Singapore has the CPF (Central Provident Fund), a savings scheme whereby the worker and the employer make compulsory monthly payments that will go into a fund set up principally for retirement. The CPF is essentially savings system where the worker contributes a certain percentage of their salary (20 % until the age of 55, 12.5% from 55-65, and then 7.5% thereafter), and the employer also making a contribution (10% until you're 55, 4% from 55-60, then 2% until you retire). You can withdraw certain amounts from this fund for certain reasons only (e.g. medical emergencies, buying a home & investing in stock), but its main purpose is to ensure that everyone has an adequate sum on which to retire.
Foreign nationals are not required to contribute to the CPF. However, if you are a foreign professional on a contract of 3 years or less, you will have to ensure that you and/or your company are paying into your usual pension fund in your home country.
If you want to move money abroad, from Singapore or to Singapore for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Fexco will help you to keep your overseas money transfer costs to a minimum.
|Fee||£10 < £5K or Free > £5k|
|Ccy||All (130 currencies, incl ‘exotics’)|
|Services||Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone.|
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.