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strange cheque qn i was doing then they...

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Kenderrickley
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strange cheque qn i was doing then they...

Postby Kenderrickley » Mon, 15 Aug 2016 8:48 pm

hi everyone for the brokerage firm poems does not accept the money in USD cash
is there any one who can help me with a cheque written to them??

i can pay you in USD currency(in notes) straight away
saving up $ for school

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Strong Eagle
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Re: strange cheque qn i was doing then they...

Postby Strong Eagle » Tue, 16 Aug 2016 12:14 am

They don't take cash because of the potential for money laundering. Why don't you just open a bank account?

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Re: strange cheque qn i was doing then they...

Postby Strong Eagle » Tue, 16 Aug 2016 12:17 am

The Poems website says: Cash at cashier at Phillip Securities Pte Ltd, 250 North Bridge Road, #06-00 Raffles City Tower (Monday to Friday, 9am to 5:30pm, closed on Saturdays, Sundays and Public Holidays. NETS or credit card not accepted. Payment are also not accepted at other Phillip Investor Centres).

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Kenderrickley
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Re: strange cheque qn i was doing then they...

Postby Kenderrickley » Tue, 16 Aug 2016 3:18 pm

ty

but they don't accept USD cash only SGD

because the amount of money i have to give is small close $50
i am looking for help...
saving up $ for school

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Kenderrickley
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Re: strange cheque qn i was doing then they...

Postby Kenderrickley » Tue, 16 Aug 2016 3:42 pm

i do have a bank account but
the bank quote me a well large
just to transfer
saving up $ for school

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Re: strange cheque qn i was doing then they...

Postby BBCWatcher » Tue, 16 Aug 2016 4:34 pm

1. Visit Raffles Arcade (postcode 049317) to convert US$50.00 to Singapore dollars (about S$67.00 at this instant, as I write this) using one of the licensed foreign currency exchange shops there;
2. Deposit those Singapore dollars at the Raffles City Tower office.

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Re: strange cheque qn i was doing then they...

Postby Kenderrickley » Tue, 16 Aug 2016 4:54 pm

ty BBC
but they charge me in USD...
i hope some kind soul takes pity on me
saving up $ for school

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Re: strange cheque qn i was doing then they...

Postby BBCWatcher » Tue, 16 Aug 2016 8:25 pm

OK, if you want a U.S. dollar check ("draft") you can buy them at some of the money change outlets in Raffles Arcade. (Or in other currencies.) SingPost also sells them. Just make sure that's what Phillips (in Singapore) wants. One would think they could accept Singapore dollar checks drawn on a Singapore bank.

Bring your passport, of course. Licensed money changers keep records.

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Re: strange cheque qn i was doing then they...

Postby sundaymorningstaple » Tue, 16 Aug 2016 9:11 pm

You can get a USD cashier's check or demand draft at CItibank and I would assume most other banks as well (it's the only one I checked as I used them for that service many years ago).

Demand Drafts/USD Cashier’s Order
Charges 1/8% commission (min S$20,
max S$200) + postage
where applicable


http://www.citibank.com.sg/pricingguide/ (download pdf)

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Re: strange cheque qn i was doing then they...

Postby Strong Eagle » Wed, 17 Aug 2016 1:05 am

sundaymorningstaple wrote:You can get a USD cashier's check or demand draft at CItibank and I would assume most other banks as well (it's the only one I checked as I used them for that service many years ago).

Demand Drafts/USD Cashier’s Order
Charges 1/8% commission (min S$20,
max S$200) + postage
where applicable


http://www.citibank.com.sg/pricingguide/ (download pdf)



SMS, he's got FIFTY US dollars to exchange. Looks like Citibank wants $20 of that to cut a check.

He just needs to do what BBCW said... drop on over Raffles Arcade and do a change. The exchange rate is pretty good, and I have no idea what the OP means in response to BBCW's post when he says, "but they charge me in USD...". Doesn't this fellow know about exchange rates?

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Re: strange cheque qn i was doing then they...

Postby sundaymorningstaple » Wed, 17 Aug 2016 7:09 am

Guilty of not reading the thread. Only answered BBCW's thread about cashier's cheques. :-(

Sent from the ozone layer - the answer is out there!

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Re: strange cheque qn i was doing then they...

Postby BBCWatcher » Wed, 17 Aug 2016 8:02 am

The money changers in Raffles Arcade (some of them) can cut checks, too. And typically not for what Citibank charges.

I was aware of all that when I posted that advice. ;)

So there we go: a cash option (in SGD, obtained at Raffles Arcade for example) and a (lower cost than Citibank) first party check ("international draft") option (in USD or any other major currency, same place). Note that the cash option is likely to be lower total cost for USD50, even with the double conversion (USD to SGD at Raffles Arcade, SGD to USD, apparently, at the broker). The drafts do cost some money for the money changers to cut, and they pass on that cost.

Maybe the original poster could explain, precisely, what he's trying to do. What is he trying to accomplish in that brokerage account? Start with that. But getting (legal) funds into a brokerage account is not hard. SGD cash, first party check, and first party wire all work with this brokerage. USD cash is convertible to SGD cash at Raffles Arcade (and elsewhere), and brokerages know how to convert SGD back to USD if that's what's required within the account. If the original poster is requesting that somebody write him a check in Singapore, that'll be a (third party) SGD check. But why would a SGD help (except for money laundering a small amount of money)? The broker might not even accept a third party check. The broker is already willing to take SGD cash (in reasonable quantities, presumably), so go with that! Or go with a first party USD check (called an "international draft") obtained from one of the Raffles Arcade money changers that offers that service, an instrument that no individual here in this forum can provide.


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