Urgent HELP needed.

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Myrna

Active Member
Joined
Aug 23, 2002
Posts
715
Trudy,

The FX rates on hifx and ozforex are "dealers" or "interbank" rates and they change constantly during trading hours. You can use them to monitor your target rates and then buy on the day(s) you think they are good.

To get the rates for yourself you will need to telephone each and ask for the rates which they will deal for you (at the moment) based on the amount of SGD you want to buy. Compare and decide which one you want to go with - one day hifx may give you a higher rate than ozforex and vice versa. Bearing in mind that rates quoted may only good for a few minutes - as they are live rates.

If you open an account with ozforex (and they have done the 100 point check on you), you can go into their website (with a userid and p/w) and purchase the SGD (they will show you the dealing rate based on the amounts) to be paid into your nominated account (it could be a new account you will open in Singapore). Then you will instruct your bank (HSBC) to pay the A$ equivalent to ozforex. I have done this - not that complicated. Remember, they don't charge you any fee - the rate you see is what you pay. However, your receiving bank (HSBC in Singapore) may (more likely, will) charge you a fee (usually around US$30 - just gauging, and there is usually not much you can do about it!). Yes, this happened to me all the time and it was very annoying.
 

Nutcase

Active Member
Joined
Jan 29, 2005
Posts
525
ANZ is 1.2520 for TT FYI


In Singapore DBS is offering 1.2794 by comparison (DBS Singapore | Rates Online | Foreign Currencies | Foreign Exchange_)

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!

Three pieces of advice

Talk to your Bank
Talk to your Bank
Talk to your Bank


You are already dealing with enough with your ill father, it is best to let the experts deal with the foreign exchange. Frankly saving a few bucks with this transaction will not be worth it.

Deal with the "international" team at your local bank. They will be able to advise you of your options. You may be able to open a SGD account here which is domiciled in Singapore and swap the money immediately. All local banks have deals with overseas banks for this specific purpose. Stay away from your local branch - these people are not trained with these sorts of issues in mind.

If your bank looks at you quizzically, then go to HSBC. They know this space well. They also have foreign currency accounts in SGD that can be domiciled here or in Singapore.

Some points to consider

  • Trying to withdraw dribs and drabs from ATMS will be painful and expensive.
  • Charging up your wizard card will "freak out" GE (the card issuer) and they will freeze your card
  • Moving large sums of cash through customs WILL get you on border security
  • Moving "lumpy" sums of money around will raise the ire of Austrac and you will have some explaining to do.

What is the cash for? Im assuming it is for your fathers treatment? The hospital will be able to accept a Telegraphic transfer from your local bank here which you can instruct them to send when appropriate. You will be at the mercy of the banks "spot rate" but there is not much you can do about that.

More important is your Fathers health and well being.

Good luck and look after yourself.
 

Dave Noble

Senior Member
Joined
Oct 10, 2005
Posts
6,419
[*]Moving large sums of cash through customs WILL get you on border security
[*]Moving "lumpy" sums of money around will raise the ire of Austrac and you will have some explaining to do.

There is nothing illegal about taking large quantities of cash; the only issue is that , if an immigration form asks about it, you need to declare it

If you declare it, they will ask a couple of questions to verify that it is not being laundered and when presented with a reasonable response will either just send you on your way or will ask for a declaration to be signed

Just do not try to smuggle it illegally

Dave
 

oz_mark

Enthusiast
Joined
Jun 30, 2002
Posts
19,630
You would need to declare it both ends as well. And I understand that Singapore and Australia swap this information.
 

Nutcase

Active Member
Joined
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Posts
525
There is nothing illegal about taking large quantities of cash; the only issue is that , if an immigration form asks about it, you need to declare it

If you declare it, they will ask a couple of questions to verify that it is not being laundered and when presented with a reasonable response will either just send you on your way or will ask for a declaration to be signed

Just do not try to smuggle it illegally

Dave

Indeed there is nothing illegal about it per se but there are easier and safer ways to get money around the world rather than dealing in cash.

Best off with electronic payments into legitimate accounts thereby eliminating risk and stress.
 

coco50

Active Member
Joined
May 15, 2006
Posts
932
Qantas
LT Silver
You would need to declare it both ends as well. And I understand that Singapore and Australia swap this information.

Best wishes to you and your dad. The problem with the cash is getting it out of Austraila - amounts of more than $A9999. You can take as much into Singapore as you like. Via the banking system is the best bet. Good luck
 

Dave Noble

Senior Member
Joined
Oct 10, 2005
Posts
6,419
Indeed there is nothing illegal about it per se but there are easier and safer ways to get money around the world rather than dealing in cash.

I don't tend to take cash, but have taken large quantities in travellers cheques which is the method I would be going for in this case

Dave
 

oz_mark

Enthusiast
Joined
Jun 30, 2002
Posts
19,630
Don't see why you couldn't use them, but they ould still need to be declared.
 

Dave Noble

Senior Member
Joined
Oct 10, 2005
Posts
6,419
Don't see why you couldn't use them, but they ould still need to be declared.

Indeed. But it does have the benefit of protection against loss or theft; I find them a great instrument for largish amounts of money

Dave
 

trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
ANZ is 1.2520 for TT FYI


In Singapore DBS is offering 1.2794 by comparison (DBS Singapore | Rates Online | Foreign Currencies | Foreign Exchange_)

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!

well i have citibank gold card. but i think the conversion fee etc will null any reward point ?
i haven't exactly looking into this. so I'm not sure.
anyone know whether it's better to use cc to get reward points ?
 

trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
Trudy,

The FX rates on hifx and ozforex are "dealers" or "interbank" rates and they change constantly during trading hours. You can use them to monitor your target rates and then buy on the day(s) you think they are good.

