googled and found this....
5 Centres to Exchange Money in Singapore: Best Rates
https://www.thebestsingapore.com/best-shopp...y-in-singapore/

Thanks!

Hi.

I would like to seek advice on the feasibility of opening a bank account here at Singapore as an intern who would like to leave some money here for investment in the SG stock market or unit trusts through dollardex, FSM etc.

I am currently a university student and I plan to work in Singapore in the future, upon graduation. My savings will only be around 1-2k SGD (one-off) and I won't be able to top-up regularly. I have a Maybank account in Malaysia.

This post has been edited by TOS: Jan 13 2020, 01:15 PM

Anyone recently opened account at OCBC, CIMB or Maybank in Singapore? Were you able to sign the documents at your local bank and then only go there when account already prepared and approved?

This post has been edited by David_Yang: Jan 14 2020, 06:58 PM

I going to Singapore this month, and I plan to open either CIMB SG or Maybank SG for the purpose to transfer money from Malaysia CIMB/Maybank to Singapore bank.

Any suggestion which SG banks should I open with? What's the amount limit for me to transfer from MY bank to SG bank? TQVM

personally, i would advise you to save more $$$ first before considering to open a bank account/stock brokerage acc.

yes. sign and submit a draft SGD500. wait for 2-4 weeks and get few letters for account activation.

if you are going to SG to open a bank acc, do you have work/study permit? or holding a PR?

not sure about the limit can't answer you.

I think Maybank and CIMB are both very good options. Are you "preferred" with one or both?

No idea about the transfer limit, I like cash

I don't hold any permit and I am not a SG PR. I have an SG OCBC bank. My main purpose to have another SG bank (CIMB or Maybank) is for me to transfer my malaysia ringgit to SG bank. Looking for the best alternative with the lowest charges, because I will be doing it regularly. Thanks.

Thanks. I am a CIMB Preferred. I like cash too But don't think is a good idea to bring quite a big amount of cash to SG lor.

Ok. Noted.

Your CIMB preferred RM will prepare the account opening a couple of weeks before you go to Singapore. Then you can use the account immediately.

Why no good idea? Can bring 30000 SGD or 90000 MYR and still use green line at Changi. Certainly if you talk about millions as "big amount" then it is not a good idea

And changing your MYR to SGD at Midvalley is and will always be much better than anything that involves banks, even if you are super mega preferred

if u have SG OCBC, u can open online CIMB SG bank account. do it online.

I use Instarem only.

From the perspective of Singapore Bank, Singapore Banks would notice that there is a cash deposit of certain large amount of SGD in your savings account. The cash deposit has no electronic trail, with regards to its source of cash deposit.


Is it ok, that we keep on depositing large amount of SGD in our savings account in Singapore bank?


If I am not mistaken, under Common Reporting Standard (CRS), Singapore banks are required to report about our transaction in our accounts, and LHDN would have a copy of that report, and vice-versa.


It is definitely more expensive to use Instarem or BigPay, for online remittance of SGD (as compared to currency exchange in Midvalley and then cash deposit in Singapore bank), but at least it provides an electronic trail, back to our savings account in Malaysia bank.

Well, that is again about what you think is a "large amount". I never do more than the mentioned SGD 30000, actually even less than 20000, and always keep the moneychangers receipt. Then you are fine.

As we know, a "large amount" in Malaysia is more than RM 10000, which in other countries is considered tiny

Sounds very strange as OCBC and CIMB have absolutely nothing to do with each other.

to open the SG CIMB bank account via online, one of the requirements is to instant transfer 1k sgd from local SG banks i.e OCBC SG.

Thank you for your advice, David_Yang.


Yeah, we need to keep the moneychanger receipt for sure.


Under Common Reporting Standard (CRS), LHDN would know the amount of our SGD money in Singapore banks. So, we definitely need to have proper documents that proves the source of frequent cash deposit, in our saving accounts in Singapore banks.


I am not saying that most of us here will keep depositing SGD 30000, in our Singapore saving accounts. I am not entirely sure, but even the frequent cash deposit of say SGD 3000 (a figure meant for illustration, not a real figure) may cause the Singapore Banks to be suspicious.


After all, many of us here are not working in Singapore, so how can we justify the frequent cash deposit of SGD 3000, in Singapore saving accounts?


In the days before the implementation of Common Reporting Standard (CRS), there was no issue of performing frequent cash deposit, in our saving accounts in Singapore banks.


As mentioned by me before, it is definitely more expensive to use Instarem or BigPay, for online remittance of SGD (as compared to currency exchange in Midvalley and then cash deposit in Singapore bank), but at least it provides an electronic trail, back to our savings account in Malaysia bank.


Alright, this is just my opinion for sake of discussion. Obviously, different people will have different way of doing things, and I need to respect that.

This post has been edited by kart: Jan 20 2020, 05:30 AM

Thank you everyone for the inputs. Appreciate all of them.

My main purpose to ask whether to open a CIMB SG bank account is for me to transfer my money from CIMB MY. I am planning to transfer RM 1million in batches. I am looking for the best sales charges and best exchange rates.

Open up cimb sg. Then contact instarem tell them you want to do a big transfer.

If you want priority service, best to go for DBS Treasures

It is good to keep CRS in mind, but for me this is no problem. Think about how many Malaysians do have accounts at Singapore banks, thousends. And I am such a small fish, no use to monitor me at all


Actually I even get phonecalls from my local bank here in Malaysia from time to time about the source of funds I am banking in or out.


"I want to have more savings ins SGD so I changed other currencies to SGD" would be my answer.


Sure, everyone should do the method he is most comfortable for him. I am doing forex with my favourite money changer a very long time already. And I will continue the good old Malaysia "Cash is king" way

@frostfrench With RM 1million I guess you can talk with your CIMB preferred manager about the exchange rate quite successfully. If they can compete with instarem, that I don´t know.