repatriating cash to US

[duckylucky]

I will soon return to the US and need to get my cash back home. Obviously, wiring money thru my bank is the easiest way. However, my wonderful bank here (citibank) charges up to 200 sgd to do that! Additionally, they give a crappy exchange rate to retail customers. There must be a better way! If you know of one, please post it. Thanks.

[taxico]

how much are you talking about?

[duckylucky]

More than $10k

[Strong Eagle]

Are there more than one of you traveling back to the US? If yes, talk to a few money changers... the ones at Raffles Place seem to have the best rates (http://www.arcademoneychangers.com.sg/ratesbiglogo.asp). Convert all your Sing cash to US dollars. Have each person bring in $9,000 or so in cash. Nothing illegal, nothing to be reported.

[JR8]

+1 re: 'Arcade Money Changers' I've done a solid 5-figures (of £) through them alone over 18 years now. They are my benchmark on FX in SG.

Change what you like in cash. Take what you like in cash. There are no limits, rather just limits at which you must declare it.

It's simple. Go through the red-channel. But don't be in any way nervous, it is your right. Customs are pests, albeit well meaning ones.

Customs man: 'And why are you coming through the red channel today?
You: Because I'm carrying £10k+ in cash.
CM: And why are you doing that?
You: Because these are my savings from my job in Singapore, and I've a choice of paying a cent on the dollar to change it there to £ [or $ or what ever], maybe .1%: Or wire it home and get scalped for 3-5%. Makes sense right?

They'll probe you with a few other questions to test your framework, but otherwise you're free to go and they can do nothing, even if you're carrying a (legit) million.

[zzm9980]

I will soon return to the US and need to get my cash back home. Obviously, wiring money thru my bank is the easiest way. However, my wonderful bank here (citibank) charges up to 200 sgd to do that! Additionally, they give a crappy exchange rate to retail customers. There must be a better way! If you know of one, please post it. Thanks.

Is that a wire through Citi, or a transfer? If you have two linked Citibank accounts, one here and one in the US, the transfer is instant with no fee other than their exchange rate. It's not terrible; better than most other banks I've dealt with, but worse than the Arcade mentioned above. I guess it depends on the amount. If you have enough cash that the difference in exchange matters, it'll be harder to physically carry to the US. Conversely if you have a small enough amount that the exchange rate doesn't hurt as much, then it's easier to carry to the US....

[duckylucky]

I have a citibank account in the US, but although doing the transfer is free, the rate is a rip-off. When transferring thousands of dollars, it adds to a considerable amount.

I had thought about exchanging into cash and taking it with me. Thanks for the information about the money changer.

[zzm9980]

I have a citibank account in the US, but although doing the transfer is free, the rate is a rip-off. When transferring thousands of dollars, it adds to a considerable amount.

I had thought about exchanging into cash and taking it with me. Thanks for the information about the money changer.

How much (percent wise) are you seeing? I've never seen it as worse than about 1%. It does add up, but for me, when it gets to a 'significant' amount I'd be too worried to carry that much cash.

[maneo]

+1 re: 'Arcade Money Changers' I've done a solid 6-figures (of £) through them alone over 18 years now. They are my benchmark on FX in SG.

Have always found those in Far East Plaza and Singapore Plaza to be reasonable. The "arcademoneychangers" link looks interesting (Thanks SE).
Which we use depends on the currencies and convenience.
By the way, you can sometimes get better rates for large amounts.

Change what you like in cash. Take what you like in cash. There are no limits, rather just limits at which you must declare it.

For those with white faces this might be easy.
For Asians, a declaration of currency will likely lead to a full double count of all the currency and possibly everything including your luggage lining being checked.
It ain't fair, but it is what happens.

[nakatago]

About Arcade Money Changers, if you're exchanging other currencies, just call ahead to make sure they have some in stock!

[maneo]

About Arcade Money Changers, if you're exchanging other currencies, just call ahead to make sure they have some in stock!

It is a good idea to call in advance.

Even if they don't have enough on hand at the moment, those that know you (i.e. if you're a repeat customer) can get what you need in a few hours.

[Hidy Ho]

Sort of interesting question to me as if (more likely when) I leave SG as I *should* also have must a bit more than 10K to move out of the country ... hopefully a suitcase worth. I guess I will move it electronically ... although I don't have Citibank account in USA (yet).

[duckylucky]

Can someone who has brought and declared cash when going to the US share information about how the customs officers react? I suspect it isn't a common thing. I imagine them asking lots of questions or requiring one to fill additional forms.

[taxico]

no big issues and it's common - they'll just wanna know how you got the money. just remember to deposit it with your bank before withdrawing for use and you'll be fine every time.

the form can be found online - google fincen form 105

print fill and declare.

[zzm9980]

Sort of interesting question to me as if (more likely when) I leave SG as I *should* also have must a bit more than 10K to move out of the country ... hopefully a suitcase worth. I guess I will move it electronically ... although I don't have Citibank account in USA (yet).

You can open one online with a $100 initial deposit, and they'll even let you use a CC for that initial deposit.