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 Opening a Bank Account in Singapore

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SUSTOS
post Nov 21 2021, 11:07 PM

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QUOTE(edwin1002 @ Nov 21 2021, 11:00 PM)
Thx, ATM card is okay as long as can withdraw money. SGD 10 per year?
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https://www.cimb.com.sg/content/dam/cimbsg/...and-charges.pdf

10 SGD per new ATM card. You can definitely withdraw in SG ATM, but not sure if you can withdraw in MY's ATM or not. It is an ATM card, not a debit card, so you may want to check with CIMB SG for more info. Not much said about the ATM card in the website.
SUSTOS
post Dec 8 2021, 01:23 AM

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QUOTE(Arashi @ Dec 8 2021, 01:00 AM)
Hi guys, I've just set up CIMB SG Fastsaver account. I was looking to make a transfer from the Fastsaver account to another bank account in SG, but it looks like all I could do was to transfer funds between my own CIMB accs. How do I go about doing this? Thanks
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You can use FAST to transfer funds from CIMB SG to say, Maybank SG. (It's under "To other banks" list)

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SUSTOS
post Dec 8 2021, 07:21 PM

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QUOTE(Hansel @ Dec 8 2021, 04:29 PM)
I am prospering in SG,... and am indebted to SG.

Forget abt that Ramjade fella,... I advised him to start with SG first, he did,.. and today, he is backstabbing SG instruments,...

He forgot where he started from.

He forgot he learnt to use Interactive Brokers from his SG experience.

He forgot he is still stubbornly holding-on to his DBS Acct even after I told him to close them.
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Replying from this thread since I have a question on DBS SG.

Not sure about your story with him, why did you recommend to close DBS SG account? I think having a facility to receive USD in SG is not a bad idea for emergency purposes right?

Or did I miss out anything?
SUSTOS
post Dec 8 2021, 08:35 PM

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QUOTE(jack2 @ Dec 8 2021, 08:20 PM)
Not really. My friend received money from her freelancer programming job and the bank warned her can't use personal account to receive business job.

harlo this is not business. Just one transaction rec'd and they queried it after two months and the purpose of incoming one func.
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This I agree. CIMB has been strict with their handling of transactions. When I opened mine, they inform me not to use my account to do "investments" or for part-time job income. They will push for business account for work or job-related stuffs.


QUOTE(Hansel @ Dec 8 2021, 08:25 PM)
He's right ! I was being sarcastic abt him....

Since he spoke so badly abt SG and the investments there, why kept his account opened, right ?

Then he'll twist and turn again to justify his holding-on to his acct,... and subsequently,... talk bad abt SG again,....  innocent.gif  doh.gif
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Ah I see lol. Nothing wrong lah laugh.gif Just different points of view.

This post has been edited by TOS: Dec 8 2021, 08:35 PM
SUSTOS
post Dec 15 2021, 05:48 PM

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QUOTE(zannisenhart @ Dec 14 2021, 01:38 PM)
Hi guys, I'm using cimb. Im at link sg account status. It shows your sg account linking has been approved. Please go to my account to view your SG Account.
But when I go there still can't see it.
Haven't done any money transfer yet.. planning to do rm 5 via cimb my and rest via wise..
Pls advise
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Hi, when you login to the main page in CIMB Clicks MY, notice there is a "translucent" SG flag, click on that and you can see your CIMB SG details.

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SUSTOS
post Dec 15 2021, 07:53 PM

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QUOTE(sgh @ Dec 15 2021, 06:13 PM)
Sorry can borrow this thread awhile? I have both Maybank SG (aka tiger head) and CIMB SG. Can I know in Msia in terms of ATM and branches which bank got more? E.g in Johor, KL, Penang these 3 big states for e.g. I am not going to withdraw cash from their ATM, branches of cuz but sometimes emergency arises may need so get info first as long time no visit Msia.

In Spore CIMB has very few ATM which can explain why they can offer the most competitive FD rates as lower operating cost (e.g infra, workers etc)
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Should be Maybank (in terms of ATM, https://wise.com/gb/blog/atms-in-malaysia). As for branches, not sure, but likely Maybank too.

This post has been edited by TOS: Dec 15 2021, 11:37 PM
SUSTOS
post Dec 16 2021, 10:38 AM

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QUOTE(chupapi_munyayo @ Dec 16 2021, 10:34 AM)
Where can I open a SG bank account here in Malaysia?

