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Financial ties while absent from SG

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malcontent
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Financial ties while absent from SG

Post by malcontent » Fri, 23 Sep 2022 11:23 pm

It seems more and more likely that we’ll be headed for California in 2024. When and if we move back to SG, it will be 203X and in theory I will be retired and living on an LTVP by then, sponsored by my PR spouse.

Here’s what I’m thinking. I’ve got a cheapo SingTel mobile plan that was grandfathered from a corporate plan and is just $12/mo. Even though I’m not in SG - it’s got free roaming and might be useful to keep going for 2FA etc.

I also wanna keep a credit card going while I’m gone, and the UOB SingTel card is one of the few that has a no hassle auto-waiver of annual fee if a SingTel bill is paid with the card.

Since I won’t be using any of my other credit cards, it’s probably better to close them rather than mess around with the annual fee waiver (on a dormant card from abroad).

As for banking, I’m thinking to convert my DBS account to a “My Account” that has no minimum balance requirement. The only problem with that is I’d have to give up cheque writing, which is extremely rare but not totally extinct here yet.

My SRS account would have to remain, and that would create a FATCA reporting requirement, but I see no choice on that one.

Anything I’m missing? Any other recommendations?
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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PNGMK
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Re: Financial ties while absent from SG

Post by PNGMK » Sat, 24 Sep 2022 8:46 am

You can move your 2FA to a foreign number.

I agree with keeping a local credit card as after 65 years of age it can be very hard to get a new one here.

I don't know what to do about cheques. Maybank had an online cheque writing function that was good for that but shut it down. Does DBS have one? As you will most likely rent your place out I can see a need for cheques occasionally.

What about insurances and mail redirection?
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malcontent
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Re: Financial ties while absent from SG

Post by malcontent » Sat, 24 Sep 2022 2:45 pm

PNGMK wrote:
Sat, 24 Sep 2022 8:46 am
You can move your 2FA to a foreign number.

I agree with keeping a local credit card as after 65 years of age it can be very hard to get a new one here.

I don't know what to do about cheques. Maybank had an online cheque writing function that was good for that but shut it down. Does DBS have one? As you will most likely rent your place out I can see a need for cheques occasionally.

What about insurances and mail redirection?
For snail mail, I was thinking of just switching to my in-law’s address here, assuming we rent out our place while we’re gone.

The only insurance I have is company provided and will end once my employment ends here.

Fully agree on credit cards, I won’t hold my breath hoping to get one after retirement, especially if I’m on a LTVP. UOB SingTel card seems like the best, no-hassle option. I know some 2FA allow foreign numbers, but not sure if they all do. And, $12/mo is pretty minor, less than a credit card annual fee.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Re: Financial ties while absent from SG

Post by nelyanne » Sun, 30 Oct 2022 12:59 pm

What about generating a mobile token for 2FA? If you don't want to have token-generating apps installed on your phone, buy some old phone just for this

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Financial ties while absent from SG

Post by jwoods1864 » Sun, 30 Oct 2022 4:17 pm

Check out some of the mobile plans for Circle.Life. I have been on a 5dollar a month plan. No data roaming but it meant I retained my number.


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Last edited by jwoods1864 on Sun, 30 Oct 2022 4:17 pm, edited 1 time in total.

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Financial ties while absent from SG

Post by jwoods1864 » Sun, 30 Oct 2022 4:19 pm

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Last edited by jwoods1864 on Sun, 30 Oct 2022 4:19 pm, edited 1 time in total.

Lisafuller
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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:15 pm

malcontent wrote:
Fri, 23 Sep 2022 11:23 pm
It seems more and more likely that we’ll be headed for California in 2024. When and if we move back to SG, it will be 203X and in theory I will be retired and living on an LTVP by then, sponsored by my PR spouse.

Here’s what I’m thinking. I’ve got a cheapo SingTel mobile plan that was grandfathered from a corporate plan and is just $12/mo. Even though I’m not in SG - it’s got free roaming and might be useful to keep going for 2FA etc.

I also wanna keep a credit card going while I’m gone, and the UOB SingTel card is one of the few that has a no hassle auto-waiver of annual fee if a SingTel bill is paid with the card.

Since I won’t be using any of my other credit cards, it’s probably better to close them rather than mess around with the annual fee waiver (on a dormant card from abroad).

As for banking, I’m thinking to convert my DBS account to a “My Account” that has no minimum balance requirement. The only problem with that is I’d have to give up cheque writing, which is extremely rare but not totally extinct here yet.

My SRS account would have to remain, and that would create a FATCA reporting requirement, but I see no choice on that one.

Anything I’m missing? Any other recommendations?
What plan are you on that costs just $12 a month? I'm on a singtel plan as well, which costs me $25 a month for like 80 GB of data, caller ID, and a good number of texts and minutes (which I barely use). It's the SIM-only plan, a decision I made years ago when I calculated the cost of buying the phone directly from Apple and then getting the much cheaper plans to go with it. Never heard of anything below $25 though.

