SIA Bank Guarantee

[Haggis Freezin]

Does anyone have a clue how the SIA training bond/ Bank guarantee system works. How much/ local bank/ bank back in home country any info would be appreciated.

[SE7EN]

Not sure if it's still the same amount, but it was $46,000(Singapore Dollars) a few years ago when I joined.
You have to show evidence of that amount in an account of SIA's choosing then basically sign over that amount for a period of 5 years and 5 months. At the end of that period the bank will 'unfreeze' the amount which will also have made some interest. (Probably around $10,000)
The above is for joining as a direct entry capt on the 777.
If you are unable to provide the guarantee by your start date you will be released by the company. They don't allow even a day late on the payment.
Good luck!:ouch:

[Slasher]

14 years ago I used a merchant bank in SIN and garanteed the SIN$ amount in the equivalant US$ (then cheap @ 3.3%). The B.G. Letter then followed. The US$ is even cheaper now since the inter-bank loan and currencey-exch rates are fcuk-all.

Since I was a penneyless bum with a propertey mortgage in Oz when I took it out, I had to also take out a short-term (but pricey-premiumed) life-asurance policey (chosen by the bank) to cover there @rse if I was run down and killed dead by a mad SBS bus. When the Surender Value + Oz assets equity value equaled Bond Remaining I could (and did) cancel the policey. I also had a mortgage taken out with the same bank on the Oz propertey since the US$ rate was a lot less than the Oz one (3.3% vs 18.5%!!!). This not only saved me loot but increased my personal equitey in the propertey far quicker by dealin in US$ (thus the short-term assurance policey).

Id talk to a merchant bank in SIN esp if you got assets/asset mortages back home. The one I was recomended (and used) was Hill Samuel. Very bloodey profesional helpfull and capable mob.

PS I dont know if Stalag policey is now for POWs to efectiveley fork over S$46000 - like who has THAT kind of loot to spare? You need it to survive the 1st year! :bored:

[millerscourt]

Slasher Eloquently put. I don't know whether the Bank Guarantee/Bonding has changed for SQ Cargo or Silk Air but you have two choices with regard to this.


1) Bring to Singapore $ 46000 in your sticky fingers and deposit it in say DBS Bank close to the Hotel (Parkway Parade) and take along the Bank Guarantee paperwork and DBS will charge you $2000 for this service. You will get over the 5 years and 5 months approx $2500 in interest NOT the $10000 as suggested by someone.

2) If you have assets then you can get a bank guarantee but it must be arranged before you join and the Bank must have a branch in Singapore as you have only 20 days on arrival to complete the paperwork to SQ,s satisfaction otherwise you are on the aircraft back home at your own expense!!!!

You will need to put up 2 months deposit and one months rent in advance for accommodation,say$10000 in total.

That brings the total so far to around$58000.

For your interview you will have subload Economy and all Hotel and other expenses are up to you. The Medical will cost YOU around $500

If you have children that require educating in International schools then bring even more money as they require a large Deposit plus fees in advance. ( Not sure how you can possibly afford this on the "Pittance Package" now being offered.


Take heed of the warning at the bottom of the application form

JOINING CAN SERIOUSLY DAMAGE YOUR WEALTH

[highcirrus]

Haggis Freezin

Please take very careful note of the last posting by millerscourt – it is absolutely accurate – I know, I’ve done it myself!

The only thing that could be different is the actual amount of the bank guarantee. There is a rumour going around SIN that the latest joiners on the B744 freighter had to cough up S$150,000 for the BG – a sum that reflects SIA Cargo’s complete lack of illusion that joiners would necessarily want to be stayers once they realize what they’ve got themselves into, despite presumably reading the plethora of information and warnings posted on pprune.

Be very cautious!

[BlueEagle]

The Bond on the B744 used to be $150,000 over five years and the BG was $60,000.
Did they ever get any recruits on the cargo contract?

[millerscourt]

Blue Eagle Yes the B744 BG was always $60000 but the Bond Total was in the region of $300000 pro rata over the 5 years from initial line check.

I believe a few Argentinian" Desperados" have joined the Cargo concern. Not sure whether they are already rated on B744. Guess not as otherwise why would they join??

If not rated then why would they join if Highcirrus is correct about the BG now $150000. Perhaps to take into account the collapse of the Singapore Dollar??????

[millerscourt]

PS When I joined $60000 was £27000 STG

Now $60000 is £18750 STG

Just shows why with huge paycuts as well this job is no longer to be considered by anyone from the First World

[BlueEagle]

The bond used to be $150,000 reducing by $30,000 per year served since final line check, over a period of five years. When did it ever go as high as $300,000. ?