I am trying to work out the best way to transfer $10k from Singapore to Australia. Initially I thought just use the banks but have heard fees are high and exchange rate is average. What are best options to save on fx fees? Any suggestions?
Transfering Money from Singapore to Australia
marketingpolice on 28/03/2023 - 20:57
Comments
If it's within the next 6 weeks, yes.
Citibank Australia will close its doors to new accounts starting mid-May, and I also received notification that Citibank Australia multi-currency accounts will be closed at the same time since NAB doesn't have anything similar in its product stack.
Wise
Yup Wise is the way to go. Using it for the past 5 years - cheapest and fastest transfer SGD to AUD or vice versa IMH
Yeah, Wise (formerly 'TransferWise') … or of course the trusty old fall-back for when ANYTHING needs to get done rapidly, and with a minimum of resistance; bikies. I'm reliably informed that the Geylang Goons are tight with the relevant Melbourne factions.
Change in Chinatown, open a DBS multi currency account and deposit. Make sure both the SG and AU accounts are exactly the same name and I believe the swift transfer is very cheap or almost no fees. You can check with DBS before doing the above.
Whatever you do, do the FX exchange wither with an online provider (like transferwise), or do the FX at the Singapore side. Australian banks rip you off with retail FX rates, and the fees for the initial transfer, and then another set of fee when you get the funds in your account.
Exchange cash in Singapore and bring it back in cash.
There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.
Set up a family in both countries
Modern problems require modern solutions.
Bitcoin
BTC transfer is the easy part though. KYC for depositing and withdrawals at exchanges on both ends will get tricky, although it might work out better/faster if you do repeated transactions.
ofx
wise
cash
bank transfer
so many optionsI found citibank plus debit rates were pretty comparable to the google ones (not the buy sell rate but whatever you tell Google directly to convert), so if you can open a citibank acc in sg and deposit the money, then withdraw it at a fee free atm around.
If you are an HSBC premier account holder in Singapore and Australia, you could transfer the funds from Singapore to Australia fee free using HSBC's Global View and Global Transfers features. Though I suppose HSBC will take its cut via the exchange rate.
Here's info from HSBC in Singapore regarding Global View and Global Transfers:
https://www.hsbc.com.sg/foreign-exchange/global-view-global-…
Here's info from HSBC in Australia regarding the same transfer features:
https://www.hsbc.com.au/international/global-view-and-global…
Hope this helps. GL.
If you are in Singapore then go to change alley and exchange the SGD into AUD cash - you will get extremely close to the inter-bank rate
Strap it to your waist.
citibank are in both countries