But the reference letter I got from UOB malaysia is specified to Orchard Road branch. Afraid other branches won't accept and direct me to the specified branch as stated in the letter.

The customer relationship manager of my local branch had asked me which branch in Singapore that I would like to go to, and I chose Orchard branch, for the reference letter that costs me RM26.50. I could have chosen other branches too but you can say it was random. Unless you are willing to pay another RM26.50 for each reference letter to different UOB branches in Singapore.

Since you have chosen Orchard branch too, I hope you have a better experience than me. Don't say your purpose to open a savings account is for investment. Otherwise, you will probably end up talking with that same young lady in the investment department who will try to sell you the unit trust savings plan. Her mother is a Malaysian from Penang, but don't say you read this from a forum thread.



This post has been edited by kenviro: Oct 24 2017, 04:14 PM

It does sum up to say that the reference letter is pretty much useless, so no need to spend another Rm26.50 for it as to my understanding, UOB Malaysia and Singapore are two seperate entities/companies. I wouldn't recommend UOB bank even with the other branches outside Orchard as they have been known to be quite strict in their opening of accounts for foreigners.

my maybank isavvy account opening process is finally completed, just received the security token via mail today.

if i want to start investing in unit trust or stock market, the best platform will be poems? i have read through the threads here it seems like this is the best option today. can any sifu advise?

How long did you have to wait ? I opened it more than 2 months ago. And still no news.

unit trust yes Philip Capital - POEMS - zero charge.
you can also buy stock via Philip Cap if u want. they can open for u nominee (pre funded) or CDP direct with margin too.

Stock Market can try MAYBANK KIM ENG for Singapore shares
pre funded brokerage is sgd 10 BUY and SGD 10 sell.

if u want PM me.. i can find give u the dealer tel nos.

Normal is one month. I think it's wise to give them a call as I said you should give them a call within a month.

I gave maybank Singapore a call after one month waiting and they told me that they have just received the documents. They were very diligent in following up and even went to the extent of giving me a call right after my application was approved. Entire process took me 2 months however I believe the hold up was caused my the malaysia side.

Can I purchase stocks through poems? I prefer to stick to one platform instead of multiple platforms which can be difficult to manage in the Long run.

In terms of the brokerage, what do you mean by pre funded? Means you purchase with cash in account?

Is there still a need to open a SGD account in Singapore as now you can open most foreign currency account in local banks?

If you plan to invest in Singapore then yes it is required as most brokers require a local Singapore bank account for account opening.

if you are referring to investment in shares then actually local stock brokerage also can buy/sell SG shares. But I am just know a little bit about share investment, those high end derivatives and commodity trading maybe can only find in SG then.

Depend on what you want. Pay higher brokerage fees + dividend fees if you use Malaysian broker.

Not to mentioned converting RM > SGD means giving banks free money as banks hike up the exchange rate.

I opened my SG account way back 10 years ago and has been maintaining its active status.

Recently they send me a letter asking for my tax residency status LOL

Yeah,... same happening to me too,... in the documents sent to you, they asked fro your Tax Fine Number too, right ? Actually, we do not have to reveal this, especially if Msia has chosen not to sign anything with SG.

I am still wondering how does revealing our Tax File Number affect us ? LHDN does not tax on foreign investment income - this is for sure.

cross check incase 2MDB happens again.

so just ignore the letter?

yes prefunded is cash upfront. u put cash inside then buy within what you have. and its nominee ac.

the other is CDP ac


Yes you can just open POEMS as they are ALL IN 1.

Avoid POEMS for stocks. They are only good for unit trust.
Why?
Cash account (direct) cost you SGD25/0.25% per trade.
Prepaid (custodian) will cost you monthly maintenance fee + dividend fee if you don't fulfilled I think 6 trades/quarter.

thanks for the advise man. which broker did you go for stock trading?