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 Opening a Bank Account in Singapore

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Ramjade
post Feb 24 2017, 08:04 PM

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QUOTE(walkman660 @ Feb 24 2017, 07:59 PM)
so basically you also just signed the tax declaration form? and i think u should've receive the parcel very soon right?
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Haven't even sign yet. I am overseas. Trying to collect my cert sweat.gif

QUOTE(AIYH @ Feb 24 2017, 08:01 PM)
do you mean this message below?
Received this on 17/2, then they dispatched my debit card on 20/2 (as per the letter i received today)
U started working dy right?

walkman660

Last year after graduate I started my first job, i received my TIN number from LHDN within 2 months time tongue.gif

But i think when you apply , the form actually had a field for you to write why you cant provide TIN number right? (at least is the form I filled, same for cimb, which make me hesitant in providing my TIN since I no need to file tax for 2016 TYA sweat.gif)
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No not. yet sad.gif
Ramjade
post Feb 24 2017, 08:15 PM

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QUOTE(walkman660 @ Feb 24 2017, 08:13 PM)
ohh , i duno about the form as i go to the office and meet the staff , she just told me fill this and sign here , LOL

then next day she call me again, and double confirm with me .

the CIMB fast saver how u apply it? i tot need transfer from another SG bank (with your name) for the $1000 initial deposit
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That's right. Cimb need a local SG account to activate it.
Ramjade
post Feb 26 2017, 10:47 PM

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QUOTE(kart @ Feb 26 2017, 10:00 PM)
I have some questions about online application of Maybank Kim Eng Trade Prefunded Account.
For online application (https://eforms.maybank-ke.com.sg/page-1.html), I shall select 'Stocks',

It will lead to this page https://eforms.maybank-ke.com.sg/page-2.html. Judging from your response, it is not really a full fledged online application form, whereby we can just fill up our particular details, and then upload the necessary documents to the website. For that, we still need to manually fill out application form and send the forms to them via post, right? It is a bit of hassle.  sad.gif 
Refer to this website (http://www.maybank-ke.com.sg/open-an-accou...listing/stocks/).
I have a CDP account, so I should not need to have my supporting documents certified by Commissioners for Oaths.  hmm.gif At most, I will send my CDP statement to Maybank Kim Eng by post.
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I have no idea. I am going to go in person and open account this March. Bring all my documents
Ramjade
post Feb 27 2017, 11:09 AM

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QUOTE(gark @ Feb 27 2017, 10:30 AM)
With suddenly so many people asking to apply isavvy account from Maybank MY.. i think they will close this channel soon.

Not worth it from Maybank's MY risk perspective, and no gain too.  tongue.gif
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Because how many want to fly/go down SG? Well think of it this way, maybank MY will profit because of exchange rate. How many malaysians are going to find the cheapest bank to TT when you can do it from maybank online at RM30k/day. whistling.gif

Once they have Maybank SG, takkan you leave it empty meh. Sure need to fund it. So it will be recurring income stream.

They are not the cheapest TT rate but cheap enough. devil.gif

Pray that I can open before they tutup pintu. Lol.

This post has been edited by Ramjade: Feb 27 2017, 11:11 AM
Ramjade
post Feb 27 2017, 01:45 PM

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QUOTE(TOMEI-R @ Feb 27 2017, 01:41 PM)
Or rather BNM may step in as part of capital outflow control measures.
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Nah. We are peanuts like foreign worker remitting money out compare to exporters. Would like to see how is the RM like for March (the last month where exporters are forced to convert their earnings to RM or else... .rclxm9.gif)

This post has been edited by Ramjade: Feb 27 2017, 01:45 PM
Ramjade
post Feb 27 2017, 03:02 PM

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QUOTE(CharmaineLee80 @ Feb 27 2017, 02:54 PM)
I tried to call Puchong Branch.
The person told that ONLY maybank customer that have private banking asset >= Rm250k only able to open the isavvy account.
cry.gif

AIYH is that true?
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Bullshit. Go check with the form. It list down priority banking places and for normal people. I think you must have called the branch which service priority banking customer only. Checked carefully which branch service normal people.
Ramjade
post Feb 27 2017, 03:32 PM

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QUOTE(CharmaineLee80 @ Feb 27 2017, 03:29 PM)
Ramjade, can share which branch you go?
Else, I will go menara maybank (a bit far for me)
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I did at shah alam which was a pain for me. Because of their mistake, now haven't even opened. Delayed for one month, then ask me for income tax declaration (new ruling). Had maybank shah alam did not mess up in dec, wouldn't need to go down and send the forms personally. Had to make 3 trips.

