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 Opening a Bank Account in Singapore

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Ramjade
post Nov 24 2017, 01:02 AM

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QUOTE(timo1003 @ Nov 23 2017, 11:45 PM)
Hi guys! I'm happy to report that I've managed to open my isavvy account! So thank you so much for the guidance (from the difference questions and answers from other users) and responses! (just remember if the banks do taichi, just move on to another branch that is stated in the form  bruce.gif . And also, there's a new form to be filled now! Make sure you fill up the latest edition if not you may need to refill the forms again and this will only cause further delay)

Also, now that I have activated my debit card (can't set limit though since it requires me to do it over the ATM) and my online banking, is there anything else i should be aware of? Like annual fees (i read somewhere that there is no annual fee but I'd like some confirmation), or minimum transactions if not the account will be disabled? Other than the minimum $500 deposit? Can I just leave my account 'dormant' for the time being?

And is it possible for me to sign up for the online access to view my card transactions (since it requires mobile number and i don't have a sg mobile number)?

Sorry if the questions sound noob.
*
Fall below fees of $2/month if your amount is <SGD500

If you scared of it being dormant, just open a Cimb fast saver account online, of course you need a online account or else you cannot open this account. Once opened, just transfer between this 2 account lo. All Cimb account is free without any min fall below fees.

They will post you all your online account details in few different letters.

This post has been edited by Ramjade: Nov 24 2017, 01:02 AM
rjb123
post Nov 25 2017, 08:28 AM

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Looks like OCBC makes accounts inactive after 1 year of no activity.

Was in SG last week and wasn’t able to withdraw from my account (opened and last time used in 2014) - but luckily easily to re-activate online.
wizardofoz
post Nov 25 2017, 02:57 PM

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QUOTE(Bigtim @ Nov 25 2017, 01:21 PM)
CIMB MY TO CIMB SG should be free and vice versa.
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Thank you! Have you tried it yourself?

I found on CIMB SG website that it is free for transfers from CIMB SG to CIMB MY.

However, CIMB MY website is silent for transfers from CIMB MY to CIMB SG. Yet to try it myself.

This post has been edited by wizardofoz: Nov 25 2017, 02:58 PM
coolguy99
post Dec 14 2017, 07:43 PM

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what documents do i need to prepare if i want to open an investment account with Philips Securities? I found this in their website but i dont quite understand the part where you have to make a deposit. can anyone who has opened an account there help to clarify?

Foreigner not residing in Singapore
Passport with at least 6 months validity AND
A bank statement issued within the last 3 months in your country
For residential and mailing addresses which are different or not indicated in your passport, please provide supporting document(s) issued within the last 3 months that reflect your residential and mailing addresses such as:

Utility bills OR
Statement from any Financial Institutions in your country OR
Correspondence from any government bodies in your country
For verification purposes, you may choose to:

make an initial deposit (of not more than SGD 1,000 or its equivalent in any currency) via internet banking from your own bank account in Singapore, into our bank account (Phillip Securities Pte Ltd). Please indicate ‘0000000’ as the consumer reference number.

Or

make an initial deposit via telegraphic transfer (of not more than SGD 1,000 or its equivalent in any currency) into our bank account, with your name provided in the bank’s TT payment advice to show that funds are withdrawn from your own account with the bank (this is applicable only to applicants residing in FATF member jurisdictions). Please indicate ‘NEW – *your identification / passport number as per application* e.g. NEW – A123456 ’ in the remarks section. Our staff will be contacting you to provide you with the relevant TT details.

Or

provide copies of documentation which must be scanned or photographed from the original documents and must be signed by a Commissioner of Oath or Notary Public. The required signed documents to be sent to us after completion. For your convenience please click here for a self-address envelope.


This post has been edited by coolguy99: Dec 14 2017, 07:43 PM
Ramjade
post Dec 14 2017, 08:21 PM

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QUOTE(coolguy99 @ Dec 14 2017, 07:43 PM)
what documents do i need to prepare if i want to open an investment account with Philips Securities? I found this in their website but i dont quite understand the part where you have to make a deposit. can anyone who has opened an account there help to clarify?

