banking
Posted: Tue, 23 Aug 2005 7:42 pm
is it possible to bank in USD 1 million into singapore bank?will they ask questions?thanks alot.
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Posted: Tue, 23 Aug 2005 9:22 pm
Does USD 1 million dollar note really exist?
Posted: Thu, 25 Aug 2005 1:52 am
It all depends. If there are substantial evidence that the money is thru legal means, it'll be fine.
Eg: If you are considered an "accredited investor" in Singapore terms (annual income of at least S$300,000 or personal assets exceed S$2,000,000)
If you are thinking of using the money for investment, let me know. I'm working in one of the biggest investment brokerage in Singapore.
Eg: If you are considered an "accredited investor" in Singapore terms (annual income of at least S$300,000 or personal assets exceed S$2,000,000)
If you are thinking of using the money for investment, let me know. I'm working in one of the biggest investment brokerage in Singapore.
Posted: Thu, 25 Aug 2005 1:43 pm
All Banks have certain due diligence that need to be carried out and the origins of the funds recorded, this process is known as "Know your Customer", you'll be hard pushed to deposit this kind of money without questions being asked unless it's coming from a reputable depositer, the fact that you're asking this question would suggest it's not.
Posted: Thu, 25 Aug 2005 8:24 pm
Yeah my annual income exceed that amount and the money was paid by a client but I intend to give it to my wife who is a singaporean and she will have to deposit it into her account in singapore.All she have to do is verify it with an american bank for it's authencity.I,however do not reside in singapore.Thanks alot.aloof wrote:It all depends. If there are substantial evidence that the money is thru legal means, it'll be fine.
Eg: If you are considered an "accredited investor" in Singapore terms (annual income of at least S$300,000 or personal assets exceed S$2,000,000)
If you are thinking of using the money for investment, let me know. I'm working in one of the biggest investment brokerage in Singapore.
Posted: Fri, 26 Aug 2005 1:34 am
You mean your wife is living in singapore, but you are not? She does not need to verify the authencity of the money. A mil is not a small sum, neither is it a very large sum, but a sudden deposit of that amount will definitely have some questions ask.worried wrote:Yeah my annual income exceed that amount and the money was paid by a client but I intend to give it to my wife who is a singaporean and she will have to deposit it into her account in singapore.All she have to do is verify it with an american bank for it's authencity.I,however do not reside in singapore.Thanks alot.
Interest rate environment is so low now. Why don't you consider putting it into investment vehicles, like mutual funds or unit trusts? I'll be glad to ask my Director to go thru everything with her and you. You can PM or email me if you are interested. Thanks.
Parent Company: www.cimb.com.my
Singapore: www.gkgoh.com