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Question: Sending money to USA

Albeniz

By Albeniz,
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Albeniz

Albeniz

Turbocharged

Hi Folks,

 

If I intend to send some money (e.g. S$10k) from Singapore to a relative in USA who is holding a Bank of America account, what would be the method which would provide a good conversion rate with minimum administrative charge?

 

Or is there any other way which is quick and cheap?

 

Thanks for your advice.

 

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Maka

Maka

Neutral Newbie

Hi Folks,

 

If I intend to send some money (e.g. S$10k) from Singapore to a relative in USA who is holding a Bank of America account, what would be the method which would provide a good conversion rate with minimum administrative charge?

 

Or is there any other way which is quick and cheap?

 

Thanks for your advice.

 

Western Union.

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Albeniz

Albeniz

Turbocharged
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citi global transfer or paypal also can.

 

I think citi global transfer is between 2 citi bank acount holders.

Citi's telegraphic transfer is for transfer from citi to other banks.

 

I think the admin charge is $30 and the conversion rate may not be very good (correct me if I am wrong).

 

 

 

 

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Watwheels

Watwheels

Supersonic

Have you try asking your bank whether they can do the transfer? I believe they can. It's better as it's more direct and it saves you a lot of trouble of running around.

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Jtay

Jtay

1st Gear

Yeah, for $10k just check the best rates and TT .. straight forward.. and should be not more than $30 fee.

 

Yup, i recently just checked with standard chartered. Cashier's cheque has a min $30 charge if i recall correctly.

 

Btw, Singpost has this service called "visa money transfer", which i found to be really convenient. Basically you can transfer money into a person's credit card (visa) account. Works for many countries, including USA. I think it's the cheapest way to transfer money coz it's a flat rate of $9 per transaction. And it takes only a few working days for the transfer to go through. The only catch here is that you have to transfer into a visa card account.

 

More details about the visa money transfer can be found here.

 

 

 

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Albeniz

Albeniz

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Yup, i recently just checked with standard chartered. Cashier's cheque has a min $30 charge if i recall correctly.

 

Btw, Singpost has this service called "visa money transfer", which i found to be really convenient. Basically you can transfer money into a person's credit card (visa) account. Works for many countries, including USA. I think it's the cheapest way to transfer money coz it's a flat rate of $9 per transaction. And it takes only a few working days for the transfer to go through. The only catch here is that you have to transfer into a visa card account.

 

More details about the visa money transfer can be found here.

 

Thanks for the info. This is something new to me.

Am wondering if they provide a good conversion rate than the major banks like Citibank?

 

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Sp4wn

Sp4wn

Turbocharged

check with DBS also. their T/T rates are pretty good (but don't bother with HSBC as they are not competitive)

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Jtay

Jtay

1st Gear

Thanks for the info. This is something new to me.

Am wondering if they provide a good conversion rate than the major banks like Citibank?

 

Not sure how good their conversion rate is. But you should check it out here. I didn't really do a comparison the last time because i was transferring a small sum of money then, so the conversion rate was less of a concern compared to the fixed cost ($9 for visa transfer, compared to $30 for the bank cheque).

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Yattokame

Yattokame

4th Gear

ask a fren who works in the bank to get bank rates. you'd save on commission and exchange rates.

 

we do transfers frequently to US - luckily my wife works in the bank.

 

if u wire before 12noon today the acct on the other side shld receive by 5pm tomorrow or earlier.

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Albeniz

Albeniz

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Not sure how good their conversion rate is. But you should check it out here. I didn't really do a comparison the last time because i was transferring a small sum of money then, so the conversion rate was less of a concern compared to the fixed cost ($9 for visa transfer, compared to $30 for the bank cheque).

 

Thanks very much for the link, strange that USA is not in the list.

 

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Jtay

Jtay

1st Gear

Thanks very much for the link, strange that USA is not in the list.

 

Oh yah, didn't realise that US isn't on that list. Haha, you'll probably need to enquire with the post office directly. Do let us know how good their rates are after you compare them! [laugh]

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Albeniz

Albeniz

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Yup, i recently just checked with standard chartered. Cashier's cheque has a min $30 charge if i recall correctly.

 

Btw, Singpost has this service called "visa money transfer", which i found to be really convenient. Basically you can transfer money into a person's credit card (visa) account. Works for many countries, including USA. I think it's the cheapest way to transfer money coz it's a flat rate of $9 per transaction. And it takes only a few working days for the transfer to go through. The only catch here is that you have to transfer into a visa card account.

 

More details about the visa money transfer can be found here.

 

Pardon my ignorance here.

 

Our common understanding of VISA (credit card) is, the account is usually empty and we use the card to buy things and then get billed at the end of the month.

 

In this case, we are trying to transfer the money from Singapore to the VISA account in USA. How does the recipeint "extract" the money out?

I know some ATMs allow the withdrawal of money using VISA cards, but withdrawal in this way may incur additonal charges (if I am not wrong).

 

Would that still be a cheap way for both the sender and receiver?

 

Thanks again.

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Jtay

Jtay

1st Gear

Pardon my ignorance here.

 

Our common understanding of VISA (credit card) is, the account is usually empty and we use the card to buy things and then get billed at the end of the month.

 

In this case, we are trying to transfer the money from Singapore to the VISA account in USA. How does the recipeint "extract" the money out?

I know some ATMs allow the withdrawal of money using VISA cards, but withdrawal in this way may incur additonal charges (if I am not wrong).

 

Would that still be a cheap way for both the sender and receiver?

 

Thanks again.

 

For my case, the recipient used paypal to extract the money. It's the cheapest way, but need some effort on the part of the receiver to extract the money.

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Holdenutessv

Holdenutessv

Turbocharged

Need to send say SG500 to a person in Malaysia.

 

Got that person's MayBank account number and he does not have paypal.

 

How to get it done, please?

 

I believe you can do a transfer over the counter in any Maybank SG branches.

http://info.maybank2u.com.sg/personal/deposits-banking/payments-remittances/faq/faq-instant-fund-transfer.aspx

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