Where should I obtain the exchange rate to translate foreign-denominated CBNI into Singapore dollars?
In determining whether an amount of foreign currency (including an amount in which a document is denominated) is equivalent to a Singapore dollar amount, the amount of foreign currency is to be translated to Singapore currency at the exchange rate applicable at the relevant time. As the Singapore dollar is a freely traded currency, there is no officially prescribed exchange rate. Indications of prevailing exchange rates may be obtained from major newswires, banks and websites such as Monetary Authority of Singapore and Singapore Customs. Reporting Q1. Is it true that only Singapore dollar denominated CBNI have to be reported? No. All CBNI, whether in Singapore dollars or in a foreign currency, must be reported if their total value exceeds SGD 30,000 or its equivalent in a foreign currency. Q2. Does the reporting of cross border movements of CBNI apply to Singaporeans? Yes. All persons who move CBNI exceeding SGD 30,000 or its equivalent in a foreign currency into or out of Singapore ar
