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ftpofmpo 23-10-2019 07:21 PM

is the cheapest way to send fx abroad to first convert it at ibkr, send it to icbc local acct with no fees, before remitting it abroad?

BBCWatcher 23-10-2019 08:16 PM

Quote:

Originally Posted by ftpofmpo (Post 123363127)
is the cheapest way to send fx abroad to first convert it at ibkr, send it to icbc local acct with no fees, before remitting it abroad?

That's quite possible, but what's the end-to-end goal? I presume you're starting with Singapore dollars stashed in an ordinary bank account in Singapore. What's the destination country and currency?

celtosaxon 24-10-2019 09:01 AM

One of my in-laws actually won this lottery and got the green card... even took up citizenship. Years later returned to Singapore and has since renounced — wasn’t worth the tax and compliance hassle, even though under FEIE. Kids are still citizens so guess there is a way back later on, if desired, (assuming immigration law doesn’t change by then).

Quote:

Originally Posted by BBCWatcher (Post 123298698)
The U.S. runs an annual lottery for “diversity visa immigrants,” meaning entry into the United States for permanent residence for several thousand lucky applicants who were born in countries that aren’t already major sources of U.S. immigration. It’s October, and that lottery is now open!

To grab a lottery ticket (if you’re interested), apply here. Couples can each individually apply if they qualify and effectively get two lottery tickets for the family. (You apply and list your spouse, and vice versa.) There’s no charge to enter the lottery, although of course there are fees if you’d like to proceed if you’re lucky enough to win the lottery.

Good luck!


ftpofmpo 26-10-2019 12:28 AM

Quote:

Originally Posted by BBCWatcher (Post 123363998)
That's quite possible, but what's the end-to-end goal? I presume you're starting with Singapore dollars stashed in an ordinary bank account in Singapore. What's the destination country and currency?

typically non-us territories, such as uk, germany, china, hongkong, sending usd to these overseas accounts

since a few years back transferwise has been advertised as the optimum solution.

is that still the case? I've not heard of any other better methods

nyl3v3 26-10-2019 06:16 AM

Quote:

Originally Posted by BBCWatcher (Post 123363998)
That's quite possible, but what's the end-to-end goal? I presume you're starting with Singapore dollars stashed in an ordinary bank account in Singapore. What's the destination country and currency?


That piqued my interest too! How about changing USD from US accounts to SGD (SG account)? Thanks!

BBCWatcher 26-10-2019 08:02 AM

Quote:

Originally Posted by ftpofmpo (Post 123395998)
typically non-us territories, such as uk, germany, china, hongkong, sending usd to these overseas accounts

since a few years back transferwise has been advertised as the optimum solution.

is that still the case? I've not heard of any other better methods

TransferWise has direct competitors.

If you're sending to "first party" accounts -- bank accounts in your own name -- then just send the funds directly from Interactive Brokers. One withdrawal per calendar month is free at IB, and the currency conversion rates are wonderful.

If not, then you need an excursion through the banking system. If ICBC Singapore happens to support the particular currency you need, and if the amount is substantial enough to overcome ICBC's wire transfer fee, then what you describe is viable and should be low cost.

Quote:

Originally Posted by nyl3v3 (Post 123396887)
That piqued my interest too! How about changing USD from US accounts to SGD (SG account)? Thanks!

Interactive Brokers works very well indeed for that, provided IB's monthly minimum commission is not a particular cost obstacle.

ChinoGirl 27-10-2019 10:37 PM

Hi BBCWatcher,

I read from the POSB invest saver thread that MBH has been included as one of the ETFs.

I have batched up my savings and bought into MBH via OCBC BCIP once so far (plan is to buy it once every quarter).

Should I save the hassle of batching up via OCBC, and go ahead with $533 per month ($1600/3) via POSB IS? I am assuming that POSB IS is not imposing sales charge for sale of MBH.
I can't log into POSB website to check out the MBH as I am currently overseas without access to my Singapore mobile number.

Thanks!

dgenex 27-10-2019 10:51 PM

Quote:

Originally Posted by ChinoGirl (Post 123424575)
Hi BBCWatcher,

I read from the POSB invest saver thread that MBH has been included as one of the ETFs.

I have batched up my savings and bought into MBH via OCBC BCIP once so far (plan is to buy it once every quarter).

Should I save the hassle of batching up via OCBC, and go ahead with $533 per month ($1600/3) via POSB IS? I am assuming that POSB IS is not imposing sales charge for sale of MBH.
I can't log into POSB website to check out the MBH as I am currently overseas without access to my Singapore mobile number.

