Premium exchange rate for High-Net Worth
We provide daily foreign exchange (FX) rates for US dollars (USD) and Singapore dollars (SGD) to help you make informed financial decisions regarding your policies.
- FX rates fluctuate daily. We update the rate every business day at 9:30am (SGT), excluding weekends, Singapore and United States public holidays. This rate applies to transactions conducted on the same business day before 5pm (SGT).
- After 5pm (SGT) on business days, the displayed FX rate is no longer valid. Transactions or premiums received by Manulife after 5pm (SGT) on business days will be based on the FX rate provided on the next business day 9:30am (SGT).
- There is no payment collection on weekends, Singapore and United States public holidays. Transactions or premiums received on weekends will be processed using the FX rate available on the next business day.
The FX rates provided for USD to SGD are for informational purposes only and are subject to change without notice. This rate applies to transactions conducted on the same business day before 5pm (SGT). Transactions or premiums received by Manulife after 5pm (SGT) on business days (SGT) will be based on the FX rate provided at 9.30am (SGT) on the next business day.
Please note: Payments to Manulife may result in a surplus (over-funding) or a shortfall (under-funding) due to fluctuating exchange rates. Manulife reserves the right to request payment for any shortfall in premium.
Making payment via telegraphic transfer
To make a payment, convert the amount to SGD and transfer to the following bank account:
SGD account (applicable for high net worth USD policies paid in SGD)
Bank Name: DBS Bank Ltd
Bank Address: 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3, Singapore 018982
Account Name: Manulife Non Par (II) (Offshore)
Bank Code: 7171
Account Number: 072-133685-5
Swift Code: DBSSSGSG
Other Details to include: Indicate the Policyowner’s name and Policy Number under ‘message for beneficiary’
What are FX rates, and how are they determined?
FX rates, or foreign exchange rates, represent the value of one currency when exchanged for another. These rates are determined by various factors, including market demand and supply, interest rates, economic indicators, and geopolitical stability.
How often are the FX rates updated on the Manulife website?
The FX rate is updated every business day at 9:30am (SGT), excluding weekends, Singapore and United States public holidays. This rate applies to transactions conducted on the same business day before 5pm (SGT).
What happens to the FX rate after 5pm (SGT)?
After 5pm (SGT) on business days, the displayed FX rate is no longer valid. Transactions or premiums received by Manulife after this time will be based on the FX rates provided on the next business day.
Example:
- A customer initiates a fund transfer for a premium payment at 4.59pm (SGT) on a Friday (business day).
- The premium is received by Manulife at 5.02pm (SGT) on the same Friday (business day).
- Since the transaction is completed after the 5pm (SGT) cut-off, the FX rate for the following Monday will apply.
- As a result, the policy may be issued as early as Tuesday (the next business day), subject to our standard turnaround time and the completion of all requirements, with payment being the last outstanding item.
Are FX rates available on weekends or public holidays?
No, FX rates are not updated on weekends or Singapore and United States public holidays. The rate from the previous business day remain in effect until the next update.
How do public holidays affect FX rate updates?
On Singapore and United States public holidays, FX rate updates will be deferred until 9.30am (SGT) of the next business day. The most recent rate from the previous business day remain in effect until 4pm (SGT).
How can I ensure I am using the most current FX rate for my transactions?
To ensure you are using the most current FX rate, check the rates on the Manulife website during their validity period and complete transactions before 5pm (SGT) on business days.
Why might the FX rate differ from other sources?
FX rates can vary between providers due to differences in market access, transaction fees, and timing.
What should I do if I have questions about FX rates or how they affect my transactions?
Please reach out to your Financial Representative for assistance.
Yes, if your insurance premium payments involve currency conversion, fluctuations in FX rates can affect the amount due in your local currency.
The premium exchange rate applies to high net worth USD policies, excluding Retail USD policies and investment-linked plans.
