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Opening a Bank Account in Singapore
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Ramjade
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 Aug 19 2025, 07:09 PM
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QUOTE(SwarmTroll @ Aug 19 2025, 04:57 PM) Alright got my Maybank SG account approved and open. I was checking the transfer rates between using Maybank MY or Wise to deposit in to Maybank SG. Wise has the better conversion rate but, the transfer fees actually makes the cost higher lmao. It seems I would get a higher final amount with Maybank MY even with higher conversion rate because the fee is just RM10. Please don't use banks to Malaysia banks to transfer money. How many times I said already. Use fintech. Choose either Sunway money or moneymatch. Also make sure the transfer is around RM10k/transfer to make it worth it. QUOTE(kucingfight @ Aug 19 2025, 05:00 PM) ya same, got it setup juz now within 5 hours. talking bout efficiency. tried to enable duitnow (malaysia) in Paynow, -OK, managed to tinker on it, done) Edit: so i was comparing sunway money SGD rates, it seems to be marked up around 0.36% from XE's rate. wise is charging around 0.57% , so can i say i'm saving around 0.21%? Wise memang expensive. I have never use wise. |
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Ramjade
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Aug 20 2025, 09:13 PM
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QUOTE(SwarmTroll @ Aug 20 2025, 08:36 PM) Correct me if I'm wrong, going to a physical currency exchange (e.g. Mid Valley exchanges) has the best rates even compared to Sunway Money/ MoneyMatch right? Kindly factor in travel fare, time then you see if it's worth it. Been there done that. Yes rate maybe cheaper at midvalley but once you factor in the train fare and time more or less the same. I use train to go sg to deposit money as it's cheap. You can use bus also. |
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Ramjade
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Aug 20 2025, 10:30 PM
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QUOTE(SwarmTroll @ Aug 20 2025, 09:58 PM) I'm already in the process of opening a Sunway Money account. If changing direct in Mid Valley is cheaper, I will probably do that since I am physically going to SG anyways. I will keep Sunway Money account open as back up. Sending money back to MY, I will test see if MBB SG DuitNow/PayNow route is as low as CIMB method. If not, need to consider CIMB MY and SG account opening. If you are going there to visit friend or family or for work then no issue. But if you are like me who go there just to deposit money not very worth it. |
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Ramjade
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Aug 21 2025, 10:30 AM
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QUOTE(kucingfight @ Aug 21 2025, 10:20 AM) yeah, just did 2nd transfer today and managed to 'catch' Sunway's forex offer @ 10am, works out to be just +0.08% compared to XE's spot. Need to be on the spot 10am or abit after 10am? |
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Ramjade
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Aug 21 2025, 03:39 PM
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QUOTE(kucingfight @ Aug 21 2025, 12:28 PM) i tried slight over 10am, prolly 3-4mins later. still able to get it free nasi lemak for lunch today ..  I always like 1010. So not sure if still got the promo. Always compare Vs moneymatch. Hence possible the delay from comparison. |
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Ramjade
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Oct 26 2025, 11:35 PM
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QUOTE(Fantasia @ Oct 26 2025, 11:01 PM) Ramjade, may I know how did you open DBS account? I tried to apply online through their phone app just now and I could not proceed because I do not have the FIN that they required as I am not employed in Singapore. In person. Go there. Sg banks cannot open online except for Maybank or Cimb. |
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Ramjade
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Oct 27 2025, 09:01 AM
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QUOTE(Fantasia @ Oct 26 2025, 11:56 PM) Thank you so much. Your reply gave me the keyword to find this reply that you made last time. Does the utility bill need to be my name cause mine is not my name? The address is same as my IC though Need to be done at DBS HQ. Not normal DBS branch. |
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Ramjade
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Oct 27 2025, 09:31 PM
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QUOTE(Fantasia @ Oct 27 2025, 06:24 PM) Vickers is their broker business, right? I just want a normal saving account first. You need the Vickers to open their normal savings account. No trading account, no savings account. QUOTE(tropik @ Oct 27 2025, 07:03 PM) Then it's unlikely you will be able to open one. At the counter they will tell you to do it online. But you don't have FIN or SingPass... Unless you are going for premier banking. All in 6 figures (DBS, UOB, Stanchart). No need. I opened mine as a student. No money. No active income. |
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Ramjade
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Oct 28 2025, 03:04 PM
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QUOTE(tropik @ Oct 28 2025, 11:12 AM) Bro, were you a student in Singapore back then? But time has changed, so are their regulations. Anyway, thanks for responding to my queries back then. Nope. I wish. If you student in Singapore, easy to open account. If you are like me nobody banks also don't want to entertain you. |
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