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Depositing USD (US dollars) in SG without incurring fees

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skyper65
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Postby skyper65 » Tue, 07 May 2013 4:37 pm

JR8 wrote:
stiwi wrote:... 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?

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the lynx
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Postby the lynx » Tue, 07 May 2013 4:42 pm

skyper65 wrote:
JR8 wrote:
stiwi wrote:... 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 :)

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Postby stiwi » Tue, 07 May 2013 5:35 pm

skyper65 wrote: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
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Postby samir767 » Wed, 05 Jun 2013 1:14 pm

try mustafa center. they offer best rates.

stiwi
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Postby stiwi » Wed, 05 Jun 2013 5:20 pm

samir767 wrote:try mustafa center. they offer best rates.


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

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JR8
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Postby JR8 » Wed, 05 Jun 2013 8:42 pm

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).

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Strong Eagle
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Postby Strong Eagle » Wed, 05 Jun 2013 10:05 pm

samir767 wrote: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

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JR8
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Postby JR8 » Thu, 06 Jun 2013 9:03 am

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

Ouch, if you're doing size.

IronMac
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Postby IronMac » Fri, 23 Aug 2013 8:54 am

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?

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Postby verysallyish » Fri, 11 Oct 2013 2:20 pm

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! ^.^
"We are what we repeatedly do. Excellence, then, is not an act, but a habit." - Aristotle

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JR8
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Postby JR8 » Fri, 11 Oct 2013 2:51 pm

IronMac wrote: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
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Postby IronMac » Mon, 21 Oct 2013 10:12 am

JR8 wrote:
IronMac wrote: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.


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