There are no good low risk investment in Singapore, the interest rate and FD is very low. Even SG bonds are paying only about 1-2% yield. I invest in a higher risk instruments in SG, the low risk portion is in Malaysia.

regards,
LCM

Can we transfer money via internet TT from DBS bank, Singapore into Malaysia maybank account ?

How about from singapore maybank to malaysia maybank ?

not sure abt DBS but i have experience transferring money from a Singapore maybank account to a Malaysian maybank account (not the same person) and was charged SGD15 for the online transfer.

QQ... I though we (Malaysians) need Bank Negara approval to open an account overseas?

I'm thinking of opening an account in Singapore for stock trading.

No need , just bring IC & passport can d. DBS bank now min requrement is 1k Sing, and they pay 0.05% interest....

I also can confirm that you do not need a prior approval from BNM to open an account overseas.


S$1,000 is for S Pass and EP holders. For all other foreigners, you need S$5,000 of initial deposit as well as to maintain the account (to avoid the S$2 fall-below fee).

Anyway, UOB Bank is a better choice if one is looking for a more affordable Singapore based savings account as one only needs an initial deposit of S$1,000 to open a savings account as well as to maintain the account.


**post edited. S$2 mistakenly written as S$2,000.

This post has been edited by MilesAndMore: Jan 6 2012, 11:24 AM

FD also gives around 0.05% - which is way lower than the inflation rate of 3-4% (i think). There is no point saving your money in there. On the plus point, SGD has been steadily appreciating against MYR over the years. Just a few years ago, the exchange rate was 1SGD=2.2MYR. Now the SGD has gone up another 10%!!!

Just in case any existing DBS a/c holders wondering if the SGD5k applies to them. Not entirely.
If you open before 12 Sept 2011, your fall below rate is SGD500 and won't change.

You can call to confirm, I did and the CSO confirmed with me, she said my fall below rate will only change if I close the a/c and open again. She also reassured me that if I ever remove until SGD600 I still won't be 'taxed'. Anyway, for ease of mind, please call them, they pick the phone quite fast, but the menus are very long.

And also to check the fraud cases today from DBS/POSB (someone skim cards and go to JB to withdraw SGD200,000 total [SGD1k x 200 transactions] ) to make sure my money wasn't laundered away.

This post has been edited by MYstombox: Jan 6 2012, 12:13 AM

Thanks everyone for your helpful insights. Malaysian has strict currency controls. Singapore, while considered a very open economy, is also beginning to tighten their laws and enforcement (see Bloomberg article).

It helps knowing that there are others also have an SG account. I am just an ikan bilis investor (only 10-20k to start with), and I don't want to waste time getting hauled up by SG or MY authorities to explain such the small sums.

You do need to abide by malaysian regulations about currency removal. There's a max limit before you have to declare to customs.

10-20k is still a large sum to carry around.

Suggest you do so bit by bit.

Anyway, personally I do not see why you'd want a SG bank account, the interest rate is pathetic. Travelling into SG also takes up the interest earned, somehow if I didn't already have an account and I want SGD, I'd just change at money changer and keep at home or keep in forex FD, and even then the interest rate is pathetic because pegged to MAS rates.

Yes, I won't be carrying that kind of money in pocket. I'll be buying SGD over a period of time from Malaysian friends working there.
The purpose of the a/c is really for stock investment in SG over long term. Interest rates is a small matter. Even our 3% FD aren't that fantastic.

You are allowed to carry USD 10K equivalent of currency notes and do not have to declare at customs. Anything more than that you need to declare.

I view MY SG bank account and investment as a insurance in case of 'you tak suka you keluar' happening.

For DBS if you have the old account the min amount is SGD 500, for new account holders it is SGD 2K minimum.

This post has been edited by gark: Jan 6 2012, 11:01 AM

For new holder should be S$1,000 or S$5,000, depends on what kind of foreigner are you.

which broker are you looking at? most charge around SGD25 per trade - very high, when you consider in the US per trade is around USD10.

There's a few brokers mentioned here somewhere, so I'll probably check them all out. The minimum SGD25 per trade is expensive but I'm not doing high frequency trades.

we appreciate if u can check out the brokers fees and share with s....

I did exactly what you intended to do. Here are my steps:

1. Find out which bank offers the lowest MINIMUM req for your saving account. For me was UOB at SGD 500. Anything less nets that nasty charge. Also must have internet banking.
2. Find out which trading firm you'd like to buy stocks with. For me was one with internet trading.
3. Find out what you need for items 1 and 2. E.g. IC photocopy, proof of residence in Msia (e.g. utility bill with your name on it- Streamyx and Astro usually don't count), referral letter from an existing account holder (for bank and for trading account) and the minimum amount of cash needed to open the account (this is in SGD)
4. Prepare transport and accomodation (if any) to SG.
5. Go during working days to BANK first to open your savings account. They will do a background check and the referral letter comes in handy (go ask your SG friends who have existing accounts there). Give them the SGD to set up the bank account- usually 1k SGD.
6. Get your account set up. You will get the ATM card, bank no, PIN etc (biasa stuff). Also get the international transfer codes from them (IBAN, SWIFT) and internet login (important!).
7. Go to the TRADING FIRM next to open your trading account and your CDP account set up. Give them the paper requirements and also your bank account number to tie in to the trading account and to your CDP (important for dividend payouts). You also need to deposit the minimum cash to your trading wallet. This sum here is quite hefty (could be around 5k SGD)
8. Once all paperwork done, go back home and have a good rest. CDP and the trading firm will mail you the access codes for online trading.

Congratulations you can now trade like a Singaporean from Malaysia!

Ps. To top up your trading account with more money, do international TT (telegraphic transfer) using the banking codes you got for your bank account. Internet banking can transfer the funds from the SG banking account to your SG trading account.

I have 1k SGD carried by cash (for the bank) and 5k SGD carried in form of *banker's cheque (for the trading account). *Normal cheque will not work! Banker's cheque/draft is a legit form of real cash- no owe owe.

This post has been edited by kaiserwulf: Jan 6 2012, 10:57 PM

Kaiserwulf, it sounds like you've been doing SG stock trading for a while. Your detailed notes will prove very useful for first timers getting around and avoiding getting into problems. Thanks for your effort.



There's a broker named Phillip Capital (I think it is http://www.phillip.com.sg/). However, I'll most likely go for OCBC for a couple reasons
- one-stop solution (you can open bank and trading a/c from the bank branch)
- some branches are open even on Saturdays


This post has been edited by Eugenet: Jan 8 2012, 11:09 PM

For non-singaporeans, non-PR & jobless people, only DBS and UOB available? No standchart etc?

Got, HSBC also got. E.g. HSBC has a minimum balance requirement of SGD5k. Good luck with that!