Depositing USD (US dollars) in SG without incurring fees

[skyper65]

... or you haven't been to Arcade? The FX rates offered by money changers there are close to mid-market rates. On every EUR 10.000 I am S$150 straight ahead compared to any SG banks FX rates.

Agree re: The Arcade, you can get wafer thin spreads there (I've been going there when in-country, for 20 years now). Also, if you're doing say S$5k+ you can try and negotiate the indicated rate better by a couple of pips. There is nothing lost just asking. Maybe half the time you'll get something.

I've also done trades there at better than market. At face value that sounds odd. But I've done it while holding a Reuters live Money Markers FX rates pager so it's fact. It seems to be possible near a close of business day or week, when they're trying to unwind a long position in a currency that is 'negative' in the immediate near-term.

stiwi & JR8, I have not been to the arcade yet. It sounds like it's the best place in Singapore to change currencies. Are there lots of money changers since usually competition means better rates? Which ones do you recommend?

[the lynx]

... or you haven't been to Arcade? The FX rates offered by money changers there are close to mid-market rates. On every EUR 10.000 I am S$150 straight ahead compared to any SG banks FX rates.

Agree re: The Arcade, you can get wafer thin spreads there (I've been going there when in-country, for 20 years now). Also, if you're doing say S$5k+ you can try and negotiate the indicated rate better by a couple of pips. There is nothing lost just asking. Maybe half the time you'll get something.

I've also done trades there at better than market. At face value that sounds odd. But I've done it while holding a Reuters live Money Markers FX rates pager so it's fact. It seems to be possible near a close of business day or week, when they're trying to unwind a long position in a currency that is 'negative' in the immediate near-term.

stiwi & JR8, I have not been to the arcade yet. It sounds like it's the best place in Singapore to change currencies. Are there lots of money changers since usually competition means better rates? Which ones do you recommend?

Yes. The competition means better rates but I wouldn't personally recommend specifically one or two because one can give good deals at one day and then the other can give better deals at another day - this can go back and forth all the time. Just ask around

[stiwi]

stiwi & JR8, I have not been to the arcade yet. It sounds like it's the best place in Singapore to change currencies. Are there lots of money changers since usually competition means better rates? Which ones do you recommend?

There are plenty of them, I always check which one has the best rates at the moment, so I am not loyal to any particular one. I know that some of them can offer you to book a good rate over the phone if you come regularly and transact larger amounts (e.g. they can book the highest FX rate available within 24 hours). I was never able however to negotiate a higher rate (even when changing EUR 30k), but the spread is so low anyway.

[samir767]

try mustafa center. they offer best rates.

[stiwi]

try mustafa center. they offer best rates.

http://www.mustafa.com.sg/forex.asp - quite poor rates I'd say compared to Arcade.

[JR8]

In the Arcade there are maybe 30+ changers.

There is one I have used many many times. But each time I go I enter as a virgin, demanding the best deal.

Familiarity breeds contempt; especially in the finical markets (for contempt - read profiteering).

[Strong Eagle]

try mustafa center. they offer best rates.

Not by a long shot, they don't.

http://www.arcademoneychangers.com.sg/ratesbiglogo.asp

http://www.mustafa.com.sg/forex.asp

[JR8]

Interesting... on GBP, Mustafa is 22/13 * the spread of AMC... i.e. getting on for double.

Ouch, if you're doing size.

[IronMac]

Great, timely thread since I am heading back in September for a visit.

Ok, this may be a stupid question but what is the penalty for bringing over more than USD$10K? That is, if you declare it?

[verysallyish]

I have a Citibank account in Singapore that I deposit Sing dollars into, and when I'm back in the States, I am able to withdraw money from the Citibank branches there, so it's really convenient. I know most of my friends studying in the States now have a similiar Citibank account so their parents can deposit money in for them to use in the States. I can recommend u a guy at Citibank to open your accounts with; do PM me if int! ^.^

[JR8]

Great, timely thread since I am heading back in September for a visit.

Ok, this may be a stupid question but what is the penalty for bringing over more than USD$10K? That is, if you declare it?

Penalty? No. There is a point at which you are required to declare cash you're carrying. But it's just a declaration, and not subject to any penalty.

Carrying $10, 20, 50k in cash? Go through the red-channel, declare it, and don't be afraid.

You might get a little 'vigorous questioning', but Customs are not there to collar innocent people.

[IronMac]

Great, timely thread since I am heading back in September for a visit.

Ok, this may be a stupid question but what is the penalty for bringing over more than USD$10K? That is, if you declare it?

Penalty? No. There is a point at which you are required to declare cash you're carrying. But it's just a declaration, and not subject to any penalty.

Carrying $10, 20, 50k in cash? Go through the red-channel, declare it, and don't be afraid.

You might get a little 'vigorous questioning', but Customs are not there to collar innocent people.

Thanks! I only had USD4k on me this time.

[archcherub]

Glad to see this thread and need some advice with USD cash handling

I received payments of USD cash when my customers fly to Singapore to buy some electronics. Not large amount, roughly $50,000 or so of USD.
I request for bank transfer, but they do not want to incur the large fees.

I pay some of my suppliers in US, so I thought I can use the USD to pay them directly, instead of changing in SGD with money changer, and then remitting and occurring FX fees again.

1) Depositing USD cash notes in DBS eMultiCurrency AutoSave account incurs 1.5% fee.
I am sure this fee is more than what I incurred if i change to SGD at moneychanger

2) SCB USD High Account
https://www.sc.com/sg/save/current-a...-high-account/
I read online that the USD cash deposit is free. No fees!

Unfortunately, I am sure the remitting is expensive, haha. DBS has no fees for remitting.

I wonder has anyone here tried this?

Is it possible to do internet bank transfer of USD from SCB USD high account to DBS e-multicurrency autosave account in Singapore, at no charges?

And then I will use DBS Remit from the multicurrency account to remit money outwards.


IF anyone has experience in converting USD cash notes to wire transfer to bank in USA, that would be highly appreciated.
Thank you!

[archcherub]

UPDATE: I just asked DBS and got a fast reply

Can I clarify the following:-

1) There is a no Remit fees when I remit USD to a USA bank. I have done using SGD to transfer USD to USA bank. I did incur forex charges as DBS convert my SGD to USD.
Now if I remit USD from USD balances in eMulticurrency AutoSave to a USD bank account in Singapore, do I incur any remit fees or any other charges?

2) Can I receive USD from other Singapore account with USD balances? Is there any fees, and how long would the transaction be?
I may transfer USD from SCB High USD account to DBS, but I need to check the fees.

DBS Staff Reply:-
As for remittances, the bank currently does not charge any commission for DBS USA Remit.
You can receive USD from other local bank accounts. This would still be done via telegraphic transfer and a flat charge of $10.00 for receiving funds via telegraphic transfer will be charged.

[PNGMK]

Personally want you need I think is a partner in the US whom you can establish a trust relationship with and run a 'treasury' where no money actually crosses borders. That's in part why multi national companies exist.

Edit: the other issue is money laundering controls (I'm not implying you are involved at all in this) are making handling of cash so difficult.