2. Forum
  3. Hong Kong Forums
  4. Business and Finance
  5. Banking & Insurance
Like Tree10Likes

Transferring funds to Singapore - Risks?

Reply
Page 2 of 2 FirstFirst 1 2
  1. 13-01-2023, 01:31 PM #11
    shree711
    shree711 is offline
    Join Date
    Jul 2017
    Posts
    208
    Quote Originally Posted by redslert:
    Credit Suisse is offering higher rates than HK if you are a high networth customer.
    They were/are desperate for funds.
    I saw 6.25% for 1 year in USD from Credit Suisse.
    Quote Quote
  3. 14-01-2023, 05:59 PM #12
    legaleagle
    legaleagle is offline
    Join Date
    May 2011
    Posts
    18

    Thanks all!

    Quote Quote
  4. 24-01-2023, 07:49 PM #13
    TheBrit
    TheBrit is offline
    Join Date
    Oct 2010
    Posts
    23,779

    Thanks ChatGPT!

    bdw likes this.
    Quote Quote
  5. 24-01-2023, 08:07 PM #14
    shree711
    shree711 is offline
    Join Date
    Jul 2017
    Posts
    208
    Quote Originally Posted by ViaFolk:
    When transferring funds to Singapore, there are several risks to consider. These include exchange rate risk, political risk, and legal risk. Exchange rate risk is the risk that the currency you are transferring will lose value relative to the Singapore dollar. Political risk is the risk that the Singapore government will impose restrictions on the transfer of funds, or that the Singapore government will change its policies in a way that affects the transfer of funds. Legal risk is the risk that the transfer of funds will be in violation of Singaporean laws or regulations.
    WTF? Are you for real?

    1. Currency risk - if you have USD and you bring USD to Singapore in a USD account, what currency risk? It's pretty obvious no one is going to take naked currency risk when they're talking about keeping funds offshore.

    2. Political risk - Sure there's a theoretical political risk anywhere but if the OP believes that SG is going to restrict transfers, then every single person who does private banking in SG is going to get screwed. I mean come on.

    3. Legal risk - If the funds have had all taxes paid on in Hong Kong, there is no legal risk and there's no point even suggesting that there is.
    traineeinvestor and legaleagle like this.
    Quote Quote
  6. 24-01-2023, 08:21 PM #15
    TheBrit
    TheBrit is offline
    Join Date
    Oct 2010
    Posts
    23,779
    Quote Originally Posted by shree711:
    WTF? Are you for real?

    1. Currency risk - if you have USD and you bring USD to Singapore in a USD account, what currency risk? It's pretty obvious no one is going to take naked currency risk when they're talking about keeping funds offshore.

    2. Political risk - Sure there's a theoretical political risk anywhere but if the OP believes that SG is going to restrict transfers, then every single person who does private banking in SG is going to get screwed. I mean come on.

    3. Legal risk - If the funds have had all taxes paid on in Hong Kong, there is no legal risk and there's no point even suggesting that there is.
    It’s clearly an answer from ChatGPT, not a real person.
    Quote Quote
Reply
Page 2 of 2 FirstFirst 1 2
« HSBC HK Deposit Plus | Left Hong Kong in 2013 with a loan default »
ReSource The Counselling Centre
ReSource The Counselling Centre
in Counselling / Therapists: ReSource is a non-denominational, multi-cultural centre
Martha Sherpa's Cooking Classes in Hong Kong
Martha Sherpa's Cooking Classes in Hong Kong
in Cooking Classes: We offer hands on Chinese cookery, Dim Sum, Chinese Roast,
A+ Physics Online
A+ Physics Online
in Tutorial Schools / Private Tutors: **Looking for English speaking international students to
Private Space Counselling
Private Space Counselling
in Counselling / Therapists: Counselling service for individuals dealing with trauma,
Add Your Listing