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Transferring funds from UK to SG bank accounts

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Neil_UK_77
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Transferring funds from UK to SG bank accounts

Postby Neil_UK_77 » Sun, 20 Nov 2011 11:10 am

Hi, does anyone have experience of transferring money from their UK bank account to their SG one?

I am with barclays in the UK and POSB here and want to move money between the two, so I can cover the monsterous amount of money I need to set up renting an apartment :P

Is it as simple as using internet banking with barclays to transfer over here as I would do if I was paying another UK account? not sure how it'd work..

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BillyB
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Re: Transferring funds from UK to SG bank accounts

Postby BillyB » Sun, 20 Nov 2011 11:36 am

Neil_UK_77 wrote:Hi, does anyone have experience of transferring money from their UK bank account to their SG one?

I am with barclays in the UK and POSB here and want to move money between the two, so I can cover the monsterous amount of money I need to set up renting an apartment :P

Is it as simple as using internet banking with barclays to transfer over here as I would do if I was paying another UK account? not sure how it'd work..


Yep, it is. Ask Barclays to set-up an overseas payee on your account and it's as simple as that. You need your POSB acc no., swift code and away you go.

And prepare yourself for the royal shafting you'll get on the FX spread and additional fees!

Neil_UK_77
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Postby Neil_UK_77 » Sun, 20 Nov 2011 11:50 am

Cheers Billy! And the swift codes are specific to the bank, not the account, correct?

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BillyB
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Postby BillyB » Sun, 20 Nov 2011 11:55 am

Neil_UK_77 wrote:Cheers Billy! And the swift codes are specific to the bank, not the account, correct?


Yep, bingo!

You can usually find them on the internet if you google, or maybe the POSB website itself. Failing that just call up customer service and ask.

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subashgk007
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Re: Transferring funds from UK to SG bank accounts

Postby subashgk007 » Fri, 25 Jan 2019 5:03 pm

Neil_UK_77 wrote:Hi, does anyone have experience of transferring money from their UK bank account to their SG one?

I am with barclays in the UK and POSB here and want to move money between the two, so I can cover the monsterous amount of money I need to set up renting an apartment :P

Is it as simple as using internet banking with barclays to transfer over here as I would do if I was paying another UK account? not sure how it'd work..


You will have to use SWIFT code to identify bank branch in singapore https://finclan.com/swift-code.

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mikew
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Re: Transferring funds from UK to SG bank accounts

Postby mikew » Thu, 23 May 2019 11:05 pm

Neil, seriously consider using a service like Transferwise or one of the many internet Forex brokers. You'll get a FAR better rate than any of the banks will give you.

OR, bring cash up to your limit (not sure if UK has a limit on leaving, SG has it on bringing it in), then change it at the money changers at Raffles Place. They always seem to have competitive rates (and you can check them against each other).

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sundaymorningstaple
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Re: Transferring funds from UK to SG bank accounts

Postby sundaymorningstaple » Thu, 23 May 2019 11:40 pm

However, I'm not sure Neil cares as his post was back in 2011 so both subashgk007 & mikew's post were a waste of time other than the fact that Transferwise was brought up, which I also recommend.

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mikew
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Re: Transferring funds from UK to SG bank accounts

Postby mikew » Fri, 24 May 2019 2:58 pm

Wow I didn't realise how old this was. Just saw the conversation at the top of the list and and wanted to steer him/anyone away from being ripped off by the banks


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