I hear CIMB can but I have many bank account already including Maybank,
Public Bank, HL Bank, UOB
which one of them can?

Or shall I open or opt for foreign currency account?
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Widely proven ones are Maybank and CIMB. The other banks like HL, Public etc don't have operations in Singapore.

Someone said before you could try with UOB, but no new updates from him.

Don't try to open foreign currency accounts with local banks as charges/fees (especially on forex) are expensive. You may try Wise's multi-currency account however.
SUSTOS
post Dec 16 2021, 11:26 AM

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QUOTE(chupapi_munyayo @ Dec 16 2021, 11:03 AM)
I try not to open too many bank account
will try Maybank and see
btw I just rmb back I have Paypal and also BigPay, its better compared with Wise (TransferWise)?
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This one have to ask others Ramjade knows well. By the way for the more affluent, global banks like HSBC offers premier "global account" services like what jack2 posted above.
SUSTOS
post Dec 29 2021, 03:26 PM

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https://www.sinchew.com.my/20211229/%e7%8b%...9b%9e%e9%a9%ac/

CIMB SG system down. Some users complaint money disappear from CIMB SG and CIMB MY and "nowhere to be found".
SUSTOS
post Jan 8 2022, 10:56 AM

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QUOTE(CoolStoryWriter @ Jan 8 2022, 10:24 AM)
Guys is there any way to open Singapore bank account from malaysia? I don't have my EP card yet, but got my IPA.

I did research and most recommended CIMB SG.

Here comes my next question, if I open CIMB SG, but atm for it in Singapore very less (only at it's branch right). What is the charges if I use cimb sg debit card to take money from other bank's ATM?

Is it like Malaysia's RM1 equivalent of sg? SGD1.00 charge?
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CIMB FastSaver by default no ATM card, it's purely an online account. You can apply for a debit card with 10 SGD fee: https://www.cimb.com.sg/en/personal/help-su...s/accounts.html

Maybank SG has debit card with it, but it takes a longer time to process, if you could afford to wait for 1-2 months then you should have an SG debit card with you. Otherwise what TaiGoh suggested is a viable plan too.

Another thing to note is Maybank SG needs 500-1000 SGD minimum deposit.

This post has been edited by TOS: Jan 8 2022, 10:57 AM
SUSTOS
post Jan 23 2022, 01:33 PM

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QUOTE(labtec @ Jan 23 2022, 12:52 PM)
After I got my CIMB SG FastSaver Account, I also open a foreign currency saving account in CIMB SG through the eApplication.

May I know does this foreign currency saving account has minimum deposit to maintain to avoid the monthly charges?

And seems like I cannot just direct transfer money from CIMB MY account to this CIMB SG foreign currency saving account. Anyone try use wise to transfer USD to CIMB SG foreign currency saving account before?
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I have not opened foreign currency saving account with CIMB SG before, but these should help.

https://www.cimb.com.sg/en/personal/banking...gs-account.html

https://www.cimb.com.sg/en/personal/help-su...s/accounts.html


SUSTOS
post Jan 24 2022, 09:07 PM

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QUOTE(labtec @ Jan 24 2022, 09:01 PM)
so looks like the minimum deposit to maintain is USD1000. I just manage to wire transfer, and it's very expansive... cost me RM10 + USD25...

I'll have to learn how to use wise to transfer money to my CIMB SG account
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Just curious. Since Wise offers "virtual" bank accounts with multiple currencies, why the hassle of having to open a foreign currency account with CIMB SG?

Not to mention a foreigner opening a foreign currency account in a foreign country adds to multiple layers of complexity.
SUSTOS
post Jan 25 2022, 12:07 PM

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QUOTE(LostAndFound @ Jan 25 2022, 11:20 AM)
The Wise 'virtual' bank account is not under your name. This may cause problems with your intended recipient.

I think majority here are opening this account to be able to transfer to IBKR. If you do so from CIMB SG account with your name, no hassle as IB sees your name as the one doing transfer. If you do so from Wise or whatever fintech, then the name they see doesn't match at all, so you may get flagged for suspicious transaction/money laundering/scam or whatever it is.
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Ziet didn't mention anything though. https://www.youtube.com/watch?v=H99ohWsnoIM

Let me ping dwRK to confirm. Is the Wise bank account not under our name?
SUSTOS
post Jan 25 2022, 03:34 PM

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QUOTE(LostAndFound @ Jan 25 2022, 11:20 AM)
The Wise 'virtual' bank account is not under your name. This may cause problems with your intended recipient.

