Singapore Expats

I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

UOB allows $20K deposit limit at cash deposit machines. DBS should be similar being a local bank.

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

No. the only time I've been asked about source is > $100,000.

PNGMK wrote:

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

No. the only time I've been asked about source is > $100,000.

If you deposit in Machine, they will ask retrospectively, if the amount exceeds 50 K I recall ..

PNGMK wrote:

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

No. the only time I've been asked about source is > $100,000.

I wish I had your problems

The Ref wrote:

PNGMK wrote:

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

No. the only time I've been asked about source is > $100,000.

I wish I had your problems

Sold a house.

10k should not be a problem. But even if they ask, if you are able to proof source of fund what would be so difficult about that. Hehe

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PNGMK wrote:

cashew wrote:I want to deposit 10k cash into my DBS bank account. Is it considered a 'large sum'? Will I need to declare source when depositing? Thanks

No. the only time I've been asked about source is > $100,000.

I believe that the threshold has been dropped to $20,000.

One can always make multiple deposits on different days, or to different banks if you have more than one account.

maneo wrote: One can always make multiple deposits on different days, or to different banks if you have more than one account.

I believe MAS can stlll find you

ecureilx wrote:

maneo wrote: One can always make multiple deposits on different days, or to different banks if you have more than one account.

I believe MAS can stlll find you

It's not an issue of being found.
It's just a way to avoid having to do the extra paperwork for what should be a simple deposit.
Just need to determine which is more troublesome.

Big brother will always find you no matter where you are. It will catch up with you sooner or later.

But on a serious note, as long as you can proof the source of funds it should not be a problem.

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Only slightly related... I was at the commercial desk at UOB withdrawing a substantial amount of money when this uncle comes in wearing shorts, t-shirt, and flip flops, and carrying two paper bags. I had to watch. By the time they got through counting all the money in the bags, there was more than $250,000. No one batted an eye. I can only guess the gent was a money changer or some such and the bank knew him. I was also amazed that he'd be carrying $250K in cash in a couple of paper bags.

I am amazed too....

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I have withdrawn 500K HKD from DBS multicurrency account and took it to money changer and converted it to 80k SGD and then deposited those 80K SGD into DBS multicurrency account.

In this entire process the only document I was asked is my IC by the money changer. This was 3 years ago though.

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That is fine. The banks will have records of the transactions. Nothing wrong with it.

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