Taking Money to Singapore - $80k

cheapass88 on 04/10/2016 - 19:23
Last edited 04/10/2016 - 19:53 by 1 other user

Hi,

My friend is a Singaporean Citizen and has a condo over there that she's paying off.

She actually has Permanent residency here now and earn money in Australia.

Does anyone know what the best way to take $80k from Australia to Singapore would be?

We will be going to Singapore at the end of the month and could carry some cash physically, but if she were to declare $80k, what would the problems be?

As Exchange rate is bad at the moment, would maybe loading a Citibank Debit card with the 80k be an option and leaving the card there for someone to withdraw?

All suggestions would be much appreciated!

Financial

Comments

  • xyron on 04/10/2016 - 19:34

    you'd be limited to withdrawing $2,000AUD per day but i think the citibank card would be the best option (maybe set up two or three accounts so you can withdraw 2x or 3x $2,000 per day until you have it all out in SGD)

    • captobvious on 04/10/2016 - 19:52
      -5

      Asians sleep on their money, probably $80k tucked under the matress

    • gibspmuh on 05/10/2016 - 11:06

      I had issues with Citibank even withdrawing $10,000 overseas via the Debit Card within a short period of time - I managed to do it but had to have the card unblocked twice and had escalated calls from their security team clarifying that it was me.

      I suspect that getting to $80,000 withdrawn via the card would be especially challenging and is very likely to be flagged as suspicious before you get the full amount withdrawn.

  • alabatusa on 04/10/2016 - 19:37
    +10

    Please refer to Course: Money laundering 101

  • Settero on 04/10/2016 - 19:38
    +2

    its not a problem to declare 80k if you can provide some evidence of the income ( bank statement with salary + transfer to savings ), if you go the debit mc route , you will still probably get flagged as suspicious transactions and have to explain it anyways.

    • cheapass88 on 05/10/2016 - 08:29

      have you had any experience with this? Everything is legit.
      I'm not worried about the safety of ourselves with the money, i'm just hoping the Australian or Singapore customs doesn't seize the money or wondering what complications we could face?

      We can have the Aussie bank statements and payslips and even documents to say we need to pay off the house in Singapore.

      we'd prefer to exchange currency over there as i'm sure the rates would be better there.

      • Settero on 06/10/2016 - 07:40

        not with carrying it on a plane with me… and if you don't declare you lose all rights to it btw.

    • SirFlibbled on 06/10/2016 - 09:32

      The laws are there to make it difficult for money launders not for legitimate travellers. With $80K though she'd likely be better off using a Forex service for a good rate - bank to bank transfer.

      • cheapass88 on 06/10/2016 - 09:41

        but since it's legitimate, there shouldn't be a problem right?

        • SirFlibbled on 06/10/2016 - 09:43

          as long as you can show the origin of funds and willing to go through an identity verification then it'll be no problem. The transaction will be reported to Austrac as a matter of course but there shouldn't be any problems.

          And it's a lot safer than taking cash on a plane.

        • cheapass88 on 06/10/2016 - 09:45

          @SirFlibbled: Thanks for that! do you have a link?

        • SirFlibbled on 06/10/2016 - 10:11

          @cheapass88: To what? Forex services? Nope. Do some googling.

  • Diji1 on 04/10/2016 - 19:40
    +3

    Buy buttcoins.

  • captobvious on 04/10/2016 - 19:53
    -1

    Exchange for gold bars. Easier to put it up your butt for transportation

    • gummibear on 05/10/2016 - 15:35
      +1

      How would you deal with all that weight on the sphincter giving you an intense urge to empty your bowels?

  • bargainslut on 04/10/2016 - 20:08
    +5

    The best way is to wire using a company with competitive exchange rates (Non bank). This carries the least risk although nothing is 100% in this world.

    Taking cash in person is the highest risk move and should be avoided at all costs.

    • inherentchoice on 04/10/2016 - 23:06
      +2

      Yes. This is how the business world does it, and it's the most sensible way IMO. Use a company like ozforex or AFEX. Rates are much better than the banks.

      With transferring $80k you can even ask the broker for a better rate.

      You don't even need to leave home to do the transfer.

  • Mad Max on 04/10/2016 - 20:40

    Buy big ticket items there on behalf of people you know there using a 28 degrees card and pay for it here in A$?

  • Skramit on 04/10/2016 - 21:03
    -2

    I don't understand the issue. The exchange rate is what it is. Carrying cash on a plane still means the cash has to be exchanged at the same exchange rate. (By the way this is a terrible idea to Singapore where the death penalty stands for drug smugglers. Hello….)

    Send the money via approved methods like a bank or transfer company. Then close this thread.

    • [Deactivated] on 04/10/2016 - 22:04
      -2

      They are obviously asking for the best way, there would be big variations on methods of exchange for $80k

      • Skramit on 04/10/2016 - 22:13
        -1

        The best way being not via cash on an aeroplane, clearly. :)

  • cpho on 05/10/2016 - 00:33
    +1

    https://www.ozbargain.com.au/node/269044

    Does this help your situation?

    • cheapass88 on 05/10/2016 - 08:20

      I had a look and it seems i can't do anything above 5k?

      If it could do the full 80k, it'd be perfect!

  • onetwothreefour on 05/10/2016 - 11:54

    Does your "friend" need to take it all in one go? Usually you can take up to $10k without needing to declare.

    • cheapass88 on 05/10/2016 - 15:56

      We are going there only once this year.. so We can each take $10k.. but that's it. $60k to go.. I search all the online trasnfers and it seems there's a limit to all of them!!!

  • snook on 05/10/2016 - 15:55

    That's what I like to see - earn the money in AU, spend it elsewhere.

  • snowcold on 05/10/2016 - 19:36
    +1

    You could use a service like TransferWise. Their exchange rates are very decent and they usually charge way lesser than banks

    • FiDad on 06/10/2016 - 10:53
      +1

      Can vouch for transferwise. Great rate and quick transfer.

    • cheapass88 on 06/10/2016 - 11:38

      Thanks! I just checked this out and I think this is definitely the best option. livechat on their site was human and had great knowledge about their service. impressed so far!

  • leiiv on 06/10/2016 - 13:58

    Tell your friend to open citibank accounts both here in australia and also in singapore. There is no fee for transfer between citibank accounts. However, the rate may not be as good as ozforex or currencyfair. It could be the same rate as withdrawing from ATM. You just have to test it and compare.

    • gibspmuh on 07/10/2016 - 11:24

      I've found that there's a margin of about 3% on the exchange rates used for Citibank - Citibank transfers, though there's no fee on top and it's basically an instantaneous transfer. The rate on an ATM withdrawal is better in my experience (just with the proviso I outlined above).

  • ss1801 on 06/10/2016 - 17:25

    Alternatively, get someone you trust in Singapore to contact the "right" money changer in Singapore for the exchange. With the amount of A$80K, there will be a lot of taker in Singapore. Although getting a good rate for the exchange, some might think this is a bit risky to conduct exchange that way. They usally have an agent in Australia, collecting the A# from you and at the same time, someone from Singapore has to receive the S$ at the agreed rate of exchange, all happening concurrently in real time.
    Cash received in Singapore can be banked to your Singapore bank account straight away. I am not too sure if they do electronic transfer where you see your S$ in your account instantly before handing your A$ here in Australia.

  • ozeebee on 06/10/2016 - 23:46

    Is that you Pablo Escobar?

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