Hi MS,Mad Scientist wrote:From my experience, I had no problem with DBS and Citibank.
Bear in mind , I had this done many years ago and rules may change. Once I had the CPF withdrawal approved from CPF, I showed them my POSB account to the CPF officer as POSB and DBS account remittance is done on the same day whereas other banks will receive the funds into your account on the next business day
I went over to DBS, showed them my OZ PP and copy of my SG ID , passport and the renunciation letter from ICA. They had all the info about myself change it on the spot in their system and confirmed funds received from CPF board on the same day.
I did the same with Citibank. No dramas
I had a standing order prepared with Citibank and DBS if I need any remittance done back to OZ. I supplied them CBA account etc... Its done
Agreed, every individual has their own needs and priority to be taken care of first. The older we get the less we are open to risky investment
I don't pay tax in OZ as I reside in NZ 186 days in a year hence my super is in NZ. I pay tax in NZ and my residual tax is bugger all for ATO.
I have a OZ private super which I had for many years now
What I am trying to convey is interest earned in Singapore is not tax deductable. If you need only some money to get by living in OZ , leave the bulk in Singapore in TD/FD or any related instruments that you are comfortable with
I am not forcing you to follow my footstep , I am just sharing what I know
What PNGMK wrote above is all you need for remittance
Thank you for your reply and understand that current process can differ from your experience. Nonetheless, I find your information very helpful, and calming. Even if it is a psychological reassurance that it’s not as painful as I had envisaged.
(1) Did you manage to renounce in one day without any cooling period ?
(2) did you approach CPF on the same day?
It would be great if I can accomplish all of that in ONE day. I only have 4- 5 days in SG and was hoping for a speedy process.