hi guys, i am new to singapore and love the greenary around here. i would like to know how to receive money from my brother from india in a legal way. i dont have a bank account here. and what is a nre account. if opening a bank saving account, what is the process. i am on a dependent Ep. sorry for loads of queries. everything is new here and i feel lost. can somebody kindly reply. thanks.
Hi shirleyjo, I have no idea about this, but will enquire and let you know. I have heard that wire transfer is a good method, but unsure if you need a bank a/c for it. Opening an a/c is a no big deal here. All you need is your DP and passport and a minimum balance of $500 (i think). For the other details i will get back to you
Shirley, do you want to transfer money to India to your brother, or get it from your brother? Transferring money from here can be done through websites like Icici bank's Money2India. As Akila mentioned, you can open a savings account with your DP, Passport and minimum balance of 300 dollars (DBS SavingsPlus Account). NRE account stands for Non Resident External Account. To be able to open a NRE account you first need to be a NRI (Non Resident Indian), meaning, having stayed abroad continuously for 183 days. Whatever money you send to your NRE account, the interest earned on that amount is tax free. You can open a NRE FD from the money in your NRE Account, and earn a interest of upto 9.25% tax free. Further, the money in your NRE Account is repatriable. Meaning, you can transfer the money from your NRE account to your Singapore bank's savings account as well. Let me know if you have further questions.
Hi, I encountered this problem when i newly shifted to Singapore. My mother wanted to send me some money as birthday gift from India, however, there were no easy ways to send money. Some western unions/UAE exchanges branches in India do send money from India to Singapore,, but the exchange rate is very bad. Ask your brother to check UAE exchange branch near your house. About opening a bank a/c...even i went through these same problems, so I am sharing my experience. My hubby had a dbs a/c and we went and checked about opening an a/c for me...however, as i was on DP, i could open a solo a/c only if i keep a balance of 5000$ otherwise, the option is to open a separate joint a/c along with your hubby. That's what i have done. Hope this has helped. i know the situation you are going through as i went through the same just recently. Only now I am getting used to being in this strange city and coming to love it slowly. Not as much as my hometown Mumbai, but its making a place in my heart. It's a wonderful city and people are really helpful here. Cheers, Priya
Priya, did you mean a balance of 500 dollars? I dont think it would be 5000, the amount is way too high. Even i was on DP when i opened my savings account, and had to keep min. balance of 500 (DBS Bank).
hi, thanks guys. my brother wants to send me some money. i dont have a bank account here. i am planning to open an account soon. thanks for all your support. is there a supermarket in tampanies or simei which sells indian grocery and vegetables at a moderate rate. mustafa is good but very far for me. also i could not carry too much and travel all the way. few good things i have noticed here are: people are very friendly. there are lot of trees ands plants here, and lots of vegetables from all the parts of the world are available. singapore is great. yet chennai is always closer to my heart. bye.
Hi Shirley, 1. 'Sarada' in street 81, near prime supermarket, they sell indian groceries and veggies. 2. E-Kathir Mart in street 11 in the round market. 3. A shop in the N2 market (don't know the name) 4. Shops in Blk 910, 921/922, 145, 150, 819 tampines. There will be many more if you explore around dear
Hi Chandrika, Its not 500$ it's $5000 minimum balance if you want to open a solo a/c in dbs on ur dp card. I went and checked check this link DBS Savings Plus - For all foreigners - Fees | DBS Singapore
Hmmm.. I guess it has changed then, since I opened my account on DP. When i opened the required minimum amount was 500. 5000 is way too high! I might just as well pay the fall below fee of $2 every month, than maintain a balance of 5000 in it.