To get the rates for yourself you will need to telephone each and ask for the rates which they will deal for you (at the moment) based on the amount of SGD you want to buy. Compare and decide which one you want to go with - one day hifx may give you a higher rate than ozforex and vice versa. Bearing in mind that rates quoted may only good for a few minutes - as they are live rates.

If you open an account with ozforex (and they have done the 100 point check on you), you can go into their website (with a userid and p/w) and purchase the SGD (they will show you the dealing rate based on the amounts) to be paid into your nominated account (it could be a new account you will open in Singapore). Then you will instruct your bank (HSBC) to pay the A$ equivalent to ozforex. I have done this - not that complicated. Remember, they don't charge you any fee - the rate you see is what you pay. However, your receiving bank (HSBC in Singapore) may (more likely, will) charge you a fee (usually around US$30 - just gauging, and there is usually not much you can do about it!). Yes, this happened to me all the time and it was very annoying.

ic. thx for the tip!
i did ask hsbc sg if they charge fee for inward TT but they said no.
maybe i should make sure first :)
 
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trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
Three pieces of advice

Talk to your Bank
Talk to your Bank
Talk to your Bank


You are already dealing with enough with your ill father, it is best to let the experts deal with the foreign exchange. Frankly saving a few bucks with this transaction will not be worth it.

Deal with the "international" team at your local bank. They will be able to advise you of your options. You may be able to open a SGD account here which is domiciled in Singapore and swap the money immediately. All local banks have deals with overseas banks for this specific purpose. Stay away from your local branch - these people are not trained with these sorts of issues in mind.

If your bank looks at you quizzically, then go to HSBC. They know this space well. They also have foreign currency accounts in SGD that can be domiciled here or in Singapore.

Some points to consider

  • Trying to withdraw dribs and drabs from ATMS will be painful and expensive.
  • Charging up your wizard card will "freak out" GE (the card issuer) and they will freeze your card
  • Moving large sums of cash through customs WILL get you on border security
  • Moving "lumpy" sums of money around will raise the ire of Austrac and you will have some explaining to do.

What is the cash for? Im assuming it is for your fathers treatment? The hospital will be able to accept a Telegraphic transfer from your local bank here which you can instruct them to send when appropriate. You will be at the mercy of the banks "spot rate" but there is not much you can do about that.

More important is your Fathers health and well being.

Good luck and look after yourself.

i did call them several times.
transferred to international team at hsbc.
and they said i can open the account for hsbc sg here but it will takes 2 weeks or so just to get the form send to me.
so i decided to open it directly in sg, i called them first and ask for the requirements.

yes, the cash is for my father treatment. he doesn't have health insurance.
only a "normal" health insurance that he had to get in indonesia (he is indonesia citizen and only went to sg for test & treatment). but it won't cover this kind of illness.
i regret that i forgot to asked him to open a visitor cover here in australia with medibank.
i'm going to check if singapore have similar health insurance product though.

and yes. i will ask the hospital if they can receive inward TT :)
 

trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
well from the age (It'll pay to cheque this out, travellers - Money - Travel - theage.com.au)


Cost of $100 cash

What you'll pay to get $100 in foreign currency:

  • Wizard Advantage MasterCard: nil.
  • ATM cash withdrawal with standard debit card: $5 to $7.
  • ATM cash advance with standard credit card: $5 to $7 plus interest from day one.
  • ATM withdrawal using prepaid travellers' cash card: 1percent to load card, $3 to $4 withdrawal fee. Exchange rate margins from 2 per cent to 5 per cent-plus.
  • American Express traveller's cheques bought and cashed at Amex offices: $1.50 to $3 based on exchange rate margin of 1.5 percent to 3 per cent.
  • Airport exchange: Choice warns extra fees often hidden in exchange rate margin.
  • Standard credit card purchase to value of $100: $2 to $3.
 

trudy

Junior Member
Joined
Feb 28, 2007
Posts
25
ok i'm going to the bank to get the money.

i'm going to sg this afternoon at 3.50.

wish me luck :)

and thx for all the help.

cheers!
 

Flatbed

Newbie
Joined
Oct 5, 2006
Posts
7
Trudy, your Wizard card is probably the best card you could have in your situation.

Many banks slug cardholders with extra fees on overseas transactions. The amount varies with the size of the transaction - the bigger the spend, the higher the fee.

That's the main reason I have a Wizard Clear Advantage Mastercard - it keeps those fees down.

Things to do:

1) Check your credit limit. If you think you need to hike it, call Wizard first thing Monday.

2) Ensure whoever you're dealing with in Singapore will accept plastic. This will be the trickiest part.

3) Assuming 1) and 2) work, put extra cash on your card so your account's in credit. As you use up that credit, you'll need to top up the card. Arrange for a trusted relative/friend to add more $$$ onto your card, as needed, or use your bank's BPay facility on the web to do it yourself.

This saves you having to carry much cash, which is good from a personal security viewpoint as well as avoiding any chance of falling foul of Customs. As long as you keep your card in credit, you'll avoid interest charges.

We'll keep you, and your Dad, in our prayers.
 

Evan

Established Member
Joined
Dec 26, 2006
Posts
3,185
I just realised ANZ has a 1000/day limit ...
A withdrawal happened to process after midnight from ATM and i needed more 900 more for my center speaker today. Oh well lesson learned, i just had to use my CC to get the additional cash.
E
 
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