Money matters while moving in to Singapore

[wcs]

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]

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]

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.