Singapore Expats

Banking issues

Discuss the different banking options, rates, offers and perks.
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Geardownflap20
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Banking issues

Post by Geardownflap20 » Thu, 21 Apr 2011 9:44 am

Hi,

I'll shortly be moving to Singapore but will still be paid in the UK, so I'll need to move an amount of money each month from my UK bank to an account in Singapore. Is there a simple way to do this that doesn't involve huge sums of money changing hands between me and the bank? We're probably talking about £1,000/month
I've read the threads and if I was wealthier, an HSBC premier account would probably be a solution. Can anyone advise about the Citibank accounts, or any other alternative.

Many thanks,

Geardownflap20

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ecureilx
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Re: Banking issues

Post by ecureilx » Mon, 25 Apr 2011 11:36 pm

Geardownflap20 wrote:Hi,

I'll shortly be moving to Singapore but will still be paid in the UK, so I'll need to move an amount of money each month from my UK bank to an account in Singapore. Is there a simple way to do this that doesn't involve huge sums of money changing hands between me and the bank? We're probably talking about £1,000/month
I've read the threads and if I was wealthier, an HSBC premier account would probably be a solution. Can anyone advise about the Citibank accounts, or any other alternative.

Many thanks,

Geardownflap20
Since there is deafening silence .. wouldn't it be nicer to ask the banks ?? :D :D

As for 'moving' 1000 UKP is peanuts. .. or so me thinks ..

Above 20,000 US$, talk to MAS ..

Are you sure Flap 20 ?? Not 15 ???

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aster
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Post by aster » Tue, 26 Apr 2011 12:10 am

The cost of a bank wire for a 1,000 GBP payment is going to be quite a lot when you compare the fees to the small amount being transferred.

Is there any way you can bring cash instead (free overdraft facility back home?)? Because if you'll be converting the money into SGD then you really don't want the bank doing it when you can go to the CBD and get your currency exchange done at just a whisker off the mid-rates.

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Post by ScoobyDoes » Tue, 26 Apr 2011 10:24 am

It would be worth asking the bank what their fees are for using your ATM/Debit card in Singapore to get cash out here.

The fees may not be too different from t/t charges. I think typically they are in the 3% range for the actual fee plus a percentage point or two on the exchange rate?
'When Lewis Hamilton wins a race he has to thank Vodafone whereas in my day I used to chase the crumpet. I know which era I'd rather race in.'

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Re: Banking issues

Post by BillyB » Tue, 26 Apr 2011 11:57 am

Geardownflap20 wrote:Hi,

I'll shortly be moving to Singapore but will still be paid in the UK, so I'll need to move an amount of money each month from my UK bank to an account in Singapore. Is there a simple way to do this that doesn't involve huge sums of money changing hands between me and the bank? We're probably talking about £1,000/month
I've read the threads and if I was wealthier, an HSBC premier account would probably be a solution. Can anyone advise about the Citibank accounts, or any other alternative.

Many thanks,

Geardownflap20
Mate, I'd be more concerned about sorting your tax situation out first. You could end up getting stung both ends or, equally, have some explaining / justifying to do to U.K and SG inland revenue.

If you're working out here your company should have a SG bank account or at least have the required credentials to open one.

Transferring money back and forth is a lot of hassle and you are the one who is gonna lose out in the long run on the rates and fee's.

Geardownflap20
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Post by Geardownflap20 » Tue, 26 Apr 2011 4:56 pm

Hi Folks,
Thanks for the advice. I've already talked to the taxman in the uk and sorted out the formalities to not pay him anymore (he's got the message, just hasn't implemented it yet!)
On the money moving front, I will need to transfer just living expenses, accommodation/utilities etc being paid by my company. I'm opening a UK account with Citibank and also a S$ account with them, so I should be able to make local currency withdrawls without incurring a penalty. The rate might not be great, but the relatively small sums involved will not make much difference.

Geardownflap 20

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Post by manutdfan » Tue, 26 Apr 2011 5:44 pm

Geardownflap20 wrote:Hi Folks,
Thanks for the advice. I've already talked to the taxman in the uk and sorted out the formalities to not pay him anymore (he's got the message, just hasn't implemented it yet!)
On the money moving front, I will need to transfer just living expenses, accommodation/utilities etc being paid by my company. I'm opening a UK account with Citibank and also a S$ account with them, so I should be able to make local currency withdrawls without incurring a penalty. The rate might not be great, but the relatively small sums involved will not make much difference.

Geardownflap 20
However you will still have to pay National Insurance for at least 12 months if you're paid in the UK. I got burned with this last year, and dealt with the issue by insisting on being paid in Singapore (it didn't help that as a contractor I was also paying employers' NI). You also have to register seperately with the NI people.

