Which subang jaya branch do you go to?

Hansel, prince_mk ,managed to open my DBS MCA at Marina Bay
Thank you sifu

Considering I am currently unemployed, it's a miracle they let me open.

Here's how I manage to open. Requirement by DBS to open account with them


No 3 was problematic. I decided to go the way of opening a Philips account first. Once I opened that, I had a copy of application proof which I can give to the bank. They were problematic as well and refuse to open without a Singapore bank account. But somehow they told me we will open for you and hang on to your application unless you can provide us the Singapore bank account no. They did give me a proof of application. This was done at Toa Payoh branch.

Headed over to Marina Bay. Told them want to open Vickers and MCA. Apparently one cannot open Vickers without a bank account. So had to deal with MCA first.

Note:
Now MCA have foreign charges regardless when you open starting next monday. All MCA have free first 5 years annual fee waiver. Then after the 5 years, you are required to pay SGD12 for another 5 years = SGD2.40/year.

Agreed. That's why I showed them my Philips application with chop from Philips branch. Then I told them I want to open Vickers.

Opening account will require you to do it face or face unless you are loaded. Just take 2 days off. I use 2 days. Took night train. Came back the following day night train and reach KL in the morning (before 7).
1. Yes. But it's getting harder. Even maybank have tighten. Never hear any news from them. Will give them a call on Monday. Standard Chartered, HSBC, Must be priority banking with them and priority customer with Singapore side as well. For Standard Chartered, you still have to go down as Malaysia will book appointment for you.

2. Usually banks in Singapore charge a fall below fees. Not annual fees like Malaysia. Requirement usually work permit/student visa from Singapore. That's the major road block. Requirement for HSBC and Standard Chartered = pockets must be loaded.

OCBC & UOB have MCA. But they need min SGD5k or else there's a fall below fees. The question is whether you can open or not? Btw, do you keep the money below that amount and pay the penalty or just keep that amount there?

Agreed.

This post has been edited by Ramjade: Jan 8 2017, 08:33 AM

Actually Hansel, we don't need other banks. Why? One can use Interactive Broker and exchange SGD > USD/ASX/HKD online and real time (people who have used that site claims their rates are better than money changer rates.)

Eg.
1. Deposit SGD into MCA > transfer money to IB in SGD (they accept SGD) > convert using IB exchange > buy Manulife US REITS from IB (they have access to SGX to).

2. Deposit SGD into MCA > transfer money to IB in SGD (they accept SGD) > convert using IB exchange > buy stocks from ASX.

Is this doable? But IB charges USD10/month unless you are an active trader.

This post has been edited by Ramjade: Jan 8 2017, 08:54 AM

I think it would be doable since my uncle told me he went SIngapore, managed to exchange old currency notes with banks in Singapore for new currency. He didn't mention which currency. Another alternative is as below. V


To prevent IB from charging us the USD10, can use IB to buy S-REITS provided that the commission they earned is enough to offset the USD10/month. But I am not sure about whether the stocks will be under custodian account or under our own account.

I experienced that. I asked about account inactivity and the person attending to me ask me back this question, "For what you want to open account and keep it inactive?' I was

Correction. They ask the following in order
1) Are you a Singaporean?
2) Are you working here?

Bro, they offer instant real time exchange. So if you want USD, you can just exchange SGD > USD. IF you need SGD, just change over. No point hopping from one bank to another. Why? I believed this is just a sign of early things to come. If one bank can implement chanrges (DBS), what makes you think the other 2 won't follow?

Banks likes free money. So if they can charge customer with charges, I believed they will especially if their competitor start charging.

Fees for
UOB Global Currency Account
OCBC Global Currency Account

OCBC 1% for withdrawal and deposit.
UOB not sure.

More info:
https://forum.singaporeexpats.com/viewtopic.php?t=94836

Check out this reply by stiwi


May not be relevant anymore as it's 2013. Now's 2017.

This post has been edited by Ramjade: Jan 9 2017, 08:07 AM

I understand about the spread. But if it can give better rates than Moneychanger (in SG/MY), it won't be much of a problem. Try asking AVFAN and rjb123 regarding the exchange rate. Is it worth it or not or is it better to direct bank in.

Do share with us what bank after you have tested.

This post has been edited by Ramjade: Jan 9 2017, 09:06 AM

12 months for DBS and requires debiting to count as an activity. Asked their customer service. If you have 2 account, very simple. Transfer from one account to another and back to "trick the bank" into thinking it's active.

This post has been edited by Ramjade: Jan 9 2017, 10:08 AM

Practically 0% (SA is 0.05% FD 12 months = 0.35%) Welcome to the world of singapore where interest is freaking low

Actually according to his way, he fund his IB account using SGD. Then switch over the currency on IB platform to buy ETF from LSE.

prince_mk, Hansel, I have asked Merchant Trade, they say it will take 1 working days to transfer the money over to SG. Max RM50k/day/person. However to get around that limit, can ask family member to transfer RM50k/person. So if got 1 wife, 2 kids, can transfer max RM200k/day

Bad news is they don't accept SGD. They only accept RM. Each transfer cost RM22. Cheaper than banks.

For me Maybank MY no reply until now. Already 1 month +. No call nothing, no package.

Since I everyday I wait, chances of opening are becoming slimmer. Decide to head down myself.

I already open my account with DBS bank.

Nope. Because I told them I am a fresh graduate.
Banks in other country are run separably compare to the ones in Malaysia. Anyway, managed to open a CIMB account online (after getting DBS) so that I can make my DBS account "active" by transferring funds from CIMB > DBS > CIMB with my limited funds.

Will try and see if can get Standard Chartered/Maybank in my next trip. If can, will close my CIMB

Reason: CIMB only 2 branches

But looking at exchange rate, CIMB TT rates are better than Maybank.

This post has been edited by Ramjade: Jan 12 2017, 09:25 AM

I gave them my national competency exam results. They actually never look at it at all.

I told them I am just graduated. So not working yet. So no tax no. SO they put my occupation as graduate. But the worker said not working means not working. No need to say graduate or what.

I wished I studied in Singapore. If I studied there, definitely won't be problem to open. Unfortunately I don't.