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Banking and Transferring money from SG to UK

Discuss the different banking options, rates, offers and perks.
ruberella
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Banking and Transferring money from SG to UK

Post by ruberella » Thu, 06 Mar 2014 10:23 am

Hi,

I'm looking to set up an account in SG and wondered what you guys could recommend for my banking needs.

The account will be mainly be used for salary paying and transferring money to the UK.

I'm not earning masses of money so can anyone recommend an account where the initial deposit is not so much (still waiting for first pay check)
and also the best for transferring money to the UK. The transfer amount will probably be around $1000 per month to send to the UK.

In as simple terms as possible please, I'm not in business but I am trying to educate myself before I open account here.

Your help will be massively appreciated and please forgive my possible naivety at the situation!!

Thanks!

R

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Post by Beeroclock » Thu, 06 Mar 2014 10:28 am

I can recommend ukforex (ozforex subsidiary), I've found their rates competitive and service good. Have been using them for at least 7-8 years, but I have no interest/connection to the company whatsoever. If you call and explain it's a regular monthly transfer they might even be able to give you a better deal or cut fees.... worth a try.

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Post by ruberella » Thu, 06 Mar 2014 10:41 am

Thanks, I will look in to them!

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Post by ruberella » Thu, 06 Mar 2014 10:47 am

@ Beeroclock

If I set up a usual bank account with DBS or someone can I still use Ukforex as the means to transfer the money?

IE have the bank account just for salary and expenses and ukforex for transfers?

Thanks, again!

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Post by Beeroclock » Thu, 06 Mar 2014 10:59 am

If I set up a usual bank account with DBS or someone can I still use Ukforex as the means to transfer the money?

Sure, it works like this. You just call them for a quote. They will tell you the rate and fees. If you like it, you confirm the deal. Then you make an online transfer from your Singapore bank account (with DBS or whoever) to another Singapore bank account UK forex will give you. Then you tell them your UK bank account, and the equivalent GBP will be deposited there once they receive your SGD. It can take 1-2 days, but the rate is fixed once you confirm the deal.

You do need to open an account first, pls check the procedure but will need to fax/email a copy of your passport page as they need to clear the money laundering regulations. They might ask you the reason for the transfers, which is also to comply with these regulations so nothing to be worried about if you're just moving some salary back home.

FYI, these online forex transfer companies quote a margin of approx. 0.8-1% versus the actual spot rate and fees can be around $15 (nil fee if large amount transferred e.g. $10k). I've found bank margins can be easily 1.5-2.5% and fees higher than that. But any comparison you need to get the quote at the same time and include both margin and fees. Some people go for a provider with nil fee not realizing they are paying a huge margin on the rate.

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Post by Strong Eagle » Thu, 06 Mar 2014 11:01 am

ruberella wrote:@ Beeroclock

If I set up a usual bank account with DBS or someone can I still use Ukforex as the means to transfer the money?

IE have the bank account just for salary and expenses and ukforex for transfers?

Thanks, again!
I am unaware of any Singapore bank that will permit direct withdrawals from a checking account by a forex company for transfer elsewhere. I may be wrong... and... when I looked into this as a means of transferring funds to the USA, the hangup was the inability to have Singapore banks make the transfer.

Maybe someone else has figured out how to do this?

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Post by ruberella » Thu, 06 Mar 2014 11:17 am

Strong Eagle wrote:
ruberella wrote:@ Beeroclock

If I set up a usual bank account with DBS or someone can I still use Ukforex as the means to transfer the money?

IE have the bank account just for salary and expenses and ukforex for transfers?

Thanks, again!
I am unaware of any Singapore bank that will permit direct withdrawals from a checking account by a forex company for transfer elsewhere. I may be wrong... and... when I looked into this as a means of transferring funds to the USA, the hangup was the inability to have Singapore banks make the transfer.

Maybe someone else has figured out how to do this?

Thanks for the reply...

This is a good point, I have looked into it but cant figure it out.

