How Much Cash Should You Carry

When you travel in or out of Singapore, whether for leisure or business, you bring cash. You bring cash because you are thinking of contingency plans. What if things happen and you need money? It would be easier if you have spare cash in your wallet. However, you have to know that the current threshold is lowered.

Passengers who are carrying money in and out of Singapore worth $20,000 should declare the amount to the authorities. If you might recall, the current threshold is S$30,000 but starting on September 1, 2014, it will be lowered to S$20,000. This rule applies to local currency (Sing dollars) and other foreign currencies. If you want to know, the threshold in United States and Australia is S$10,000.

If you are carrying $20,000, you should fill a form and submit it to the immigration officers of Customs Red Channel or at any immigration counter. The statement was released by Singapore Police Force on August 26, 2014. This rule is in alignment with the Financial Action Task Force.

Why is the sudden change? This is to avert terrorists and other criminals to move their physical funds around the world. The funds of terrorists and other criminals can be used to finance their illegal activities and Singapore is susceptible like any other state. These people use cash couriers to move their funds and the authorities are keen on stopping this.

If you are travelling, you should not bring too much money because you might be suspected of ill motives and activities. Just bring enough that will suffice your travel.