[SERIOUS] Cheapest way to convert large amount of SGD to USD for investment purpose

[banker]

Is SGD 30K large amount meh?

[SincereKen]

Ya. Arcade Spread is narrower. Bank FX bid ask spread so big lorry can make a U turn. Haha.

i agree that banks quote ridiculous FX spreads to retailers. But have you tried their preferred/premier/private banking? I've recently learnt that they will quote a much better FX spread -- but dunno if better than Arcade -- for just 50k and above (at least for DBS Treasures). But may need to be their clients first i suppose.

For the first tier clients, usually high network individuals, this is the case. For the rest, basic premier clients don't have such perorgatives.

And yes, go to Arcade @ Raffles Place, I humbly suggest Sheen's money Changer.

[ahyu02]

There is a cheap way and I am being serious here.

1) Open a stan chart USD settlement acc
2) Go Arcade at Raffles place, withdraw the SGD amt you need before hand
3) Change the amt into USD at the best money changer rate.
4) Go to stan chart raffles place to deposit the USD into your USD settlement acc

Wow, didn't know I could do that, I will try it next time.

A somehow related question. Is there a cheap way to withdraw from my USD settlement acc and convert back to SGD?

[valuebuddies]

Actually, does it worth any effort trying to get the best exchange rate or the lowest spread? Perhaps the opportunity cost could be much higher?

[ahyu02]

The rate on google is 1sgd to 6.12hkd, let say we can get 1sgd to 6.1hkd at retail money changer. The foreign exchange rate at one local bank is 1sgd to 6.03566hkd as of now. That's 1% less than what you can get at retail money changer. If you have huge amount of money to exchange, the amount can be quite significant.

But agree that we need to consider the opportunity cost involved.

[wahkao]

There is a cheap way and I am being serious here.

1) Open a stan chart USD settlement acc
2) Go Arcade at Raffles place, withdraw the SGD amt you need before hand
3) Change the amt into USD at the best money changer rate.
4) Go to stan chart raffles place to deposit the USD into your USD settlement acc

doesnt look like a good move. it costs 1.5% when deposit USD cash. it costs 1.5% to withdraw USD too.