Money Matters
There is no limit on the amount of currency you can bring into take out of Singapore.
I don't think you have to worry too much about that. Singapore isn't too concerned about where your money comes from. If they were there wouldn't be so many Indonesian Investors over here.Customs Formalities
There is no limit on the amount of currency you may bring into Singapore.
Yes, of course! I recently purchased some clothes from a local tailor and the big to do was how to pay him since the electronic transfers from bank to bank internationally cost around £25 and Western Union not a great deal cheaper. For some unknown reason he could not take visa payments over the phone and sent me stubs to fill in credit card numbers to go by post - a practice deemed unsafe here.jpatokal wrote: And Plavt, got a source for your claim? The Exchange Control Act does give the Sing government the right to restrict importation of any currency, but I can't find a word on the Customs or MAS sites saying that any currency is currently subject to controls.
Your link says:Plavt wrote:Yes, of course! ... There was no real reference that was plain of the Royal Mail site here in the UK either, I had to ring and ask! See section 4 of the following link;
http://www.royalmail.com/portal/rm/cont ... 5#23500227
I can't see why you would bring cash. The exchange rate will be virtually the same for cash or wire transfer, probably worse for cash. You can check whether the sending or receiving bank will give you the best rates then either wire the foreing currency or Sing $$. Wire transfer fees are capped.aikido wrote:Hi all,
me and family will relocate soon and we are intereseted to know if its possible to bring cash in foreigner currency( if convereted) lets say over 100k singapore $ and open a new bank account and deposit it over there in Singapore.
My question is:in order to open a new bank account(my wife is local) does she need any document to proove the source of income of these $ $ comes from or they just dont bother to ask?
your comments are very much appreciatted.
best regards and have a nice weekend everybody.
Royal Mail is not saying that at all! This is what the link says;jpatokal wrote: So Royal Mail is telling you that they do not allow mailing money from the UK to Singapore. How does this make importing money on your person into Singapore "illegal"?
Anyway, as has been pointed out, uncles with bags full of cash to the tune of several hundreds of thousands has been brought in and deposited without batting an eyelid.aikido wrote:Hi all,
me and family will relocate soon and we are intereseted to know if its possible to bring cash in foreigner currency( if convereted) lets say over 100k singapore $ and open a new bank account and deposit it over there in Singapore.
My question is:in order to open a new bank account(my wife is local) does she need any document to proove the source of income of these $ $ comes from or they just dont bother to ask?
your comments are very much appreciatted.
best regards and have a nice weekend everybody.
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