In Australia or Canada, where do you do your banking?

[kakowi]

I can never imagine myself depositing cash in a ATM machine. That's mighty brave of you.

Not much faith is needed to deposit cash.

Businessmen do it all the time.

And they are not exactly the most trusting of people.

 

[chuckyworld]

I don't deposit cash, only cheques.

For other's i use , HSBC, RBC,TD and BMO, it all depend on my need.

 

[kookiemon]

I don't deposit cash, only cheques.

For other's i use , HSBC, RBC,TD and BMO, it all depend on my need.

I'm currently exploring these options for banks in Canada. May I ask which bank is suitable if there is a need to remit money to Singapore on a regular basis? I would assume that I'll need an international bank for this purpose while using a Canadian bank for local banking / daily usage. Any recommendations?

 

[chuckyworld]

HSBC, TD, RBC or bank of NovaScotia are all ok, i have done wire transfer lot of time using any 1 of them, the fee per transfer is 30 cad it cover both side Cad and Sg bank fee.

It would be better if you talk to HSBC rep in SG, they might come up with a better deal for you.

 

[scroobal]

Always pick a bank that does not have to route the wire transfer thru a correspondent bank. That way, you get the funds the next working day. In the worst case scenario, its might take 4 to 7 working days where originating country has to go thru a correspondent bank in that country and then a correspondent country in Singapore and then to the intended bank in Singapore.

HSBC and Citibank would be your best bet and they both have internet transfers, so you would not have to leave your home.

Note: A local bank in Canada even if it has a branch in Singapore will need to go thru a correspondent bank. Only the International guys can route directly.

I'm currently exploring these options for banks in Canada. May I ask which bank is suitable if there is a need to remit money to Singapore on a regular basis? I would assume that I'll need an international bank for this purpose while using a Canadian bank for local banking / daily usage. Any recommendations?

 

[neddy]

Ain't it a practice for banks to keep your funds overnight to earn money and release the fund at 4pm next day local time.
So, if the funds has to go thru corresponding banks, the funds will take longer to reach the destination.

I think the fastest route for Singapore - Australia is UOB to ANZ, DBS to CBA.

Always pick a bank that does not have to route the wire transfer thru a correspondent bank. That way, you get the funds the next working day. In the worst case scenario, its might take 4 to 7 working days where originating country has to go thru a correspondent bank in that country and then a correspondent country in Singapore and then to the intended bank in Singapore.

HSBC and Citibank would be your best bet and they both have internet transfers, so you would not have to leave your home.

Note: A local bank in Canada even if it has a branch in Singapore will need to go thru a correspondent bank. Only the International guys can route directly.

 

[scroobal]

If there are no direct links which are expensive to maintain, then you have to use correspondent banks. Direct transfers is overnight and the bank does not earn. They only earn on the spread which become larger when the volatility is high.

You seem to know your direct bank links. And OCBC to Westpac. However local banks can't do Internet wire transfer but the Oz banks can. Why bother to go to the branch.

ANZ is Tier 1 when it comes to International Txs.

Ain't it a practice for banks to keep your funds overnight to earn money and release the fund at 4pm next day local time.
So, if the funds has to go thru corresponding banks, the funds will take longer to reach the destination.

I think the fastest route for Singapore - Australia is UOB to ANZ, DBS to CBA.

 

[kookiemon]

It would be better if you talk to HSBC rep in SG, they might come up with a better deal for you.

HSBC and Citibank would be your best bet and they both have internet transfers, so you would not have to leave your home.

Thanks for the info, guys. Will check in with HSBC and Citibank.

 

[neddy]

If there are no direct links which are expensive to maintain, then you have to use correspondent banks. Direct transfers is overnight and the bank does not earn. They only earn on the spread which become larger when the volatility is high.

You seem to know your direct bank links. And OCBC to Westpac. However local banks can't do Internet wire transfer but the Oz banks can. Why bother to go to the branch.

ANZ is Tier 1 when it comes to International Txs.

UOB Internet Banking allows TT up to $50k SGD. Someone told me DBS does not offer this facility. Not sure about the rest.

 

[scroobal]

Yes, DBS does not allow it. And they have the lion share of the TT transfer market - go figure.

UOB Internet Banking allows TT up to $50k SGD. Someone told me DBS does not offer this facility. Not sure about the rest.