Transferring money from Canada to Singapore POSB account

[erencie]

I have a very old POSB passbook saving account in Singapore. I am planning to relocate back to Singapore from Canada. In Canada, I got quite a lot of savings in both CIBC and TD bank accounts.

May I ask if anyone has experiences in transferring large amount of money from a Canadian bank account to a Singaporean bank account? I'm wondering about the processing time and so on...

[Strong Eagle]

If you have quite a lot on money you want to transfer, then you should be most concerned about getting the best exchange rate. You should contact both POSB and your Canadian bank and get the exchange rates. With the banks you have two choices. You can have your Canadian bank send Singapore dollars to POSB and pay their exchange rate or you can send Canadian dollars to POSB and pay POSB's exchange rate, whichever is better for you.

You should also look at third party wire transfer providers, for example, xe.com (I offer them only as an example, not an endorsement). You'll generally get better exchange rates than the banks.

Another thing to consider: You should look at the overall exchange rates between the Canadian and Singapore dollars. If there has been a decline in the value of the Singapore dollar against the Canadian dollar over time, then perhaps you don't want to move all your money at once. Move what you need to live, then if the Singapore dollar drops some more, move more money, you get more SGD for each Canadian dollar.

Finally, the best exchange rates are found at the cash money changers in Raffles Place. If you're not adverse to carrying a wad of cash on the airplane, then make a swap with the money changers, then deposit Singapore dollars into your POSB account.

[Wd40]

Open an interactive brokers account. Fund it with Canadian dollars. You can then convert it to SGD at near spot rate. You can then withdraw it to a Singapore bank account.

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