1 SGD for e-KYC from CIMB MY to CIMB SG.

1k SGD for minimum deposit from my Maybank SG to CIMB SG (My Maybank SG was opened last year, you can transfer this 1k SGD from CIMB MY/other local MY banks (expensive) or fintech apps/portals like Wise/Instarem/Sunway Money etc. or from an SG bank with your name)

So total for me is 1001 SGD.

Your observation is correct, banks charge high fees and markup the forex rates. So you should use fintech like BigPay/Wise/Instarem/Sunway Money etc. to do the 1k SGD deposit. Don't use CIMB Clicks MY to transfer the 1k SGD. Gracie mentioned that in her blog too.

In any case, just don't forget about the e-KYC which must be from your CIMB MY account , that one you already did. (For e-KYC 1 SGD is enough, transfer more is also ok, say 1k SGD, but you will lose money like what you have observed above.)

This post has been edited by TOS: Sep 21 2021, 09:06 PM

No problem. Always glad to help.

I can't remember what I selected last time, I think it's this one:



As long as it is savings/investments-related it should be fine.

Sunway Money not good? I just opened an account with them. Can transfer MYR to other currencies too like HKD. Rates very close to Instarem and Wise.

Now ok already. They updated the app 1-2 days ago. I tried it from HK, the e-KYC works well for me.

A few weeks to a month back the e-KYC was not available.

Just to confirm for those who use DBS My account in SG, there will be charges of 10 SGD for inward remittance fee right regardless of whether you transfer in SGD or USD from IBKR (or other broker)?

I will be going to SG next year for my research exchange for a few months, plan to open the My account there with my work pass.

There is an SGD.HKD currency pair in IB, so no need to go through USD as the middleman. I barely transfer money to HK, usually money (scholarships) go out of HK to SG bank account.

But anyway thanks for info. So it seems withdrawal from IB to SG local bank account only CIMB SG waives the inward remittance fee. DBS My account then will be for USD withdrawal in case of emergency for me.

Ya, you are referring to CHATS. https://en.wikipedia.org/wiki/Clearing_Hous...Transfer_System

It's free for my Hang Seng bank account, but not available on certain digital banks like Mox.

https://www.hangseng.com/content/dam/hase/c...l_e_jul2021.pdf

https://www.hkicl.com.hk/files/page_file/11...20%28Eng%29.pdf

But scholarship amount not much these days, some source of funds come from personal savings in the past, so usually that money goes straight to SG banks and get transferred to USD from there as I may reserve some SGDs for emergency use/SG shares too.

What kind of verification method do they use for withdrawal?

When you open CIMB SG what is the purpose of opening account you gave to them? If you mentioned it is business/trading income then they should be able to understand.

CIMB Fastsaver can only accept SGD, to all foreign currencies coming in will have to exchanged to SGD before entering your account.

There is no limit for inward remittance. https://www.cimbclicks.com.sg/faq_fundtransferinward.htm



As of now, foreign-sourced income will not be taxed (but this may change in 2022), but you should declare to stay on the safe side.

TT in or TT out? If TT in then CIMB SG no fees. For outward remittance in SG, usually people use FAST or to a lesser extent MEPS and they are free/cheap (FAST definitely free, some banks charge on MEPS). For outward remittance to overseas, if possible can use fintech service providers like Wise/Instarem etc.

Regarding HSBC SG if TT free. Again time after time, you should remind yourself there is NO such thing as free in this world. This "free" service is paid for by the opportunity cost of locking several hundred of thousands with them to earn interest income and potentially highly lucrative wealth management fee from your some hundred thousands deposit.

In other words, you already "pay" them with your huge deposit.

Oligopolistic/monopolistic-competitive market like banks like to play with these kinds of "differentiated services", like different telcos offering different packages with different charges yet they look the same if you count the cost, or the different toothpaste brands with very similar net weight/packaging (few people know that Darlie's parent company Hawley & Hazel is 50% owned by Colgate-Palmolive).

This post has been edited by TOS: Oct 31 2021, 10:31 PM

I think it is some sort of internal transfer. You can initiate the transfer under the CIMB Malaysia Transfer option in the menu of the CIMB Clicks SG page.



https://www.cimb.com.sg/en/personal/promoti...sting-customers

4 digit SGD in CIMB SG. 3 digits in CIMB MY. That is a lot to you?

35k SGD is limit (notice the word "up to", I didn't change the default setting.)

Need to go to SG in person with a valid work/student pass, if you are referring to DBS My account which Ram and I referred to earlier.

https://www.dbs.com.sg/personal/deposits/sa...unts/my-account

"You can open a My Account online without the need to visit the branch, if you are holding a valid Singapore work or student pass."

Which newly added clause? I transferred 1 SGD from CIMB MY to CIMB SG a few months back during the account opening. Back then 1 SGD is enough, no need 10 SGD.

You mean this?



Ya, the e-KYC must come from CIMB MY anyway (for the 1 SGD verification), the rest I fund it using my Maybank SG account. Instarem/Wise/Sunway Money not acceptable it seems. Let me ping polarzbearz

Maybank SG? Or if you are rich, the private banks will welcome you too, just fly there and open a private bank account.

lol private bank mah

You go there deposit a few k SGD, net interest income so little only. Plus if you are buy-and-hold investors, the bank earns almost nothing.

Edit: Don't know if got other alternatives or not, if you have borderless account before, then technically you have one SGD bank account too. For bank account-like stuff, FSM SG is a brokerage account but can store cash too, but have limited payments and withdrawal options. Digital banks most likely require you to have a work pass/student pass etc or become a resident there to be eligible. Traditional banks options are limited. DBS may require you to have work pass/student pass though, but Ram's earlier reply kind of suggest just visit as a tourist also can open one. Sounds too good to be true for me. OCBC and UOB not heard before, but I recall someone once told everyone here he "got a deal" with UOB so can open SG account there. Then when Ram ask for updates and details, no more news...

This post has been edited by TOS: Nov 9 2021, 11:43 PM

https://forum.lowyat.net/index.php?showtopi...post&p=97255358

The above is true as of last year. Always check with your branch about the opening hours and documents to bring before you leave your home.

No, CIMB FS is designed to be card free online account.

https://www.cimb.com.sg/en/personal/help-su...er-account.html

You can ask for ATM cards with 10 SGD charges. No debit cards provided, but credit cards are available, like this bundle: https://www.cimb.com.sg/content/dam/cimbsg/...ature-promo.pdf