Need some advice

[iadpotato]

what can i do with USD

 

[SibehHL]

As far as I know, the local banks (meaning banks operating in Singapore) will not accept your USD cash directly into the USD savings account. The procedure is; you pump in SGD and they convert them into USD and park in a USD savings account. They convert again back into SGD upon maturity. The banks will not touch your USD cash unless you change into SGD.

If my understanding above is correct then other than selling them to a currency exchange house, is to continue holding until you get a better rate.

 

[BBCWatcher]

Citibank Singapore might do it, into a U.S. dollar account. Their pricing guide suggests it's possible. That's a fairly chunky amount of cash, though, which will probably give them pause. (Good grief.)

If it is possible deposit that stuff into Citibank, then Citibank Global Transfer lets you move it to another Citibank account in the U.S., if you have one, free of charge. Thence into something that could generate some interest. (And for spending down using a low cost U.S. debit or credit card.)

Personally, I'd just save the stuff to spend when I'm on my next trip somewhere that likes U.S. dollars: the United States, Ecuador, East Timor, El Salvador, the Marshall Islands, Micronesia, Palau, Turks and Caicos, the British Virgin Islands, or Zimbabwe. There are also several countries that peg their currencies to the U.S. dollar, so a straight/steady currency swap should be possible. A lot of those countries are in the Middle East, such as Bahrain, Saudi Arabia, the UAE, Lebanon, Qatar, and Oman. Hong Kong pegs within a narrow band to the U.S. dollar.

Please note that you'll have cash declaration report(s) to make if you try to carry all or most of that cash across a border. The U.S., for example, requires a declaration if you're carrying US$10,000 or more total in cash and cash equivalents. Singapore requires the same starting from S$20,000 worth of cash and cash equivalents, so you've got a Singapore cash declaration to make also if you're carrying that cash out of Singapore.

 

[Jazzbie]

They will accept but charge a typical 1.5% commission fee on the deposit.

SC High account will waive but for Priority customers only.

 

[BBCWatcher]

They will accept but charge a typical 1.5% commission fee on the deposit.

Not according to Citibank Singapore's fee schedule. They claim they'll take foreign currency notes directly into a foreign currency account (in that same currency) without a commission or conversion charge -- that's what it says. And Citibank Singapore does offer U.S. dollar deposit accounts.

I've never tried this because it wouldn't even occur to me to have US$20,000 of cash on hand. That's pretty crazy. But it's worth a try, I suppose.

 

[Jazzbie]

Not according to Citibank Singapore's fee schedule. They claim they'll take foreign currency notes directly into a foreign currency account (in that same currency) without a commission or conversion charge -- that's what it says. And Citibank Singapore does offer U.S. dollar deposit accounts.

I've never tried this because it wouldn't even occur to me to have US$20,000 of cash on hand. That's pretty crazy. But it's worth a try, I suppose.

Shld have quoted but was referring to second post that local banks don't accept. Most banks should take with no charge or for a commission fee.

 

[SibehHL]

Shld have quoted but was referring to second post that local banks don't accept. Most banks should take with no charge or for a commission fee.

I confirmed they charged or at least they did charged me for banking in a USD cheque into my USD account.

Guess the commission fee actually serves as the difference between buy/sell rate of currency.

 

[punkster]

Not according to Citibank Singapore's fee schedule. They claim they'll take foreign currency notes directly into a foreign currency account (in that same currency) without a commission or conversion charge -- that's what it says. And Citibank Singapore does offer U.S. dollar deposit accounts.

I've never tried this because it wouldn't even occur to me to have US$20,000 of cash on hand. That's pretty crazy. But it's worth a try, I suppose.

Should have a 1% charge for deposits but likely can be waived if you are citigold member. Good thing abt using citi is that when u go usa holiday can withdraw directly from the atm there at no charge

 

[BBCWatcher]

OK, I took another look, and I read the wrong line. Yes, Citi charges a 0.5% cash deposit fee (subject to a minimum S$10) for U.S. dollar notes deposited into a U.S. dollar account.

....I'd just save them for the next trip overseas where they can be spent. With the reminder that carrying such a large sum requires border crossing declarations (plural).

What the heck is going on here with all these cash questions?

 

[The_Only_Yong]

meow

if it is excess cash, wouldnt it be better to do some form of investment?
unit trust like STI or some form it?

im relatively new at this too )

 

[wira]

You can deposit usd cash into the DBS MCA account as well.