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money transfer UK --> SIngapore ?

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alekk
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money transfer UK --> SIngapore ?

Postby alekk » Wed, 08 May 2013 11:29 pm

Hi all,

almost found a flat to rent and I will soon need to pay deposit+1st rent+agent fees etc :-( Haven't got a bank account opened in Singapore yet and have only got my in principle approval letter so far (have not started job yet, EP should be done in a few weeks time). I am looking now at the options available to send money from the UK (HSBC) to Singapore.

It should not be too difficult to open a bank account with the in principle approval letter at DBS. Nonetheless, how easy is it to transfer money from the UK (HSBC) to a local DBS account. Is it worthwhile/needed to open a local HSBC account here (better exchange rate/fees/etc ?)?

Many thanks!

AngMoG
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Postby AngMoG » Thu, 09 May 2013 7:31 am

I am not sure if there is Citi in UK... if so, open an account there, and have them also open an account in Singapore (someone said this can be done remotely with Citi). I am not sure if HSBC has a similar perk, if so, it may be best to use that.

For the flat, I hope you have somebody here in Singapore who you can trust who viewed the flat for you and sent you pics. Ideally, this would be a friend you trust with the money so he can receive the deposit. Otherwise, it may be better to come here first, depending on your comfort level.

For transfers BEFORE you arrive (to transfer the money to the agent), if you cannot setup the Citi or the HSBC account pair, the best may be to use Western Union or similar, it's fast and reliable, as long as you can trust the money recipient ;)

Hannieroo
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Postby Hannieroo » Thu, 09 May 2013 9:22 am

The only Citibank is in London, we had to open in the states then present ourselves to a Citi branch or us embassy to have our id verified.

I would open a local account but I would do it here because not every ATM dies every card, find out your local services first. In the meantime ask whoever you are paying for an Iban, you will be able to transfer directly to their account from the uk.

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JR8
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Postby JR8 » Thu, 09 May 2013 1:01 pm

Bring GBP10k with you in cash (the customs limit), and when you get here change it at Change Alley.

You'll get a far better rate than via a bank conversion/transfer. And the S$ funds can then be put into a local bank account, and should be ample to get your accommodation set up.

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durain
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Postby durain » Thu, 09 May 2013 8:29 pm

+1

if you are going to exchange lots of cash, you can haggle to get a better rate too. all rates are clearly displayed and what you see is what you get. no commission or fees to pay on top.

for regular money tranfer from UK to SG, consider using a money broker as their rate usually are better than the high street banks.

other alternatives are getting a UK credit/debit card and use it on the ATM to get local currency. only a handful of UK banks do it now that dosesnt charge you a fee, load or commission. i can think of metro bank and halifax (clarity).


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