Like many, I want to be able to transfer funds out of my Singapore into a foreign bank account, in my case, a US bank account with USD denomiations.
As you know, bank wire transfers are notoriously expensive, both in the bank charges for essentially pushing a button, and the poor exchange rates offered compared to other independent sources.
I ran into a website ( http://www.xe.com ) that offers inexpensive and convenient transfers of money from one account to another. Eseentially one authorizes electronic fund transfers (EFT) out of your bank account to xe.com and they in turn use EFT to put the money into the bank account of your choice.
There is only one catch: Since xe.com is a US based company, the bank account used to transfer funds to xe.com via EFT must be a US or Canadian bank account. Thus, I cannot use xe.com to move funds from my Singapore bank account.
This problem could be solved if the following question can be answered with a "YES". Is there a company in Singapore that operates like xe.com so that I could use EFT to transfer funds to that company, who would in turn transfer the money to my US bank account?
My local Singapore bank will allow me to set up EFT to any local Singapore firm, so that would not be a problem. What I need to find is the Singapore company that does transfers like xe.com.
Anyone aware of such a company?
TIA
