Think you're addressing this to the wrong person. Did you actually think I was German? Lol...JR8 wrote:Stop trying to take over Europe.
Can you do that?
Please, pretty please?
The downside with this is that you're paying for the oik fund-managers Porsche, and his offsprings' Eton school fees.ginger_bread wrote:I put my S$ in some unit trusts that invest in Europe, in their S$ tranche, currency unhedged.
If Euro gets stronger, so does the portfolio. Of course the opposite scenario could happen as well.
I wonder if these practices are "pretty much okay" for Asians, since most of the people I know are planning to keep SGD instead (unless some "disturbances" happen)JR8 wrote:Withdraw S$ cash from bank.
Go to Change Alley/Arcade, convert S$ to home currency
Take money home in cash, deposit in bank
Open (or have) stock-broking account
Buy a portfolio of reliable blue-chips yielding maybe 5+%*
Pretty much forget about it entirely (i.e. low maintenance), except ...
Reinvest all dividends, and after a few years watch it start really growing.
Another beauty of this is that SG only taxes on local income. So that portfolio 'back home' could be growing tax free. IF you're from a jurisdiction that taxes worldwide income (e.g. USA), then perhaps open the stock a/c from here in an offshore jurisdiction.
* Current examples (that most people may have heard of):
HSBC, at 5.2%
Royal Dutch Shell 4.8%
No idea what that means?v4jr4 wrote: I wonder if these practices are "pretty much okay" for Asians, since most of the people I know are planning to keep SGD instead (unless some "disturbances" happen)
Morning BrahBrah wrote:...
JR8 mentions cashing out, exchanging locally, then repatriating it, if I understand his post correctly.
While the best in terms of conversion costs, I don't see that as practical as you have to carry cash overseas, there are limits to the amount, and you actually have to travel back to do it, which means you can't do it regularly.
So what are the best ways to a) not get beat up on conversion costs and b) not get beat up on transfer costs and c) have something regular and automatic, like a Standing Instruction, GIRO, etc.?
Thanks very much for the detailed reply. Clearly I have some things to consider with this.JR8 wrote: Morning Brah
Yes, that was what I meant.
I think one has to be careful to define currency import 'limits'.
Your closing questions. The trouble is smaller frequent transfers will incur relatively much higher fees. I think you need to weigh up any such likely gross costs of small transfers, vs depositing locally and earning relative peanuts, but then doing as I did when ever you get a trip home. Together with researching whether your home jurisdiction has a reporting limit, or absolute limit, on quantity.
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