Singapore Expats

Currency question

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Currency question

Post by north » Thu, 10 Jan 2008 12:42 pm

Do most expats (working for U.S. based firms) get paid in USD or SD. I am moving to Singapore in a few weeks and it looks like I will be getting paid in USD, which seems impractical to say the least.

I plan on opening a bank account once I make the move, but what is the most efficient means of transferring $ to Singapore to keep me afloat? (i.e. giant transfers once every 4-6 months, small ones as needed, etc.)

Thanks in advance...

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Post by durain » Thu, 10 Jan 2008 7:23 pm

you will need a FX broker. there are tons of them out there such as...

the one i am looking into which been recommended is

basically, they are all the same. you open an account with them to trade in FX. you can do it as a regular thing, one off and as you need it.

for example, US$ to SGD. you transfer your US$ to the FX broker, they give you a quote (the exchange rate), and when you are happy, convert it and transfer it to your bank in singapore (in local currency).

usually a FX broker will give you a better exchange rate and cheaper on the charges compare with your normal bank. having said that, it might be a good idea to check with a big US bank such as citibank if you open an account in US and singapore, how much do they charge for money transfering between accounts.

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