than the rate used by S$ credit cards.
- If you don't like their exchange rate and think you can do better, then go moneychanger and change and deposit the US$ at the bank (website says cash deposit fees currently waived)
- 2% cashback on all purchases
- 1% transaction fee for overseas purchases so about 1% nett cashback.
- 0% transaction fee for using US$ to fund your paypal.sg account (apparently doesn't count as an overseas transaction - though one wonders if they will close this loophole)