Currency Converter (for policies from the Signature & Heirloom series in USD)
Use Manulife’s daily foreign exchange (FX) rates to convert SGD to USD for selected high-net-worth policies, such as the Manulife Signature and Heirloom series.
- 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 premium received on the same business day before 5pm (SGT).
- After 5pm (SGT) on business days, the displayed FX rate is no longer valid. 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. 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 premium received on the same business day before 5pm (SGT). 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.
How to make payment (for Manulife Signature & Heirloom USD policy series)
- Use the Currency Converter to estimate how much SGD you need
- Log in to your bank’s internet or mobile banking app
- Select “Local Transfer” and transfer the SGD amount to Manulife’s designated SGD bank account
- Enter Manulife’s SGD bank account details:
- Bank Name: DBS Bank Ltd
- Account number: 072-133685-5
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?
FX rates are updated every business day at 9:30am (SGT), excluding weekends and public holidays in Singapore and the United States. These rates apply to SGD monies received into the designated SGD Manulife bank account as shown under the FX rates tab.
What happens to the FX rate after 5pm (SGT)?
After 5pm (SGT) on business days, the displayed FX rate is no longer valid. For premiums received by Manulife after this time, the FX rates provided on the next business day will apply.
Example:
- A customer initiates a fund transfer for a premium payment at 4.45pm (SGT) on a Friday (business day).
- The premium is received by Manulife at 5.05pm (SGT) on the same Friday (business day).
- Since the premium is received 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 after the FX rate is applied), subject to standard turnaround times and the completion of all requirements.
You will need to top up your premium if the converted amount falls short of your desired premium. The FX rate is secured only for premiums received by Manulife before 5pm (SGT) on a business day. Payments received after this cut-off may result in a surplus or a shortfall due to fluctuating exchange rates.
- Surplus: Manulife may apply any surplus funds to your policy account without further notice.
- Shortfall: Manulife reserves the right not to issue the policy until the full premium and required documentation are received. Any shortfall will be subject to the FX rate applicable on the next business day.
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 FX rates provided on the next business day will apply.
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 ensure sufficient time for premium transfer to reach Manulife before 5pm (SGT) on any business day.
Important note: If payment is not made to the correct designated SGD Manulife bank account for Manulife to facilitate the exchange through the cross-currency sweep with DBS Bank, Manulife reserves the right to refund the premiums to the source. Please ensure that you have the accurate information from your Financial Representative before initiating the premium transfer.
Will I be informed of the actual FX rate after making a payment to the designated SGD Manulife bank account?
Manulife will conduct a cross-currency sweep with DBS Bank upon receiving premiums in the designated SGD Manulife bank account. To find out the actual FX rate applied after your payment, your Financial Representative can contact the Concierge Case Management team for details.
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 SGD currency.
Which insurance plans can use the Currency Converter for payments?
Manulife’s Currency Converter rate applies to selected high-net-worth USD policies, such as the Manulife Signature and Heirloom series. It does not apply to retail USD policies or investment-linked plans.
