Banking Foreign Cheque In Singapore
Recently, I received my first cheque from one of my affiliate network Commission Junction. The first question that pops out of my mind is what will be the bank charges? I do not have much luck finding the answer to this. It seems like hardly any Singaporean publisher wrote about the bank charges one can expect when he banks in a foreign check.
Here I have with me a USD$419.80 cheque to be deposited into my Singapore bank account. The cheque was deposited on 3 January 2008. I was told by the bank teller that it will take about 21 working days to clear and they were unsure of the bank charges from USA.
On 25 January, I receive the funds in my bank account. It is a shorter wait than expected. The bank converts USD$419.90 to SGD$594.65. The rate is quite close to the market rate.
Singapore Bank charges: SGD$10
USA Bank charges: SGD$11.16
The total bank charges were less than what I have initially expected. My advice is set a minimum threshold of about USD$500 before requesting a cheque payout.
I hope this information helps when you need to decide the amount to request payout.
Tags:Affiliate Marketing, cheque, make money onlinePopularity: 19% [?]
This entry was posted on Sunday, February 3rd, 2008 at 12:24 am and is filed under Affiliate Marketing, Make Money Online. You can follow any responses to this entry through the RSS 2.0 feed. Trackback URL for this post
Congrat!
Your work is impressive.
I’m living in a centarl european country and the bank transactions are very difficult in our country.
All the best!
I live in Ireland and will have the same problem (if I ever do get cheques); this is good advice you are giving about increasing payment threshold: imagine getting a Clickank cheque for $50 and getting $10 bank charges deducted every time!
First of all, Congrats!
I’m curious. Did you request for CJ to pay you in SGD or USD? I recieve my cheques via SGD and it’s a normal crossed cheque. Think it the payment is usually drafted through BoA in Singapore. So I get the funds in my account within 2 working days if I drop it in the Quick Deposit box at UOB.
Nic.
Hey you!
Saw one of your threads in DP and popped over to your site.
Just 2 questions… if you don’t mind… I made my first CJ sale on 11 Jan. Part of the earnings were locked on 14 Feb. When should I expect a cheque?
Also, is it necessary to submit the tax form?
Oh one tip which i read… when you are asking for the cheque, ask for it in Singapore Currency. Then you don’t need to wait 21 days to cash it and also i think you will get a higher amount.
Cheers
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