malcolm2010 wrote:No matter what I do. You receive SGD at the good rate. Save thousands of SGD. Why not ??
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.
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.