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Canadian moving to Singapore - personal banking

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Steve444
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Canadian moving to Singapore - personal banking

Postby Steve444 » Wed, 23 Aug 2017 9:19 am

I am moving to Singapore in a month to work and I want to transfer freely monies between my bank in Canada and new bank in Singapore. All the Canadian banks don't do personal banking. Any advice ?

bgd
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Re: Canadian moving to Singapore - personal banking

Postby bgd » Wed, 23 Aug 2017 11:24 am

I've been happy with Citi.

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Strong Eagle
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Re: Canadian moving to Singapore - personal banking

Postby Strong Eagle » Wed, 23 Aug 2017 9:20 pm

Have you considered a Schwab brokerage account? Easy to move money from Singapore into the account, and then from there to other banks... all online. Decent exchange rates.

marie_katie
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Re: Canadian moving to Singapore - personal banking

Postby marie_katie » Fri, 25 Aug 2017 3:18 pm

What bank are you using in Canada? My husband and I uses Bank of Montreal and there is a western union bank transfer through BMO. It's $9 + 1% of amount transferred per transaction. But you're limited to transfer 999 Cad per day. I find that is the cheapest way to transfer money. If you're talking about transferring money from Sg to Canada, you can try western union but the down side is you need to personally go to western union to collect the money. You can try Online transfer but the fees can be up to $125.

Steve444
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Re: Canadian moving to Singapore - personal banking

Postby Steve444 » Fri, 25 Aug 2017 4:27 pm

Hi thank you I bank at scotiabank I will be working for a year here and family staying at home so, I need to transfer from my singapore account where pay deposited to get to a Canadian account

ludwig12
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Re: Canadian moving to Singapore - personal banking

Postby ludwig12 » Mon, 04 Sep 2017 1:55 am

You can try HSBC. With global transfer, it allows you to move 200K US$ equivalent per day. It is instant and free.

brian_singapore
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Re: Canadian moving to Singapore - personal banking

Postby brian_singapore » Mon, 04 Sep 2017 3:26 pm

I've never had a problem transfering money to and from Canada via wire-transfer via on-line banking. (On both the Singapore side and the Canada side)

I've done this with a couple of different banks in Singapore. It's usually done within 24 hours.

Western Union is a very expensive option.

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Wd40
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Re: Canadian moving to Singapore - personal banking

Postby Wd40 » Mon, 04 Sep 2017 4:38 pm

The cheapest option is to open an account with Interactive brokers. Fund it with Canadian dollars. Use their FX trading platform which charges US $2 per transaction and then you can withdraw it into a Singapore account.

There is a monthly inactivity fee at Interactive Brokers though of US$10, if you don't generate commissions of that amount.

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physdude1
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Re: Canadian moving to Singapore - personal banking

Postby physdude1 » Thu, 14 Sep 2017 4:01 am

Wd40 wrote:The cheapest option is to open an account with Interactive brokers. Fund it with Canadian dollars. Use their FX trading platform which charges US $2 per transaction and then you can withdraw it into a Singapore account.

There is a monthly inactivity fee at Interactive Brokers though of US$10, if you don't generate commissions of that amount.

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I second this suggestion. IB is a brilliant platform for investing, transferring money etc. The only downside are their monthly fixed fees but if you have a non-trivial level of investments, they turn out to be the cheapest by far.


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