Moving to Singapore? Ask our regular expats in Singapore questions on relocation and their experience here. Ask about banking, employment pass, insurance, visa, work permit, citizenship or immigration issues.
-
Pioneer
- Regular
![Regular Regular]()
- Posts: 52
- Joined: Sat, 01 Oct 2005 7:18 pm
-
Quote
-
0
login to like this post
Post
by Pioneer » Sat, 17 Dec 2005 9:21 pm
Hi folks,
I am going to need to bring / send about S$17K to start me off with my move and I am just curious if people have taken that sort of money with them in cash or had a company handle the transction.
As I do not yet have a bank account in Singapore I am concerned that upon arrival I will not have access to any money for a while when I will need it to put down on a
condo at the earliest opportunity.
In addition carrying that sort of money around in cash does not exactly fill me with confidence, so any experiences would be appreciated.
cheers
-
riversandlakes
- Reporter
![Reporter Reporter]()
- Posts: 890
- Joined: Fri, 22 Jul 2005 12:31 am
- Location: Simei
-
Contact:
-
Quote
-
0
login to like this post
Post
by riversandlakes » Sun, 18 Dec 2005 12:54 am
Have you read the Guide for Expats here on this site itself? I think there's a column there for you...
Goatboy will always cherish his former goatgirl.
But the world is full of fluffier ones.
-
Pioneer
- Regular
![Regular Regular]()
- Posts: 52
- Joined: Sat, 01 Oct 2005 7:18 pm
-
Quote
-
0
login to like this post
Post
by Pioneer » Sun, 18 Dec 2005 2:51 am
Yeah, had a look in there but didn't find anything that answered my question really.
-
Strong Eagle
- Moderator
![Moderator Moderator]()
- Posts: 11758
- Joined: Sat, 10 Jul 2004 12:13 am
-
Answers: 11
- Location: Off The Red Dot
-
Contact:
-
Quote
-
0
login to like this post
Post
by Strong Eagle » Mon, 19 Dec 2005 10:33 am
I don't see where you will have a problem. If you are EP or other work permit, your permit and passport will permit you to open a bank account at most any bank. If you are not EP but rather on a social visit pass, I know UOB will open an account with a letter of introduction from an account holder.
Once you have the account it is a simple matter to wire transfer funds from whatever bank they are in. This is how I introduced fiunds into my startup... a lot more than $17K I might add. There are no currency movement restrictions in Singapore to my knowledge.
Most banks now offer online wire transfer services. Perhaps your bank with the cash in it does this?
-
Pioneer
- Regular
![Regular Regular]()
- Posts: 52
- Joined: Sat, 01 Oct 2005 7:18 pm
-
Quote
-
0
login to like this post
Post
by Pioneer » Mon, 19 Dec 2005 4:43 pm
Thanks for the help, yes my local UK bank does do international transfers, but that means that they will both charge me for the privelege (not the cheapest being a high street bank) and I am forced to take their exchange rate. So while it might be easy, it might not be cheap.
Also as I am going to be living in a hotel until I find a suitable
condo, will the local bank let me open an account without a fixed address?
I suspect that I will need to bring a relatively large amount of cash with me so that I can put down the security on the condo, the reason being if I cannot open an account (as no address) then presumably I have no choice but to bring cash?
Thanks for the input.
-
Strong Eagle
- Moderator
![Moderator Moderator]()
- Posts: 11758
- Joined: Sat, 10 Jul 2004 12:13 am
-
Answers: 11
- Location: Off The Red Dot
-
Contact:
-
Quote
-
0
login to like this post
Post
by Strong Eagle » Mon, 19 Dec 2005 6:09 pm
Pioneer wrote:Thanks for the help, yes my local UK bank does do international transfers, but that means that they will both charge me for the privelege (not the cheapest being a high street bank) and I am forced to take their exchange rate. So while it might be easy, it might not be cheap.
Also as I am going to be living in a hotel until I find a suitable
condo, will the local bank let me open an account without a fixed address?
I suspect that I will need to bring a relatively large amount of cash with me so that I can put down the security on the condo, the reason being if I cannot open an account (as no address) then presumably I have no choice but to bring cash?
