MAX limit for cash deposit into bank account?

Discuss the different banking options, rates, offers and perks.
Post Reply
cashew
Newbie
Newbie
Posts: 1
Joined: Tue, 29 Aug 2017 9:34 am

MAX limit for cash deposit into bank account?

Post by 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
Manager
Manager
Posts: 1684
Joined: Wed, 25 Jul 2007 4:09 pm

Re: MAX limit for cash deposit into bank account?

Post by 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.

User avatar
PNGMK
Moderator
Moderator
Posts: 8590
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 1
Location: Sinkapore

Re: MAX limit for cash deposit into bank account?

Post by 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 not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

Re: MAX limit for cash deposit into bank account?

Post by 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
Chatter
Chatter
Posts: 376
Joined: Wed, 19 May 2010 11:37 pm

Re: MAX limit for cash deposit into bank account?

Post by 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:

User avatar
PNGMK
Moderator
Moderator
Posts: 8590
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 1
Location: Sinkapore

Re: MAX limit for cash deposit into bank account?

Post by 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 not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

jesskoh
Member
Member
Posts: 32
Joined: Tue, 29 Aug 2017 11:07 pm

Re: MAX limit for cash deposit into bank account?

Post by 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

Sent from my ONEPLUS A3000 using Tapatalk

User avatar
maneo
Reporter
Reporter
Posts: 751
Joined: Sat, 15 Mar 2008 2:46 pm
Location: Tropical cosmopolitan island

Re: MAX limit for cash deposit into bank account?

Post by 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.

User avatar
ecureilx
Immortal
Immortal
Posts: 9811
Joined: Fri, 20 Aug 2010 5:18 pm

Re: MAX limit for cash deposit into bank account?

Post by 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 Image

User avatar
maneo
Reporter
Reporter
Posts: 751
Joined: Sat, 15 Mar 2008 2:46 pm
Location: Tropical cosmopolitan island

Re: MAX limit for cash deposit into bank account?

Post by 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 Image
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
Member
Member
Posts: 32
Joined: Tue, 29 Aug 2017 11:07 pm

Re: MAX limit for cash deposit into bank account?

Post by 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.

Sent from my ONEPLUS A3000 using Tapatalk

User avatar
Strong Eagle
Moderator
Moderator
Posts: 11650
Joined: Sat, 10 Jul 2004 12:13 am
Location: Off The Red Dot
Contact:

Re: MAX limit for cash deposit into bank account?

Post by 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.

jesskoh
Member
Member
Posts: 32
Joined: Tue, 29 Aug 2017 11:07 pm

Re: MAX limit for cash deposit into bank account?

Post by jesskoh » Thu, 31 Aug 2017 1:55 am

I am amazed too....

Sent from my ONEPLUS A3000 using Tapatalk

User avatar
Wd40
Director
Director
Posts: 4198
Joined: Tue, 04 Dec 2012 10:53 am
Location: SIndiapore

Re: MAX limit for cash deposit into bank account?

Post by 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.

Sent from my Redmi Note 4 using Tapatalk

jesskoh
Member
Member
Posts: 32
Joined: Tue, 29 Aug 2017 11:07 pm

Re: MAX limit for cash deposit into bank account?

Post by jesskoh » Sat, 02 Sep 2017 12:42 pm

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

Sent from my ONEPLUS A3000 using Tapatalk

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Credit Card & Banking in Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest