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 Opening a Bank Account in Singapore

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Hansel
post May 2 2018, 04:33 PM

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QUOTE(Showtime747 @ May 1 2018, 07:40 PM)
I use my malaysian address to open both CDP and Nominee account, no problem.

The question of Nominee vs CDP is debatable. Comes down to preference. Why you say “control my own fate ?”
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Yes, can open for both with your Malaysian Address, however, not today if you do not have any of the '5 CDP-recognized' banks.

Yes, I have seen a lot of debates abt having CDP vs Nominee Accounts. For myself, I say I can control better because,... for one : I can go for AGMs without needing an approval from or without informing my Nominee Bank.

Secondly, it is easier to transfer my counters out to another place if I hold them inside my CDP Account, depending on the Nominee Bank that you are with.

Thirdly, I am able to control my charges and fees better for my counters if I hold them inside CDP, in case there is any fee increase or any new fee introduced or... any other changes imposed by a Nominee Bank.

I have both, bro,... I see a lot of differences.I find my CDP Account more flexible,... I deal direct with SGX here,...
Hansel
post May 2 2018, 04:37 PM

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QUOTE(Showtime747 @ May 1 2018, 07:46 PM)
PB gives options for diversification. Some products are good. Allows you to pick the risk level. Some products are even capital protected. So it caters for different customers’ needs.

Sg PB choice of products are much wider, and the range of risk/return is better compare to My PB too

Maybe give them another chance to listen to their presentation when you are free next time. No harm
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Yes,.. aware of this and agreed too : Sg PB choice of products are much wider, and the range of risk/return is better compare to My PB too.

....
Hansel
post May 2 2018, 11:24 PM

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QUOTE(Showtime747 @ May 2 2018, 07:47 PM)
Both also can attend lah. Just that Nominee have to tell them to prepare the letter

It depends on your Nominee Bank. I can tell SCB won;t allow us to attend. I can also tell you my private bank will nominate me as their Corporate Representative, most of the time. NO need letter, can go or cannot go,... that's all. That's why, with CDP, no need to talk about letters or informing anyone at all.

You attend all the AGMs for the counters you have ?

Normally, if there is a problem with a counter, or there is a problem with a particular corporate exercise, then I will attend the AGM or EGM respectively. Otherwise, I don't go,... But I may go if my friends ask to come along,... for social reasons,..

Just wondering what can you achieve being a minority shareholder ? (I am assuming you are not the majority shareholder, please correct me if I am wrong)

I am in the top 10 holdings for one of my counters. I enjoy the normal benefits,... as in dividend received, capital gain, the social part, I guessed that's about it.

I transfer between the account when there is some corporate exercise. My broker waive the fee ($10 if not mistaken) for me. Very seldom this will happen though.
Do you transfer very often ? Why ?

Sometimes I transfer around to boost my AUM in my private banking account in order to make a 'heavy bet'. After the bet, I may or may not transfer back to its original depository.

All these years I am with the brokers, they have never increased any fees. Which broker you use ?

1) Phillip-Capital - introduced platform fees.

2) Other reasons - SCB - stopped taking Buy Orders for Manulife US REIT.

3) My private bank - increased fees.


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Answers in RED above,.... smile.gif
Hansel
post May 3 2018, 11:43 AM

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QUOTE(physdude @ May 3 2018, 04:22 AM)
In my experience, that is a lot better than in Malaysia where $$$ or qualifications/professional expertise does not count but skin color and passport does. I had zero problems opening my HSBC Premier account in Singapore and was treated really well (and, for that matter, for US and HK accounts as well). In contrast, I tried 6 banks here for opening a bank account for my wife and she advised me to give up in the end after looking at the extremely shitty way they would treat us. I also had to experience my share of insults and ridiculously disrespectful behavior while opening and operating my own bank accounts here (all premier ones since the premier qualifying amount here is quite small anyway) and just couldn't in many of them. Many of my Indian friends here have had the same issues though one is culturally and ethnically Indian but has an Australian passport and the behavior suddenly changes to polite as he brings out that passport!

Given that many of the bankers state outright lies like BNM doesn't allow non-workers to open bank accounts here, I have to wonder about the level of internal controls here and have given up the idea of investing any significant amount in this country and definitely not immovable stuff like real estate. The two Malaysians I have worked with before and who are very financially savvy also keep just a million ringgit or so here for basic family stuff but almost all their money is overseas.

I have to wonder how the bankers will behave if I turn up together with my British or Belgian bridge partners who have the same legal status as mine (MM2H) but who don't have problems opening bank accounts and are not given the same absurd lies and insults.

Given how much effort the govt puts into attracting people with the aim of investment with schemes like MM2H (and every govt employee I have dealt with has been unfailingly efficient and respectful so far - I definitely didn't expect that!), I wonder if they know the bank employees are sabotaging their work rather comprehensively. They definitely wouldn't need to raise the MM2H fixed deposit amount from RM 300k to RM 500k if not for this since very few MM2Hers would want to keep as little as RM500k (not even US$150k!) if they could have any confidence in the system. Quite a lot of the MM2Hers are Bangladeshi and the biggest proportion by far are the mainland Chinese. If they face the same issues I did, I have to assume that the Malaysian govt must have lost billions in investment just due to bankers who apparently weren't educated enough to know how to behave properly (why not hire them from Bangladesh or Indonesia also like they do for other jobs - they generally seem to be educated enough to behave well).
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Bro,... I would like to express my thanks to you for this detailed write-up. I don't know abt others here, BUT personally I find your write up here very eye-opening indeed.

If you have tried SIX banks here, and they all behaved in the same way, then I would suggest you to go to Singapore. The only thing that is good here is the low currency. But what's the point of having a low currency if the goods and essentials and services are expensive ??

Let the Belgians, the Aussies and the British come,.... they will have a cultural shock later,... trust me,.... but,.. it's cheap because of their strong currency,..so, wth ?

You can't keep too much money in a ctry like,... err, Msia (if you are not Malaysian), or Australia, The US, and China,... every second, the gov't will just turnaround and confiscate everything,... The above are about the few countries I know that have threatened to do that,... AND,........ one ctry has done just that.

Look,... even if you can open a bank account in Msia, do you feel safe putting ur money inside that bank account ? Or perhaps, just put a minimum amount,... but you use the account for ur daily needs-lar,...this makes sense then.

In the world today.... what we have to remember is : govt is govt, people are people, we are not govt,... so, the people may sing a different song from the govt. Do not connect people's behaviour with govt motivations,... I'm sure you know this is true, it would be the same from wherever you came from.
Hansel
post May 3 2018, 03:32 PM

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QUOTE(Showtime747 @ May 3 2018, 12:36 PM)
In your case, CDP is very important to you because you want to attend AGM for your personal reasons.

Yeah,..

But to the vast majority of investors, CDP and Nominal makes no difference since they don't attend AGMs at all  biggrin.gif
Majority of retail investors don't bother about "problems" in a company. Got problem arr....sell and run away lor.... biggrin.gif.

Emm,... actually it's not so simple as just to sell and run,.. we have to determine if that's really a problem, bro,... if it is, then only we run. Otherwise, if it's a good ctr with growing dividends and our average price is low, why divest ?

Hence, there are AGMs and EGMs for us to help us decide,...


But it is good to have people like you to voice out. So that we have better corporate governance. Good job bro  thumbup.gif

Yeah,... that's why I voice out here and in some other forums,...then there are chat groups, etc,.. it's good to be an activitst in the SGX. Whether we are right or wrong in our comments, there are responses most of the time. And if we are right, actions will take place to improve,... unlike in Msia.

A good experience that I managed to go through ws my participation in Sabana REIT last year, actions were taken by the BOD, and the votes managed to stop the mandate for Sabana to issue new units,... hence, they work there,...

Down here, don't bother to voice,...  smile.gif

Replies in red above, bro,....
Hansel
post May 3 2018, 03:37 PM

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QUOTE(Showtime747 @ May 3 2018, 12:36 PM)
Wah, top 10 holdings can request for a seat in the board already. Or the company shareholding is very concentrated ? What is the entitlement for PLC ? 5% shareholding ?

IF holding 5% and above, must announce actions already,... and our names will appear all over the net,... don't really like that for myself.

Like your special preference to attend AGMs, your PB is also very rare among the retail investors.
Now, with your case being "uncommon", would you agree that to a common typical investor, a CDP vs Nominee account should be indifferent to them ?

Haha,... perhaps so,...yeah,...

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Hansel
post May 3 2018, 03:47 PM

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QUOTE(Ramjade @ May 3 2018, 01:14 PM)
I have to chip in as an ordinary investor. CDP holders get diluted as they don't get access to rights,  prefferial shares,  bonus. See as an outsider with no SG address, CDP is seriously a big disadvantage. That's why I said so much for SG being international financial market. If serious about being international financial market,  remove those limitations.

For nominee account,  you get everything minus annual report,  Egm invitation, agm invitation.
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Actually, the term 'dilution' here has been coined by investors in terms of the accounting principles. If there has been a placement and i DON'T PARTICIPATE, I continue to enjoy the same amount of dividend and capital gains per share or per unit, provided :-
1) the dpu does not fall in amt, and
2) investors still have confidence in the counter in the long run.

IF,... say, the dpu falls in amount, then,... I won't subscribe regardless if it's a Rights Issue (RI) or a Preferential Offering (PO),... I'd rather continue to hold at the current average price and see what happens later-on, and contemplate if I should sell-away...

If the RI or the PO is estimated to bring about a final price that is lower than my current average price, yes, I will feel disappointed if I don't participate. Then again, why participate and throw more money in when the counter is not good ?

There is an event coming-up ahead whereby this decision will need to be made already. And this event is with the Manulife US REIT. An RI is coming up soon,... and calculations will need to be made IF I should participate or not to participate,....

What dilution, bros ???
Hansel
post May 3 2018, 10:30 PM

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QUOTE(aspartame @ May 3 2018, 05:42 PM)
Normally, "dilution" is the term used when you do not participate in the rights because your % ownership in the company is diluted. No impact on your actual holdings... just you hold less % of the enlarged share capital after rights.
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Tq aspartame for clearing up this puzzle.

Yes - the % ownership is affected, which translates into VOTING POWER. This is where it gets hit the most,... hence, if I'm more for the dividend payout, I wouldn't be too concerned about 'dilution' here. I would have my own set of calculations to see what is the best thing to do, when I don't take-up,....
Hansel
post May 3 2018, 10:36 PM

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QUOTE(Ramjade @ May 3 2018, 06:11 PM)
Don't know.  Look at last ums bonus issue. They clearly state there must have SG address or not eligible for bonus issue. doh.gif doh.gif
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It mentioned in a general sense that you need to have a Corporate Action Address. Without the address, your holdings will still be credited with the Bonus Units. No need to refer or argue anymore,..
Hansel
post May 3 2018, 10:40 PM

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QUOTE(aspartame @ May 3 2018, 05:48 PM)
Bro Ramjade, if they dun give you bonus issue without Sg address, that is not a bonus issue already. It is then a "daylight robbery" issue....  If you don't participate in rights, u can sell your rights away... but if they dun give you your bonus shares, where do the shares go to? To the chairman's CDP? Or treasury shares? Impossible!
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For Rights, can still sell away,... but if Preferential Offerings being done, then for certain, diluted...
Hansel
post May 3 2018, 10:48 PM

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QUOTE(Ramjade @ May 3 2018, 10:38 PM)
So for bonus issue still need SG address?
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No,.. until now,...
Hansel
post May 4 2018, 11:36 AM

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QUOTE(Ramjade @ May 3 2018, 10:52 PM)
Until now means need SG address to receive bonus shares?
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Don't need, bro,.... For bonus units with UMS, don't need, they don't chk,...don't know abt later-lar,...
Hansel
post May 5 2018, 10:15 AM

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.... if govt changes, maybe can open easier if MAS feels the new govt is more,...'clean'. Wait till after elections,... I would do this,...
Hansel
post May 5 2018, 10:16 AM

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Ahh,... but the new problem is : maybe you can't send your money out anymore,...hmm,...
Hansel
post May 12 2018, 05:07 PM

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QUOTE(coolguy99 @ May 11 2018, 07:45 AM)
will the new govt impose rules for those who wants to open bank acc overseas?
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Anything is possible now,....
Hansel
post Oct 11 2018, 03:19 PM

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QUOTE(Showtime747 @ Oct 5 2018, 09:58 PM)
Thanks for sharing !  thumbup.gif

Yes, looks like ramjade is wrong. I tried it just now. This is the email I got :
hansel one door closed, the other door opened ?  biggrin.gif
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Yes,... another door opened now,...this is good, because if someone starts to open now, and mkt drops after this, can start to buy shares already...

Do you guys know which is the cheapest brokerage in Singapore ?
Hansel
post Oct 11 2018, 03:19 PM

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0.12% with no minimum,....
Hansel
post Oct 11 2018, 05:07 PM

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QUOTE(Ramjade @ Oct 11 2018, 04:11 PM)
Interactive broker provided if you have US100k.
If pure play SG market only, the other alternative is FSM.
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How much is IB's comm (percentage-wise and minimum comm) with USD100K AUM with them ?

How much is FSM's comm (percentage-wise and minimum comm) ?

FSM has quarterly platform fees,...
Hansel
post Oct 11 2018, 06:07 PM

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Looking at the above two cheapest brokerages for SG,... to sum up,... my brokerage at 0.12% with NO MINIMUM commission is cheaper than both of them for SGX stocks.

No platform fees too for mine.
Hansel
post Oct 12 2018, 11:38 AM

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QUOTE(Ramjade @ Oct 11 2018, 06:13 PM)
I think you need to be corrected. For IB SG price only
0.08% of trade value,  min SGD 2.50
0.08% is definitely cheaper than 0.12% biggrin.gif biggrin.gif
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I will counter-correct you,.... biggrin.gif

YOU need to have 100K USD inside IB to be able to enjoy the above special rate.

My 0.12% with NO minimum comm does not need to have so,... which means I can invest this USD100K outside my brokerage.

I welcome further counter-comments,.... hoping to be right !

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