Foreigner not residing in Singapore
Passport with at least 6 months validity AND
A bank statement issued within the last 3 months in your country
For residential and mailing addresses which are different or not indicated in your passport, please provide supporting document(s) issued within the last 3 months that reflect your residential and mailing addresses such as:

Utility bills OR
Statement from any Financial Institutions in your country OR
Correspondence from any government bodies in your country
For verification purposes, you may choose to:

make an initial deposit (of not more than SGD 1,000 or its equivalent in any currency) via internet banking from your own bank account in Singapore, into our bank account (Phillip Securities Pte Ltd). Please indicate ‘0000000’ as the consumer reference number.

Or

make an initial deposit via telegraphic transfer (of not more than SGD 1,000 or its equivalent in any currency) into our bank account, with your name provided in the bank’s TT payment advice to show that funds are withdrawn from your own account with the bank (this is applicable only to applicants residing in FATF member jurisdictions). Please indicate ‘NEW – *your identification / passport number as per application* e.g. NEW – A123456 ’ in the remarks section. Our staff will be contacting you to provide you with the relevant TT details.

Or

provide copies of documentation which must be scanned or photographed from the original documents and must be signed by a Commissioner of Oath or Notary Public. The required signed documents to be sent to us after completion. For your convenience please click here for a self-address envelope.

*
If you can walk in, just fill in the forms, show your IC and passport. That's enough.

If you cannot, photostat all the bank statement, IC, passport and have it verified by commissioner of oath, fill up the form and mail it over to them with all the documents.

This post has been edited by Ramjade: Dec 14 2017, 08:22 PM
coolguy99
post Dec 14 2017, 08:23 PM

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QUOTE(Ramjade @ Dec 14 2017, 08:21 PM)
If you can walk in,  just fill in the forms,  show your IC and passport. That's enough.

If you cannot,  photostat all the bank statement, IC, passport and have it verified by commissioner of oath,  fill up the form and mail it over to them with all the documents.
*
thanks Ramjade. I am going to walk in as I will be heading over to Singapore next week. thanks man.
Ramjade
post Dec 14 2017, 08:25 PM

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QUOTE(coolguy99 @ Dec 14 2017, 08:23 PM)
thanks Ramjade. I am going to walk in as I will be heading over to Singapore next week. thanks man.
*
They are not the best stock broker. However, they are the best place to buy UT for a Malaysian. I opened account with them for their UT only.
coolguy99
post Dec 14 2017, 08:28 PM

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QUOTE(Ramjade @ Dec 14 2017, 08:25 PM)
They are not the best stock broker. However, they are the best place to buy UT for a Malaysian.  I opened account with them for their UT only.
*
noted man. rclxm9.gif
Ramjade
post Dec 15 2017, 09:59 PM

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QUOTE(coolguy99 @ Dec 14 2017, 08:28 PM)
noted man.  rclxm9.gif
*
For UT opening, kindly refer to this page
http://www.eunittrust.com.sg/ReadPage.aspx?id=16

Fill up these forms:
Account opening form
PDPA form
CKA form
QUOTE
Malaysian Citizens

1. A photocopy of your Malaysia MyKAD (both front and back)
2. Original Supporting Documents (ANY of the following; not more than 3 months old):
Utility Bill
Statement from a Bank or branch regulated by MAS.
Income Tax Assessment. 
Statements from any of the statutory boards or government bodies. (E.g. EPF statement for Malaysian)

Important:
The Residential Address indicated on the account opening form must match the address shown on your MyKAD.
The name and mailing address on the original supporting documents must match the name and Residential Address/ Mailing Address on your account opening form.
Any PO Box address is not an acceptable Residential/Mailing address.

coolguy99
post Dec 19 2017, 12:53 PM

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Is it true that you need to take some online questionaire before you are allowed to buy unit trust in sg?
Ramjade
post Dec 19 2017, 12:55 PM

