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Coming from India on job

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ammyb
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Coming from India on job

Postby ammyb » Fri, 07 Aug 2015 2:45 am

I am very new in these regards. I have two questions

1) I need at least 5000 SGD in Singapore for the first month expense and taking up a residency. My company will provide me lodging for the first month. I do not have SGD at present. Should I carry same amount in INR to Singapore or should I convert the amount here and take SGD to Singapore?

2) My current bank is HDFC, can I convert the INR amount to SGD from them? If not what should be the process?

regards
ammyb

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nakatago
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Re: Coming from India on job

Postby nakatago » Fri, 07 Aug 2015 6:33 am

ammyb wrote:I am very new in these regards. I have two questions

1) I need at least 5000 SGD in Singapore for the first month expense and taking up a residency. My company will provide me lodging for the first month. I do not have SGD at present. Should I carry same amount in INR to Singapore or should I convert the amount here and take SGD to Singapore?

2) My current bank is HDFC, can I convert the INR amount to SGD from them? If not what should be the process?

regards
ammyb


IIRC, the limit is 10K SGD so you should be able to carry that much cash (5000 SGD equivalent, that is). Check though what is India's limit.

Opinions are varied but if you choose to change your money in Singapore and being fresh off the boat, you may find some difficulty finding a money changer who's willing to buy your INR at a reasonable exchange rate. If you do it before you leave, at least you get to shop around in familiar territory.

If you're unsure with your bank, call them to ask. SGD is a major currency so most banks would most probably sell them, albeit at poor exchange rates. I still recommend finding a reputable money changer before leaving.

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JR8
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Re: Coming from India on job

Postby JR8 » Fri, 07 Aug 2015 4:45 pm

Typically the best way is to bring cash from home and convert it to S$ in Singapore. That's because SGn money-changers probably offer the best spreads and nil-fee conversions you'll ever find, at least that is my experience. The only downside is that you have to be ok traveling to SG, and in SG, carrying potentially quite large amounts of cash.

nakatago wrote:Opinions are varied but if you choose to change your money in Singapore and being fresh off the boat, you may find some difficulty finding a money changer who's willing to buy your INR at a reasonable exchange rate. If you do it before you leave, at least you get to shop around in familiar territory.


I'm not quite clear what this means, but if it means going to a little suburban change-kiosk carrying a huge wedge of INR then yes I can imagine that would not be optimal.
Changing money on arrival (and departure, etc) has been discussed before. There are many money changers at Raffles Place (The Arcade, and what was Change Alley right next to it). They indicate their buy/sell rates on boards. IME they are also used to dealing in up to sizable sums.

Also look at the rates at Mustafa, a local Indian emporium...
http://www.mustafa.com.sg/frmForex.aspx
... at the time of writing the INR is 2.13 - 2.23 to the S$. That's a live rate, but you can use it to compare vs what you might get back home.

This article is also worth a read for further suggestions...
http://www.thebestsingapore.com/best-pl ... les-place/

I've used several changers down at The Arcade over the years. But most recently I seem to end up (after walking around comparing rates) at Sheen International up on the first floor. That said every time I'll walk up and down, and make sure I choose the place with the best rate on the day.

--- don't change any money at the airport unless you have to, the rates are comparatively poor.
'Do it or do not do it: You will regret both' - Kierkegaard

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Re: RE: Re: Coming from India on job

Postby ecureilx » Fri, 07 Aug 2015 4:57 pm

JR8 wrote:Typically the best way is to bring cash ...


I thought TCs are exempt from the currency limitations .

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Re: RE: Re: Coming from India on job

Postby JR8 » Fri, 07 Aug 2015 5:32 pm

ecureilx wrote:
JR8 wrote:Typically the best way is to bring cash ...

I thought TCs are exempt from the currency limitations .


---------
'Currency
Any person entering or leaving Singapore with physical currency or bearer negotiable instruments (CBNI)* that has a total value exceeding SGD 20,000 (or its equivalent in a foreign currency) is required to fill up the Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form .'

------------
http://www.ica.gov.sg/page.aspx?pageid=98
'Do it or do not do it: You will regret both' - Kierkegaard

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Re: RE: Re: RE: Re: Coming from India on job

Postby ecureilx » Fri, 07 Aug 2015 9:54 pm

JR8 wrote:[quote="ecureilx"][quote="JR8"]Typically the best way is to bring cash ...

I thought TCs are exempt from the currency limitations .[/quote]

---------
'Currency
Any person entering or leaving Singapore with physical currency or bearer negotiable instruments (CBNI)* that has a total value exceeding SGD 20,000 (or its equivalent in a foreign currency) is required to fill up the Physical Currency and Bearer Negotiable Instruments Report (Traveller) or NP727 form .'

------------
http://www.ica.gov.sg/page.aspx?pageid=98[/quote]
I was thinking from RBI guidelines that used to forbid Forex in rupees or $.

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Re: Coming from India on job

Postby JR8 » Fri, 07 Aug 2015 9:58 pm

Travellers cheques, as archaic as they are (last time I saw them 25+ years ago) are bearer instruments. Same same as gold bars in the way that ICA are interested.
'Do it or do not do it: You will regret both' - Kierkegaard


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