That was 4-5 years back, SG has tighten the rules for foreigners to open accounts now. Unless u have few hundred thousands like what MilesAndMore mentioned.
Problem is don't have so much funds. Previously was with Citigold for many years until recent policy change that required to maintain minimum $200,000 else will be charged $50 monthly commencing 1st April 2017.

eh how come there is another thread about opening bank acc in singapore?

Actually the info is still relevant. Why I do I say it?
(i) I managed to opened an account in Jan this year without hundred and thousand of dollars with DBS.Yes you read correctly. DBS bank.
(ii) I just use the info provided in this thread. Yes I read through every page of it.

Yes they are strict but the info to open account is still relevant and is in this thread.

This post has been edited by Ramjade: Mar 24 2017, 06:50 PM

Do u mind to share how you manage to open?

I went to DBS at Raffles Place when I was at SG to close the Citigold account last week and was told by the representative that the policy has changed last month and foreigners need to have working permit or letter of employment in SG in order to open a SA, I offer them that I will deposit SGD10k but still rejected.

Please read the whole thread. I won't spoonfeed. If you don't want, just go with Maybank. Heck Maybank doesn't even need you to go to SG.

Heard that it was extremely difficult for a regular Malaysian citizen staying and working in Malaysia to open a bank savings account in Singapore nowadays as our Government is tightening money outflow from our country and Singaporeans don’t want to layan small fries Malaysian.

Went down to Singapore for a daytrip on 23/3/2017 and personally visited a few banks to ask. Below are my summary.

1. DBS Bank – Was met by a bank officer in front (did not even get to enter the bank consultation area). For a Malaysian to open a savings account, will need to produce either a Singapore Permanent Residence iC , Employment Pass or Singapore Student Visa/Identification. If not then have to apply and get their bank board “special” approval. For all Savings account a minimum amount to be kept in account is SGD 3000.00 or they will charge you. – In other words No Way Hoze for you small poor Malaysian Kampung Boys.


2. Maybank - Was met by a bank officer in front (did not even get to enter the bank consultation area). For a Malaysian to open a savings account, will need to produce either a Singapore Permanent Residence iC , Employment Pass or Singapore Student Visa/Identification. If not then have to apply and get their bank board special approval. – Previously last year before October 2016, if have account in Maybank MY then can apply for account in Maybank SG but this has been discontinued. – In other words Got Instruction from M’sia Goberment, cut off this jalan


3. OCBC Bank – Was invited in to the consultation area this time. ). For a Malaysian to open a savings account, will need to produce either a Singapore Permanent Residence iC or Singapore Employment Pass. Other than that another way is we buy an endowment plan savings package with them and they link that to a Savings account. Endowments plan Pump in Money minimum for 5 years (Min SGD 5000 – 6000 yearly) only can be taken out fully in 10 years with piss poor Interest rate. – In other words, only get you savings account if you let the bank use your money for virtually free.


4. SingPost – Was met by a bank officer in front again (did not even get to enter the bank consultation area again). For a regular Savings account, its better that I go to a Bank, They only have endowment packages. – In other words, I think I knock on the wrong door and this is not a bank


5. UOB Bank - Was invited in to the consultation area. Had a good conversation with a young Malaysian officer. Singapore PR and Employment documentation is a standard requirement for Malaysian wanting to open account in Singapore Another way is that if you have an account in UOB MY, and the bank officer give a strong letter of recommendation to UOB SG, then they will consider but in reality this is only for high rollers. . They need a reason to allow Malaysian not staying or working in Singapore to open bank account. – In other words, just us regular joes wanting to open account bank in SG, bank tak layan.


Another way, If you are willing to buy/pay the cost of Approx. SGD 1000.00, ada Jalan.

But .... I charge consultant fee if you wanna know further.

This post has been edited by phoenix69: Mar 25 2017, 03:07 AM

Agree, when enquire at front counter already got rejected, not even invited to the consultation area. Told them from Citigold customer but still not layan.
I even offered them to deposit SGD10k but still got rejected? What is ur jalan? Mind to share?

1. All SG banks memang require you to keep between SGD1000-5000. Or else there's a charge. That's normal. If you cannot furfilled that, better think twice. The new normal level is SGD3000.

2. There's no such thing call singpost bank. Singpost is their national post office.

3. Did you know you can open from maybank account from malaysia? No need to go down.

4.. All info are available for free inside this thread. I used this info and open in Jan 2017, why should pay you? Unless you can guaranteed account can be open with guaranteed letter. Otherwise it's just hearsay.

Are you seriously going to pay him? All info are available for free. Just browse.

And btw, let me list down the easiest bank to open in order
1. Maybank (don't even need to go down). How? Search this thread. Shared numerous time.
2. DBS. Again search. Info are available.
3. Standard chartered. This one is hard but still doable. I kasi you satu tips. Buy insurance plam from them. Then definitely kasi you open. But not all standard chartered need you to buy things. Search this thread. I won't spoonfeed you.

And btw, keep your SGD10k. It's peanuts to them. How I know? I tried kasi standard chartered more than that, got rejected. But it's ok since I already have DBS.

Please search this thread and don't waste your money unnecessarily. All info are there. It's still not too late. All you need is maybe 1 full day to read through everything.

This post has been edited by Ramjade: Mar 25 2017, 03:11 PM

Personally I will consider below:
1) Currently SGD sold at 3.16
2) FD here around 4%
3) Unless u foresee SGD appreciating to 3.29 in 1 year's time, otherwise no point open SG a/c (peanut interest)
4) This is comparing like with like (i.e. FD here cannot be compared to opening SG a/c + trade in SGX market lol)

kart, forgot to tell you, that day I submitted the Maybank KE forms, I didn't tick require financial assitance but I was still assigned a broker. I told them I want Leslie Toh

This post has been edited by Ramjade: Mar 25 2017, 09:19 AM

^
You have a good memory, Ramjade.

With that, Leslie Toh will be a trading representative for many posters here. . That is good. As he provides good service to us, he truly deserves the commission which forms a part of our brokerage fees.

I was told by a Maybank Kim Eng Customer service officer that selecting Financial Advisory will cause our application for a trading account to be declined. Apparently, as she said, Maybank Kim Eng is unable to provide full-fledged financial advices regarding on which stock to buy.

That is why we need to choose no for Financial Advisory.

This post has been edited by kart: Mar 25 2017, 11:17 AM

I submitted it myself in person. Really the staff at maybank KE at main branch really don't know what are they doing. Consist of aunties.

DBS V worker is much better. Take time to explain.

hmm...
so if I wan to open sg account for invest/trade purpose in lazyway...

1. open maybank sg locally
2. open cimb sg online
3. go sg to open philip/fsm/vic/ke/etc (no need their bank account?)
4. buy bond/sreit that giv dividend into cimb sg (keep it active)
5. close maybank sg (no need liao)

after that just tt between local bank account and cimb sg, right?

Phillip, FSM are not banks. They are just places for you to buy unit trust. You cannot buy shares with FSM. THey are working on that.

To open account with them, you need a bank account first. No bank account no talk (although FSM is ok with no account). Then later get all the form. Fill it up. Find a commissioner of oath to verified all documents, then send it down via post. All documents need to be verified or else kena rejected. If don't want to do it, just go in person. No need verification at all. Not sure if FSM need verification. But Phillip, Maybank KE , DBS Vickers all need verification.

For what want to close? Keep it open. Then transfer between the 2 banks every now and then to make sure account is active.

But not sure if open locally via Maybank still available or not or govt sudah tutup

1. Yep, even SGD3000 for a Malaysian is approx RM 9480.00 based on current exchange rate (SGD 1 = MYR 3.16) which should be no issue for most average Malaysian intending to open SGD account for the intended purpose, even the not rich ones.

2. Aiya, I thought it was like olden times when the post office can operate saving account mah.. no loss is trying to ask.

3. From this forum, I read you can through iSavvy Maybank but it takes a looooong time and you have to provide TN, which I think defeats some purposes as from many forum members comments, many seems reluctant to comply.

4. Yep , all comments are free, Its a free world, if you do not want, do not pay. If you want then pay. I am just offering to "sell" a possible way/hearsay (I heard from the bank officer, ans I say what I heard) which I discovered. For a Guarantee, I will charge higher which I am unable to provide.

The banks you listed
Maybank - Goberment Linked
DBS - Goberment Linked
Standard Chartered - Dunno anything about that so no comment

As for SGD 10K, I do not even have that much extra cash

This post has been edited by phoenix69: Mar 25 2017, 11:09 PM

This post has been edited by phoenix69: Mar 25 2017, 10:11 PM

dont wan to keep sgd500 in maybank sg mah,
still can open ke/vickers with just cimb sg account? so no any fall-below-amount $$ to keep in sg, all invest/trade

p.s if maybank sg route closed, then have to go sg to open dbs/vic, then cimb sg, later closed dbs and maintain just vic and cimb sg, ayam lazy to keep sgd in account for the fall-below-amount requirement.

This post has been edited by asimov82: Mar 26 2017, 12:26 AM

If you look at the form, both DBS and Maybank don't accept Cimb. So your only choice is Cimb iTrade if you are using cimb solely. If you trade using CDP, you pay SGD25/0.25% per trade. If you use nominee, you pay SGD18/0.18% per trade + maintenance fee.

DBS accept Maybank while Maybank also accept DBS. Cimb is not an important bank to MAS you know while Maybank is one of the 7 core banks of SG (DBS/POSB, OCBC, UOB, Maybank, Standard Chartered, HSBC, Citibank)

This post has been edited by Ramjade: Mar 26 2017, 12:33 AM

I have just open a maybank sg account and get all the pin token etc but without debit card. can someone enlighten me is this standard without debit card? Thanks

It will come. Just wait.