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Eur to SGD - Funds transfer, FX

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rajumatix
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Eur to SGD - Funds transfer, FX

Postby rajumatix » Thu, 01 Apr 2010 5:55 pm

Hi All,

At the risk of this question having been answered already on another post, here goes !

I am moving from Europe to Singapore. For taking my EUR savings across, though i know i have 2 options
1) Open a Euro bank a.c in Sg - After, of course, keeping aside funds for Advance on Rent and enough liquidity for start-up expenses & other..
2) Convert all EUR to Sg $'s - Carry a draft with me or after I arrive in Sg, request the bank to remit everything across to Sg

Which option makes more sense?

There is probably no way i can accurately forecast how the EUR is going to behave against Sg $'s, in case i decide to opt to open EUR account in Sg and keep most of my savings in EUR. I could stand to gain or lose FX-wise later. :???:

Also, i googled on the interest rates offered by Sg banks, on deposits in foreign currencies. Maybe it will eventually 'even out' - irrespective of whether i maintain deposits in Euros or SGD's..?

Any advice on whats the best way is appreciated! (anyone else who might have had the same issue before?) :)

Regards,

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Postby revhappy » Thu, 01 Apr 2010 6:47 pm

Both the options make equal sense.

Its really a question of the exchange rate movement forecast and what's your investment horizon. If you think EUR wont fall anymore within now and the time you need the money then you should keep your money in EUR itself, if you think otherwise then convert it to SGD.

If you are looking at interest rate related gains on Eur deposits, you have better options in EU banks, so why not leave the money there instead of bringing here to Singapore?

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Postby rajumatix » Sat, 10 Apr 2010 1:08 am

Thank you very much Revhappy !

Yes, i agree..keeping it in EU will make more sense, however sometimes it gets very difficult to get in touch with them to change stuff (expired passwords, new cards, addition of payees..etc)

So i guess i will opt to get the whole proceeds 'closer' to moi, when i move.

Regards,
BaD SpellerS of thE worLd - Untie !

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Postby beppi » Sat, 10 Apr 2010 1:26 am

Change to a European bank with decent service for international customers.
They do exist!
I chose one where most things can be done via Internet, and I get all correspondence mailed to Singapore (if not possible by Email).
If you have this option, having a EUR account in Singapore makes no sense at all in comparison, as the banking system here is bad and interest rates low.

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Postby Splatted » Tue, 13 Apr 2010 10:44 pm

open a citibank acct in both your home country and singapore.

you can then transfer money back and forth without paying any transfer fees.

Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.

edit: also, you can opt to receive all statements online in pdf format, and the customer service is international, ie you always get diverted to India regardless of where you are in the world

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Postby aster » Wed, 14 Apr 2010 2:13 am

Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?

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Postby Splatted » Wed, 14 Apr 2010 2:27 am

aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


Actually, I have only been following the Australian dollar, so perhaps I shouldn't have spoken so soon. I have no idea about any other currencies.

Converting aussie dollar to sg

$1 Aus = $1.27 sg (which I just checked at suntec today ..err yesterday (13th april))

In previous years I've visited, the rates have always also matched, give or take 10c-20c when converting $100

EDIT: actually, just checked my citibank statement and I was wrong. I am S$7.43 worse off using citibank (withdrawing cash from aust account at singapore ATM) than using the money-changer, after converting AUS$400.

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Postby Strong Eagle » Wed, 14 Apr 2010 2:59 am

Splatted wrote:
aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


Actually, I have only been following the Australian dollar, so perhaps I shouldn't have spoken so soon. I have no idea about any other currencies.

Converting aussie dollar to sg

$1 Aus = $1.27 sg (which I just checked at suntec today ..err yesterday (13th april))

In previous years I've visited, the rates have always also matched, give or take 10c-20c when converting $100

EDIT: actually, just checked my citibank statement and I was wrong. I am S$7.43 worse off using citibank (withdrawing cash from aust account at singapore ATM) than using the money-changer, after converting AUS$400.


There is a spread between S$ to X currency and X currency to S$. This is where the money is made. I looked up Citi's T&C's... they also charge a commission. See page 35 of

http://www.citibank.com/us/geb/resource ... manual.pdf

No way they can be as competitive as a local money changer, and I've not seen any Singapore bank that can compete on price.

