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 Opening a Bank Account in Singapore

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alexkos
post Jun 11 2019, 02:07 PM

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I duwan use cimb sg liao... Bully one.. Transfer from myr to Sg eat 2% forex.

If halak maybank, then my 500 sing dollar need freeze at maybank to keep account alive.
Krv23490
post Jun 11 2019, 02:17 PM

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QUOTE(alexkos @ Jun 11 2019, 02:07 PM)
I duwan use cimb sg liao... Bully one.. Transfer from myr to Sg eat 2% forex.

If halak maybank, then my 500 sing dollar need freeze at maybank to keep account alive.
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Use instarem ?
Ramjade
post Jun 11 2019, 03:11 PM

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QUOTE(alexkos @ Jun 11 2019, 02:07 PM)
I duwan use cimb sg liao... Bully one.. Transfer from myr to Sg eat 2% forex.

If halak maybank, then my 500 sing dollar need freeze at maybank to keep account alive.
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Use Cimb SG to transfer SGD-> RM
Don't use Cimb MY to transfer money.

QUOTE(Krv23490 @ Jun 11 2019, 02:17 PM)
Use instarem ?
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For RM-> SGD yes use instarem, moneymatch or maxmoney.
If SGD-> RM, lots of choice available.
Krv23490
post Jun 11 2019, 03:49 PM

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QUOTE(Ramjade @ Jun 11 2019, 03:11 PM)
Use Cimb SG to transfer SGD-> RM
Don't use Cimb MY to transfer money.
For RM-> SGD yes use instarem,  moneymatch or maxmoney.
If SGD-> RM,  lots of choice available.
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Heard the rate for SGD to RM is decent but not the other way round (through CIMB)

CIMB SG rate is good enough ?
Ramjade
post Jun 11 2019, 04:13 PM

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QUOTE(Krv23490 @ Jun 11 2019, 03:49 PM)
Heard the rate for SGD to RM is decent but not the other way round (through CIMB)

CIMB SG rate is good enough ?
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True. Hence the above.
If you don't have access to fintech in SG (as they rewuit d a SG address) you need to work with what you have (Cimb SG or Transferwise)
Reventon
post Jun 11 2019, 05:47 PM

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QUOTE(elite_smart @ Jun 11 2019, 01:30 PM)
Hi,

For the CIMB SG account, I can apply via CIMB Clicks Malaysia right? I can't seem to find any link that leads me to the opening of SG account.  sad.gif

I see from the CIMB SG portal that we need to have employment pass/student pass as supporting documents?

Thanks.
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Register at cimb sg website and fill in all relevant thing plus upload the document required.
After done everything at cimb sg and received the account number go to cimb my to do linking ( it took about 24 hours for me to get it approved )
After linking is done you can see the account in cimb my , proceed to transfer 1000 sgd to the account and wait for cimb sg to send you sms for first time code for registering cimb sg cimbclicks. Then the account is fully activated.
The cimbclicks sg mobile app layout looks from jurassic era thou. Lol
roarus
post Jun 11 2019, 06:01 PM

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QUOTE(alexkos @ Jun 11 2019, 02:07 PM)
I duwan use cimb sg liao... Bully one.. Transfer from myr to Sg eat 2% forex.

If halak maybank, then my 500 sing dollar need freeze at maybank to keep account alive.
*
I'm ok with holding both Maybank and CIMB SG. Can use to teh tarik funds to keep account active. I count myself lucky to have slipped one foot through the door while it's open, plus no need step foot in Singapore is a super bonus.

$500 is nothing compared to the cost of opportunity if the door closes and the only way in is private/premier banking.
Ramjade
post Jun 11 2019, 06:45 PM

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QUOTE(roarus @ Jun 11 2019, 06:01 PM)
I'm ok with holding both Maybank and CIMB SG. Can use to teh tarik funds to keep account active. I count myself lucky to have slipped one foot through the door while it's open, plus no need step foot in Singapore is a super bonus.

$500 is nothing compared to the cost of opportunity if the door closes and the only way in is private/premier banking.
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Precisely. Keep $500 lock up is better than RM200k in Malaysia and SGD300k in SG just for SG bank account.
elite_smart
post Jun 11 2019, 06:46 PM

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Btw, I read from the posts that CIMB SG can't do EPS. Need to open Maybank SG iSavvy account also for I need that payment method?

This post has been edited by elite_smart: Jun 11 2019, 06:48 PM
Ramjade
post Jun 11 2019, 06:51 PM

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QUOTE(elite_smart @ Jun 11 2019, 06:46 PM)
Btw, I read from the posts that CIMB SG can't do EPS. Need to open Maybank SG iSavvy account also for I need that payment method?
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Depends on what you want EPS for. Nowadays no need with FSM SG and Interacrive broker. EPS is like our IBG for putting and receiving money from your stock broker.
alexkos
post Jun 11 2019, 07:22 PM

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QUOTE(Ramjade @ Jun 11 2019, 06:45 PM)
Precisely. Keep $500 lock up is better than RM200k in Malaysia and SGD300k in SG just for SG bank account.
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I only use sg to tunnel euro.. Hehe... No point lock my rm1500 in sg. If u mean money market fund, even more reason to lock it in rm
alexkos
post Jun 11 2019, 07:23 PM

