zDave wrote:I am not moving (to live) in Singapore. I will be staying for 4 days in a hotel. I will be then flying to Thailand before I return back home (Australia).
I was thinking about buying a particular watch (around $$2,300 to $3,000) from Singapore, but I am not sure if I could find this particular model and the price would be similar to that US website. I am weighting my options.
I know a reputable US website where the price is really good (Unfortunately I am not travelling to the US).
The other option is to buy it on line from the US, give them the shipping address of my hotel in Singapore and collect it when I get there. I realise that I should also let the hotel in Singapore know and see if they would be able to accept the shipment.
But then, would this shipment be subject to Singaporean customs? Would it be stuck there in customs until customs are paid? How much is customs (for this item)? 7%? Would it be subject to customs? (I do not live in Singapore) How can customs be paid? When I get there?
Obviously, it is safer to get it shipped to home (Australia) and pay customs here on entry (when I order it on line). The issue is Australian customs charges around 17% of the value of the watch and since I am travelling, it would probably be better to buy it from Singapore on the outbound trip from the Duty Free, but that could only be possible if I could find that particular watch model within the duty free (in Singapore) and provided that they would have it for a similar price to the US website (which I think it would be unlikely).
Firstly, some answers to the custom process here in SG:
By the letter of the law it should / will be subject to GST @ 7% of whatever value is declared and this is also the value the package will be insured for. The 7% will be paid on your behalf by the courier company in most cases and delivery won't, usually, be delayed. You then have 30 days to pay the courier company e.g. Fedex, DHL etc. You will then claim it back on exit, and you'll get shafted on the FX rates. As a tourist, you might have to make payment before the goods will be released because you don;t have a fixed address, but i'm not entirely sure on that one.
As a side note, a little bird told me that many oversea's watch companies actually insure the watches through a third party and declare a much lower value on the actual package documentation as a way to avoid paying GST........
Sourcing a watch:
For a watch worth 2-3k, i'd aim to buy it here as you'll likely lose out on FX charges - a lot of retailers insist on bank transfer, so you're not protected as much as you would be if you used a credit card, and also the hassle of paying and reclaiming the 7% import tax.
There are plenty of specialist & pre-owned dealers here that can source grey imports that will trim some decent dollar off the authorised dealers prices. They also have a wide variety of used pieces that may still be unworn and brand new or like new in box. Cash will also command a higher discount. I'd be surprised if you couldn't find a dealer here to get near the US prices. You might also want to look at prices in HK - they are usually 10-20% less than Singapore, so even with the 7%GST, you can still grab a bargain.
Taxico might also have some advice on this, as he collects watches and knows the local market well.