My application have already been received by maybank SG. They just want my income tax no.

This post has been edited by Ramjade: Feb 27 2017, 03:38 PM
Ramjade
post Feb 27 2017, 04:25 PM

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QUOTE(jack2 @ Feb 27 2017, 04:20 PM)
Just filled and submitted the isavy application form to the branch.

How long to get it processed and approved?
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1 month.
Ramjade
post Feb 27 2017, 04:47 PM

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QUOTE(jack2 @ Feb 27 2017, 04:40 PM)
So long but not guaranteed to get it approved right?
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Nope. No guarantees. Lost in the mail (luckily found back), delayed because of FACTA forms (like mine case also).

But usually quite high successes rate.
Ramjade
post Feb 28 2017, 07:35 PM

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QUOTE(Showtime747 @ Feb 28 2017, 07:11 PM)
Tell them you read LYN and it is an "in thing" to open a Singapore account. Just in case something happened, you are not left behind. Better be safe than sorry. You can hint to them the "kiasuism" since it is a Singapore account too.
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Lol what kind of reply is that laugh.gif brows.gif tongue.gif
Ramjade
post Feb 28 2017, 10:23 PM

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QUOTE(kart @ Feb 28 2017, 10:21 PM)
For online application of Maybank Kim Eng Trade Prefunded Account (https://eforms.maybank-ke.com.sg/page-3.html):

What option should I choose for the following?

Type of Account for Stock Trading

b. Prefunded, or;

c. Cash and Prefunded
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Up to you.
Prefunded means you must put in money first before you can buy anything. Cash means you can buy first and pay later (max 3 days to pay).

Cash will link to CDP. Prefunded the shares are kept with Maybank KE.
Ramjade
post Feb 28 2017, 10:40 PM

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QUOTE(kart @ Feb 28 2017, 10:31 PM)
^
Based on your explanation, do you mean that:

a. Choose 'Cash': KE Trade Account will be opened. Higher brokerage fee will be incurred.

b. Choose 'Prefunded': KE Trade Prefunded Account will be opened. Lower brokerage fee (0.18% / min SGD 10) will be incurred.

c. Choose 'Cash and Prefunded': Two trading accounts will be opened, namely KE Trade Account and KE Trade Prefunded Account.

Am I correct?  hmm.gif

Aren't we agree to open KE Trade Prefunded Account, to enjoy lower brokerage fee? Not having the ownership of the shares under our name (not linked to CDP) is not much of a concern, as explained by gark.
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a. Most likely yes.
b. That's right.
c. I think you can select which one you want to use.

Keep in mind that I haven't open my account yet. Will do it in person in March. Btw, do they need commissioner of oath if open via post?
Ramjade
post Mar 1 2017, 08:14 AM

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QUOTE(Showtime747 @ Mar 1 2017, 06:36 AM)
The reply may sound sarcastic, but isn't that the truth ?

If the reason is for banking and investment, which is the bank's business, the bank has no reason to reject the application. Just tell them the real reason with no fear.

The fact that she (and many here) doesn't know the reasons, it shows that they don't even know why they want a Singapore bank account. The real reason is "just in case I cannot open one in the future". Same as the 2hour long queue we see in front of a newly opened "in thing" shop. Scared to be left behind
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If say like that guarantee they don't want to give you la. sweat.gif doh.gif
Ramjade
post Mar 3 2017, 12:35 AM

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QUOTE(jack2 @ Mar 3 2017, 12:15 AM)
How long you got everything done?

Are you able to open USD account through online besides SGD?
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No opening of USD via online. If you want to open USD, have to visit the bank. All SGD banks have fal below fees if your USD drop below certain amount.

If you want multicurrency, UOB, OCBC, DBS all offer multicurrency account.

