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Moving from Singapore to US - advice on banking

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sgoh
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Moving from Singapore to US - advice on banking

Postby sgoh » Wed, 17 Jul 2013 11:13 am

Hi,
I'm relocating out of Singapore next month.
I am very new here and have found plenty of useful advice on dealing with IRAS, MOM, and CPF.
Particularly useful was the discussion on outstanding debt.
I have just one savings account here with DBS and I have been exploring options for International money transfer such that i dont end up wasting money on charges and ridiculous fx rates.
Any advice on how to keep transferring money from USA to Singapore to pay my outstanding debt for the next 6 months?
Thanks in advance.

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Strong Eagle
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Postby Strong Eagle » Wed, 17 Jul 2013 11:21 am

Open a checking account with a bank in Singapore, one that has online access. Put enough money in the account to avoid international transfers and use the local Singapore account to make local payments.

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zzm9980
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Re: Moving from Singapore to US - advice on banking

Postby zzm9980 » Wed, 17 Jul 2013 12:32 pm

sgoh wrote:Hi,
I'm relocating out of Singapore next month.
I am very new here and have found plenty of useful advice on dealing with IRAS, MOM, and CPF.
Particularly useful was the discussion on outstanding debt.
I have just one savings account here with DBS and I have been exploring options for International money transfer such that i dont end up wasting money on charges and ridiculous fx rates.
Any advice on how to keep transferring money from USA to Singapore to pay my outstanding debt for the next 6 months?
Thanks in advance.


Open Citibank accounts on both ends. SG -> US is free and instant, with a roughly average exchange rate. (Not as good as money changers at Raffles Place, but better than DBS or most other banks). US -> SG is a small charge, I think $11 USD.

Depending on where you're going in the US, Citibank is also the only retail bank in Singapore you'll have a good chance of being able to find local branches in the US also. HSBC had some, but they were extremely limited (parts of either coast) and may have even sold it off.


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