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Any Canadians working in Singapore? – Question about SGD-CAD exchange rates

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byseeksconseil1
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Any Canadians working in Singapore? – Question about SGD-CAD exchange rates

Postby byseeksconseil1 » Fri, 10 Feb 2017 12:07 pm

Hi there,

I recently became a permanent resident of Canada and intend to move to Maple Leaf country for settlement in about 1 year or less. All my savings are in Singapore dollars. As I am not a resident of Singapore, I have no plans to come back to Singapore after the move.

With this plan in mind, the issue of SGD-CAD exchange rate becomes important.

Image

As you can see from the image above, the exchange rate between the two currencies has been fluctuating a little in the past few years. SGD reached its peak against CAD in 2016, but is now a little lower. Not having much knowledge about matters related to economy, I have no idea how Singapore Dollar will perform against Canadian Dollar for the rest of 2017.

If there are Canadian expats working in Singapore (and paid in SGD), I am sure currency exchange must be one of their considerations as well. So, I have essentially 2 questions I need advice on:

1. Should I wire the bulk of my SGD savings to my Canadian account (I opened an RBC Savings account on my recent trip to Canada, with 0.05 interest rate) now when SGD still enjoys a 0.92 rate against CAD at the moment?

2. Should I wait and see?

Please feel free to let me know what you think, or whether you have other suggestions related to currency.

Thanks!
Last edited by byseeksconseil1 on Fri, 10 Feb 2017 2:18 pm, edited 1 time in total.

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PNGMK
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Re: Any Canadians working in Singapore? – Question about SGD-CAD exchange rates

Postby PNGMK » Fri, 10 Feb 2017 2:14 pm

I personally think macro economics here is going to be very volatile in the near future when Trump's war starts. In that scenario I see the SGD falling and the CDN rising (as Canada is a source of commodities and a safe haven).
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byseeksconseil1
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Re: Any Canadians working in Singapore? – Question about SGD-CAD exchange rates

Postby byseeksconseil1 » Sun, 12 Feb 2017 4:48 pm

Ok. Thanks. It looks like I will have to wire my money to Canada soon ...

PNGMK wrote:I personally think macro economics here is going to be very volatile in the near future when Trump's war starts. In that scenario I see the SGD falling and the CDN rising (as Canada is a source of commodities and a safe haven).


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