Singapore Expats

Transferring funds from UK to SG bank accounts

Discuss the different banking options, rates, offers and perks.
Post Reply
Neil_UK_77
Newbie
Newbie
Posts: 12
Joined: Tue, 18 Oct 2011 10:50 pm

Transferring funds from UK to SG bank accounts

Post by 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..

User avatar
BillyB
Manager
Manager
Posts: 1807
Joined: Fri, 23 Jul 2010 11:01 pm
Location: My laptop

Re: Transferring funds from UK to SG bank accounts

Post by 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
Newbie
Newbie
Posts: 12
Joined: Tue, 18 Oct 2011 10:50 pm

Post by 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?

User avatar
BillyB
Manager
Manager
Posts: 1807
Joined: Fri, 23 Jul 2010 11:01 pm
Location: My laptop

Post by 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.

User avatar
subashgk007
Regular
Regular
Posts: 60
Joined: Mon, 11 Jul 2016 10:40 pm

Re: Transferring funds from UK to SG bank accounts

Post by 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.

User avatar
mikew
Member
Member
Posts: 31
Joined: Tue, 18 Dec 2018 12:27 pm
Location: Singapore, Australia, Andorra (mainly - it's complicated!)

Re: Transferring funds from UK to SG bank accounts

Post by 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).

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 40376
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 21
Location: Retired on the Little Red Dot

Re: Transferring funds from UK to SG bank accounts

Post by 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.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

User avatar
mikew
Member
Member
Posts: 31
Joined: Tue, 18 Dec 2018 12:27 pm
Location: Singapore, Australia, Andorra (mainly - it's complicated!)

Re: Transferring funds from UK to SG bank accounts

Post by 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

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Credit Card & Banking in Singapore”

Who is online

Users browsing this forum: No registered users and 12 guests