haha...no lar.
Just think since ady travel there...tempted wanna holidays there also.
but holidays in SG ady like holidays in Australia ady..

Opened one at DBS bank branch at Marina Bay Financial Centre.

You have to open securities trading account with it.

I opened one after GE 13. I realised how bad gerrymandering was and how screwed I will be if s**t hits the fan.

My vote piled up uselessly in an urban seat with big majority while rural seats with small majority are the ones that matter.

My advice is opening a Singaporean account is not worth it if less than SGD 30k. Interest rate is low so you have to invest in stock market (e.g. REIT or ETF).

You need 1 or 2 times cash collateral to SELL your shares due to how CDP is setup.

myr.medinsurance,

It depends on what is the goal of this A/C. If RM depreciate, even at 0% interest rate, it might be worth it.

Dreamer

Can you please elaborate on what you mean by that? If you have already paid for the shares in your CDP, why do you need cash in your account to sell?

The money in Singapore is going to be there for the long-term (unless things go south in Malaysia) so how it appreciate to Ringgit is less important than beating inflation in Singapore. For now, just dollar cost averaging on STI ETF.

They are going to have Singapore Savings Bond soon. This will give fixed deposits in DBS bank a run for their money.

CDP accounts in Singapore is unique to each person. One CDP account can be linked to multiple brokerage accounts (e.g. buy with DBS Vickers and sell with Kim Eng). Once you buy through one brokerage and settle cost, the security is transferred to your CDP account. Your brokerage account has no idea that you still have the stock, so you might be short-selling when you sell any stock.

Since you are not working in SG, they will want cash collateral.

Might be different for others but this is the case for me.

Anybody who has DBS-Vickers account that can sell without collateral, let me know. I buy stock cash upfront.

I personally use Standard chartered's trading service. The commission is 0.20%, and there is no minimum commission charge, which is good if you are buying small quantities. Stan Chart will act as a custodian for your shares, so CDP is not required, and no collateral required.

Downside is (from what i heard), the platform is not very stable, and may have outages sometimes, so this will affect people who trade heavily. Also the interface does not have as much functions as other trading platforms. But if you are just holding STI ETF for the long term, is should be ok for you.

Also it has access to foreign markets as well.

Standard Chartered Online Equities Trading

Looks great especially no custody fees.

Have they charged you any annual fee for account?

If non-resident is allowed to open bank account and trading account, may recommend to dad for diversification.

Were you a non-resident when you opened the account?

No Annual Fee as far as I know. you will have to open a savings account with them (E-Saver) with Min Balance 1K SGD. I was a resident when i opened the account, but i do not think non-resident should have an issue. Maybe you need a higher min balance.

Thank you for the info. Will let my dad know. It will be up to him to follow up on requirement and decide to proceed or not.

He has reached age to withdraw EPF but still keeps most of his money there.

If Zimbabwe levels of hyperinflation hits Malaysia (very, very unlikely), I can still rebound because I am young. It is the oldies that cannot take chances with their nest eggs.

You mentioning standard chartered trading account has jogged my mind back to end of 2013. I did consider Standard Chartered but did not find any examples of people who manage to open Standard Chartered bank account as non-resident in lowyat as opposed to DBS bank. Furthermore, I was a bit nervous about the fact that account is nominee account.

Since I am a small timer, may as well just go with DBS. Was caught out by how CDP is setup.

I remember I took the overnight KTM sleeper train to Singapore. It was RM 80 return for bunk.

You could arrive at early morning by sleeper, open account and take sleeper train back to KL. You don't even need to spend a night in Singapore.

Yea I agree, its better to check with a proper financial advisor before doing anything rash like transferring all your EPF savings to SG. I do not think its a good idea to transfer all your savings to SG if you are worried about Malaysia crashing. If Malaysia crashes, Singapore will be severely impacted as Malaysia is its major trading partner. You are better off putting your money in some other country/ currency

Lucky for me my hometown is in JB, we can just do day trip to SG

For a country well known for their financial instruments, this rule is kinda dumb..

It costs $24sgd a year to keep the account, that 5k invested into stock market will give you returns capable of covering this cost.. Why park the cash there? Better to reinvest it.

Thanks for the advice. Definitely not going to ask him to put everything in SG. Maybe 10% as a hedge. He will need to consult relevant people, I am just giving an alternative to him. Just does not feel right to put all your eggs in one basket. The world is changing so fast. One moment you are up, the next you are down.

Yeah, Singapore would be affected too. Just the degree it will be affected. Just that it is convenient. One train ride away. Same language, culture. Another alternative is us brokerage account. Not the best place for an old man's retirement savings.

How do you open business account in Sg?

I am interested to open a Singapore Savings Bond.

If I am unable to travel to Singapore , how can I open a CDP account? I have a saving account with POSB.

I think you need to be there in person to open a CDP account.

i just opened one too at MBFC DBS in June
they wont let me open the normal savings a/c instead gave me a Multiplier account where you can deposit physical currencies of other countries and can convert them later to SGD(eg AUD balance earns 0.75%)

the reason i opened this account is to cut down on the CIMB dividend handling charge(before GST SGD10,after GST SGD10.60) from my single REIT holding

Do we need to pay anything in order to open a securities trading account ?

It's applied for all bank in Singapore ?

Not studying or working in Singapore.

No need, but you need initial deposit for the saving acc

Oh okay 👌, how much likely the initial alike?

It can be any bank right?

So i just tell them i would like to open cds acc then automatically ill be able to open an saving account?

Will there be any t&c?

I remember my last visit, i was told that initial 5k sgd and monthly deposit 500 sgd for 15 year, if failed to do so will be penalty something, i can't recall... (UOB bank) for foreigner only.

Depending on bank, initial should be between 1k - 3k SGD.

Whether you need CDP depends on the online trading platform. Most banks need CDP but there are some banks such as standard chartered that act as custodians for your shares where you dont need a CDP account.

Personally i would recommend standard chartered as they dont have a minimum commission and charge about .22% commission per trade. Other trading platforms also charge similar commissions with min 25SGD charge.Downside to this is that if you change to other brokers, you cannot transfer your share from custodian to them. You need to transfer from custodian to CDP and link the CDP to your new broker and there will be some charge for the transfer.

You can view the comparison of the brokers below