I think majority here are opening this account to be able to transfer to IBKR. If you do so from CIMB SG account with your name, no hassle as IB sees your name as the one doing transfer. If you do so from Wise or whatever fintech, then the name they see doesn't match at all, so you may get flagged for suspicious transaction/money laundering/scam or whatever it is.
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Can see dwRK's reply. smile.gif
SUSTOS
post Jan 28 2022, 03:19 PM

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QUOTE(Kadaj @ Jan 28 2022, 03:13 PM)
So Maybank compete against CIMB SG now.  rclxms.gif
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Too early to tell. They need to remove their 500 SGD minimum deposit requirement and compete with CIMB SG for SGD-MYR forex rate. These are truly game changers. Just advertising new services won't fool the street.

For non-urgent stuff, I can afford get my money within half an hour with low spreads around mid-market rates, rather than instant transfers with markups of forex rates or with high fees. Not to mention Wise, Sunway Money, and CIMB SG etc. already have a lead in this space.

This post has been edited by TOS: Jan 28 2022, 03:22 PM
SUSTOS
post Feb 3 2022, 12:03 AM

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QUOTE(labtec @ Feb 2 2022, 11:28 PM)
I try to figure out how to transfer money from Wise into my AmeritradeSG account but it looks like only accept saving or current account.

So I have to use wise to transfer into my CIMB SG account then wire transfer to my AmeritradeSG  account?

[attachmentid=11086221]
And I also think I cannot wire transfer USD from my CIMB SG Foreign Currency Savings Account in USD to AmeritradeSG account. So in the end have to wire transfer money from my CIMB SG FastSaver Account in SGD to AmeritradeSG account.

[attachmentid=11086222]
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I don't know about TD Ameritrade SG. https://www.tdameritrade.com.sg/why-td-amer...nd-funding.html

But I am aware it has harsh funding conditions than other brokers like IBKR. I don't see any options for FAST transfer listed in the link above. So maybe you need to pay by cheque or wire. Let me ping dwRK and Ramjade for help.
SUSTOS
post Feb 4 2022, 10:43 AM

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QUOTE(labtec @ Feb 4 2022, 10:22 AM)
dwRK and Ramjade working in banking is it? seems like expert  tongue.gif Even cheque have to be in SGD or USD from own account, cannot be bank draft.
ya lor, I read that also... Maybe I have to travel to SG to open a DBS account in US currency, which I can directly transfer money to AmeritradeSG account without going through currency conversion.
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You ask them loh I am also interested to know. tongue.gif

Just curious why didn't you consider IBKR? Is/are there anything about TDA that looks attractive to you?
SUSTOS
post Feb 4 2022, 10:15 PM

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QUOTE(esyap @ Feb 4 2022, 09:40 PM)
Yes TD has better platform and chart. Was planning to open TD Acc at one stage but was put off by the Deposit and withdrawal costs and the high margin acc interest. Got to stick with IB at the end  sad.gif  which requires a rocket scientist to maneuver the platform  biggrin.gif
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IB is geared towards professionals in first place. But day to day routines likely involve monitoring and initiating limit buy/sell orders, not too difficult for me. But I agree the interface is a bit scary for newcomers, though after using it for 2 years, I am used to it.
SUSTOS
post Mar 15 2022, 01:53 PM

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QUOTE(sidefulnes @ Mar 15 2022, 11:07 AM)
Submitted my application to Maybank and documents have been couriered. Fingers crossed haha.

Plan B is to find opportunity to travel down to Sg to attempt to apply for DBS account with Vickers
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Just a question, with Wise's multicurrency account, is there any more need for a DBS MY Account (apart from diversification reasons)?
SUSTOS
post Apr 18 2022, 06:04 PM

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QUOTE(thankyou @ Apr 18 2022, 05:31 PM)
You can now open Maybank SG iSAVvy savings account by logging in Maybank2u (Malaysia).

https://www.maybank2u.com.sg/en/personal/ac...ings/index.page?

Nice...
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Which part says so?

This form clearly says you need to present in person at MY branch or Premier Wealth Center.

https://www.maybank2u.com.sg/iwov-resources...n-Form-mbmy.pdf

Online account application is for SG PR and citizens only.

This post has been edited by TOS: Apr 18 2022, 10:31 PM

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