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MAX limit for cash deposit into bank account?

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cashew
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MAX limit for cash deposit into bank account?

Postby cashew » Tue, 29 Aug 2017 9:38 am

I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks

bgd
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Re: MAX limit for cash deposit into bank account?

Postby bgd » Tue, 29 Aug 2017 11:14 am

UOB allows $20K deposit limit at cash deposit machines. DBS should be similar being a local bank.

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PNGMK
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Re: MAX limit for cash deposit into bank account?

Postby PNGMK » Tue, 29 Aug 2017 12:54 pm

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks


No. the only time I've been asked about source is > $100,000.
I have gay, black, Asian friends and then JR8.

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ecureilx
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Re: MAX limit for cash deposit into bank account?

Postby ecureilx » Tue, 29 Aug 2017 2:06 pm

PNGMK wrote:
cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks


No. the only time I've been asked about source is > $100,000.


If you deposit in Machine, they will ask retrospectively, if the amount exceeds 50 K I recall ..

The Ref
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Re: MAX limit for cash deposit into bank account?

Postby The Ref » Tue, 29 Aug 2017 7:21 pm

PNGMK wrote:
cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks


No. the only time I've been asked about source is > $100,000.

I wish I had your problems :shock:

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PNGMK
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Re: MAX limit for cash deposit into bank account?

Postby PNGMK » Wed, 30 Aug 2017 8:29 am

The Ref wrote:
PNGMK wrote:
cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks


No. the only time I've been asked about source is > $100,000.

I wish I had your problems :shock:


Sold a house.
I have gay, black, Asian friends and then JR8.

jesskoh
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Re: MAX limit for cash deposit into bank account?

Postby jesskoh » Wed, 30 Aug 2017 11:56 am

10k should not be a problem. But even if they ask, if you are able to proof source of fund what would be so difficult about that. Hehe

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maneo
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Re: MAX limit for cash deposit into bank account?

Postby maneo » Wed, 30 Aug 2017 7:54 pm

PNGMK wrote:
cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? :roll: Thanks


No. the only time I've been asked about source is > $100,000.

I believe that the threshold has been dropped to $20,000.

One can always make multiple deposits on different days, or to different banks if you have more than one account.

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ecureilx
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Re: MAX limit for cash deposit into bank account?

Postby ecureilx » Wed, 30 Aug 2017 8:00 pm

maneo wrote:One can always make multiple deposits on different days, or to different banks if you have more than one account.


I believe MAS can stlll find you

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maneo
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Re: MAX limit for cash deposit into bank account?

Postby maneo » Wed, 30 Aug 2017 8:29 pm

ecureilx wrote:
maneo wrote:One can always make multiple deposits on different days, or to different banks if you have more than one account.


I believe MAS can stlll find you

It's not an issue of being found.
It's just a way to avoid having to do the extra paperwork for what should be a simple deposit.
Just need to determine which is more troublesome.

jesskoh
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Re: MAX limit for cash deposit into bank account?

Postby jesskoh » Wed, 30 Aug 2017 8:58 pm

Big brother will always find you no matter where you are. It will catch up with you sooner or later.

But on a serious note, as long as you can proof the source of funds it should not be a problem.

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Strong Eagle
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Re: MAX limit for cash deposit into bank account?

Postby Strong Eagle » Thu, 31 Aug 2017 1:54 am

Only slightly related... I was at the commercial desk at UOB withdrawing a substantial amount of money when this uncle comes in wearing shorts, t-shirt, and flip flops, and carrying two paper bags. I had to watch. By the time they got through counting all the money in the bags, there was more than $250,000. No one batted an eye. I can only guess the gent was a money changer or some such and the bank knew him. I was also amazed that he'd be carrying $250K in cash in a couple of paper bags.

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Re: MAX limit for cash deposit into bank account?

Postby jesskoh » Thu, 31 Aug 2017 1:55 am

I am amazed too....

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Wd40
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Re: MAX limit for cash deposit into bank account?

Postby Wd40 » Sat, 02 Sep 2017 12:39 pm

I have withdrawn 500K HKD from DBS multicurrency account and took it to money changer and converted it to 80k SGD and then deposited those 80K SGD into DBS multicurrency account.

In this entire process the only document I was asked is my IC by the money changer. This was 3 years ago though.

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jesskoh
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Re: MAX limit for cash deposit into bank account?

Postby jesskoh » Sat, 02 Sep 2017 12:42 pm

That is fine. The banks will have records of the transactions. Nothing wrong with it.

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