Personal Finance

Cheapest way to transfer Singapore dollars from Singapore to CAD or USD in Canada?

  • Last Updated:
  • Jul 14th, 2018 12:52 pm
[OP]
Member
Jul 25, 2010
435 posts
138 upvotes
Vancouver

Cheapest way to transfer Singapore dollars from Singapore to CAD or USD in Canada?

A friend of mine will be receiving some inheritance from a family member in Singapore in SGD and probably in the $100-200k range. She is located in Canada and does not have any bank account in Singapore nor does she have any SGD account here. What is the cheapest way to go about transferring the money here, to eventually become either CAD or USD?

The simplest way sounds like a wire transfer from Singapore to any account here and taking the auto-currency conversion hit, which is undesirable since I can only imagine the fees being in the thousands.

Other options:
- Transferwise seems to have a 0.35% conversion fee, which sounds like a reasonable choice, but I haven't used them before so cannot speak to how easy it is to do this sort of transfer and whether there are some restrictions that would make this sort of large transaction problematic
- Open some SGD account here and do a wire transfer, taking a hit on only the wire transfer fee which should be relatively small, then transfer to a broker like IB to do a Forex trade which gives her the money exactly where she wants it (for investing into the market). Is there any local bank offering a personal SGD account? Through some quick searching I can't find any.
- Open an IB account here and wire transfer straight into it - this is the most ideal choice but I believe IB has restrictions on accepting wire transfers from accounts not owned by you, so I don't think this will actually work

Any other thoughts?

Thanks
1 reply
Deal Addict
Jun 29, 2007
4053 posts
950 upvotes
Contact HSBC and see if there is anything they can do.

With $100k to $200k, they may be able to offer you a better solution.

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