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Anyway TS got his answer. I agree that paying Rm60 without setting foot in sg for cimb sg is gooding d. Malaysian syukur.
Ramjade
post Jun 11 2019, 07:25 PM

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QUOTE(alexkos @ Jun 11 2019, 07:22 PM)
I only use sg to tunnel euro.. Hehe... No point lock my rm1500 in sg. If u mean money market fund, even more reason to lock it in rm
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You like your ETF, I like my SG dividends. And I plan to keep that maybank and DBS account so can have excuse to open kids account for my kids later on.
roarus
post Jun 11 2019, 07:57 PM

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QUOTE(Ramjade @ Jun 11 2019, 07:25 PM)
You like your ETF,  I like my SG dividends. And I plan to keep that maybank and DBS account so can have excuse to open kids account for my kids later on.
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Wait, a parent holding an account gives the future generation the rights to open up kid's savings account in the same bank? Applies to Maybank as well or just DBS?
Ramjade
post Jun 11 2019, 08:03 PM

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QUOTE(roarus @ Jun 11 2019, 07:57 PM)
Wait, a parent holding an account gives the future generation the rights to open up kid's savings account in the same bank? Applies to Maybank as well or just DBS?
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Theorically yes. But haven't read the fine prints.
kart
post Jun 11 2019, 10:41 PM

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Applicable for CIMB FastSaver Account:

https://www.cimbbank.com.sg/en/personal/sup...ital-token.html

Frequently Asked Questions:
https://www.cimbbank.com.sg/content/dam/cim...gital-token.pdf

QUOTE
CIMB Clicks Digital Token is a digital security token installed in your CIMB Clicks mobile banking application. It will replace your existing Security Device for authenticating all Internet and Mobile Banking services.

With effect from 1st December 2019, your Security Device will be disabled. However, you may continue using the SMS-OTP to perform your login, view accounts and perform transactions to your existing favourite beneficiaries.


Sigh, I very much prefer the CIMB Clicks Security Device (hardware token). It is unfair for CIMB Singapore to impose this choice upon CIMB Singapore customers.
elite_smart
post Jun 11 2019, 11:29 PM

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QUOTE(Ramjade @ Jun 11 2019, 06:51 PM)
Depends on what you want EPS for. Nowadays no need with FSM SG and Interacrive broker. EPS is like our IBG for putting and receiving money from your stock broker.
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I see. I am still new to Singapore investments. Need to read up a lot forums biggrin.gif

Anyhow, I think it is better to have another account in order to transfer funds between banks, so that the account won't be dormant? Or maybe can apply both FastSaver and FastSaver-i account? hmm.gif
tadashi987
post Jun 12 2019, 03:51 PM

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QUOTE(604weekendwarrior @ Jun 4 2019, 08:00 PM)
Ok so I was able open my CIMB SG Fastsaver account all online, and within a week.  I'm seriously impressed how fast I was able to open it compared to the Maybank ISavvy account.

Here's the timeline for opening my account.

Friday May 31st
-  Applied for the CIMB SG Fastsaver account online.  They required my passport, utility bill (I used my TM Internet Bill).  Filled out my details and at the end I received my account number, and instructions on how to send money.

Saturday June 1st
-  Earlier in the week I got my Instarem account approved (Thanks Ramjade for the heads up) and I used the payment system to send my MYR (Maybank) to my Maybank SG ISavvy Account in SG currency

Sunday June 2nd
-  My funds were received to my Maybank SG ISavvy account the next morning and I used the FAST transfer to send it to the CIMB Fastsaver account.

Monday June 3rd
-  Received a phone call from someone at CIMB SG asking verification questions, and also the purpose of my account.  I told him to fund my forex accounts in SG.

Tuesday June 4th
-  Received a text message this afternoon with my activation code and today I'm able to log in and see my $1000SGD in my account.
Total time to open my account, 5 days.

You'll need to have an existing SG account to open the  CIMB SG Fastsaver as the payment needs to come from an SG account.  Since I don't have a Malaysia CIMB account (I'm an expat) I'm not able to do a clicks transfer.

So all in all, a very easy process since I already have a Maybank Singapore ISavvy account.
Hope this helps anyone looking to open the Fastsaver account and doesn't have a Malaysia CIMB account.
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QUOTE(Ramjade @ Jun 7 2019, 10:41 PM)
I do not know how you open. If you open the old school way,  you need to transfer SGD1000FROM from local SG bank account as activation. 

If you open from Cimb clicks Malaysia best to ask their customer service. Or read back few pages. Someone shared step by step how to proceed.
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Any idea if ask friend transfer SGD 1000 into the account can?
or must be own SG bank account to the CIMB SG Fastsaver for activation?

tadashi987
post Jun 12 2019, 10:07 PM

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QUOTE(tadashi987 @ Jun 12 2019, 03:51 PM)
Any idea if ask friend transfer SGD 1000 into the account can?
or must be own SG bank account to the CIMB SG Fastsaver for activation?
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yep asked through CIMB SG facebook they said it has to be own SG account
elea88
post Jun 13 2019, 02:57 PM

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QUOTE(Ramjade @ Jun 11 2019, 08:03 PM)
Theorically yes. But haven't read the fine prints.
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where got such rights?

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