I just received a large windfall (legally) overseas. How do I transfer my newly acquired wealth back to Singapore without losing it to tax or what not?

Hi Anonymous,

Although I'm not sure of tax savings with regards to your windfall, I can share how you can transfer your windfall back to Singapore, legally and up to 7 times cheaper than banks:

1. Open a Wise (formerly TransferWise) account. Wise was launched in 2011 with the vision of making international money transfers cheap, fair, and simple. Learn more

2. From your Wise account, you can either:

• Send money from your windfall source to your POSB savings account (attached screenshot example of windfall source in USD), or

• If the windfall source is in USD, AUD, CAD, EUR, GBP, HUF, NZD, PLN or TRY, you can open a free foreign currency account within Wise and receive money in that account like a local (attached screenshot example of a USD account within Wise) Learn more

If you chose to hold your windfall funds in the foreign currency account within Wise, you can apply for a Wise debit card for card spend using the funds.

Hope this helps.

There is no tax to bring back capital