Thanks for the input.
I presume that you have an EP since you are going to buy a condo? If so, the Approval in Principle letter and/or your FIN (green) card will have an address on it. Use that address... it might be the company that is hiring you but that will be no problem... just don't take no for an answer... really, all they want is proof to live and work in the country. You will need about SGD 1000 to open the account so you might want to bring that much.
As for transfer fees, yes, it's about SGD 30 on this end... and for me in the US, about US 30 on the other end. Hard to get a better exchange rate unless you go to
www.xe.com but that will be a hassle for a one time transfer. Your cash currency exchange rate will be worse, BTW.
-
shapil
- Newbie
![Newbie Newbie]()
- Posts: 4
- Joined: Tue, 10 Aug 2004 3:41 pm
- Location: Saudi Arabia
-
Quote
-
0
login to like this post
Post
by shapil » Mon, 19 Dec 2005 10:16 pm
Hi,
I am also in a similar situation although, I do have a bank account with citibank in singapore. In the forums view, which one is better from the cost savings point of view : the wire transfer or Demand Draft. Do banks in singapore charge for handling DDs drawn on foreign banks?
Finally, is it better to bring in the money in USD instead of SGD? Actually the place I am currently in has its currency tied to USD and offers a better exchange rate to USD vis-a-vis SGD.
Cheers,
P.S : Pioneer, why dont you make travellers cheques for the amount that you think you might need to settle down. I know that TC's are easily convertible in singapore.
Kind Regards,
Kapil Sharma.
-
Pioneer
- Regular
![Regular Regular]()
- Posts: 52
- Joined: Sat, 01 Oct 2005 7:18 pm
-
Quote
-
0
login to like this post
Post
by Pioneer » Tue, 20 Dec 2005 2:01 am
Shapil,
Thanks for the TC suggestions, hadn't considered that possibility, just need to investigate what the fees are for cashing them.
Cheers
-
-
Shareholder data, PDPA, and moving to a different accountant
Replies: 7
First post
I am trying to move my company to a different accounting firm, because the one providing the services got me with its constant upselling and...
Last post
Excellent, thanks, wcs!
It looks like we arrived at a compromise, but that's definitely a handy knowledge.
- 7 Replies
- 3932 Views
-
Last post by cattleherder
Wed, 15 Jul 2020 3:45 pm
-
-
Moving to Singapore from San Francisco
Replies: 10
First post
Hello,
Hope you all are doing great. I am in the interviewing stage for a VP role in a financial payments/crypto company based in Singapore. My...
Last post
Hi Tropical Expat,
I'm not the OP, but chanced upon this discussion as I too have an offer to move from the Bay Area to Singapore (in a different...
- 10 Replies
- 5975 Views
-
Last post by TropicalExpat
Sat, 05 Sep 2020 9:56 am
-
-
British - Moving to SG (Wife is SC)
Replies: 65
First post
Hello!
My wife and I currently work in the U.K, although presently my wife is on maternity leave as she is due to give birth in mid August and she...
Last post
I think some clarification is needed here from my side. I got my PR via the FT scheme. And yes, you can be called up if under the age of 40 if on the...
- 65 Replies
- 27642 Views
-
Last post by Lisafuller
Sat, 29 Oct 2022 10:18 pm
-
-
Regd. Moving to Singapore
Replies: 3
First post
Hi Everyone,
Hope things are going well. I am currently residing in us and working for a tech company. I am an Indian National (Tamilian). I am...
Last post
1. You will read about the vitriol against foreigners mostly online but in day to day life, you will seldom see it. It does happen though. When...
- 3 Replies
- 1811 Views
-
Last post by bro75
Sun, 09 Aug 2020 12:14 pm
-
-
Moving out from Singapore to USA
Replies: 1
First post
Hi Guys,
This one is a bit out of topic since I couldn't really find a heading for it, I finally got my Immigrant Visa technically approved but...
Last post
Is she in a local school here? This is definitely an issue we face as well when moving from a local school to a US school. If your kid is bright then...
- 1 Replies
- 2810 Views
-
Last post by PNGMK
Mon, 24 Aug 2020 8:33 am
Users browsing this forum: No registered users and 11 guests