Singapore Expats

Finally HSBC is part of the NETS network. All they have to do now is combine it with payWave and presume we can use on MRT? Does it allow cash withdrawals at any NETS terminal?

sgstrait wrote:Finally HSBC is part of the NETS network. All they have to do now is combine it with payWave and presume we can use on MRT? Does it allow cash withdrawals at any NETS terminal?

Some places offer nets cash back ... not everywhere...

Funny Citi is reluctant to join NETS

I am in India rite now and I love the flexibility here. Withdraw cash from any atm regardless of the bank you have your account at. Same case with telecom so many operators and such cheap prices. Singapore sounds so monopolistic and tight assed.

Wd40 wrote:I am in India rite now and I love the flexibility here. Withdraw cash from any atm regardless of the bank you have your account at. Same case with telecom so many operators and such cheap prices. Singapore sounds so monopolistic and tight assed.

I heard it had to do with overly restrictive MAS regulations.

Strong Eagle wrote:

Wd40 wrote:I am in India rite now and I love the flexibility here. Withdraw cash from any atm regardless of the bank you have your account at. Same case with telecom so many operators and such cheap prices. Singapore sounds so monopolistic and tight assed.

I heard it had to do with overly restrictive MAS regulations.

Which is ironic because of allegations that some unsavory characters 'launder' their money in Singapore.

nakatago wrote:

Strong Eagle wrote:

Wd40 wrote:I am in India rite now and I love the flexibility here. Withdraw cash from any atm regardless of the bank you have your account at. Same case with telecom so many operators and such cheap prices. Singapore sounds so monopolistic and tight assed.

I heard it had to do with overly restrictive MAS regulations.

Which is ironic because of allegations that some unsavory characters 'launder' their money in Singapore.

Launder? Launder? Surely you jest! A variety of characters, savory and unsavory, from "retired" Indonesian generals to "consultants" in the Chinese government, all know that the Singapore banking system is a safe haven... a much better place to ensure that the banking system won't collapse. Any other benefits are completely ancillary.

Removing tongue from cheek... if Singapore banks didn't take money from ANYBODY in Asia... think Myanmar generals, Thai golden triangle entrepreneurs, Vietnamese communists learning all about capitalism, and corrupt Chinese high rollers looking to hide money someplace, as an example, Singapore banking would collapse.

Strong Eagle wrote: Launder? Launder? Surely you jest!

Look at my avatar.

Do I look I'm joking?

Strong Eagle wrote:
I heard it had to do with overly restrictive MAS regulations.

It's not that bad ..

After all it's unlikely for you to be too far from an ATM in Singapore ...

The shared ATM network in some "Asian" countries work because, for example, nobody accepts responsibility when there is fraud..

Seen that in a couple of neighbouring countries, card cloned, money gone, nothing can be done because the skimming happened in a partner bank. A lot of finger pointing and 5 years later the money was never returned.

And in another country massive online breach, money lost but till date, case is going on. Depositors unlikely to get their money

And so and so .. including another country where banks declare insolvency, and then the depositors get back a maximum of 20,000$, and the founders lie low and then buy another bank and repeat. Zero liability for the owners.

In Singapore the bank is held liable and punished... and promptly as well

Which system would you prefer ?

ecureilx wrote:Which system would you prefer ?

The Singapore system is a bit on an unnecessary f*ck job. If you are out of Singapore, then your ATM card only works on Cirrus networks... and you get reamed for outrageous fees.

So... your assertions about fraud are in left field.

My HSBC card issued in Singapore works in every atm in the world.

Except in Singapore. Where it only works at ATM5 (but only some Citibanks).....

sgstrait wrote:My HSBC card issued in Singapore works in every atm in the world.

Except in Singapore. Where it only works at ATM5 (but only some Citibanks).....

Because outside Singapore you are withdrawing money on Cirrus (as SE pointed out) or visa, and add the surcharges.

Another similar nonsensical stuff. In India a toll free 1800 number is truly toll free, regardless of whether you call from fixed line or cell phone. In SG, toll free is only applicable for fixed lines.

sgstrait wrote: All they have to do now is combine it with payWave and presume we can use on MRT?

Isn't that what "NETS Flashpay" is supposed to be? I thought it was NFC NETS. I've never seen it actually used anywhere though, just the terminals.

Monthly charges, debit card charges, and what not charges in Indian banking system hides the costs we are paying. Singapore, the ATM is treated as 'asset' or differentiation. i.e. more atms for local banks. For India one good thing they did is not to treat atm as differentiators but stop wasting money by putting a common atm and share across banks. Well, both have their own pros and cons. Mobile - India is way ahead. Guess quality (especially for data) is where the operators need to focus.