Moving money

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wrighty
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Moving money

Post by wrighty » Fri, 14 Mar 2008 10:56 am

Has anyone got any experince of/advice for moving money back to the UK from a Singapore bank such as DBS? Is their telegraphic transfer the best way to do it? Or would you suggest another way like taking cash? If so, change the money here first, or back in the UK? Also does anyone know if you can pay a UK credit card directly from a Singapore bank account, or do you have to transfer to the UK then pay?
Thanks.

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Rich D
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Post by Rich D » Fri, 14 Mar 2008 3:34 pm

Personally, I was never able to find a better way than ringing DBS and ordering a demand draft in Sterling. Then I would post it by registered mail to the bank in question with a paying in slip.

I did look at some websites that offered an exchange service but as I recall they wanted you to set up an account with them which put me off a little. Also, I did not need to do this on a regular basis so the palaver of the above arrangement wasn't much of an issue.
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Post by EPL » Fri, 14 Mar 2008 5:24 pm

Try this http://www.aptonline.com.sg/services_moneytransfer.php It's best to give them a call to find out more if not clear. I usually go down personally for their remittance services. No opening account is required (for my case). They charged S$30 for Sterling Paun or USD and S$10 for RM per transaction.

Hope the above helps.
Be patient toward all that is unsolved in your heart. Do not now seek the answers, which cannot be given you because you would not be able to live the questions now... Perhaps you will then gradually, without noticing it, live... into the answer ~Rainer Maria Rilke~

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sierra2469alpha
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Post by sierra2469alpha » Fri, 14 Mar 2008 6:16 pm

HSBC Premier - however, they are painful. It's taken us AGES to get it all working, and you need a fair swag to get it started. That being said, PM me and I can give you our SIN account manager's details...one possibility for you.

It will allow you do do all the stuff you want online - just get the Multi-Currency account linked to your SGD account. It's very efficient here in SIN, but AUS was pain.

Cheers, Pete

[edited: clarification]

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Rich D
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Post by Rich D » Fri, 14 Mar 2008 6:38 pm

Actually I have a personal dislike (to put it mildy) of HSBC. I threw my toys out of the pram and went over to LloydsTSB when HSBC introduced the "relationship fee". When I last looked you needed at least GBP50k invested with them to get the Premier services and I don't feel like altering all my investment plans just to save a few bucks quarterly. But I think if your mortgage is with them or you have already got that amount of wonga tied up with them then you are all set.

For the DD, DBS charges 1/8% with a minimum of SGD10 and max of SGD100. So by my calculations it is cheaper than the aptonline service for transfers of upto just over SGD21,000 assuming your registered post is about SGD3.50

This is not a "yah boo sucks, mines the best and no returns" type answer though - if anyone has found something better there are quite a number of people, including me, who will be all ears! Especially if I could make the instruction from here without having to wait for my next trip back to Sing just to do it.
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Post by sierra2469alpha » Fri, 14 Mar 2008 7:06 pm

Rich D wrote:Actually I have a personal dislike (to put it mildy) of HSBC.
My friend, all of us! It is the pain that keeps on giving, however as a temporary solution it might be ok for our new friend here.

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durain
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Post by durain » Sat, 15 Mar 2008 10:42 am

using a money broker is good because they will have better fx rate and also some of them dont have a fees/charge for doing TT. using local high street bank (and this applies to singapore and UK), the fx rate is not as good as they put a "load" on the fx. the load is a percentage of the interbank rate, so the higher the percentage, the worst fx rate you gonna get.

the only good thing about using high street bank is ease of use. the bad thing about using a money broker is you have to setup an account, but once you have done it, it is easy. and usually, you can check exactly how much you are getting before you want to convert, where as a high street bank, you will have to keep going into the bank to check. once you got your account setup, you can transfer between SGD and GBP or vice versa.

for paying your bills in the UK, it is best to use your UK bank account and setup direct debit and online banking so you can control the flow of your money and who to pay or transfer money to.

for getting SGD from GBP, the best way i found it is by openning a nationwide flexaccount and get a visa debit card. with the visa debit card, you can withdraw cash in any ATM in singapore. the best thing about this is the rate is at interbank rate and no load!!! and because it is visa, you can check the exact rate you are getting online. the rate is even better than any money changer in singapore. the current rate is £1=$S2.81!!!

if you want to check how much is the interbank rates, you can visit www.ukforex.com or www.hifx.co.uk. hifx has been recommended as being excellent.

