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What Currency are you paid in?

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stacey
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What Currency are you paid in?

Post by stacey » Sun, 16 Nov 2008 8:31 am

Are most expats paid in local SG currency or their own currency?
How about expats in 'local packages'.

In the last three months, SG exchange rates to Britsh Pound and/or US Dollar has been moving considerably, albeit in different directions...

How is this affecting packages or currency paid in?

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RULDS
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Re: What Currency are you paid in?

Post by RULDS » Mon, 17 Nov 2008 3:20 pm

stacey wrote:Are most expats paid in local SG currency or their own currency?
How about expats in 'local packages'.

In the last three months, SG exchange rates to Britsh Pound and/or US Dollar has been moving considerably, albeit in different directions...

How is this affecting packages or currency paid in?
I moved here in June, the USD was practically at an all time low vs. the SGD. I had the option of USD or SGD. Just thinking logically, I thought, how much lower can the dollar go? This has the be somewhat of a floor and it can only go up. After some research and so forth, I chose USD.

Since the USD has bounced up (thanks to the economic crisis and everyone flowing the the USD), my salary has practically increased about 10% as the USD went from 1.33 to 1.52 since being here.

I think it also depends on if you have any SGD direct deposit. My wife got a job here and is on a local package. So, we are able to hedge both ways. Right now, I'm using my USD credit card as much as possible!

stacey
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Post by stacey » Mon, 17 Nov 2008 3:33 pm

thanks for the reply... I very much appreciate it.

Also, congratulations on making the good choice of USD and benefiting from the appreciation of the USD lately. Other than a bit of luck, you seem to have made a pretty intelligent and informed decision...

Are you in Finance/Banking or just like to research the FX/FI markets on your spare time?

How has your first six months been so far? Living wise and job wise. I'm thinking the job part is much easier than the living part; on the other hand I hear the financial sector (among others) is pretty bad. But it is not as bad as NYC or London; or, maybe it's just as bad, except for the small fact that some ny/uk jobs are being moved there now give the situation...

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Strong Eagle
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Post by Strong Eagle » Mon, 17 Nov 2008 7:30 pm

Stacey, it's just getting started. Much more ugliness to come.

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Post by stacey » Mon, 17 Nov 2008 7:42 pm

more ugliness has already hit the US and the UK :)
it's like a movie which opened early is certain cities...

especially this monday with Citi letting go 10k, or 35k, or who knows how many... but that is all already factored in news...

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RULDS
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Post by RULDS » Tue, 18 Nov 2008 9:15 am

Strong Eagle wrote:Stacey, it's just getting started. Much more ugliness to come.
I don't think it will get a lot uglier as the markets have decreased by over 30% but...it could stay like this for some duration of time.

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Post by stacey » Tue, 18 Nov 2008 9:26 am

Dow Jones (-40%?) and peoples 401k's (~-50%) are down by far more than 30%!!!
That's why I agree with you. It wont get much uglier... but it wont get prettier anytime soon. dont expect 2009 to be pleasant :)

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Post by JimH5 » Tue, 18 Nov 2008 9:21 pm

Our payroll check is in US dollars deposited in a US bank. We use a currency exchange service to transfer money into our DBS account as needed.

We have an expat package, with a cost-of-living adjustment, adjusted quarterly accommodate changes in the currency exchange rates.

Our business expense reimbursements and car allowance check are written in Singapore dollars, directly deposited into that DBS account.

We do not have a Singapore credit card, and pay cash for most purchases, and NETS for others.

Hope that helps!

stacey
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Post by stacey » Wed, 19 Nov 2008 10:25 am

it helps a lot
:)
thanks for the disclosure...


if I can be further nosy (or in private PM :))
when (month/year) did you get the expat package?

and what is your title/level, executive, md, director, vp, avp, etc?
and/or business sector...

thank you :)

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sundaymorningstaple
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Post by sundaymorningstaple » Wed, 19 Nov 2008 11:18 am

With all the fishing one would almost think you are doing research for a project/thesis/newspaper/magazine article. :lol:
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 stacey » Wed, 19 Nov 2008 11:34 am

well, it's just one family's life for the next 2-5 years, so I'm sure it beats any research paper :)

i've already sorta "decided" on moving there, although not actually gotten the final green light...

better safe than sorry :)

dont want to look lost on day 1 :)

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