Thanks!

MBH charge on POSB IS is 0.5%

BBCWatcher 28-10-2019 07:42 AM

Yes, at POSB Invest Saver you can buy MBH monthly, without "batching."

BBCWatcher 28-10-2019 09:15 AM

CPF and Foreign Pensions
 
CPF has a little known feature that allows some individuals returning from stints working overseas to bust the CPF Annual Limit and get more dollars more quickly into their CPF accounts. If you work overseas and end up with a refundable pension or social insurance benefit — a cash benefit that you can collect upon exit from that foreign country — then CPF allows you to roll some or all of it over into your CPF accounts without any limit.

However, there are some caveats. First of all, if you qualify for a foreign pension and/or social insurance benefit, it could be quite wise to keep it and collect the benefit rather than cash out. Second, many countries don’t allow cashing out — U.S. Social Security/Medicare don’t, for example. Third, you’re still allowed to make voluntary contributions into CPF while you’re away, and from an investment returns point of view that often makes more sense. (Whether you do that or not please note that CPF interest is often taxable when you are a tax resident in another country, and CPF assets could be subject to foreign wealth, estate, and/or inheritance tax.) Fourth, you might not want to roll the refund into all three of your CPF accounts in exactly the way CPF ordinarily does it. For example, if you spent the very first years of your working career — post foreign university, for instance — working abroad, then when you return you might decide to top up MediSave first and use the rest for a DII premium and a little home outfitting. Fifth, the foreign country might allow you to roll the government pension/social insurance benefit into their tax advantaged retirement savings plan, and that could be quite attractive. Sixth, you might return to that foreign country (or a country that has a pension/social insurance treaty) for additional contributions (and vesting), so it might make sense to “let it ride” if the future pension is attractive.

In any event, you may have this CPF option if you work overseas in certain countries. However, give it some careful thought. Even if you can do it, it might not make sense to do it.

Closecl 04-11-2019 01:00 AM

Any idea what happens if my parent has accidentally transferred OA monies into the RA such that it has passed the total amount needed for the highest tier of CPF Life?

limchooc 04-11-2019 02:53 PM

Hi BBSWatcher;

My 60 yrs old brother is planning to upgrade to a 2 mil property. After factor in selling his existing fully paid house plus some cash top up from his own saving he is still short of 0.5 mil.

Should he use his CPF OA money to cover the shortfall as he already have the FRS set aside in his retirement account. He is quite reluctant to do so as he think CPF money is his safety net to fall back on should anything happen. Moreover, the CPF money is earning 2.5% to 6% of interest.

But on the other hand he may have hard time getting a loan from bank as he is 60 without a stable income.

What is your advice to him. Thank you.

iozxkv 04-11-2019 03:46 PM

Hi BBC,

As a 20-year-old with long time horizon, what percentage would you recommend investing in IWDA vs ES3 for capital accumulation and why? What’s the reason for the difference in thinking between you and ST (who recommends 50/50)? Very new to all this so I’m interested in hearing your thoughts!

Also, is it OK to skip investing in bond ETFs for the time being since I have a longer time horizon or would you still recommend it?

celtosaxon 04-11-2019 06:07 PM

The argument for home country bias is this — you live in Singapore and Singapore listed companies (in theory) should align to the currency and economic exposure that in turn should better match your inflation and income needs.

However, the Sing dollar is pegged to a trade weighted basket of currencies, and the economy is very exposed to the ups and downs of global economy... this makes home country bias far less effective here.

In the global context, Singapore country bias gives you highly concentrated risks that comes with overweighting your investments on a tiny fraction of world stock market capitalization.

If you believe Asia is the future and want an Asian tilt that includes Singapore within a more global context, you could consider 50% IWDA and 50% in IDFF.

As a 20 year old, you can definitely skip bonds IMO.


Quote:

Originally Posted by iozxkv (Post 123550970)
Hi BBC,

As a 20-year-old with long time horizon, what percentage would you recommend investing in IWDA vs ES3 for capital accumulation and why? What’s the reason for the difference in thinking between you and ST (who recommends 50/50)? Very new to all this so I’m interested in hearing your thoughts!

Also, is it OK to skip investing in bond ETFs for the time being since I have a longer time horizon or would you still recommend it?


dgenex 04-11-2019 09:55 PM

Hi BBC,

I'm going to be investing $800 per month into IWDA via SCB. Would it be wise to DCA every quarter, or better to DCA every 6 months to save on transaction fees?

Not sure whats the general consensus. Thanks!

Sent from Xiaomi REDMI NOTE 7 using GAGT


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