But, your comments have started me looking at Citibank for funds transfers... it pisses me off to transfer $20,000 and get whacked more than a $100 here by Stan Chart, and about the same amount by Chase.

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Postby carteki » Wed, 14 Apr 2010 10:21 am

Strong Eagle wrote:But, your comments have started me looking at Citibank for funds transfers... it pisses me off to transfer $20,000 and get whacked more than a $100 here by Stan Chart, and about the same amount by Chase.


From my friendly advisor - SCB charge a flat $50 for any conversion to/from SGD that they do - so when transferring money with them it is always worth ensuring that the amount is stated in SGD (and I have no conversion fees charged on the receiving side anyway!)

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Postby aster » Wed, 14 Apr 2010 10:33 am

Speaking of conversion rates, one thing that really irritated me was DBS' option to charge the card in its "home currency" when making an ATM withdrawal using a foreign card.

Whereas back in the day the tourist was better off by letting DBS charge the cash withdrawal in the currency of the account instead of SGD, the last few times I checked out this option I ended up being worse off... frigging incredible. :roll:

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Postby revhappy » Wed, 14 Apr 2010 11:43 am

aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


But how do local money changers come into picture in the OP's case. Unless he physically carries the large amount of foreign currency into Singapore and then convert it?

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Postby Splatted » Wed, 14 Apr 2010 2:39 pm

Strong Eagle wrote:
Splatted wrote:
aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


Actually, I have only been following the Australian dollar, so perhaps I shouldn't have spoken so soon. I have no idea about any other currencies.

Converting aussie dollar to sg

$1 Aus = $1.27 sg (which I just checked at suntec today ..err yesterday (13th april))

In previous years I've visited, the rates have always also matched, give or take 10c-20c when converting $100

EDIT: actually, just checked my citibank statement and I was wrong. I am S$7.43 worse off using citibank (withdrawing cash from aust account at singapore ATM) than using the money-changer, after converting AUS$400.


There is a spread between S$ to X currency and X currency to S$. This is where the money is made. I looked up Citi's T&C's... they also charge a commission. See page 35 of

http://www.citibank.com/us/geb/resource ... manual.pdf


That's interesting to know.

I'm wondering whether one can avoid these currency conversion commissions if they open one of those foreign currency accounts with citibank to receive funds internationally (and not converted into S$)

(this would then allow a person to utilize money changer to get best rates possible before transferring money abroad, or when withdrawing in Singapore after receiving funds)

No doubt citibank will have some rule in order for them to get some slice of $$ . No free lunches I suspect.

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Postby Splatted » Wed, 14 Apr 2010 4:15 pm

revhappy wrote:
aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


But how do local money changers come into picture in the OP's case. Unless he physically carries the large amount of foreign currency into Singapore and then convert it?


Most countries restrict the amount of cash that can be carried on airlines. I can only presume it has something to do with money-laundering laws.

Australia, I think, has a cap of $10,000. Though I wonder whether you can carry more if you declare it... anyone know the ins-and-outs of this?

Does Singapore have similar restrictions, as well?

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Postby aster » Wed, 14 Apr 2010 5:11 pm

There is no limit on how much you can bring in or take out. There is only a limit on how much can go in/out without being reported.

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Postby Saint » Wed, 14 Apr 2010 5:16 pm

Splatted wrote:
revhappy wrote:
aster wrote:
Splatted wrote:Citibank currency conversion rate is same as money changer here in Singapore, in the areas I have checked.


There's a money changer at Raffle's Place where the spread is so tiny I don't think any bank can get anywhere close to their rates.

Can you give some example buy/sell rates?


But how do local money changers come into picture in the OP's case. Unless he physically carries the large amount of foreign currency into Singapore and then convert it?


Most countries restrict the amount of cash that can be carried on airlines. I can only presume it has something to do with money-laundering laws.

Australia, I think, has a cap of $10,000. Though I wonder whether you can carry more if you declare it... anyone know the ins-and-outs of this?

Does Singapore have similar restrictions, as well?


Australia has a $10k cap, anything over you have to declare, doesn't mean you can't carry more.

Singapore has a S$30k capping which has to be declared


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