Singapore Expats

Hi,

Does anyone have an idea of the best way to transfer money out of Singapore. In particular to the UK. Basically I'm looking for a cheap and convenient (not to mention safe) way to do it. I'll only be doing it once or twice a year so the emphasis is on convenient and safe.

I have heard that http://www.tranzfers.com/ is a good place. Has anyone used this company before? or know any better ones?

Thanks in advance,

Jonesy

just get the same bank account in both countries, HSBC allows free transfers between accounts.

Unless you are talking hard cash? In which case ask some local maids they have the best grapevine for sending cash overseas

HSBC Premier - assuming you qualify and it's legal money!

Otherwise, PayPal.

HTH P & C

the problem with high street banks is the rate they give you is usually crap! and most will charge you a fees too.

one way to get a better rate and less fees (or free) is to use a fx borker. their rates are very close to the interbank or "spot" rates.

one of the recommended fx broker in a money expert website is www.hifx.co.uk. you can check roughly what rates you are getting at www.hifx.co.uk/marketwatch.aspx.

sierra2469alpha wrote:Otherwise, PayPal.

PayPal is good for small amounts, but their commission murders you on larger transfers.

sierra2469alpha wrote:HSBC Premier - assuming you qualify and it's legal money!

Otherwise, PayPal.

HTH P & C

Yeah .. I am with them, and their services are great... Also with UBS, but was told they cannot transfer out of the country unless you come in and lodge it manually. Too much hassle...

.. but to your point; HSBC Premier works a treat.. and I've been impressed with their customer service as well...

/Jorgen

jskogsta wrote:
.. but to your point; HSBC Premier works a treat.. and I've been impressed with their customer service as well...

/Jorgen

That point i have to disagree a little....... whilst sending money around is free it's harder from SG than from, let's say, Hong Kong. From HSHC to HSBC out of SG is still regarded as "Third Party Transfer" so is limited to S$25k per day.

I've given up counting the number of times i've called my "Relationship Manager" and not had an answer, leaving a VoiceMail only never to had a return call. Now the only thing i can do is call the general Customer Service number........ so tell me, why bother with the marketting BS that comes with your own Relationship Manager? It's not just HSBC here in SG that is like this but i have hte same problem in HK too.

If it wasn't for the fact i can trnasfer for free and get accounts in every country i live then i wouldn't use them....... their only advantage is "World's Local Bank."

If You are just transferring money to your family, just use T/T in advance. They charge roughly 30 bucks(not too sure, it's been a long time), Most of the global banks like Citibank does that.

So the X-factors are, who are you sending it to and the estimated amount You plan to send it to

one thing more important is the rate they are giving you, not how much they are charging you for the TT. most banks give you terrible rates!

Hmm, must say I've only transferred money to Singapore and never the other way round. Here in Europe if you negotiate well with your bank, it can cost little otherwise it's usually very expensive.

Can one not do so with banks in Singapore? How about converting the money into another currency e.g. Euros or Dollars and have it all on a check that can be cashed/deposited easily in the other country? I've done that a few times when I was a student but that was 13 years ago.