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Buy EUR and USD in Singapore

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malcolm2010
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Buy EUR and USD in Singapore

Postby malcolm2010 » Thu, 08 Mar 2018 6:45 am

Hi, I need to purchase EUR and USD frequently with big volume for very small scale home biz. But the money transfer rates eat up most of my profit.

If anyone has Eur/usd need to sell, please contact me. We can trade at the rate = (selling rate+buying rate)/2. No cash. All DBS transfer (both way)

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luckycricket
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Re: Buy EUR and USD in Singapore

Postby luckycricket » Thu, 08 Mar 2018 8:46 am

malcolm2010 wrote:Hi, I need to purchase EUR and USD frequently with big volume for very small scale home biz. But the money transfer rates eat up most of my profit.

If anyone has Eur/usd need to sell, please contact me. We can trade at the rate = (selling rate+buying rate)/2. No cash. All DBS transfer (both way)


Sounds like Cuckoo Smurfing :o

malcolm2010
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Re: Buy EUR and USD in Singapore

Postby malcolm2010 » Thu, 08 Mar 2018 1:39 pm

No matter what I do. You receive SGD at the good rate. Save thousands of SGD. Why not ??

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Strong Eagle
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Re: Buy EUR and USD in Singapore

Postby Strong Eagle » Thu, 08 Mar 2018 10:00 pm

malcolm2010 wrote:No matter what I do. You receive SGD at the good rate. Save thousands of SGD. Why not ??


Well... "big volume for very small scale home biz"... one could reasonably ask what would generate such a big volume for a "small scale home biz"... this would not generally be the income profile for someone selling tupperware doggy dishes online.

Thus, one or both of the participants could become an unwitting (or witting) partner in a money laundering scheme. You say no cash, and you also specify an exchange rate that DBS certainly wouldn't offer you. Therefore, the implication is that I will wire transfer X US dollars into your bank account, and you will transfer Y Sing dollars into my bank account. Therefore, both of us must possess bank accounts in the desired currencies, and that somehow attract deposits of sufficient size to handle a "big volume".

Assuming that you are talking about amounts small enough not to be flagged by DBS for large money transfers, you and I still have a problem. You don't know the source of the money I am sending you, and I don't know the source of the money you are sending me.

Are you a smurf? I can't know. Are you running a shell company? I can't know. Are you part of a hawala? While not necessarily illegal, it is a great way to move money anonymously, and I can't know.

And thus, with good reason, those who might be interested in participating in such a transaction will also approach it with some wariness until they know their customer, as it were.

malcolm2010
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Re: Buy EUR and USD in Singapore

Postby malcolm2010 » Fri, 09 Mar 2018 3:53 pm

15-20k trading capital is consider very small scale (to me)
You buy goods, sell on Q100/Ebay. Every 3-4 days (or weeks) need to convert SGD (received from customer) to USD (transfer to supplier)
I believe 90% traders on Ebay/Q100 also do the same thing.
After deduct all ebay/Q100/paypal fee, very thin margin. So FX rate is also very important.

I don’t accept cash as it will cost me 0.5% to deposit to bank account so no use.

Bank transfer only in Singapore. I also do not accept overseas source. How you can bring USD/EUR in Singapore, I don’t care. Since the money already in some bank in Singapore, they are clean.

So to me, it’s totally safe. You have USD/EUR just like you have a bag, a watch want to sell and instead of go to shop, you find end-customer directly and save the middleman cost


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