The question is whether they want to open for you or not.

The only bank which won't charge you fall below fees for Multi currency account is Cimbif you are their Preferred customer brows.gif laugh.gif

This post has been edited by Ramjade: Mar 3 2017, 12:40 AM
Ramjade
post Mar 3 2017, 01:25 AM

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QUOTE(jack2 @ Mar 3 2017, 01:18 AM)
CIMB Malaysia or Singapore?

I have the recommendation from UOB Malaysia to open USD account with UOB Singapore but I lazy to go over.

If there is shortcut way to get it without the need to go over, it would be great.
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Cimb SG la. Want fast? Use HSBC or Citibank lo or Standard Chartered. Open priority banking with any one of them, ask them open Multi Currency (valid for citibank and HSBC, Standard Chartered doesn't have Multi currency account).

Must be priority with SG side also.
Ramjade
post Mar 8 2017, 02:17 PM

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QUOTE(AIYH @ Mar 8 2017, 02:09 PM)
hey, when i TT from alliance bank to maybank sg, TT amount S$ 560, somehow maybank sg only received SGD 540, then minus SGD 10 at maybank sg side, left sgd 530

May I know the extra sgd 20 is charged by alliance bank or maybank sg or any other charges that i dont know?
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Maybank side. You want free transfer, transfer to Cimb. Then go straight to Maybank. That way you only pay once at Malaysia side. But not sure if there's a third party between Alliance and Mayabank

Eg
Alliance -> Maybank - no third party so charge theoretically should be SGD10 unless the bank charge SGD20
Alliance -> 3rd party -> Maybank so this charge can be SGD20-30 as there is 3rd party involved

Some people said when you transfer money overseas, it is converted to USD first before being converted to SGD.

I haven't try to TT money yet. But this is what I know.
Ramjade
post Mar 8 2017, 02:23 PM

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QUOTE(AIYH @ Mar 8 2017, 02:21 PM)
because when I tt from alliance bank, i convert to sgd with their rate then deduct the equivalent MYR

then maybank sg side deduct sgd 10 as per their inward remittance fee

so i dont know where could the sgd 20 go in this case? (what 3rd party could it be)?

as for cimb, i do not have cimb fast saver activated yet, thats why i tt the remaining sgd 500 to maybank first then only activate the account via fast to cimb

one time TT only, moving forward will transfer between cimb my and sg
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From what UOB told me, there's agent fees involve (the 3rd party). They told me the receiving end will be charged SGD10-20.

Money changer could be cheaper but don't know if it's safe to use them vs banks.

This post has been edited by Ramjade: Mar 8 2017, 02:23 PM
Ramjade
post Mar 8 2017, 02:43 PM

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QUOTE(AIYH @ Mar 8 2017, 02:27 PM)
you mean if you TT via money changer, they will also have this kind of charges?

first time TT, initially plan to transfer just enough amount for 2 years fall below fee, manau tahu after these funny funny charges, left one year to deduct only sweat.gif
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Er, for Maybank min fall below fees to activate is SGD500 woh. Takkan you got less than SGD500 meh? Your initial Maybank Bank Draft should have min SGD500 + this TT of SGD530 = SGD1030. More than enough to not trigger the fees.

I TT before USD to my uni. Always kena short charge like USD5-10 so I always transfer extra.

If you transfer using money changer, you get money changer rates thumbup.gif But some people say not safe sad.gif blink.gif

Ramjade
post Mar 8 2017, 02:44 PM

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QUOTE(jack2 @ Mar 8 2017, 02:32 PM)
You mean using CIMB Malaysia to Maybank SG?
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No. Any bank to Cimb SG. Cimb SG does not have any incoming charge. AIYH
Cimb MY got charge. RM10.60 sweat.gif

This post has been edited by Ramjade: Mar 8 2017, 02:45 PM
Ramjade
post Mar 8 2017, 02:49 PM

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AIYHSee this for transfering money between Maybank SG and Maybank MY

Will I incur any agent fees?

No, there will be no additional fee charged by the agent bank in Brunei and Malaysia.

So I am guessing because you use Alliance, so you kena agent fees.

This post has been edited by Ramjade: Mar 8 2017, 02:49 PM

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