Quote:
Originally Posted by keith1124
On the topic of paynow and bank; was having a shower thought, how do the girls transfer their huge sum of cash out of Singapore?
1. Do they just use remittance services to transfer money to China? (Wouldn't this lead to a paper trail)
2. They just carry the cash out of Singapore, but there is also a limit of 20000 SGD, if more than that need to submit police report.
3. They buy branded goods such as handbag and watches as personal use items and sell them in China?
|
It used to be No.1, but PRC govt actually monitors cross border movements of big sums of money to individual accounts, and suspicious transactions could lead to their accounts being frozen. Hence, many MLs/FLs "remit" their money through some middlemen.
From what I know, there are a number of PRC individuals that act as middlemen for "remittance", whereby the MLs/FLs hand their money to a middleman in Singapore and the middleman's partner in the PRC would transfer the equivalent amount into the MLs/FLs' PRC bank account. In this way, there is no cross border movement of the actual sums.