Urgent HELP needed.

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trudy

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Feb 28, 2007
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Guys, my father is sick and in Singapore at the moment waiting for chemotherapy. And I'm going there asap.

So some questions:

Is there anyone who knows what's the best way to convert Australian dollar to Singapore dollar ? (to minimize fee etc)

I need to bring at least SG $ 50.000,00
FYI, I have Wizard Clear Advantage Card.
I have some options that I could think of:
- put the money into Wizard card and withdraw from it each day ?
- bring the cash and convert it there (which place is the best ?)
- convert it into SG dollar here (which place is best?)
- get traveller cheque or something similar ?

From website:
- Xe.com : 1 AUD = 1.28605 SGD
- http://www.mustafa.com.sg/forex.asp : 1 AUD = 1.2780

Also, is there any special return ticket available to singapore from melbourne in the next 2-4 days? (with 3 / 6 months open date ?)

Also, if anyone know the best hematologists in singapore / treatment centre ?
I was going to bring him here, but I think it will be hard for him (He's from Indonesia).

Sorry if this not the right forum to ask this question.

Thank you in advance.
 
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Evan

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I generally just use my ATM card in Singapore.... the rate is not as good as i like but its easy.
Also the money changers in Singapore often give good rates for AUD, ie better than ATM rates after fees.
Can't really comment on the mount though, i usually only get $1000 at a time.
 

markis10

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You might be better to wire the money to Singapore to a bank account there, otherwise talk to your bank about withdrawing that sort of money and their limits. PLease also be aware of the reporting requirements for such a large amount, dont want to see you on border security!
 

Keith009

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I'm sorry to hear about your father.

Qantas has some sale fares to Singapore, 4 days min stay/12 months max stay. Approx $1052 including taxes/fuel.

Good luck!
 

markis10

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You are probably better off with a one way, $550 with Tiger, $750 with SQ, fares ex SIN coming home are about that for a return trip and you get the date flexibility you need!
 

trudy

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actually i'm not a resident of singapore so I can't buy one way ticket.
I have to have visa to do so... :(

and as I don't have bank account in singapore that option is out too :D

i do hope i'm not going to be featured in borders security :D
 

trudy

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I'm sorry to hear about your father.

Qantas has some sale fares to Singapore, 4 days min stay/12 months max stay. Approx $1052 including taxes/fuel.

Good luck!

thx a lot QF009.

I'll check that out!

I was going to book SQ for $1010 + tax (268 approx) for 6 month open ticket.

Thx again!
 

albatross710

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I was in Singapore two weeks ago and surveyed the exchange rate. Although outdated now the relative rates were:

Travelex at Brisbane airport : poor value 1.10
Exchange counter at Changi : better value 1.23
Mustafa Shopping Centre exchnage desk at Little India: best value 1.26

These places are good for living money amounts.

I think for that major amount of money considering TT fro your Australian bank directly to the person whom you have to pay for the medical expenses. That way the funds stay safely in your Australian account earning interest until you need to pay it out.

Contact your bank. I know Westpac allows funds to be transfers overseas via their internet banking website. Perhaps your bank may do the same.
 

vitaminp

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PLease also be aware of the reporting requirements for such a large amount, dont want to see you on border security!

Second that. If you do decide to take the $ in cash or a negotiable form (cheque/money order), then check with Customs/AUSTRAC, especially seeing a failure to declare can lead to very stiff penalties. Can be easy to overlook these things when travelling with other things on your mind. Best of luck to your father.
 
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trudy

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ic. I might just bring $5000-$9000 in cash (i think the max i can bring without declaring it is $10k ?) and get the rest transferred or
withdrawn from the atm if it get better exchange rate.

because i called wizard and they don't know the exchange rate.
said that they follow mastercard rate but can't find it on their website :(

so traveller cheque or similar is a NO ?

and thx for all the support.
appreciate it.
 

serfty

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actually i'm not a resident of singapore so I can't buy one way ticket.
I have to have visa to do so... :( ...
Huh? :confused:

I currently have a one way ticket booked SIN-MEL for June. (~AUD500, upgradeable)

Also an award one-way MEL-SIN for April. (30K QFF points + AUD160 in +++ as one-way MEL-SIN was ~AUD1050)

Both booked online using Qantas .com.

Living in MEL, I'm certainly not a resident of Singapore ...
 

Fluid-Flyer

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ic. I might just bring $5000-$9000 in cash (i think the max i can bring without declaring it is $10k ?)
Unless your monetary sources are from ill gotten gains, then don't even worry about the fact you have to declare it.


You can take as much money out of the country as you wish, if it's over A$10,000 cash - then you just have to tell the authorities, so they can make sure you aren't involved in some shady dealings... (It is exactly what will happen if you transfer the funds electronically, only the bank/financial institution can inform the government directly, without your involvement.)

And you rationale, wanting to ensure that you maximise the amount of money you can spend on your father's therapy, over paying ridiculously high bank/financial institutions fees, is commendable.

(I have assumed that you are a AUS PR or Australian, and have a tax file number.)

I hope you father's treatment is successful.
 
