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need advice about sending Euro's to Germany

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Splatted
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need advice about sending Euro's to Germany

Postby Splatted » Wed, 01 Dec 2010 10:46 pm

Looking to send a relative 1000 Euro's.

He has asked for it by cheque.

What's the story with the banks here - am I able to give a bank $1000 Euro in cash, for them to make a cheque for me..?

Or do the banks force you to make a deposit first (which forces a currency exchange into Sg dollars),.... before converting it back into Euro's when issuing a cheque...? (ie double currency conversion)

Has anyone got any first-hand knowledge what's the best way of getting a cheque issued?

I do realise there are better ways of sending money internationally, just in this instance the relative wants a bank cheque.

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Strong Eagle
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Postby Strong Eagle » Thu, 02 Dec 2010 8:07 am

You would need to open a Euro denominated account. But with minimum balances, and charges for closing early it would probably cost you more than simply paying the exchange rate.

I might simply find someone I trust who has a Euro account, give them the cash, and have them send the check.

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Postby revhappy » Thu, 02 Dec 2010 11:56 am

Its called a demand draft.

Here's info about DBS:

http://www.dbs.com/sg/personal/others/d ... fault.aspx

I guess you need to have savings account with them or you could get it done from the bank where you have an existing account.

I guess you could get a DD in EUR against the SGD's in you local savings account

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Splatted
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Postby Splatted » Thu, 02 Dec 2010 11:14 pm

Thanks guys,

I actually opted to send the equivalent funds to my dad instead, in Australia..... and asked him to make the cheque for me to sent to Germany.

It'll end up being a double currency conversion, but I just don't have the time to visit a bank with the sort of hours I'm doing over this month.

Thanks again for your help. I really appreciate it


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