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Best Overseas Payment Option

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carteki
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Best Overseas Payment Option

Postby carteki » Fri, 31 Aug 2012 9:44 am

I need to pay a service provider who is overseas - we work together remotely and he is currently of no-fixed abode. Any ideas of to the best way (ie cheapest) to pay my bills. He is paid in SGD, but doesn't have a SG bank account. Paypal is one option. Does anyone use any others?

Thanks
Kim

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x9200
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Postby x9200 » Fri, 31 Aug 2012 12:41 pm

Western Union?
TT? Costs may vary depending on the resulting currency and number of brokers involved.

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zzm9980
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Postby zzm9980 » Fri, 31 Aug 2012 1:54 pm

Paypal is going to take quite a few percent... Unfortunately they won't tell you unless you log in, and I can't be bothered to log in :) I believe it starts around 3%, and may drop for larger amounts in the thousands. You can get around it by sending as "Gift", but if they catch on they're liable to freeze your account and try to claw the money back. They don't really answer to anyone, and are quite arbitrary in how they deal with users. Caveat emptor.

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Postby scarbowl » Fri, 31 Aug 2012 4:10 pm

You can transfer amounts to other individuals through PayPal without paying a fee. We use it for some payments "back home." Accepting credit cards through PayPal will cost a few percent. Otherwise, no charges. POSB offers reasonably priced payments through their online banking.

offshoreoildude
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Postby offshoreoildude » Fri, 31 Aug 2012 7:11 pm

Give him a visa card. Maybank allow cost free deposits to them.

morenangpinay
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Postby morenangpinay » Mon, 03 Sep 2012 5:26 pm

if you have an ocbc account or card, you can use the online banking to transfer funds. i think its free unless you need to process it same day. I asked about transferring funds from their customer service and she said if i do it over the counter, there is a charge of S$20 but if it is through online banking, then there is no charge.

hope that helps :)

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x9200
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Postby x9200 » Mon, 03 Sep 2012 6:28 pm

morenangpinay wrote:if you have an ocbc account or card, you can use the online banking to transfer funds. i think its free unless you need to process it same day. I asked about transferring funds from their customer service and she said if i do it over the counter, there is a charge of S$20 but if it is through online banking, then there is no charge.

hope that helps :)

It's free if you do it locally. Overseas transfer offered by ocbc is TT and if I am not mistaken master/visa card transfer. TT is a paid one, the the other not sure but I would be surprised if this is for free.

morenangpinay
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Postby morenangpinay » Tue, 04 Sep 2012 12:24 pm

x9200 wrote:
morenangpinay wrote:if you have an ocbc account or card, you can use the online banking to transfer funds. i think its free unless you need to process it same day. I asked about transferring funds from their customer service and she said if i do it over the counter, there is a charge of S$20 but if it is through online banking, then there is no charge.

hope that helps :)

It's free if you do it locally. Overseas transfer offered by ocbc is TT and if I am not mistaken master/visa card transfer. TT is a paid one, the the other not sure but I would be surprised if this is for free.


oops :) I checked their site. you are right! there is a cable charge of 20S$ for transferring funds to overseas accounts plus agent fee, and other charges for transfer of over 5,000sgd. okay carry on :)

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Splatted
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Postby Splatted » Thu, 06 Sep 2012 12:17 am

x9200 wrote:
morenangpinay wrote:if you have an ocbc account or card, you can use the online banking to transfer funds. i think its free unless you need to process it same day. I asked about transferring funds from their customer service and she said if i do it over the counter, there is a charge of S$20 but if it is through online banking, then there is no charge.

hope that helps :)

It's free if you do it locally. Overseas transfer offered by ocbc is TT and if I am not mistaken master/visa card transfer. TT is a paid one, the the other not sure but I would be surprised if this is for free.


Citibank to Citibank is free of charge for overseas transfor for quite a few countries.

Be wary of fluctuating currency rates, though. The exchange rate can delay by 24 hours as compared to live exchange rates, so it sometimes pays to be patient. Even then, they do add their 'spread' , so it's never exactly the same as xe.com even when currency is stable.

edit: do make sure that the type of savings account you apply for does allow you to do the global transfer before applying for it, as some types don't.

Also, lately citibank has introduced account keeping fees in many countries, so you may end up paying $10/month if account is under $2000 (for singapore) on the final day of your statement cycle.


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