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trudy

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Huh? :confused:

I currently have a one way ticket booked SIN-MEL for June. (~AUD500, upgradeable)

Also an award one-way MEL-SIN for April. (30K QFF points + AUD160 in +++ as one-way MEL-SIN was ~AUD1050)

Both booked online using Qantas

Living in MEL, I'm certainly not a resident of Singapore ...

Sorry that I forgot to make it clear that I'm a PR of Australia not citizen :)
 

trudy

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Unless your monetary sources are from ill gotten gains, then don't even worry about the fact you have to declare it.

You can take as much money out of the country as you wish, if it's over A$10,000 cash - then you just have to tell the authorities, so they can make sure you aren't involved in some shady dealings... (It is exactly what will happen if you transfer the funds electronically, only the bank/financial institution can inform the government directly, without your involvement.)

And you rationale, wanting to ensure that you maximise the amount of money you can spend on your father's therapy, over paying ridiculously high bank/financial institutions fees, is commendable.

(I have assumed that you are a AUS PR or Australian, and have a tax file number.)


Ic. So I declare it at the airport if I decided to bring the 60k in cash ?

Yes, it's true that we're paying ridiculously high fees here :(

I hope you father's treatment is successful.

Thx a lot. I do really hope so.
 

Evan

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Huh? :confused:

I currently have a one way ticket booked SIN-MEL for June. (~AUD500, upgradeable)

Also an award one-way MEL-SIN for April. (30K QFF points + AUD160 in +++ as one-way MEL-SIN was ~AUD1050)

Both booked online using Qantas .com.

Living in MEL, I'm certainly not a resident of Singapore ...

Well serfty, to be exact Singapore do like an onward ticket, and QF sometimes ask, last time they did i just pointed to my passport and said my ticket was a return ex-Singapore, they looked at me and just went ok...

However being practical i have only ever been asked once if i had an onward ticket and never has anybody cared about it.... i spend most of my year in Singapore... and i am an Australian resident.

I figure if they ever really ask and get insistant then just goto the lounge and purchase one on the internet.

E
 

oz_mark

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Well serfty, to be exact Singapore do like an onward ticket, and QF sometimes ask, last time they did i just pointed to my passport and said my ticket was a return ex-Singapore, they looked at me and just went ok...

However being practical i have only ever been asked once if i had an onward ticket and never has anybody cared about it.... i spend most of my year in Singapore... and i am an Australian resident.

I figure if they ever really ask and get insistant then just goto the lounge and purchase one on the internet.

E

It is actually a requirement that you have a confirmed onward or return ticket. Just does not normally seem to be checked.
 
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ric_melb

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There is considerable risk in carrying $50,000 in cash. If you lose it then in addition to illness you have financial stress.

I suggest you talk with your bank about telegraphically transferring the money to a bank in Singapore. I believe if you do not have an account with a bank in Singapore your bank can TT the money on an advise and pay basis. In other words when you get to Singapore you go to the Singapore bank and collect the money or open an account with it. Of course you need to produce ID.

If you TT money overseas your bank will commonly charge 1-2% exchange spread, plus a fee of some $25. I doubt you will get a better rate than this by using an ATM or credit card. You may get a better rate from a Singapore money changer, but again you have the risk of losing the cash.

Additionally most ATM withdrawals are limited to $1000 a day and you will probably be charged a $4 fee.

I would suggest at least you contact your bank and see what they can do for you to maximise the best rate with maximum safety of your money.

Best wishes for your father's recovery.
 

Myrna

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and as I don't have bank account in singapore that option is out too :D

If one of your relatives (or your father) has a bank account in Singapore, and can receive the money for you - and can be trusted, then you can buy SGD via one of these 2 FX dealers: www.ozforex.com.au, and www.hifx.com.au. I have used both of these a few times and found their rates to be excellent (compared to very poor retail rates from the CBA) and no fees (yes, no commission fees). For the amount of money you mentioned, it is worth completing the application forms with both and check to see which one will give you the better rates. The application forms are straightforward. I sent large C$ to my sister living in Canada, the proceeds of the sale of her property in Australia. I also bought US$ to buy US shares through ComSec.
 

trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
ok decided to open the hifx and ozforex acc.

so the rate comparison :
- xe : 1.28703
- hifx : 1.2824
- ozforex : 1.28
- mustafa : 1.2790

- bank : not sure (must be below 1.28 ?) am i right?
because tried to call my bank (hsbc) and i get busy tone / voice mail since 1 hour ago -.-

and going to open hsbc sg acc once i get there .
there's no fee if balance > sgd 2000.

:)

thanks all for the suggestions.

cheers.
 

markis10

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Nov 25, 2004
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30,449
ANZ is 1.2520 for TT FYI


In Singapore DBS is offering 1.2794 by comparison (http://www.dbs.com/ratesonline/fxbra.html_)

There is nothing to stop you opening an account in your name when you get there and doing the transfer then as far as I can see, for instance DBS have no limitations on foreigners opening an account so long as they have a foreign passport for ID!

Also worth checking if your intended cash receipient takes credit card, 50-60K of spending would be a rewards flight or two!

Best of luck!
 
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