SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
How to Mobilize Money from India to singapore
-
- Member
- Posts: 29
- Joined: Tue, 20 Dec 2011 2:25 pm
How to Mobilize Money from India to singapore
Anyone has a good suggestion on how to mobilize money from India to singapore, without having to pay too much in taxes etc... I am talking about amounts in the range of 100-150 k to potentially purchase a house !
- sundaymorningstaple
- Moderator
- Posts: 40229
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
I don't know about the Indian side, but you won't incur any tax liability in Singapore by bringing it in. You just have to declare it if you are bringing it in hard currency.
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
Probably the easiest way would to just get an account at an international bank with locations in both Singapore and India. For example, Citibank or HSBC. Citibank lets you transfer money from your SG acct to any other Citibank acct around the world for free, instantly. From Citibank US to SG, it is a US $10 fee. Not sure from Citibank IN to SG, but I imagine it couldn't be much more than the US fee.
HSBC also offers similar services, but the fees were higher unless you qualify for a Premier account. I think for Premier in Singapore, you need SGD$200k+. Not sure in India.
HSBC also offers similar services, but the fees were higher unless you qualify for a Premier account. I think for Premier in Singapore, you need SGD$200k+. Not sure in India.
Don't you need Central bank approval to 'mobilize' money ?zzm9980 wrote:Probably the easiest way would to just get an account at an international bank with locations in both Singapore and India. For example, Citibank or HSBC. Citibank lets you transfer money from your SG acct to any other Citibank acct around the world for free, instantly. From Citibank US to SG, it is a US $10 fee. Not sure from Citibank IN to SG, but I imagine it couldn't be much more than the US fee.
HSBC also offers similar services, but the fees were higher unless you qualify for a Premier account. I think for Premier in Singapore, you need SGD$200k+. Not sure in India.
Of course, the Havala system works flawlessly


- sanjivvohra
- Regular
- Posts: 106
- Joined: Fri, 14 Oct 2011 7:04 pm
- Location: Meyer Road
You can open a HSBC Premier account in India for Rs2.5million ( about 60k S$) and you get a Premier account opened in Singapore on that basis. Transfer of money from own account is free but the exchange rate is not competitive.zzm9980 wrote:Probably the easiest way would to just get an account at an international bank with locations in both Singapore and India. For example, Citibank or HSBC. Citibank lets you transfer money from your SG acct to any other Citibank acct around the world for free, instantly. From Citibank US to SG, it is a US $10 fee. Not sure from Citibank IN to SG, but I imagine it couldn't be much more than the US fee.
HSBC also offers similar services, but the fees were higher unless you qualify for a Premier account. I think for Premier in Singapore, you need SGD$200k+. Not sure in India.
Sanjiv
- Mad Scientist
- Director
- Posts: 3526
- Joined: Thu, 03 Dec 2009 6:31 am
- Location: TIMBUKTU
Yes and NOecureilx wrote: Don't you need Central bank approval to 'mobilize' money ?
Extracted from Reserve Bank of India
7. How much foreign exchange is available to a person going abroad on employment?
Person going abroad for employment can draw foreign exchange up to USD100,000 from any authorized dealer in India on the basis of self-declaration.
8. How much foreign exchange is available to a person going abroad on
emigration?
Person going abroad on emigration can draw foreign exchange up to USD100,000 on self- declaration basis from an authorized dealer in India. This amount is only to meet the incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!
And I don't know if they stlll have the antique system of 'TCs' when you 'obtain forex' ...Mad Scientist wrote:Yes and NOecureilx wrote: Don't you need Central bank approval to 'mobilize' money ?
Extracted from Reserve Bank of India
7. How much foreign exchange is available to a person going abroad on employment?
Person going abroad for employment can draw foreign exchange up to USD100,000 from any authorized dealer in India on the basis of self-declaration.
8. How much foreign exchange is available to a person going abroad on
emigration?
Person going abroad on emigration can draw foreign exchange up to USD100,000 on self- declaration basis from an authorized dealer in India. This amount is only to meet the incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration. All such remittances require prior permission of the Reserve Bank.
Oh well, since a lot of Indian transit in Sri Lanka, lately, a lot of them have been caught by the Sri Lanka Immigration / Customs for carrying undeclared money ..
Above is all based on carrying it in person .. of course, if you do internet remittance, you could possibly fly under the radar ..
-
- Similar Topics
- Replies
- Views
- Last post
-
-
How much money needed when moving to singapore first time?
by richardj » Sat, 29 Dec 2018 11:30 am » in Relocating, Moving to Singapore - 2 Replies
- 3258 Views
-
Last post by PNGMK
Sun, 13 Jan 2019 8:42 pm
-
-
-
Money Transfer from Dubai to Singapore
by mohamed66 » Wed, 04 Sep 2019 2:34 pm » in General Discussions - 4 Replies
- 3524 Views
-
Last post by PNGMK
Mon, 13 Jan 2020 12:56 pm
-
-
- 0 Replies
- 1568 Views
-
Last post by PNGMK
Wed, 27 Feb 2019 8:33 pm
-
-
Fellowship in Singapore after MBBS MD from India
by s143magick@gmail.com » Thu, 04 Apr 2019 1:58 pm » in Careers & Jobs in Singapore - 1 Replies
- 1554 Views
-
Last post by taxico
Fri, 12 Apr 2019 1:58 am
-
-
-
Best rate for moving household goods from India to Singapore
by RaghavChuriwala » Fri, 02 Aug 2019 3:53 pm » in Relocating, Moving to Singapore - 1 Replies
- 2271 Views
-
Last post by singaporeflyer
Sat, 17 Aug 2019 1:13 am
-
Who is online
Users browsing this forum: No registered users and 7 guests