Singapore Expats

Currency question

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.

Sponsored by:

Utrust Immigration
Post Reply
north
Member
Member
Posts: 34
Joined: Thu, 10 Jan 2008 3:55 am

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...

User avatar
durain
Director
Director
Posts: 3666
Joined: Thu, 23 Aug 2007 8:15 pm
Location: Location: Location: Location:

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...

www.xe.com
www.oanda.com

the one i am looking into which been recommended is www.hifx.com.

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.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Relocating, Moving to Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests