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 Opening a Bank Account in Singapore

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jack2
post Mar 22 2017, 08:15 AM

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QUOTE(walkman660 @ Mar 22 2017, 12:56 AM)
bro , mind sharing when u apply the the saving account? u still yet to receive other mail right?
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If not mistaken, it was applied 3 weeks ago. Yes, only received the first letter yesterday via normal post.
walkman660
post Mar 22 2017, 09:49 AM

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QUOTE(jack2 @ Mar 22 2017, 08:15 AM)
If not mistaken, it was applied 3 weeks ago. Yes, only received the first letter yesterday via normal post.
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alright noted ~
Ramjade
post Mar 22 2017, 10:42 AM

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QUOTE(elea88 @ Mar 21 2017, 11:21 PM)
no I did not....
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Then how to buy manulife? Pay in SGD?

QUOTE(wu ming @ Mar 21 2017, 11:49 PM)
Is this a good account for savings?
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For SG standard, cimb is decent at 1% pa without needing to furfilled any condition. Good parking place while waiting for opportunities in the market.
jack2
post Mar 22 2017, 10:54 AM

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QUOTE(Ramjade @ Mar 22 2017, 10:42 AM)
Then how to buy manulife?  Pay in SGD?
For SG standard, cimb is decent at 1% pa without needing to furfilled any condition. Good parking place while waiting for opportunities in the market.
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CIMB SG? How to apply? Same as Maybank SG?
Ramjade
post Mar 22 2017, 10:59 AM

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QUOTE(jack2 @ Mar 22 2017, 10:54 AM)
CIMB SG? How to apply? Same as Maybank SG?
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Once you have online banking with maybank sg and can initiate a FAST transfer (like malaysia IBFT), you can apply online for a Cimb Fast Saver account.

To activate the cimb account, you will need to initiate a one time SGD1000 FAST transfer from any SG bank into the Cimb bank account.

Failing to do so will cause the cimb account to be close automatically after 30 days.
jack2
post Mar 22 2017, 11:00 AM

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QUOTE(Ramjade @ Mar 22 2017, 10:59 AM)
Once you have online banking with maybank sg and can initiate a FAST transfer (like malaysia IBFT), you can apply online for a Cimb Fast Saver account.

To activate the cimb account, you will need to initiate a one time  SGD1000 FAST transfer from any SG bank into the Cimb bank account.

Failing to do so will cause the cimb account to be close automatically after 30 days.
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Wow... so easy to get CIMB SG once we have Maybank SG?

Wonder CIMB SG has USD FCA?
sainod
post Mar 22 2017, 11:20 AM

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QUOTE(jack2 @ Mar 22 2017, 11:00 AM)
Wow... so easy to get CIMB SG once we have Maybank SG?

Wonder CIMB SG has USD FCA?
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But the CIMB Fast Saver got no debit card.

Just got my CIMB StarSaver (Savings) Account activated.
Ramjade
post Mar 22 2017, 12:17 PM

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QUOTE(jack2 @ Mar 22 2017, 11:00 AM)
Wow... so easy to get CIMB SG once we have Maybank SG?

Wonder CIMB SG has USD FCA?
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Yeah. They let other banks do the checking of customer for them. biggrin.gif
They don't accept TT for activation. Only FAST transfer from a SG bank.
Yes they have. Even better. If you are a priority customer with them, you have access to multi currency notes with them without any fall below fees.
However you cannot move USD between one SG bank to another via online. doh.gif (unless there are ways which I don't know)

QUOTE(sainod @ Mar 22 2017, 11:20 AM)
But the CIMB Fast Saver got no debit card.

Just got my CIMB StarSaver (Savings) Account activated.
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Who needs a debit card if you are already holding other bank cards? Unless you're going shopping in SG.
For withdrawing/depositing money, just use other bank cards.
Then initiate a FAST transfer over to cimb. Cimb atms are also found only at their branch. doh.gif

This post has been edited by Ramjade: Mar 22 2017, 12:24 PM
jack2
post Mar 22 2017, 12:20 PM

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QUOTE(Ramjade @ Mar 22 2017, 12:17 PM)
Yeah. They let other banks do the checking of customer for them. biggrin.gif
They don't accept TT for activation. Only FAST transfer from a SG bank.
Yes they have. Even better. If you are a priority customer with them, you have access to multi currency notes with them without any fall below fees.
However you cannot move SGD between one SG bank to another via online. doh.gif (unless there are ways which I don't know)
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If so, can apply for CIMB SG with USD FCA?

If can't move SGD via fund transfer like Malaysia, how to transfer to any other persons in SG?
Ramjade
post Mar 22 2017, 12:23 PM

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QUOTE(jack2 @ Mar 22 2017, 12:20 PM)
If so, can apply for CIMB SG with USD FCA?

If can't move SGD via fund transfer like Malaysia, how to transfer to any other persons in SG?
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Really don't know. Have to email them and find out. They do reply within a day which is very fast.

Correction. USD and other foreign currency. SGD use FAST transfer.
walkman660
post Mar 23 2017, 01:39 PM

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Updates:
17/1/17 - start apply for maybank isavvy account
20/2/17 - due to the new policy , i go to the local branch and fill the tax declaration form
14/3/17 - received welcome letter
20/3/17 - received pin mailer (for access id)
23/3/17 - received debit card no. + pin (but dun have the physical card), received security token, received access id no

elea88
post Mar 23 2017, 02:05 PM

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QUOTE(sainod @ Mar 22 2017, 11:20 AM)
But the CIMB Fast Saver got no debit card.

Just got my CIMB StarSaver (Savings) Account activated.
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after activation...Still have to wait for them to pos you the secure device and the pin before can transfer out $$ from CIMB SG.

already 2 weeks. i am still waiting for the 2 items.
#Victor
post Mar 23 2017, 05:48 PM

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Went Singapore to open a Saving Account at Raffles Place, enquire few banks around the area (CIMB, UOB, DBS). All banks not allow foreigners to open without working permit, even offshore banks also not allowed to open unless initial fund with USD200k.
Looks like it is very strict difficult to open an bank account for foreigners in SG nowadays?
elea88
post Mar 23 2017, 05:52 PM

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QUOTE(#Victor @ Mar 23 2017, 05:48 PM)
Went Singapore to open a Saving Account at Raffles Place, enquire few banks around the area (CIMB, UOB, DBS). All banks not allow foreigners to open without working permit, even offshore banks also not allowed to open unless initial fund with USD200k.
Looks like it is very strict difficult to open an bank account for foreigners in SG nowadays?
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For Malaysian to open account in SG go read earlier pos...

MAYBANK I SAVVY. open from Malaysia.

after that open

CIMB SG..

no need even to walk around....in Singapore.
#Victor
post Mar 23 2017, 05:57 PM

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QUOTE(elea88 @ Mar 23 2017, 05:52 PM)
For Malaysian to open account in SG go read earlier pos...

MAYBANK I SAVVY. open from Malaysia.

after that open

CIMB SG..

no need even to walk around....in Singapore.
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Really? No need to go Singapore to open iSAVvy Savings Account?

But in one of the requirements stated residential address in Singapore need which I do not have.
For foreigners, please apply at any of our Maybank Branches.
elea88
post Mar 23 2017, 06:01 PM

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QUOTE(#Victor @ Mar 23 2017, 05:57 PM)
Really? No need to go Singapore to open iSAVvy Savings Account?

But in one of the requirements stated residential address in Singapore need which I do not have.
For foreigners, please apply at any of our Maybank Branches.
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no need go Singapore. u go read back from page 1.. many here hv successfully open the MBB SG account.

just need make a trip there if u want change ATM PIN to own pin. after u receive the debit card.

But if do not change also never mind. the card can still be use.





Hansel
post Mar 23 2017, 06:07 PM

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Looks like the doors have finally closed in terms of going down to open !!!!!!! Now,.. hopefully Maybank Msia does not close this door !!!!!!! At least if can get to open an acct with Maybank SG, can still perform transactions in SG,...
#Victor
post Mar 23 2017, 06:10 PM

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QUOTE(elea88 @ Mar 23 2017, 06:01 PM)
no need go Singapore. u go read back from page 1.. many here hv successfully open the MBB SG account.

just need make a trip there if u want change ATM PIN to own pin. after u receive the debit card.

But if do not change also never mind. the card can still be use.
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I saw someone mentioned that required FACTA forms + income tax proof which the account holder does not have. When deposit is it in MYR converted to SGD or using SGD?
Other than Maybank & CIMB, any SG banks (DBS, UOB, SC, HSBC) eligible for foreigner which not staying there to open a SA? Previously was with Citigold but recently they revised the minimum deposit to USD200,000 else will be charged $50 per month so end up closed the account.
Ramjade
post Mar 23 2017, 06:52 PM

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QUOTE(Hansel @ Mar 23 2017, 06:07 PM)
Looks like the doors have finally closed in terms of going down to open !!!!!!! Now,.. hopefully Maybank Msia does not close this door !!!!!!! At least if can get to open an acct with Maybank SG, can still perform transactions in SG,...
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I don't think so.

QUOTE(#Victor @ Mar 23 2017, 06:10 PM)
I saw someone mentioned that required FACTA forms + income tax proof which the account holder does not have. When deposit is it in MYR converted to SGD or using SGD?
Other than Maybank & CIMB, any SG banks (DBS, UOB, SC, HSBC) eligible for foreigner which not staying there to open a SA? Previously was with Citigold but recently they revised the minimum deposit to USD200,000 else will be charged $50 per month so end up closed the account.
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Read from page 1. There is another way if you are still in SG. whistling.gif
MilesAndMore
post Mar 23 2017, 08:23 PM

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QUOTE(#Victor @ Mar 23 2017, 06:10 PM)
Other than Maybank & CIMB, any SG banks (DBS, UOB, SC, HSBC) eligible for foreigner which not staying there to open a SA? Previously was with Citigold but recently they revised the minimum deposit to USD200,000 else will be charged $50 per month so end up closed the account.
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It is possible with DBS International (basically it means DBS Offshore) and it requires you to join DBS Treasures which you need SGD350,000 to open and maintain. It is also possible with UOB Bank Singapore but they also require you to join their Privilege Banking which comes with an AUM of SGD500,000. Another one will be HSBC. Open a HSBC Premier account in Malaysia with RM200,000. Then call HSBC International Office at Claymore branch Singapore which handles all offshore clients account.

Do note that HSBC Malaysia has he lowest AUM for Premier banking service amongst all the major foreign banks in Malaysia. I would not be surprised if HSBC Malaysia increases the AUM to RM300,000 or RM400,000 like Citibank CitiGold Malaysia in the near future.

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