Can I withdraw money from a US account w/o transaction fee?

[monaG]

I was just wondering if I could withdraw money in Singapore from a US debit account with no or little transaction fee? Is there any bank offer such service? For example, if the bank has branches in both Singapore and the US, will that lower the transaction fee?

Any experience is appreciated. Thank you very much.

[Bafana]

Know from Aussie accounts you will get charged a fee from your bank if you use an ATM in Singapore. If you transfer money you will pay a fee to your home bank and the Singapore bank. Believe a good way around this maybe to use an online bank but am not sure, but may be worth investigating further.

[durain]

your US debit account will have to be a VISA or MasterCard debit card. if it is just a cash card, you wont be able to make any withdrawal internationally. if it is using the VISA or MasterCard, then it will be their exchange rate and the "load" or commission on the cash withdrawal/purchase from your US bank. typically, it could be from 1% to 3% (or more).

[Zeenit]

Best check in the USA which banks allow free withdraws abroad. You can always transfer money locally via the internet and use the new account to take cash out in Sg.

[ksl]

To draw cash you will pay extra, to buy the goods on your card you will only pay the set exchange rate, unless it states specifically in your card transaction details.

[monaG]

your US debit account will have to be a VISA or MasterCard debit card. if it is just a cash card, you wont be able to make any withdrawal internationally. if it is using the VISA or MasterCard, then it will be their exchange rate and the "load" or commission on the cash withdrawal/purchase from your US bank. typically, it could be from 1% to 3% (or more).

Yes, it is a VISA debit card. I just asked citi and they charge 3% , so I would really I appreciate if anyone would let me know the 1% banks.

[monaG]

To draw cash you will pay extra, to buy the goods on your card you will only pay the set exchange rate, unless it states specifically in your card transaction details.

Really? That's good news.

[monaG]

Actually, can I ask how you guys took money with you when you first arrived in Singapore? I don't need a lot money transferred, just for apartment rental, furniture, etc.

[durain]

here's the VISA credit/debit exchange rate.

http://www.corporate.visa.com/pd/consum ... _rates.jsp

just add your bank % fees to get what rate you are getting. ALL VISA credit/debit cards will use the same exchange rate, only diff is your bank's % fees they charge you. you can withdraw cash at any ATM worldwide with the VISA sign but do check with your bank if there's any surcharge on top of the % fees for withdrawing cash.

the best way to get local currency in singapore is to bring your cash and get it exchange in the money changer. if you are exchanging a lot, you can haggle with the money changer to get a better rate. not all money changer rates are the same, so do shop around.

but for long term exchange, you will need to use a money broker which will do the exchange for you and do an electronic transfer into your local bank in singapore. their rate and fees are usually better than local banks (both in US and singapore) but it is still worth asking your US banks what are their fees and rate if you were to open a same bank in singapore.

[AngMoKio]

As a concept, it occurs to me that I need to move 5k to the US. If you need to move a similar amount from the US to Sing, it seems like a situation could be worked out where I transfer you the 5k here in sing and you transfer the appropriate amount back in the US.

If we could work out the trust issues (paypal? escrow?) it seems like the best idea I have had so far to get around those stupid fees.

Anyone else have any thoughts of why this wouldn't work?

[durain]

sure can work. it's all down to trust!

if not, i got some nigerian friends that can help too.