What's the cheapest way to transfer

[johnny333]

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

Spores largest note is only $10,000.

If you go around using these big notes($500 & upwards) must be careful. If the notes are reported to be stolen, you can't use those notes.

Spore currency must have have the largest denomination of $10,000. It takes only 100 pieces of $10,000, if you want to carry $1million

Easy for money launderer to carry a few million

 

[1sickpuppy]

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..

U sure ? Damn those ppl at MAS must be sleeping 1 once transfer over SGD100k and nobody bother me at all.

 

[allanlee]

was it 10k....? I thought it was 25k US.....

The amount is generally only a guideline..... once several years ago I have been questioned for transfering just 3K to a mudland bank in Johor....... just my luck that week happened to have an opposition politician who ran road from singkieland came down to JB to meet his relatives and supporters from singkeeland......... so suay suay I kenna questioned even though I had nothing to do with this politician. :(

 

[scroobal]

Reading some of the comments and one has to smile to keep one's sanity.

There are absolutely no issues transferring your money electronically outside or inside Singapore. The restrictions and concern apply to movement of cash which triggers the red flags. The money laundering regulations and laws across the world covers the entry of cash into the banking system and the source of it has to be determined.

First thing is to open an account in the destination country. One of the fstest way is to visit the branch of bank that is big in the destination country such as ANZ if its Australia etc. Alternately, fly to that country and open it. Before going call them up and ask for opening requirements. Usually a utility bill is required to determined address.

The cheapest way is to do telegraphic transfer which can be done at any bank branch here. Just pop down to the nearest DBS branch, go to desk where banking slips are kept and pick up the TT form. Can fill it up at home and submit. The funds will hit your destyination account within 2 days.

Most destination countries do not tax or have issues with incoming TT or funds. Taxation applies only to regular incomes and not transfer of savings etc.

The only time banks question you is if you are elderly or behave blur and the destination account is not in your name. Its to protect you just in case, it involves scams and you might be a potentil victim.

Singaporeans regularly transfer thousands to millions of dollars each day to pay for children studying abroad, buying car, buying house, investing purposes.

Practically all countries however are strict when cash is carried over the borders without declaration. If you declare, you can carry millions of dollars but why bother and it is not safe.

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...

 

[Meltdown]

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...

Bank to bank international telegraphic transfer. It's fast, safe, cheap, & very convenient. Off course you need to have a bank account in the destination country where you want to transfer your money to.

Based on my experiences, it's best to deal with young chiobus at the banks when making large deposits & withdrawals bec they usually don't ask silly questions like where your money comes from, what's your profession or what kind of business you're in, etc, etc, etc..

The same can be said when entering or leaving a country. Young chiobus immigration & customs officers usually don't ask silly questions. I think it's bec they don't want to give out the wrong impression that they maybe interested in dating male bank customers or male airline passengers, that's why they usually process the bank transactions and immigration/customs formalities very fast. It saves me a lot of time and unnecessary hassles. Plus, it makes my day when dealing with pretty faces.

 

[Frankiestine]

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

that was done now bankrupt liao....:(

 

[Papsmearer]

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...

U give me the money, and tell me where u want it. I will take the money for u and fly to whatever country u want it to in and deposit it there for u mah. I provide this service for free. Cause, u are a smammyboy bro.

 

[Ah Guan]

Roll up bundles of cash, stuff into condoms and swallow them

At your destination, induce vomitting to retrieve cash