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:17 pm

PNGMK wrote:
Sat, 24 Sep 2022 8:46 am
You can move your 2FA to a foreign number.

I agree with keeping a local credit card as after 65 years of age it can be very hard to get a new one here.

I don't know what to do about cheques. Maybank had an online cheque writing function that was good for that but shut it down. Does DBS have one? As you will most likely rent your place out I can see a need for cheques occasionally.

What about insurances and mail redirection?
Could probably switch to good old fashioned snail mail and change all addresses to a PO Box/ relatives address manually. What makes getting a credit card after 65 so hard? Is it the lack of income?

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:18 pm

malcontent wrote:
Sat, 24 Sep 2022 2:45 pm
PNGMK wrote:
Sat, 24 Sep 2022 8:46 am
You can move your 2FA to a foreign number.

I agree with keeping a local credit card as after 65 years of age it can be very hard to get a new one here.

I don't know what to do about cheques. Maybank had an online cheque writing function that was good for that but shut it down. Does DBS have one? As you will most likely rent your place out I can see a need for cheques occasionally.

What about insurances and mail redirection?
For snail mail, I was thinking of just switching to my in-law’s address here, assuming we rent out our place while we’re gone.

The only insurance I have is company provided and will end once my employment ends here.

Fully agree on credit cards, I won’t hold my breath hoping to get one after retirement, especially if I’m on a LTVP. UOB SingTel card seems like the best, no-hassle option. I know some 2FA allow foreign numbers, but not sure if they all do. And, $12/mo is pretty minor, less than a credit card annual fee.
Have you considered an AMEX card? Or a debit card (but you'd miss out on all the perks and rewards of a CC)

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:19 pm

nelyanne wrote:
Sun, 30 Oct 2022 12:59 pm
What about generating a mobile token for 2FA? If you don't want to have token-generating apps installed on your phone, buy some old phone just for this
Can get one of those tokens that looks like a ladybug (not sure what the proper name is). That was what I used before SMS 2FA.

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:22 pm

jwoods1864 wrote:
Sun, 30 Oct 2022 4:17 pm
Check out some of the mobile plans for Circle.Life. I have been on a 5dollar a month plan. No data roaming but it meant I retained my number and I have been popping it back in on visits over and logging into CDP. You might be able to get it with roaming too for a bit more.


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What?!?! $5??? What does it come with for that price?

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 8:23 pm

jwoods1864 wrote:
Sun, 30 Oct 2022 4:19 pm
Check out some of the mobile plans for Circle.Life. I have been on a 5dollar a month plan. No data roaming but it meant I retained my number and I have been popping it back in on visits over and logging into CDP. You might be able to get it with roaming too for a bit more.

If you can change your address with your bank to someone still present in Singapore then the banks should post out card renewals there?


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I'm not sure about the legality of it all, but I'm assuming if you change your address before leaving the country, there should be no issue administratively.

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Re: Financial ties while absent from SG

Post by jwoods1864 » Sun, 30 Oct 2022 8:32 pm

Lisafuller wrote:
jwoods1864 wrote:
Sun, 30 Oct 2022 4:17 pm
Check out some of the mobile plans for Circle.Life. I have been on a 5dollar a month plan. No data roaming but it meant I retained my number and I have been popping it back in on visits over and logging into CDP. You might be able to get it with roaming too for a bit more.


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What?!?! $5??? What does it come with for that price?
2gb and like 50 mins and 30 messages lol


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Re: Financial ties while absent from SG

Post by nelyanne » Sun, 30 Oct 2022 9:09 pm

Lisafuller wrote:
Sun, 30 Oct 2022 8:19 pm
nelyanne wrote:
Sun, 30 Oct 2022 12:59 pm
What about generating a mobile token for 2FA? If you don't want to have token-generating apps installed on your phone, buy some old phone just for this
Can get one of those tokens that looks like a ladybug (not sure what the proper name is). That was what I used before SMS 2FA.
DBS doesn't have physical tokens anymore. Are there physical tokens for Singpass?

For SIM-only plans, there are some options below <25 SGD (I have GOMO and I like it), but I've heard that some cheap ones have a poor coverage...

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Re: Financial ties while absent from SG

Post by Lisafuller » Sun, 30 Oct 2022 9:11 pm

jwoods1864 wrote:
Sun, 30 Oct 2022 8:32 pm
Lisafuller wrote:
jwoods1864 wrote:
Sun, 30 Oct 2022 4:17 pm
Check out some of the mobile plans for Circle.Life. I have been on a 5dollar a month plan. No data roaming but it meant I retained my number and I have been popping it back in on visits over and logging into CDP. You might be able to get it with roaming too for a bit more.


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What?!?! $5??? What does it come with for that price?
2gb and like 50 mins and 30 messages lol


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Not sure how I would survive with that, but I guess for the price of a plate of hokkien mee you can't complain.

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