I'm laughing at your statement above, in bold,....

Only you kena this,...

hard to say. he says he's on DBS private so need to compare that exchange spread against wise (or IBKR)

REALLY .. DBS will charge for incoming foreign funds.

I'm comparing the most cost saving way to transfer money from ringgit to CIMB SG to transfer to IBKR. I did a comparison of sunway money, wise, and CIMB MY, but not sure if I'm doing it the right way, based on what I see, sunway money is the cheapest, but I need advise if I'm doing it correctly.

this is CIMB MY straight to CIMB SG
[attachmentid=11515297]

This is sunway money
[attachmentid=11515298]

This is wise
[attachmentid=11515299]

I believe that you are asking about changing smartphones, in order to use the mobile banking app for CIMB SG and Maybank SG.
I am not sure about that. However, I respect your choice to use mobile banking app.
Actually, we can still use physical hardware tokens, to approve banking transactions for both CIMB SG and Maybank SG.

Ramjade
CIMB SG and Maybank SG will persuade the customers to use mobile banking apps.
However, we can inform CIMB SG and Maybank SG that we insist on using physical hardware tokens, upon our request.
Recently, upon my request, CIMB SG and Maybank SG sent replacement physical hardware tokens via mail to me, because the battery of my previous physical hardware tokens is running low.
Thus, I am still using physical hardware tokens, to approve banking transactions for both CIMB SG and Maybank SG.
Anyway, it is really to you, as a banking customer, to choose either mobile banking apps, or physical hardware tokens. Either option is fine.

How about transferring money from CIMB SG back to CIMB MY? How to get the cheapest fees?

Just thinking here, man.... if you earn a lot of money outside, and say, you don't have kids outside, and not much plans to travel,... and say, no plans to relocate outside of Msia,... what then do you earn the money for if you don't bring it back to use ?

Guys, I understand that CIMB SG no longer accept initial deposit from remittance service (Wise, Sunway Money, MoneyMatch etc). How about deposit from another Singapore bank account which is not under my name (friends or family)?

go here https://www.maybank2u.com.sg/en/personal/cr...casa/index.page open MBB sg bank acct. then transfer S$1k from MBB sg to CIMB sg. pick ar-rihla (cheapest min balance to maintain, S$200)

Quick comment here : A far cry from what you said earlier…😂…. And odd that you could have missed replying to a tagging, you must have taken the last few days thinking how to reply.

Relax man…

So… ok. I am right abt having funds abroad and how to use the money. You forgot to say to loved travelling too…😂

I am a cheapskate, want to reduce the cost as much as possible  :blush_ani:

gents,...

There is no such word as 'cheapskate' in our vocab.. We are investors, we are prudent !! It is skillful to be prudent,....

I am jiggling with him,... as always,... I think you have erroneously-estimated my behaviour with him,...

Uh-huh on the sound financial lessons.

my dear.. Once you have kids.. u can delay retirement le..

Kids suck $$$ supersonic speed.
It start with Best Milk.. follow by best kindy. then Kiasu schools.
follow by Top Uni( top also means $$$)...

for best uni, how much to budget? 1mil,.2mil, 3 mil or more?

Thing is,... I recalled he said earlier,... he will remain single, and will never have kids. But I guessed people changed as time passes-by.

trying to apply for MBB SG https://www.maybank2u.com.sg/en/personal/cr...casa/index.page , but i was rerouted to MBB MY, and then log in, it says it doesn't exist.

anyways to confirm if process below to fund IBKR
a) open mbb
b) then duitnow MBB MY-> MBB SG
c) then use MBB SG to fund IBKR

for rewithdrawal comparison MBB and WISE, can i say there's not much difference? as IBKR offers 1time free withdrawal for any options?

so basically i'm just saving when funding to IBKR only using MBB SG (comparing to wise)

Hey there, interesting thread here.

I was looking in to opening a bank account in SG for work purposes. It seems the consensus here is that the best option is opening CIMB MY and CIMB SG.

- CIMB SG has the best rate to transfer money back to Malaysia to CIMB MY.
- Transferring from Malaysia to CIMB SG however should use MoneyMatch/Sunway Money for better rates to SG.

I am also interested in IBKR for investment purposes which of course can be deposited through CIMB SG.

CIMB SG could be my salary deposit account, the downside is that they don't seem to have much ATMs at all if I need cash withdrawals.

Does this make sense for someone working in SG? Or was it mostly for someone working in MY wanting to use SG accounts with IBKR Investments?

Thanks for the advice presented guys! I have been looking in to it and it seems the one Ramjade presented might be the best option.

- DBS MY Account for salary purpose and deposits to IBKR, there doesn't seem to be any fees or minimum/initial deposits required at all for this DBS account, largest coverage/branch.
- Transfer from DBS to CIMB SG and then CIMB MY for cheapest transfer back to Malaysia.

3 banks is all I need I suppose, my Maybank savings account can just leave it dormant with RM20 inside.

Oh I was referring to my current Maybank MY account, which will be mostly redundant once I start work over there I guess.

I thought about it, being in Singapore I will probably pool most of my investments in IBKR so majority of my savings will go there. But I still need some form of reserve for emergency use so it will sit in a bank account.

DBS MY Account - has no fees and minimum/initial deposit, but interest is only at 0.05%.

OCBC 360 - 1000 SGD initial deposit and minimum balance of 3000 SGD to avoid fall below fee of 2 SGD (waived for 1st year), interest is at least 1.60% with the option to go higher by saving or spending more, don't see any other fees other than fall below fee.

Decisions. Decisions. Decisions.

By the way, is everyone here mostly investing in IBKR only?

Ah yes, I guess each platform has their pros and cons, will look to see which is suitable.
Ah yes! MMF, I almost forgot about them. Higher interest and almost as liquid as savings account (T+1 working days) for withdrawals, minus extra conditions but slightly riskier. You are using MMF through IBKR? Actually being in Malaysia, you would use a local MMF platform I suppose.

Thanks for mentioning MMF to me, I forgot about them myself. Now it makes sense for me to use DBS My Account as salary deposit and the MMF as my liquid fund, don't have to be tied to the terms and conditions of something like OCBC360 and still having equivalent or higher interest returns.

What other investment advice could you share to me?
Do you perhaps invest in Individual shares/ETFs/etc. in IBKR?

Mostly beginner I would say, it's a new learning experience everyday. Some investments in ASNB, StashAway (withdrew), Versa (withdrew), Foreign US Share by previous company I worked at, Rakuten Trade but stopped awhile ago, Crypto (Binance), etc.

Expectation is to beat ASNB/Retirement fund returns mostly.
CIMB Fast Saver has better rates and cheap to maintain in comparison to the one I was also looking at which is UOB One Account. UOB One Account is however cheaper to maintain compared to DBS Multiplier or OCBC360 (1000 SGD Minimum vs 3000 SGD Minimum).

I will probably go with UOB because of branch/atm/presence in SG for salary/spending purposes. I will still open CIMB Fast Saver for transferring money to Malaysia at best rates.

Live below your means and reach savings of 50% salary. Great motto indeed, you seeking early retirement?