FlyerTalk Forums - View Single Post - Slightly OT: Opening a bank account in Singapore as an American

Oct 13, 2007, 10:04 pm

#10

kxl19

Join Date: Nov 2002

Location: MSP / AMS / SIN

Programs: NWA PE, Delta Pt, United 1P

Posts: 217

Quote:

Originally Posted by anishub

So far, I found the classic 'cash is the king' to be the best. Yes, carrying cash, have no side effects, except there is a cap at US$10k per person/trip. The x-rates are likely the best (at money changers) in SIN to convert your US$. There are no commission or any other charges. Just shop around for the best rates b4 settling. Just make sure you mostly US$100 bills (as the higher denomination gets the best rates). Just a word of caution, evaluate the 'cash risk' against the US$200-300 savings on a US$10k wire transfer.

So wait - do you think I would have a better rate coverting to SG$ using cash at the money changers versus a wire transfer? I know the money changers in SIN can have very good rates - but would they exchange $10k? Any suggested locations? If you're in Singapore right now, it'd be interesting to get a comparison of the rates on a wire versus cash exchange.

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