repatriating cash to US

[Wd40]

Dude! $10k is no big deal. $200 is how much? 2%.
The currency rate fluctuation on a daily basis is sometime more than that.

There are much more "valuable" things in life to worry about, than wasting time on this.

[duckylucky]

Citibank in Singapore charges up to 200 just to do the transfer. If one does the free citibank transfer, the difference between their rate and money changers is way more than 1%.

If you don't mind giving Citibank hundreds of dollars just to wire money, good for you! I ain't into that! They should have gone bankrupt in 2008!

[JR8]

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.

Form C9011 for the UK (at: www.hmrc.gov.uk).

Not dissimilar to the US one. But it also asks for origin and destination (typical answer might be 'my work in Singapore > my bank account in [my home town']). The requirement kicks in at euro10k+.

[JR8]

Dude! $10k is no big deal. $200 is how much? 2%.
The currency rate fluctuation on a daily basis is sometime more than that.

There are much more "valuable" things in life to worry about, than wasting time on this.

You're not fussed over $200?

Wow, you must be very rich!

p.s. But you're not are you... I wonder why that might be...

[movingtospore]

Try an FX broker. Sometimes their rates are much better. Full disclaimer I used to work for one. So I will suggest a few -- ICE, Western Union, Travelex...

Set up an online account (which can be a pain with ID etc etc) and away you go. You will still get charged, but usually they just take a chunk of the spread and don't charge commission like your bank.

[iamsen]

I would just stick with Citibank.

Even if you went the arcade changers route, you won't be able to carry all that cash across. Re-depositing them into a bank will incur a foreign currency deposit fee which is something like 2%.

It's not worth the hassle.

[iamsen]

Honest question, why are all the money changers Indian?
Is there some kind of secret passed down the family economic manual that lets them provide those wonderful exchange rates?

[Wd40]

Dude! $10k is no big deal. $200 is how much? 2%.
The currency rate fluctuation on a daily basis is sometime more than that.

There are much more "valuable" things in life to worry about, than wasting time on this.

You're not fussed over $200?

Wow, you must be very rich!

p.s. But you're not are you... I wonder why that might be...

Define rich

After a certain point i.e. after your food, clothing and shelter are covered any amount beyond that goes into savings and/or indulgence and there is no limit to that

Back to the point; the normal way of transferring money is electronically and that will cost you and you just have to take it in your stride.The hassle of carrying cash is just not worth it.

$200 as a proportion of $10000 is a small change considering the hassle involved trying to save it.

[sundaymorningstaple]

That's one man's opinion. Damn sure isn't mine. I work too damned hard for my crust.

[Wd40]

Try an FX broker. Sometimes their rates are much better. Full disclaimer I used to work for one. So I will suggest a few -- ICE, Western Union, Travelex...

Set up an online account (which can be a pain with ID etc etc) and away you go. You will still get charged, but usually they just take a chunk of the spread and don't charge commission like your bank.

The OP is a US citizen and financial institutions in Singapore dont want to deal with them for any kind of investments or trading.

[offshoreoildude]

Change the money and send it back in DHL bags ($1000 at a time). You might laugh but plenty of times I resorted to that when dealing with difficult countries and trying to pay staff.

[JR8]

Honest question, why are all the money changers Indian?
Is there some kind of secret passed down the family economic manual that lets them provide those wonderful exchange rates?

Why are ‘all’ diamond traders Jewish? ‘All’ deli’s Italian? ‘All’ explorers (of historic note) British?

Ok ok, in the latter case I’ll make exception for Marco Polo and Leif Erikson

Why are ‘all’ SGn pawnbrokers Chinese? Some professions just go with a particular race/nationality and it can become something of a ‘closed-shop’ to outsiders. Just like when I, a gentile, set out to start a professional career in the diamond trade, and an eminent (a QC) Jewish neighbour told me, ‘It it fantastic that you want to do this JR8, but with the best will in the world your entire career would be as an outsider, and fighting-the-tide’).

Define rich
After a certain point i.e. after your food, clothing and shelter are covered any amount beyond that goes into savings and/or indulgence and there is no limit to that
Back to the point; the normal way of transferring money is electronically and that will cost you and you just have to take it in your stride.The hassle of carrying cash is just not worth it.
$200 as a proportion of $10000 is a small change considering the hassle involved trying to save it.

Good question. My definition of rich is being in control of my own destiny, and wanting for nothing. I’m not blinged up and driving a Lamborghini or anything [did you know they started out manufacturing tractors! lol], in fact the one and only car I’ve owned was 25yrs old and cost US$2500. But I have the freedom to live my life under my own terms (or perhaps my wife's hehehe). A content monk is rich. An oligarch who is jealous of another one is poor IMHO.

I had no ‘hassle’ carrying cash. I kept it in the safe at work until the day I flew. Had it securely in my jacket on the flight. Declared it at customs (10 minutes), and deposited it in the bank fee-free.

Just my 2c.

[Hidy Ho]

[

I had no ‘hassle’ carrying cash. I kept it in the safe at work until the day I flew. Had it securely in my jacket on the flight. Declared it at customs (10 minutes), and deposited it in the bank fee-free.

Just my 2c.

I don't know how much you had on u ...

I guess I can see myself doing this for say ... up to 25K .. pretending to me some kinda playa in my head.

But if I end up leaving SG for good and need to move ALL money, I don't think I will suitcase that ... it's simply not worse the potential risk and paranoia in my head (looking out for every car/person who looks like they are out to get me). In that case, the benefit will outweigh the cost ($200 or whatever).

[JR8]

I don't know how much you had on u ...

I guess I can see myself doing this for say ... up to 25K .. pretending to me some kinda playa in my head.

But if I end up leaving SG for good and need to move ALL money, I don't think I will suitcase that ... it's simply not worse the potential risk and paranoia in my head (looking out for every car/person who looks like they are out to get me). In that case, the benefit will outweigh the cost ($200 or whatever).

Oh, well, about £10-20k in Sterling £50 notes, so a 1-2" 'donkey-choker' of a wad.

You don't have to be 'a player'. You have to be someone who's clued up who doesn't volunteer to get raped by the banks.

Granted the first time you have say $20k cash on you it does feel a little strange. But trust me, you get used to it, and able to deal with it.


p.s. When I closed my SGn account back then, first time in-country, they gave me the proceeds in S$10k notes. They had to manually write the bill numbers in a ledger (regulatory record) FFS! Then I went to The Arcade and got it converted to a brick-ette of £50's....



If it makes you nervous, sure, wire it. But I worked in banking, and you're going to get fleeced via that route.



p.s. Nostalgia.
Back then I used to take my regular shop, copies of all our in-house FX research. They took care of me, I tried to help them too. Now I visit The Arcade, precisely the same guys (I recognise them completely from 20yrs ago, the same guys), but of course now I am just Joe-tourist to them lol...

[maneo]

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.

For those staying longer in SG, other banks might be better.

Wired $20K US to my own account in US via Std. Chartered just over a month ago.
Rate difference was 0.01 (1.25 vs. 1.24 per Oanda), which is 0.8%.
Service fee was just S$15 for sending.

Even Dismal Banking Service (i.e. DBS) seems better.
Sent $10K to another country about 2 weeks ago.
Rate difference was higher, at 1.3% and total fee was $33 (I should have used SCB).

Last time I used DBS to send to the US was mid 2010.
Rate difference + commission then was only 0.7% and fees just S$42.

Just a few real numbers for comparison.