Depositing USD (US dollars) in SG without incurring fees

[Hannieroo]

Citibank in the US do something called a global executive account and you can link it to a Citibank SG account and move stuff back and forth for free.

[skyper65]

Hannieroo, thanks for your post & the prompt response. I just checked citibank. If I were to deposit USD in CASH to citibank, there would be a charge of 0.5 %. For example, USD $10,000 cash deposit in Singapore at a citibank branch would incur a charge of USD $50. Would you happen to know of banks that do NOT have such charges or have minimal charges or flat fee charges? ~skyper65

[Hannieroo]

No, sorry.

[skyper65]

Thanks, Hannieroo!

[zzm9980]

I think Hannie meant that if you deposit it into Citibank in the US, then transfer it over. And actually, for some reason in that direction (US -> SG) they will charge you $11 USD.

But, I'm guessing you're already here though with a pile of cash.

Did you want to put it into an USD or SGD denominated account? If the latter, go to the arcade at Raffles Place and just convert it to SGD.

[PrimroseHill]

Open up a USD account at Citi SG then transfer to heart's content. Thats what we did.
We opened a USD & GBP denominated account, so it was merely a USD to USD transfer, no forex charges just the TT/SWIFT

[skyper65]

Open up a USD account at Citi SG then transfer to heart's content. Thats what we did.
We opened a USD & GBP denominated account, so it was merely a USD to USD transfer, no forex charges just the TT/SWIFT

Thanks, PrimroseHill. I am going to set up a foreign currency account with Citibank!

[Max Headroom]

Open up a USD account at Citi SG then transfer to heart's content. Thats what we did.
We opened a USD & GBP denominated account, so it was merely a USD to USD transfer, no forex charges just the TT/SWIFT

PH, we were informed that any USD coming into Singapore, at any bank, will automatically be converted to SGD before it is deposited. The reason being - so we were told - is because banks here aren't permitted to accept SGD outright, possible as a measure against laundering, not sure.

Can you confirm for me that Citi will allow a USD transfer from overseas?

Cheers.