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Post by FaeLLe » Wed, 27 Apr 2011 3:41 pm

Geardownflap20 wrote:Hi Folks,
Thanks for the advice. I've already talked to the taxman in the uk and sorted out the formalities to not pay him anymore (he's got the message, just hasn't implemented it yet!)
On the money moving front, I will need to transfer just living expenses, accommodation/utilities etc being paid by my company. I'm opening a UK account with Citibank and also a S$ account with them, so I should be able to make local currency withdrawls without incurring a penalty. The rate might not be great, but the relatively small sums involved will not make much difference.

Geardownflap 20
Citibank is your best bet.

They have a S$ account and if you have a Citigold account they even allow international money transfers free of charge.

I would personally just use an ATM card to withdraw 1000 GBP a month or local equivalent.
Usage of citibank atm's globally is FOC.

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Post by matski » Thu, 28 Apr 2011 7:04 pm

I signed up for a bank account with Citi Bank in the UK and then when I got out here did the same here.

This was like 4 weeks ago and have heard nothing! but apparently its all pretty easy to do, I just might have a funky credit rating.

I have also applied for this:
http://www.caxtonfxcard.com/

Its a card you topup which lets you make withdrawals for free and pay for things in shops that accept master card.
A friend of mine who came over with me did the same, seems to work fine and there are no charges and you tend to get a better rate with it.

You pay a £10 deposit, which becomes credit on the card so seems like a great idea. Needless to say I have signed up for it.

Also the bank accounts out here are actually savings accounts, so you get charges for going below $500 and stuff which I don't like the idea of.

Anyway good luck!

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Post by FaeLLe » Thu, 28 Apr 2011 9:53 pm

matski wrote: Also the bank accounts out here are actually savings accounts, so you get charges for going below $500 and stuff which I don't like the idea of.

Anyway good luck!
Citibank zero balance if your salary goes in.

You can just walk into any Citibank branch in Singapore and open a GBP account and walk out with an ATM card in 15 mins....

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ecureilx
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Post by ecureilx » Thu, 28 Apr 2011 10:14 pm

FaeLLe wrote:
matski wrote: Also the bank accounts out here are actually savings accounts, so you get charges for going below $500 and stuff which I don't like the idea of.

Anyway good luck!
Citibank zero balance if your salary goes in.

You can just walk into any Citibank branch in Singapore and open a GBP account and walk out with an ATM card in 15 mins....
'

Not just citi, almost every bank, OCBC, HSBC, UOB, DBS and POSB are more than happy to get a customer who will remit pay to their bank ..

The issue is when you don't maintain a minimum balance ..

So ??? Does citi allow for low minimum balance ?? :)

Geardownflap20
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Post by Geardownflap20 » Sun, 01 May 2011 1:57 am

Thanks manutdfan,
(good choice, by the way!) no way round the NI thing, I'm stuck with it whatever. I'm on secondment for a couple of years, so retain my payroll status in the UK. I've made a note in my diary to stop paying the NI after the twelve months is up.

Thanks everyone for your advice and encouragement, the Citi deal looks ok, I'll know more when I receive the account opening details from them.

My company are going to sort out my Singapore tax etc through a local accountant, so hopefully that should all work ok.

I'm sure I'll have more questions!

Many thanks to all,

Geardownflap20

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Post by durain » Tue, 03 May 2011 8:07 pm

you forgot about using money broker. their cut are usually lower and rates better. have a look at www.hifx.co.uk or www.ukforex.com.

another option is open a halifax clarity credit card or santander zero account or metro bank debit card. they all are load free and commission free for cash wthdraw at ATM at interbank foreign exchange rate.

p/s make sure you read the T&C. i think some of them you have to pay the interest on cash withdraw.

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Post by curiousgeorge » Sat, 07 May 2011 8:54 am

Probably a bit late to this party, but here is my 2p;

I was in your position when I first moved here. I opened citi UKP and SGD accounts, and used the SGD cash card here for my frequent visits. When I moved here I opened a SG Citi account, can transfer for free between all three accounts online, and maybe only 0.2c off the usual exchange rate. Not bad really.

Now I am PR here, I use the same system in reverse to get money back to the UK. No need to have Citigold account here, the regular checking account does the job fine.

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Post by ozroadrunner » Mon, 23 May 2011 9:39 am

Hi,

Very useful topic for me. I am in the similar position to where most of you have come from. I will be moving to SG in about 2 weeks. I have already opened a Citibank account in AUS. Can I open a citibank SG account online (without a permanent SG address)?

Is there anything else I should do regarding this before I leave aus?
Thanks

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