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QUOTE(coolguy99 @ Dec 19 2017, 12:53 PM)
Is it true that you need to take some online questionaire before you are allowed to buy unit trust in sg?
*
I did and pass it. But not compulsory for Malaysian. Anyway, can take on the spot itself. My friend never even take.
coolguy99
post Dec 19 2017, 01:09 PM

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I wasn’t told to fill up the pdpa and cka form that is fine right? I filled up only the account opening form.
Ramjade
post Dec 19 2017, 02:08 PM

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QUOTE(coolguy99 @ Dec 19 2017, 01:09 PM)
I wasn’t told to fill up the pdpa and cka form that is fine right? I filled up only the account opening form.
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I filled up all 3 form I gave you. For us Malaysian, important if you got local SG banks. That's all. They won't proceed with opening if you don't have account for EPS payment.
coolguy99
post Dec 19 2017, 02:20 PM

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QUOTE(Ramjade @ Dec 19 2017, 02:08 PM)
I filled up all 3 form I gave you. For us Malaysian,  important if you got local SG banks. That's all. They won't proceed with opening if you don't have account for EPS payment.
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I checked with them. As I opened a prepaid account, all I have to fill up is the account opening form as it is not linked to CDP
bluefries
post Jan 19 2018, 11:30 AM

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QUOTE(TOMEI-R @ Feb 21 2017, 11:01 AM)
Starting from 2017 onwards, the Singapore government requires all foreigners who are opening an account in Singapore to provide their TIN (tax identification numbers) and sign a tax declaration form.
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How to apply their TIN Number ? if not reside in Singapore, anyone able advise?
Ramjade
post Jan 19 2018, 11:33 AM

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QUOTE(bluefries @ Jan 19 2018, 11:30 AM)
How to apply their TIN Number ? if not reside in Singapore, anyone able advise?
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TIN is a term used by Americans for their income tax. Just provide your income tax no.
TOMEI-R
post Jan 19 2018, 06:06 PM

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QUOTE(bluefries @ Jan 19 2018, 11:30 AM)
How to apply their TIN Number ? if not reside in Singapore, anyone able advise?
*
TIN is your LHDN No in Malaysia. Nothing to do with SG.
GrIM
post Feb 8 2018, 04:17 PM

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QUOTE(timo1003 @ Nov 23 2017, 11:45 PM)
Hi guys! I'm happy to report that I've managed to open my isavvy account! So thank you so much for the guidance (from the difference questions and answers from other users) and responses! (just remember if the banks do taichi, just move on to another branch that is stated in the form  bruce.gif . And also, there's a new form to be filled now! Make sure you fill up the latest edition if not you may need to refill the forms again and this will only cause further delay)

Also, now that I have activated my debit card (can't set limit though since it requires me to do it over the ATM) and my online banking, is there anything else i should be aware of? Like annual fees (i read somewhere that there is no annual fee but I'd like some confirmation), or minimum transactions if not the account will be disabled? Other than the minimum $500 deposit? Can I just leave my account 'dormant' for the time being?

And is it possible for me to sign up for the online access to view my card transactions (since it requires mobile number and i don't have a sg mobile number)?

Sorry if the questions sound noob.
*
Hi Thanks for the tip, May I know what was the latest form and where did you obtain it from?

The latest I could get from the web was the May 2015 form. may 2015 form. Is this the latest?

Thanks so much and lastly which branch did you successfully registered with? I guess I would just go to the Kl Main Branch.


pinksapphire
post Feb 10 2018, 12:19 AM

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Hello guys,

Will you transfer MYR to SGD since you have SGD account given that the currency exchange is now more favourable to us? I got some feedbacks saying that SGD will go up again, so it will be good to exchange some for future, yes?

Thanks for your advice in advance.

coolguy99
post Feb 10 2018, 10:18 AM

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QUOTE(pinksapphire @ Feb 10 2018, 12:19 AM)
Hello guys,

Will you transfer MYR to SGD since you have SGD account given that the currency exchange is now more favourable to us? I got some feedbacks saying that SGD will go up again, so it will be good to exchange some for future, yes?

Thanks for your advice in advance.
*
i would say exchange some but not all, at least that is what i am doing now

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