What's the cheapest way to transfer

[VIBGYOR]

money across borders?

let say i want to move some cash from Singapore to country X.

this cash amount exceeded the customs limit for transfer.

how do i transfer this SGP money to country X currency, without incurring much taxes and fees but with safety and security?

Legally of course...LOL...

 

[NissanViP]

Bank to bank transfer, make sure the bank exist in that country. I also intend to do money transfer out from SG but later after next GE result.

 

[VIBGYOR]

Bank to bank transfer, make sure the bank exist in that country. I also intend to do money transfer out from SG but later after next GE result.

do you need to open a bank account in that country?

or just a bankdraft would do?

 

[allanlee]

Better not transfer all of it in one go....... do it bit by bit....... otherwise you'll find Harry's henchmen sniffing around your money sources :p

 

[NissanViP]

do you need to open a bank account in that country?

or just a bankdraft would do?

Of course you should have bank account active with the bank you intend to put in your money, You also need to find out whether they have branch of that country you are going.

For example, I transfer some money say SGD$10k from DBS to Maybank, when I go into malaysia, i can draw ringgit in malaysia, maybank will do exchange conversion whenever I withdrew any amount in ringgit.

So I think it is the same process with other banks, perhaps you should check with the banks concern before proceed further.

By the way, like what "allenlee" mentioned, not to transfer all the amount at one go, do bit by bit to safeguard your money from LKY- henchmen abroad.

All the best.

 

[Peiweh]

money across borders?

let say i want to move some cash from Singapore to country X.

this cash amount exceeded the customs limit for transfer.

how do i transfer this SGP money to country X currency, without incurring much taxes and fees but with safety and security?

Legally of course...LOL...

i did that once - moved money from singapore to HK without leaving singapore

if you are moving more than 200K, then go to citigold dept and they will arrange for a HK banker visiting SG to sign the documents for you here, the citi SG will transfer the money to your HK account, then you can do everything by phone, fax email after that.

 

[singveld]

i did not know you are in money laundering business.

 

[johnny333]

how do i transfer this SGP money to country X currency, without incurring much taxes and fees but with safety and security?

Legally of course...LOL...

Is it a problem moving money OUT of Spore

I thought Spore was a money laundering HUB, I mean business HUB. Don't think you'll have problems unless you're transfering millions.

 

[po2wq]

... Don't think you'll have problems unless you're transfering millions.

wat makes u tink he's nt transferring millions? ...

 

[commoner]

by bank transfers, usually involve charges and sometimes if there are black market exchange rates, the bank rates not so attractive

if it is business transaction, no choice using bank transfers but hopefully with a good exchange rate

but if it is not so legal, then the 0.x% does not look that bad...

if it is illegal, then the percentage may be up to 10%

and also the banks are sensitive that anyone withdraws 10K in cash (that was the amount that may raise red flags years ago)

if it is just cash, change to $1,000 notes and not $10,000 notes because there are limited issue of $10,000 and traceable

usualy customs will not check on Singapore side

 

[Frankiestine]

Any movement of money about USD25K, the red flag at MAS will be raised and questions will be ask if not substantiated by documents ie payment to suppliers etc..

 

[Frankiestine]

and also the banks are sensitive that anyone withdraws 10K in cash (that was the amount that may raise red flags years ago)

was it 10k....? I thought it was 25k US...due to MAS want to monitor money laundering and funding of terrorism due to aftermath of 911...the last time I tried to move 100k from one local bank to another, bank got jumpy and ask hell lots of question...

 

[johnny333]

wat makes u tink he's nt transferring millions? ...

Who has millions in Spore :p

If you are the men in white, I'm sure they already know how to get money out of Spore.

 

[johnny333]

...the last time I tried to move 100k from one local bank to another, bank got jumpy and ask hell lots of question...

Which bank became jumpy, the one you are taking money out from or depositing to

It could simply be the bank thats loosing a customer & money

I have been transfering money to my US trading account & didn't encounter any problems. Maybe it was because my bank is Citibank or because I did it in US$25K amounts.

 

[Katana]

Cheapest way is to transfer right into my pocket plus i will tip u generously.

 

[Frankiestine]

Which bank became jumpy, the one you are taking money out from or depositing to

It could simply be the bank thats loosing a customer & money

I have been transfering money to my US trading account & didn't encounter any problems. Maybe it was because my bank is Citibank or because I did it in US$25K amounts.

The one I withdrew from was not happy that I did not informed them of my intention to withdraw $100K and the one that I wanted to deposit the money into ask all sort of question...where did money origin from...etc.

 

[Snipeshot08]

I thought Spore was a money laundering HUB, I mean business HUB. Don't think you'll have problems unless you're transfering millions.

No problemo, ask the bank to issue you single notes of S$1m each , even S$100m also only 100 pieces, can easily fit into wallets and pouches...

Just kiding....:p

 

[Snipeshot08]

Bank to bank transfer, make sure the bank exist in that country. I also intend to do money transfer out from SG but later after next GE result.

Sometimes it depends on which countries, some countries it is easy to transfer in but damn difficult to transfer out

 

[Snipeshot08]

the last time I tried to move 100k from one local bank to another, bank got jumpy and ask hell lots of question...

wow envy neh, you are one rich Frankenstein...:p

 

[johnny333]

The one I withdrew from was not happy that I did not informed them of my intention to withdraw $100K and the one that I wanted to deposit the money into ask all sort of question...where did money origin from...etc.

Since when is it the banks business where YOUR money come from.

Must be DBS, like any GLC they think your money is their monry

You lucky you are not a senior citizen, like that recent case when they refuse to let that woman close her account with her millions