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bringing cash personally into Singapore

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jpatokal
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Post by jpatokal » Tue, 28 Aug 2007 11:26 pm

Plavt wrote:What they said was, as I have already said is one may not post SINGAPORE DOLLARS, INDIAN RUPEES OR INDONESIAN CURRENCY!
Your exact words:

A word of advice if needed; it is illegal to import Singapore dollars, Indian Rupees, or the Indonesian currency (rupias?) into Singapore.

So were you wrong about the "import" part, or were you wrong about the "illegal" part? :P
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Plavt
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Post by Plavt » Wed, 29 Aug 2007 12:50 am

jpatokal wrote:

A word of advice if needed; it is illegal to import Singapore dollars, Indian Rupees, or the Indonesian currency (rupias?) into Singapore.
This was the information supplied by the Royal Mail; hardly difficult to understand is it? :o
So were you wrong about the "import" part, or were you wrong about the "illegal" part? :P
You appear unable to comprehend simple English so I am not going to answer any more of your posts relating to this issue. :roll:

Ps: As you wish to be so pedantic with words may I suggest the use of a dictionary. :tongue:

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Re: bringing cash personally into Singapore

Post by huggybear » Wed, 29 Aug 2007 9:27 am

Strong Eagle wrote:
aikido wrote:Hi all,
me and family will relocate soon and we are intereseted to know if its possible to bring cash in foreigner currency( if convereted) lets say over 100k singapore $ and open a new bank account and deposit it over there in Singapore.
My question is:in order to open a new bank account(my wife is local) does she need any document to proove the source of income of these $ $ comes from or they just dont bother to ask?
your comments are very much appreciatted.

best regards and have a nice weekend everybody.
I can't see why you would bring cash. The exchange rate will be virtually the same for cash or wire transfer, probably worse for cash. You can check whether the sending or receiving bank will give you the best rates then either wire the foreing currency or Sing $$. Wire transfer fees are capped.

I have sent and received large amounts of money via wire transfer into and out of my company account. Nobody has ever asked a question. I've also watched an "uncle" bring in SGD 320,000 in cash in a paper bag... I know... I watched them count it. Nobody made him fill out anything to deposit the funds.
I want to say i'm surprised but i kind of feel that is par for the course in Asia (everyone willing to look the other way until the hand is caught painting toys with lead paint or stuffing xiao long bao with cardboard). I would think foreign banks subject to western country laws that actively try to prevent Money Laundering by: drug lorgs, wayward dictators, counterfeiters, tax evaders and other people supporting genocide campaigns.

I think it would be highly suspicious of any person who just waltzes into a bank and wants to OPEN a NEW account with 150,000 especially for a person who is a foreign citizen who arrived yesterday (a dead give away is the blood dripping from the suitcase). In the USA for example, i think every wire over 50,000 USD is monitored by the F.B.I. to determine the source of the funds. Lately a lot of foreign banks have been caught money laundering for various dictators (Citigroup Tokyo comes to mind)

If you're a regular customer (i.e. small business) and you come in the 3rd Thursday of every month to deposit 320,000 SGD then I think all is well as the bank knows you and has verified the funds and does the due diligence.

But if you're not a Sing citizen, and you show up with a suit case full of 150,000 SGD to open a new account...i would be prepared to verify the authtencity of the funds.

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sundaymorningstaple
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Post by sundaymorningstaple » Wed, 29 Aug 2007 2:20 pm

Huggy,

You've been here long enough to understand the relationship between Singers and our Indonesian neighbours right? Mustn't stop those who keep the high end construction afloat must we...... We sooooo clean we squeak when we walk! :shock:
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Post by Superglide » Wed, 29 Aug 2007 3:24 pm

Love this country,

can't bring in the drugs itself, but bringing in the money made from it, is no problem at all! :D

Damn, wish I could deposit a mere 320k every month... :cry:

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Post by huggybear » Thu, 30 Aug 2007 7:21 am

sundaymorningstaple wrote:Huggy,

You've been here long enough to understand the relationship between Singers and our Indonesian neighbours right? Mustn't stop those who keep the high end construction afloat must we...... We sooooo clean we squeak when we walk! :shock:
Image
haha good one. I think i'll use this one: :D

i think there was an economist at Morgan Stanley by the name of Andy Xie. At some Asian business conference last year, i believe he just snapped and said the only reason singapore is as wealthy as it is ... is because Singapore just launders money for dictators and drug lords in Asia. He cited a few examples i think but then Morgan Stanley fired him because the report upset the Singapore government.

Here's a quick link:
http://www.rgemonitor.com/blog/economonitor/150352

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Post by aikido » Fri, 31 Aug 2007 1:10 am

Hi everybody...
Thank you to all who comment on my question, i appreaciatte it a lot.
I got the answer.
Thank you again and definitely you guys help a lot with your experiences and knowledge you got.
wish everyone a peacefull and prosperious life.


sincerely
aikido

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Superglide
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Post by Superglide » Fri, 31 Aug 2007 12:13 pm

So will you pay us in cash or by cheque?

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sundaymorningstaple
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Post by sundaymorningstaple » Fri, 31 Aug 2007 2:09 pm

Definitely some of that foreign currency with a good exchange rate. :cool:
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by riversandlakes » Tue, 04 Sep 2007 3:13 pm

Because it's cold hard ca$h :lol:
Goatboy will always cherish his former goatgirl.
But the world is full of fluffier ones.

the colemans
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Best exchange rates... UK to Sing

Post by the colemans » Tue, 11 Sep 2007 5:03 am

Guys.... if I wanted to bring a mere £5-10k (GBP) into singapore... what's the best way to do this in terms of securing the best exchange rate? Natwest will sell at 2.93, but I see from OANDA.COM that the rate is nearer 3.09... that's one large spread, I'm sure I can do better... any thoughts would be welcome.

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Re: Best exchange rates... UK to Sing

Post by jpatokal » Tue, 11 Sep 2007 8:41 pm

the colemans wrote:Guys.... if I wanted to bring a mere £5-10k (GBP) into singapore... what's the best way to do this in terms of securing the best exchange rate? Natwest will sell at 2.93, but I see from OANDA.COM that the rate is nearer 3.09... that's one large spread, I'm sure I can do better... any thoughts would be welcome.
Telegraphic transfer. Do you have a bank account in Singapore?
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Post by Superglide » Tue, 11 Sep 2007 11:06 pm

I beg to differ JP,

Moneychangers, I will come back and tell which one.

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jpatokal
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Post by jpatokal » Wed, 12 Sep 2007 10:41 pm

Superglide wrote:I beg to differ JP
And on second thought so do I -- was the original poster really going to exchange his pounds into Sing dollars in the UK!? You'll get much better rates exchanging pounds here in Sing.
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the colemans
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Post by the colemans » Thu, 13 Sep 2007 5:10 am

so it would be much more sensible to transfer GBP's into a foreign currency account and then exchange? or to bring cash to Singapore and then exchange.... any help on how this works in practice?
thanks

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