INR or SGD

ammyb · 2015-08-06T20:19:14+02:00

New to finance in Singapore? Explore how to manage your currency exchange and residency costs with practical tips on converting INR to SGD.

ammyb New member

Member since 05 August 2015

ammybNew member06 August 2015 18:19:14

I am very new in these regards. I have two questions

1) I need at least 5000 SGD in Singapore for the first month expense and taking up a residency. My company will provide me lodging for the first month. I do not have SGD at present. Should I carry same amount in INR to Singapore or should I convert the amount here and take SGD to Singapore?

2) My current bank is HDFC, can I convert the INR amount to SGD from them? If not what should be the process?

regards
ammyb

Gravitas ViP

Member since 02 March 2011

GravitasViP06 August 2015 19:01:05

9040

1) Check with your bank what would be the likely charges if you just used your credit/debit card to withdrawn SGD when you are in Singapore.

2) only if they offer currency exchange as part of their services i.e. they have a float of SGD - ASK THEM.

ammyb New member

Member since 05 August 2015

ammybNew member06 August 2015 19:10:46

Thanks Gravitas. Will check with them. Is there any rule if I convert and bring sgd in cash with me?

Gravitas ViP

Member since 02 March 2011

GravitasViP06 August 2015 19:28:52

9040

It looks like you have to declare any amounts of hand carried cash above. S$30,000

Gravitas ViP

Member since 02 March 2011

GravitasViP06 August 2015 19:47:56

9040

Another question is whether the exchange rates in India for INR to SGD are better (bank or money changer) than those offered by Singapore money changers.

beppi Germany/Singapore Expert

Member since 08 August 2010

Germany & Singapore Expert

beppiGermany/Singapore Expert07 August 2015 08:16:07

15498

As a general rule, you should change your money into a foreign country's currency IN THAT COUNTRY.
Singapore money changers have excellent rates - compare a few in the upper floors of malls around Raffles Place to get the best value!