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!
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Money matters while moving in to Singapore
Money transfer thru bank
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.
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.

Be warned of ICICI
Hi..I would suggest you should never get near that bank, rather trust local Singapore banks.akhild wrote: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.hg wrote:Thanks for that idea. Now I know the theory....at least a bitakhild 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..
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)
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