13 Mar 2000
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Estimated population of Singapore citizens and permanent residents - 3,163,500 as at June 1998.
Other ethnic groups 1.4%
Working Language: English
Other official languages: Mandarin, Malay & Tamil.
The weather TODAY: Slightly hazy and warm. Isolated showers in the late afternoon, mainly over northern and western Singapore. High tide 1.01 am 2.8m 1.05 pm 3.0m Sunrise 7.13 am Sunset 7.18 pm Moonrise 9.33 am Moonset 9.58 pm PSI: 65 (moderate) Temp: 25-34 degrees Celsius
Get For Me: Mid-Week Banking Column
Remittances: Telegraphic Transfer
There are two methods of remitting funds to people or businesses overseas:
1. Telegraphic Transfer (TT)
It is cheaper to send the money via draft but if the party you are paying needs the funds urgently, then cost is a secondary concern. Remember- foreign exchange rates fluctuate every day and sometimes in volatile situations, every minute. Shop around the banks for the lowest exchange rate if you can but always bear in mind this important point- the urgency with which the funds should reach the other party necessitates that the bank you have chosen to remit the funds should have a branch or a correspondent bank's branch near where the payee (the one you are paying) is located. If not, it can be time consuming for the funds to be routed from one bank to another in the payee's country before the money reaches the payee.
In such situations, it is not unusual for the money to reach the payee a week or longer after it is sent. Then, it defeats the purpose of sending the money via Telegraphic Transfer. The bank at which you applied for the TT charges a commission of one-eighth per cent of the amount you wish to remit. There is always a minimum amount you need to pay, such as S$20. In addition, there is a cable charge, of S$20 upwards depending on the country you wish to remit the funds to.
MAKE SURE the payee's name, account number and bank branch are spelled correctly in the application form to avoid any unnecessary delays. Remember - paying banks have a responsibility to ONLY pay the person/business named as payee. If there is a spelling mistake, the paying bank in that country will have to cable the bank where you made the application for clarification before it will make any payment. So a lot of time will be wasted.
If the party you are paying needs the exact amount which you are remitting, please tell the bank at which you make the application to ensure that the paying bank in the payee's country does not deduct any charges. Simply put, you need to pay slightly more at your end so that the other party receiving the money will receive the full sum.
Lastly, it is always a good idea to write the payee's account number, in addition to his name, in your application so that the money will be deposited into the payee's account immediately upon its arrival at the paying bank. The payee can immediately withdraw the funds over the counter or at an ATM without needing to wait for the arrival of the TT advice.
CALLING ALL BUSINESSES: If you want an official website, but cannot find the time or manpower to run it, come to us. Let us set up your official website on Get For Me Singapore. If you change your mind and want to maintain it yourself, we will give you a userID and a password to access your webpages. Click MORE...
NEW LAUNCH: G.K. Goh has announced the launch of their online stock trading site. Click GOHDIRECT.
COMING SOON: i-one.net to sell groceries online this month. Click i-One-Grocery for a preview.
COMING SOON: A new website which has an auction mall, shopping plaza and more. Click i-mall21.com for a preview.
COMING SOON: A new website IP3000.com which claims to have over 7 000 000 websites indexed, including Europe and Asia. It says it is the largest information and media search engine on the web. Click Internet Portal 3000 to get a preview now.
POLL: Do you like our new RED colour? Tell us. Click HERE.
NEW: New M1 shop opens at #B1-19/20 Paragon Shopping Centre. Other branches are at #B1-18-19 Tampines Mall and #01-16-17 West Mall.
NATIONAL SERVICE: Central Manpower Base (CMPB) National service registration starts on Monday 31 Jan 2000 for all male Singapore citizens and permanent residents (PRs) born on or between 14 Jun 1982 and 12 Sep 1982, and ends on 10 Mar 2000.
GET FOR ME: Save the ACS (Anglo Chinese School) clock tower An appeal for support.
BOOKS: Top Ten KINOKUNIYA Bestsellers Top Ten MPH Bestsellers Top Ten BORDERS Bestsellers Top Ten TIMES Bestsellers Shows the top ten fiction and non-fiction titles sold at these bookstores last week.
MUSIC: Top 10 Albums Of the Week
ANNOUNCEMENTS: We are now hosted with WEBVISIONS.COM.
EXPATRIATES: EscapeArtist.Com The website on overseas living for international job seekers and expatriates. ExpatSingapore For expatriates planning to relocate to Singapore. Provides excellent information on Singapore. ContactSingapore Step-by-step guide to applying for a job, getting an employment pass, remuneration structure and corporate culture.
GET FOR ME: New Books
ON SALE NOW AT LEADING BOOKSTORES
Singapore: A Pictorial History 1819-2000
By Gretchen Liu
Price: S$61.70 (excludes shipping)
The road shown on the front cover was Holloway Lane. It has recently gone the way of the Dodo and in its place is an open ground awaiting redevelopment. In the background is St Joseph's Church in Queen's Street.
The picture of the front cover of the book has been posted here with the kind permission of the publisher, Editions Didier Millet Singapore.
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Today Thursday 9 Mar 2000
The Clob settlement with Malaysia was a pragmatic solution because taking the matter to court might have taken years and led to further delays, said DPM Lee Hsien Loong yesterday.
Senior civil servants' pay is being reviewed and they could in future receive bonuses equivalent to 12 months' salary or more, depending on their performance, said DPM Lee Hsien Loong in Parliament yesterday.
A traffic policeman, who investigated an accident leading to the death of a model four years ago, was charged in court yesterday with accepting lunch and a S$5000 bribe from the driver of the car involved in the accident.
Jakarta: Gus Dur meets Suharto.
Around the world
Beverly Hills: Ten mailbags with all 4000 Oscar ballots were missing on Tuesday. A week after mailing the ballots, tucked in business envelopes with first-class postage, the Academy discovered that its members still had not received them.
Washington: Governor George Bush and Vice-President Al Gore both rolled over their upstart rivals on Super Tuesday and fixed their gaze instantly on the White House.
Courtesy of The Straits Times
News updated by 8.00 am daily.
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