How to Mobilize Money from India to singapore

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angry scientist
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How to Mobilize Money from India to singapore

Post by angry scientist » Thu, 22 Dec 2011 2:56 pm

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 !

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 22 Dec 2011 3:26 pm

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.
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zzm9980
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Post by zzm9980 » Thu, 22 Dec 2011 4:48 pm

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.

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ecureilx
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Post by ecureilx » Thu, 22 Dec 2011 5:49 pm

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.
Don't you need Central bank approval to 'mobilize' money ?

Of course, the Havala system works flawlessly :D :D

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sanjivvohra
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Post by sanjivvohra » Thu, 22 Dec 2011 10:13 pm

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$200k+. Not sure in India.
You can open a HSBC Premier account in India for Rs2.5million ( about 60k S$) 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.
Sanjiv

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Mad Scientist
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Post by Mad Scientist » Fri, 23 Dec 2011 2:40 am

ecureilx wrote: Don't you need Central bank approval to 'mobilize' money ?
Yes and NO

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.
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ecureilx
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Post by ecureilx » Fri, 23 Dec 2011 7:11 am

Mad Scientist wrote:
ecureilx wrote: Don't you need Central bank approval to 'mobilize' money ?
Yes and NO

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.
And I don't know if they stlll have the antique system of 'TCs' when you 'obtain forex' ...

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 ..

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