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Bringing money to Singapore

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Jelly Bean
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Bringing money to Singapore

Post by Jelly Bean » Fri, 20 Jul 2007 12:22 pm

Hi, we are preparing to relocate soon. I would like to know in what form is the best way to bring $$ to SG? Some advised to open an offshore accnt first in SG and have the $$ tranferred from homeland?

I think travelling cheque should be another option. For those who have done it with travelling cheque, could you pls advise if:

1) there is a certain amount limited to be put on the cheque?
2) the currency of the cheque has to be in S$?
3) certain fee will be charged upon cashing that cheque?

Many thanks.

LT
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Post by LT » Fri, 20 Jul 2007 2:38 pm

Hi,

In my opinion, the easiest way should be open an account in Singapore first and then TT the funds in... Pls do not bring traveller's cheque and deposit into your Sg account, cus the cost is the highest and will take abt 4 weeks for the cheque to clear... whereby for TT, the time is abt 3 days only...

Cheers....
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Splatted
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Post by Splatted » Mon, 23 Jul 2007 1:36 am

It depends what you need the money for, of course.

If you are only bringing $$ for the purpose of living, the easiest way is to leave your money in your own back account at home and withdraw the cash via ATM when you arrive.

My citibank account that I opened in Australia doesn't charge me any fees for overseas withdrawls, and the exchange rate is no worse than the local money changers here.

You would have to obviously check with your own bank what the fees are like and exchange rates etc.

Also, you will need to make sure that you card bears the PLUS or CIRRUS symbol on it's reverse side. There are others, but these two are widely accepted by most ATM's in singapore.

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