Hi, I need to purchase EUR and USD frequently with big volume for very small scale home biz. But the money transfer rates eat up most of my profit.
If anyone has Eur/usd need to sell, please contact me. We can trade at the rate = (selling rate+buying rate)/2. No cash. All DBS transfer (both way)
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Buy EUR and USD in Singapore
- luckycricket
- Member
- Posts: 44
- Joined: Wed, 04 Oct 2017 9:35 pm
Re: Buy EUR and USD in Singapore
Sounds like Cuckoo Smurfingmalcolm2010 wrote:Hi, I need to purchase EUR and USD frequently with big volume for very small scale home biz. But the money transfer rates eat up most of my profit.
If anyone has Eur/usd need to sell, please contact me. We can trade at the rate = (selling rate+buying rate)/2. No cash. All DBS transfer (both way)

-
- Newbie
- Posts: 3
- Joined: Thu, 08 Mar 2018 6:34 am
Re: Buy EUR and USD in Singapore
No matter what I do. You receive SGD at the good rate. Save thousands of SGD. Why not ??
- Strong Eagle
- Moderator
- Posts: 11504
- Joined: Sat, 10 Jul 2004 12:13 am
- Location: Off The Red Dot
- Contact:
Re: Buy EUR and USD in Singapore
Well... "big volume for very small scale home biz"... one could reasonably ask what would generate such a big volume for a "small scale home biz"... this would not generally be the income profile for someone selling tupperware doggy dishes online.malcolm2010 wrote:No matter what I do. You receive SGD at the good rate. Save thousands of SGD. Why not ??
Thus, one or both of the participants could become an unwitting (or witting) partner in a money laundering scheme. You say no cash, and you also specify an exchange rate that DBS certainly wouldn't offer you. Therefore, the implication is that I will wire transfer X US dollars into your bank account, and you will transfer Y Sing dollars into my bank account. Therefore, both of us must possess bank accounts in the desired currencies, and that somehow attract deposits of sufficient size to handle a "big volume".
Assuming that you are talking about amounts small enough not to be flagged by DBS for large money transfers, you and I still have a problem. You don't know the source of the money I am sending you, and I don't know the source of the money you are sending me.
Are you a smurf? I can't know. Are you running a shell company? I can't know. Are you part of a hawala? While not necessarily illegal, it is a great way to move money anonymously, and I can't know.
And thus, with good reason, those who might be interested in participating in such a transaction will also approach it with some wariness until they know their customer, as it were.
-
- Newbie
- Posts: 3
- Joined: Thu, 08 Mar 2018 6:34 am
Re: Buy EUR and USD in Singapore
15-20k trading capital is consider very small scale (to me)
You buy goods, sell on Q100/Ebay. Every 3-4 days (or weeks) need to convert SGD (received from customer) to USD (transfer to supplier)
I believe 90% traders on Ebay/Q100 also do the same thing.
After deduct all ebay/Q100/paypal fee, very thin margin. So FX rate is also very important.
I don’t accept cash as it will cost me 0.5% to deposit to bank account so no use.
Bank transfer only in Singapore. I also do not accept overseas source. How you can bring USD/EUR in Singapore, I don’t care. Since the money already in some bank in Singapore, they are clean.
So to me, it’s totally safe. You have USD/EUR just like you have a bag, a watch want to sell and instead of go to shop, you find end-customer directly and save the middleman cost
You buy goods, sell on Q100/Ebay. Every 3-4 days (or weeks) need to convert SGD (received from customer) to USD (transfer to supplier)
I believe 90% traders on Ebay/Q100 also do the same thing.
After deduct all ebay/Q100/paypal fee, very thin margin. So FX rate is also very important.
I don’t accept cash as it will cost me 0.5% to deposit to bank account so no use.
Bank transfer only in Singapore. I also do not accept overseas source. How you can bring USD/EUR in Singapore, I don’t care. Since the money already in some bank in Singapore, they are clean.
So to me, it’s totally safe. You have USD/EUR just like you have a bag, a watch want to sell and instead of go to shop, you find end-customer directly and save the middleman cost
-
- Similar Topics
- Replies
- Views
- Last post
-
-
Processing USD transactions, depositing into USD currency account
by relic1212 » Sun, 07 Oct 2018 6:36 am » in Business in Singapore - 0 Replies
- 2424 Views
-
Last post by relic1212
Sun, 07 Oct 2018 6:36 am
-
-
-
Getting Paid in USD or Singapore Dollar?
by just2019 » Wed, 30 Jan 2019 2:31 pm » in Careers & Jobs in Singapore - 17 Replies
- 9024 Views
-
Last post by maneo
Sat, 16 Nov 2019 2:45 pm
-
-
-
Deposit USD into Bank of America account?
by 18000rpm » Mon, 31 Oct 2022 1:15 pm » in General Discussions - 4 Replies
- 960 Views
-
Last post by PNGMK
Wed, 02 Nov 2022 11:05 am
-
-
-
Can a PR buy a condominium with a loan and CPF?
by NOWAR » Sat, 26 May 2018 12:47 pm » in Property Talk, Housing & Rental - 5 Replies
- 2589 Views
-
Last post by BBCDoc
Sat, 26 May 2018 9:25 pm
-
-
-
More and more sms and emails from banks and other companies
by abbby » Fri, 04 Feb 2022 6:36 pm » in Business in Singapore - 3 Replies
- 1779 Views
-
Last post by abbby
Sat, 05 Feb 2022 7:32 pm
-
Who is online
Users browsing this forum: No registered users and 21 guests