Money matters while moving in to Singapore

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.
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wcs
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Joined: Tue, 26 May 2009 1:11 am
Location: Singapore

Post by wcs » Sun, 21 Jun 2009 4:28 am

Perhaps have a chat with a bank in Singapore. I went to a seminar last month by the Singapore Indian Chamber of Commerce. It kicked off with DBS giving themselves a big plug on all the services they offer to Indian Nationals living in Singapore.

It won't hurt to ask!

rahul0910
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Joined: Mon, 22 Jun 2009 7:01 am

Money transfer thru bank

Post by rahul0910 » Mon, 22 Jun 2009 7:40 am

Hi,
I am a north Indian with family moving to SG with a Q-Pass this month but I live / work in Middle East. The best way I found was to exchange all my native money into dollars not from banks but from outside exchange dealers who give better rates and than opening a dollar account here and will open a/c of the same bank in SG and transfer my money between the two branches. Also if you are with family you can bring quite a lot of money in the form of 10,000 USD each member of the family in the form of TC legally.
I will be new to SG too as I am just this month moving there. I know I will miss all the luxuries of driving luxury cars and 4 wheel drives in M.East and never caring about the price of oil/electricity. :???:

rahul0910
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Be warned of ICICI

Post by rahul0910 » Mon, 22 Jun 2009 7:43 am

akhild wrote:
hg wrote:
akhild wrote:
1) It is that way for SG vs India because of the currency and its controls. India has capital controls, whereas SG lets currency be a dirty float. If i go into international economics, it can be explained via. just google impossible trinity..
Thanks for that idea. Now I know the theory....at least a bit :-)

I wrote a mail to ICICI about NRE/ NRO accounts and my head is still spinning after reading all that 5 pages. These guys want me to change my local ICICI SB account to NRO account once I am in SG. How on earth will I then manage my Indian earnings/ spendings???? (They want me to surrender my ATM Card and cheque book too)
they are giving u unsound advice.. from watever info u have given, u r still not a non resident and hence can't have NRE\NRO. Also, interest income on NRO is taxable.
Hi..I would suggest you should never get near that bank, rather trust local Singapore banks.

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