In my experience a few years ago where my trusted money changer still can do overseas transfer, their rate is more competitive than the banks. Banks are blood sucker which charges more.

My ex-money changer charges me 0.25% spread only. But they kena raided by BNM and stop the service. Now the company no more in the market. Maybe they have change name and location

Who is keen on trying out the first sentence ? I will PM some simple steps, but the person must promise that he will update the results here in this forum.

Singapore address ?? You need to convince your pretty DBS Relationship Manager (RM) to let you use her apartment address. Or... tip : you can open a mailbox address with a mailbox supplier agency. You can provide the mailbox address to CDP as your local address for Rights subscription. Cost around $90 only per year.

Yeah,.. I know that. Okay,.. PM me too,...

The steps is quite simple, go to both banks and open both accounts. Once its done, every first day of the month you just transfer money from one account to another, so that it "thinks"its fresh funds and you gain the bonus interest. Do keep in mind the minimum account balance to avoid the fall below fee.

Do note confuse trading accounts and CDP. Most Singapore banks are hesitant allow foreigners to just open savings account (i dont know why, probably because they cant earn money off you). To overcome this, you tell them you want to open a trading account. When you do this, they automatically have to open a savings account for you to fund your trading account with money to buy shares.

Some bank trading account needs CDP, which is used to store your shares. Some bank dont need CDP, and they act as a custodian to your shares. Again, CDP is not a factor here. The key is the trading account.

You mentioned bonus interest,... so how much is the total interest, plus the bonus interest ?

Looks like times have changed a lot,... many years ago when I opened my savings accounts, the branch personnel did not tell me to open the trading accounts too. I had to put in extra effort to seek out the brokerage that offers the best rates, and then opened the accounts there.

But it's good also-lar if you have to open the trading account at the same time. After all, if you wished to buy SG REITs, you needed a trading account also.

I think if a bank does not require you to open a CDP account, it means your shares are kept under a nominee account, and not by CDP. That's what happened for private banking accounts in Sgp.

So,... if one opens a Savings Account with Maybank, then Maybank will impose that the person must open a trading acct with Maybank-Kim Eng Securities too ?

So you walk into DBS and SC and tell each of them that you want to open a trading account . After that you are all set. Am I right? What about TAC or something like that whenever you want to transfer money. Can they send it to the malaysian no?

In which order? OCBC > SC or SC > OCBC or the order is not important?

Another advantage of having a Maybank Sgp Acct is if you are transferring amount s of RM10K and below via Maybank2U, the TT charge is only RM10, and not RM25.

An advantage of having a DBS Savings Acct is you can open a Multi-Currency Acct too and you can deposit foreign currency notes into the acct.. And withdraw too if they have stocks,... hard cash here.

Let me help. You can choose the second level security by using a small device that generates a security code for you as you are performing your transactions. You carry that device with you wherever you go. CDP has recently implemented this second-level security too. So, no need to worry about having a Sgp phone number.

I can answered you on that. Interest of ~1%. Check out OCBC 360 and SC eSavers.

Sorry could you let me know what is TAC?

Yes, walk in, tell them you want a trading account you are all set. For standard chartered, they may ask you to fill an assessment form. On the option asking whether you have done 6 trades in the past, say yes (dont worry they dont check whether its true). Its some rule by the SG gov after the financial crash, to prevent financially uneducated people from dumping their money in shares

For both saving accounts there will be online banking, and they will give you a physical token. You can use your Malaysia address and all letters will be sent to you in Malaysia. Transfering money can be done online. In fact in Singapore, interbank transfer is instant and free (i really mean instant, when you click transfer on bank A and you refresh bank B, your money is already updated in bank B). Limited to 50K SGD a day.

Order is not important. But come to think of it... OCBC has a 3000 SGD min balance, Stan chart has a 1000 SGD min balance which may be quite steep for some people.

Fully-agreed with your first paragraph, the money-changers rates are better.

On the second para, did you give them a cheque to take money from your account for the TT purpose ? Or did you give them cash on the spot ?

Tq,... hmm, 1% ??

TAC is a kind of authorization 6 digit code that the malaysian bank will send to you HP (sms) whenever you want to transfer money out of your account (online) and you need to input the code in the space provided.

So is ok to open 2 trading account? (i.e one person is not restricted to 1 account per name?)

Yup. 1 % (I didn't add in the decimals) just by transferring money into another account.

Its ok to open 2 trading accounts, you can even open 100 if you want, and link them to your CDP (For banks who required CDP)

If you register you Malaysian phone number you will also receive the 6 digit code on your phone.

TAC is the form of second level security adopted by Maybank in Msia. It is a code texted to your registered handphone number when it is needed.

In comparison with Sgp banking security, UOB Privilege Banking, Singapore has an option of whether you want the texted code to your registered handphone number or you wish to carry around the 'dongle' with you at all times.

OCBC has a minimum balance of SGD 3K, wow,... if you don't keep this minimum, how much is the month Service Charge ?

SC's minimum of SGD 1K is normal, similar to DBS's Savings Acct. Maybank Sgp's is still SGD500 only.

Frankly, I wouldn't want SGD3K to be lying around not doing anything.

Anyone using MBB sg account + Kim Eng securities KE Trade Prefunded?

From KE website (http://www.maybank-ke.com.sg/contact-us/faqs/ke-trade/), CDP Sub-account Maintenance Fee is waived.

Other charges seem reasonable.

I think fall below fee is 2 dollars a month. There are some people who managed to open 2 Stan Chart Esaver account... i dont know how they do it. They just transfer between both accounts.

I dont like the Min SGD 18 dollar charge per trade. If you are doing 9000 SGD per trade, its more worth it, if its lower, Stan chart is cheaper.

Initially it was cash. Later when both sides trust each other, they accept my cheque and lock in the rate there and then. 3 days later when the cheque is cleared, they make the transfer