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Rich D
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Post by Rich D » Sat, 15 Mar 2008 5:33 pm

OK durain you have me intrigued and frustrated. Frustrated because the link to your recomended site keeps giving me the famous HTTP 404 message. :mad:

Intrigued because frankly I am not sure how this broker/account arrangement works. I agree with your advice re: a sterling account and have one with offshore with whom I also have a sterling mortgage. I am paid some of my salary in SGD into a local DBS account.

Now supposing I want to transfer some of the SGD into GBP and send it to my offshore account. Are you saying that I must open an account (or accounts in both SGD and GBP) with the broker and pay in SGD (how?) and then convert to GBP and pay out to the sterling account (again how?)

Sorry for the Spanish inquisition but I have long been looking for a way to do this better than my current method especially since I am no longer in Singapore to pop down and collect the DD.

Incidentally here in Istanbul I can run accounts in EUR, USD and Turkish Lira and arrange transfers online after checking the rates (again online) without fees except, I am sure, for the rate loading you mention. Some atms even dish out cash in USD and EUR as well as local currency. If I could do that in Sing with GBP I'd be as happy as a pig in sh*t.
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durain
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Post by durain » Sat, 15 Mar 2008 6:03 pm

Rich D wrote:OK durain you have me intrigued and frustrated. Frustrated because the link to your recomended site keeps giving me the famous HTTP 404 message. :mad:

Intrigued because frankly I am not sure how this broker/account arrangement works. I agree with your advice re: a sterling account and have one with offshore with whom I also have a sterling mortgage. I am paid some of my salary in SGD into a local DBS account.

Now supposing I want to transfer some of the SGD into GBP and send it to my offshore account. Are you saying that I must open an account (or accounts in both SGD and GBP) with the broker and pay in SGD (how?) and then convert to GBP and pay out to the sterling account (again how?)

Sorry for the Spanish inquisition but I have long been looking for a way to do this better than my current method especially since I am no longer in Singapore to pop down and collect the DD.

Incidentally here in Istanbul I can run accounts in EUR, USD and Turkish Lira and arrange transfers online after checking the rates (again online) without fees except, I am sure, for the rate loading you mention. Some atms even dish out cash in USD and EUR as well as local currency. If I could do that in Sing with GBP I'd be as happy as a pig in sh*t.
sorry i cant help you if you are not longer in singapore. you will have to find a turkey expat forum. :P :)

anyway, the URL to check roughly what's the interbank rate is http://www.hifx.co.uk/marketwatch.aspx. you can add or remove what currency you want to view.

so you open an account with the money broker. when you need to money transfer between SGD to GBP, you instruct your local singapore bank to transfer money to your money broker account, and the broker will convert the currency and then deposit it into your named UK bank account.

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maneo
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Post by maneo » Sun, 16 Mar 2008 8:23 am

Have a UK friend that did some comparison shopping and set-up a currency account with Maybank.
The bank appears to be building a client base and currently provides very good rates and service.

We got in, too. Also have an auto loan with them (best rate).

Maybank might be an interesting alternative to a "high street bank."

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durain
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Post by durain » Sun, 16 Mar 2008 7:28 pm

isnt maybank a malaysian high street bank? :roll:

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maneo
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Post by maneo » Mon, 17 Mar 2008 4:31 am

I'm sure they'd like to be considered as such.
They're trying hard at it.

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