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ForexLive Asia-Pacific FX news wrap: USD/JPY popped higher, Suzuki sent it back down

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For Mobile Banking, HSBC Real Time Exchange Rates will apply for all international transfers.

For Online Banking, HSBC Real Time Exchange Rates will apply for AUD, USD, EUR, GBP, CNY, HKD, CAD, NZD, JPY, CHF, SGD, AED, DKK, MXN, NOK, SAR, SEK, THB and ZAR for international transfers within currency cut-off times.

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The Forex Thread

Senior - BHPian

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Re: The Forex Thread

One can more or less do away with cash in most destinations. For the most part, the credit card is more than eunic-brussels.eu others have said HDFC offers the best rates and points. For safetys sake it is worth having a multi currency forex card containing some emergency funds. Maybe USD or so.
It is also useful to carry some amount of cash for local usage, notably for tipping at hotels, restaurants, clubs, cabs etc, especially in destinations where things are relatively inexpensive and where the people are not so well off. So when you land, ideally just withdraw some cash in the local currency, perhaps the equivalent of a USD, from a local ATM using your normal Indian Debit card.
Its sensible to carry multiple small wallets/ card cases when travelling and distribute ones cards and cash in those, so as to avoid being left in the lurch if one loses any one of ones such wallets.

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HSBC Real Time Exchange Rates will apply for transfers between HSBC Australia accounts when using HSBC Mobile and Online Banking.

For Mobile Banking, HSBC Real Time Exchange Rates will apply for all international transfers.

For online banking, HSBC Real Time Exchange Rates will apply for AUD, USD, EUR, GBP, CNY, HKD, CAD, NZD, JPY, CHF, SGD, AED, DKK, MXN, NOK, SAR, SEK, THB and ZAR for international transfers within currency cut-off times.

When the foreign currency market is closed on weekends (that is from the US market closing time on Friday to the Asia market opening time on Monday), the HSBC Real Time Exchange Rate will include an additional weekend risk margin for the bank to cover risk of any market volatilities.

The HSBC Real Time Exchange Rate will not apply on currency holidays, on NSW and US public holidays.

For Online Banking, the HSBC Real Time Exchange Rate will not apply to transfers in currencies not listed above and to transfers outside of HSBC Australia entered after currency cut-off times. Instead, the HSBC Daily Exchange Rate, which is set and refreshed every 30 minutes daily from AM to PM (excluding weekends and NSW public holidays) will apply.

Future dated or recurring international transfers are not available on HSBC Mobile Banking.

For other future dated or recurring transactions via online banking, the HSBC Daily Exchange Rate on the future date of the transaction will apply.

HSBC Real Time Exchange Rates will apply for Global Transfers between your HSBC Accounts. For transfers in unsupported currencies using Global Transfers, the receiving country's daily exchange rate will apply and currency cut-off times of the receiving country may also apply. For future dated transactions using Global Transfers, the HSBC Real Time Exchange Rate on the future date of the transaction will apply when the foreign currency market is open.

Foreign currency transactions are subject to foreign exchange risk associated with exchange rate movements. HSBC accounts should not be used for speculative foreign currency purposes.
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Transaction level forex rate for journal entries

@Tut, I think it’s best I explain what I have done so far, and arrive at the issue I’m facing.

Some background info first:

My financial year follows the calendar year,
My base currency in Manager is USD, as required by IFRS’ functional currency assessment,
My presentation currency is also USD (for convenience), and
My local tax authority bills me in SGD (my local currency).
Exchange rates are updated into Manager, on the last day of every month.
SGD per USD on 31 Dec was , and
the average SGD per USD for the whole financial period (i.e. Jan '17 to Dec’17) was

In the year , I received my corporate tax bill of SGD 6, for the year
To recognize the tax expense in the correct period, i.e. year , I passed a journal entry on 31 Dec as such:

Dr: Corporate income tax (P/L - expense) SGD 6,
Cr. Provision for corporate income tax (B/S - liability) SGD 6,

At year-end balance sheet date, i.e. 31 December , the balance sheet would show a tax payable of USD 4, (computation: SGD 6, divided by month-end rate of ).

So here is where the problem begins. My income tax expense for the year is USD 4,, but I am not in compliant with IAS 21 which requires me to use the average rate of So when I prepare my statutory financial statement, the tax expense is USD 4, (computation: SGD 6, divided by month-end rate of ).

So here is what I’m requesting - at the point of the recording the journal, if I can specify a specific exchange rate to use, that is, in my case, the average rate, I would not have any variance between Manager and my statutory FS.

One work-around would be that I record the tax expense in USD right away using the average rate. However, when I pay off the tax in from my SGD account, I can’t specifically mention the equivalent in USD. So I have difficulty zero-rising the balance after settlement.

The Forex Thread

Originally Posted by sandeepmohan View Post

Thanks.

I just visited SBI, where the funds are. As you say, their charges are nominal. Might as well take this path than get stuck with customs explaining why I am carrying so much cash. Besides; the question will surely come up on how I managed to exchange INR to NZD of this amount. The Relationship Manager at SBI did say something like 7lacs per annum which can be wired to another country. I am trying to move quite a bit more and if this cap is there, that is a barrier for me. A visit to a Chartered Accountant is also required, before sending the money.

A visit to SBI NRI banking branch would be more beneficial , each city in India have multiple SBI NRI banking centres and they have up to date process/ procedures in place , under Liberal remittance scheme a resident Indian (either parents, siblings or close relatives ) can remit up to $K per annum in to your account , I found relationship managers knowledge a mixed bag and it appears you have been provided the limit info for students which is Rs 6, per annum which is a lot lesser than the above mentioned, alternatively if you have the funds in your NRE account ( to be clear not NRO as its a completely different scenario ) you can remit any amount with a bit of paper work which includes documentation around your residence permits / passport of the country of residence and the arrival date stamp in your passport

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