I'm basically looking for the easiest way to pay my bills in the UK.
Obviously a good rate wouldn't go a miss but ease is what I am after I guess!

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Post by QRM » Thu, 06 Mar 2014 11:36 am

Am I missing something here? Just open an HSBC bank account here and have one in the UK and few click of the mouse and the wonga is transferred to the UK. With the global view online account you can see all the global accounts? (though I am a tad suspicious of letting one bank be able to see all your global assets)

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Post by ruberella » Thu, 06 Mar 2014 11:43 am

QRM wrote:Am I missing something here? Just open an HSBC bank account here and have one in the UK and few click of the mouse and the wonga is transferred to the UK. With the global view online account you can see all the global accounts? (though I am a tad suspicious of letting one bank be able to see all your global assets)
Been to HSBC and they advised that because I don't already have a HSBC account in the UK I should opt to go for a local bank instead of them. There is a HSBC in my local town back home so I thought this would be the option to go for.

Easy, Simple.

Probably is, but am I able to open a UK account whilst I'm in Singapore.

If I had known sooner I probably would have set up a HSBC UK account to save the hassle.

Plus I heard HSBC aren't great for withdrawals on the go here in SG?

Help lol!

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Post by QRM » Thu, 06 Mar 2014 12:03 pm

How would they know you are in SG? You can open one online?

http://www.hsbc.co.uk/1/2/current-accou ... nk-account

just get the paper work sent to a UK address? or if you chat to them nicely they may forward it to you here if you say you are travelling and get them to post it to a hotel address etc

I believe the transfer are free HSBC TO HSBC accounts.

You can withdraw cash from the cashiers at the supermarkets/ Jasons/giant/cold storage etc

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Post by singapore eagle » Thu, 06 Mar 2014 12:11 pm

I just had a look at the banks' forex rates. It looks like DBS have the smallest spreads. The HSBC spread is horrible.

DBS: 2.1377 (sell) 2.1017 (buy)
UOB: 2.1423 (sell) 2.1023 (buy)
OCBC: 2.1457 (sell) 2.1017 (buy)
HSBC: 2.1643 (sell) 2.0789 (buy)

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Post by ruberella » Thu, 06 Mar 2014 12:19 pm

singapore eagle wrote:I just had a look at the banks' forex rates. It looks like DBS have the smallest spreads. The HSBC spread is horrible.

DBS: 2.1377 (sell) 2.1017 (buy)
UOB: 2.1423 (sell) 2.1023 (buy)
OCBC: 2.1457 (sell) 2.1017 (buy)
HSBC: 2.1643 (sell) 2.0789 (buy)
So my best option is to open an account with DBS and use them to transfer the money if I'm not able to use ukforex because of transference between account and them?

So confusing!! :???:

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Post by singapore eagle » Thu, 06 Mar 2014 12:29 pm

I'm not sure the ukforex rates are all that. Their website is quoting:

2.1436 (sell) 2.0942 (buy)

So those DBS numbers look pretty good. Just check that they don't slap you with any fees.

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Post by ruberella » Thu, 06 Mar 2014 12:39 pm

Ok Thank you,

I guess I will have to go into DBS and have a chat with someone to see what can be done and what I will incur fee wise. I know my UK account charges pretty hefty fees just for receiving it!

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Post by Beeroclock » Thu, 06 Mar 2014 2:01 pm

QRM wrote:How would they know you are in SG? You can open one online?

http://www.hsbc.co.uk/1/2/current-accou ... nk-account

just get the paper work sent to a UK address? or if you chat to them nicely they may forward it to you here if you say you are travelling and get them to post it to a hotel address etc

I believe the transfer are free HSBC TO HSBC accounts.

You can withdraw cash from the cashiers at the supermarkets/ Jasons/giant/cold storage etc
Agree this is much easier and better option for OP.

I'm curious to know what kind of rates they give. Any idea QRM how much margin vs spot rate ?

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