If you have SG address than no brained DBS V
If you don't have SG address, best choice would be Maybank KE prefunded/FSM SG (while FSM SG is not implementing any platform fees)

For world wide access with one account, standard chartered sg. Quite cheap the price.

Hansel,

So, is your advice to elea88, me and others to ignore the tax residency letter?

What is the worst thing that can happen, if we ignore the tax residency letter? I hope that there is nothing bad happened to our Singapore saving accounts and trading accounts, since we all spent a lot of effort in opening the accounts.

UOB Malaysia Internet banking has TT transfer feature by using FCA account. Anyone tries to remit before?

I saw the threshold is RM5k a day only... WTF

Give me a few days to answer on the tax residency letter,.. I'm waiting for some things to arrive to help me get a clearer picture.

Don't answer - what happens ? Do they chase/pursue ?

Answer partially - what happens ?

Answer completely - what happens ?

There is NO agreement between Msia and SG.

One country - if you don't answer some questions pertaining to tax residency, the platform freezes. Can't place orders until you answer,.... just recalled this.

I ignored mine.

Maybe should start a new thread to discuss this topic - this is going to be a hot thing soon,....

Why you guys don't want to give your tax file number to the bank ? You all got a lot of things to hide ? Or you all plan to be the next Jho Low ?

Malaysia doesn't tax overseas income. Singapore also. So what is the worries ? Please enlighten...

Other countries like USA/UK/Australia I think you have to declare overseas income. So if you are a tax resident in those countries, then you may want to hide (note it is an offence with heavy penalty)

Legally, I look at it from the other end of the string - since Msia does not tax on overseas income, then no need to give, right ? I'm still studying the OECD Rules. Why Mia never signed with Singapore ??

Never signed but wanted to know ?? Then can do 'selective targetting' ?

Then not fair-lar,...

Catch all the 1MDB elements first,... then we will give,....

Im afraid that if you dont give the TIN to the banks when they request, they will freeze your accounts. Thats why I heard from a friend who has an account for more than 10 years with a SGP bank and they are compelling him to give them his TIN or risk having his account frozen.

Ahh,... tq,... one feedback here. I asked my bank to write to me officially of any repercussion but they said they can't yet,... hmm,... let's see now things develop. Actually,... if really LHDN wants to chk, just the name and IC Number are enough, right ? No need the OG Number anymore-lar,...

The boundary lies between,... in the impasse of tax authorities inter-countries in the OECD,...

For new account openings, it is now mandatory to provide TIN for all foreigners according to some new Singaporean laws beginning year 2017. But the RM did mentioned that they just want to make sure a depositor does pay taxes in their home country and not for other purposes.

Actually, if never signed, should not ask for the information,... and if gotten people's information, should not share with 'unsigned' countries. Rules in the OECD !

I think the SG Govt will be professional in this matter, since Malaysia never signed with them.

So you just "boh song" lah....want to show who is in charge...

In effect, unless your income is questionable like Mr Low, there is no need to worry about our tax status. To save any trouble in administration later. Like one fine day in the future when you need to make an urgent money transfer, they block you because of missing information...

from maybank website on iSavvy SG acount:

Fees & charges

Minimum balance fee: S$2 per month if average daily balance falls below S$500
Over-the-counter cash deposit / funds transfer from another transactional account: S$5 (waived for first deposit on account opening)
Over-the-counter cash withdrawal / funds transfer to another account: S$15

Thats quite high fees no?
I can only do cash deposit in SG otherwise Im charged about rm17 each time I make any sort of deposit?
If Im in Malaysia and transfer funds to say my MYR Maybank account, its like about rm50 fees?
Am I reading this correct?

ahh no no no. based on my understanding:

if u do cash depo via deposit machine: $0 fee
if u do cash depo via counter: $5 fee
if u do cash/fund transfer via counter: $5 fee

if u do cash withdrawal via atm: $0 fee
if u do cash withdrawal via counter: $15 fee

basically the fee is because it involves manpower. the purpose of the fee is to encourage customers to use the machines or online to do transaction. to keep their cost low.

summary: just don't do anything over the counter lol. all via internet banking or atm/cdm.

i might be wrong. anyone can correct/vouch my understanding above?

Betul2

ShinG3e is right. I have not be charged a single cent yet by them. Why?
1) I deposit my money via CDM and not counter
2) I keep min SGD500 inside
3) for transfer I am using FAST transfer (like our IBFT except it's free)
4) Maybank SG is not the best bank to bring money back to Malaysia. Best bank is Cimb sg (they are having a promo and will refund the difference if you you can prove that another bank give better rates than them/DBS. If you want cheaper stuff, use fintech like SingX or transferwise.

4) is partially right !

Yeah,... in a way, it's boh song, but not really to show who is in-charge, more like to fight for my rights, and to fight for the rights of others who feel the same,.... Again, I reiterate, since Msia did NOT sign the tax information exchange with SG, why must Msia tax-residents reveal all these ?

Unless,... wait a minute, if IRAS declares that it is within their laws to collect and then do safe-keeping on these infos here BUT will NOT be revealed to LHDN if Msia has not signed, then I will relent - that's right !

Whatever, it is,... if Msia is in the OECD, must sign-lar,... how can don't want to sign,... if Msia does not want to sign, then there is something to hide already somewhere,...

Countries that signed and have not signed and the dates,... :http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency

Income being questionable or not is analysed from the declared statements to the tax authorities. I have always declared my statements properly,... but still, this does not deter me from fighting for my rights if,... let me think how to put it,... hmm,..

Added : I heard first exchange of information between tax jurisdictions in the world has started in September this year. Countries with which Msia has signed with is beginning to send-in emails of details of Msian nationalities in other countries besides Msia, who have assets there. I don't have further details like what the cutoff amount is, etc,.... Just fyi,... bros,....

This post has been edited by Hansel: Nov 13 2017, 01:10 PM