Singapore Expats

With the fixed deposit interest rates so pathetically low (0.5-1%) in Singapore, anyone here created FDs in Johor Bahru for the 3-3.7%?

Are there legal issues about bringing money out of Singapore? If so, what's the limit?

Hmmmm I cross into Malaysia so often that I never really thought about this I'm really not sure what is the limit on the singapore side, although I remember there used to be an old ruling that you have to declare to Malaysia customs if you take in more than RM1000 (i think the entry card still require you to indicate).

I don't think this rule is strictly enforced anymore - though last month Customs did ask me how much I was carrying... they did not really bother to check (unless they smell a rat, or if you're carrying bags of cash)

hei man.... did you ever heard about exchange rate risk? why do you think rates are different?
my two cents,
Paolo

paolo, well, i was thinking if i deposit the SGD in Malaysian FDs and get the 3-3.7%...

see?

asiandivergal, it's not enforced anymore, or the ruling's abandoned. i've left and re-entered the country twice within the past six months and that card was never seen anymore, like previous years.

riversandlakes wrote: asiandivergal, it's not enforced anymore, or the ruling's abandoned. i've left and re-entered the country twice within the past six months and that card was never seen anymore, like previous years.

Why would you say that?
I went in two weeks ago and the form is still in use. The form is a combination of Arrival/Departure card and Custom/currency/plant/health declaration. How did you manage to get through without these standard controls?

Or is this a lame attempt to think that Singapore bankers would read this forum and raise the interest for Singapore deposits?

Nevertheless, for those who are genuinely interested, here are some info.

There are two main conditions in the Form: Approval is required
(1) to carry more than RM 1,000
(2) to take out more than foreign currencies equivalent to US$2,500.

In addition, I'm informed by Johore bank that the maximum deposit per day is RM 10,000 - so if you want to make larger deposits, you would have to go more than once.

Open a Maybank account here in Sing. Create an account in Malaysia. Move funds back and forth how you wish. I opened a Maybank account to recieve payments in RM and move them to Sing.

Strong Eagle wrote:Open a Maybank account here in Sing. Create an account in Malaysia. Move funds back and forth how you wish. I opened a Maybank account to recieve payments in RM and move them to Sing.

How much a commission is involved? By amount or per transaction?
Do the currencies get automatically converted according to the bank's rate?