Looking at all the requirements, I now have:

Maybank debit card, card PIN

Maybank online account number, access ID and security token.

But Maybank online banking PIN is missing. All but one of the letter mentions about the online banking PIN (that letter is the one that provides my access ID for online baking, and it says the PIN mailer is separately mailed to me, which I did not receive).

Is the online banking PIN the same as the card PIN?

This post has been edited by TOS: Sep 9 2020, 09:07 PM

Hmmm... Okay I need to check with post office. There must be "sesuatu untuk saya" left behind.

Online banking PIN arrived. Everything complete!



I need to sign at the post office to receive the letter, thanks to security features by Maybank. They actually require the receiver to be present in person to receive the PIN mail. Very secure indeed.

Now can prepare to register the online banking and transfer money out of IBKR. Will provide more updates later.

Ramjade As an additional question, if my deposit of 500 SGD is used to invest in time deposit accounts, which result in around 10-50 SGD left in my saving account, will I be subjected to the 2 SGD monthly charge?

This post has been edited by TOS: Sep 10 2020, 12:55 PM

The letter says 500 SGD is the minimum balance needed.

Ok, manage to login and register for online banking, the only thing is at the end of the process they say can't register my foreign phone number for SMS notification, but before this in one of the procedures, I managed to receive the 2FA SMS from SG.

Hope things are fine. Next step: Withdraw from IBKR

This post has been edited by TOS: Sep 10 2020, 03:05 PM

Got a question here. Now which one to choose?

Obviously, only 2nd and 3rd one are correct. But which one? 2nd or 3rd option?

Already messaged them. I don't see any option for OTP during the login process. Do you mind to point out?



Yes. iSavvy Account. You need to download the application form from Maybank SG's website. Then fill up the form and bring along your documents together with the form to the designated branch and submit them. Remember, only certain branches can handle overseas account application, which is stated at the end of the application form. Don't simply drive to any branch close to your house!

This post has been edited by TOS: Sep 11 2020, 09:31 PM

Maybank SG replied.

Yup landed with the page today. Also login using 2FA TAC. No issues for me. Received the code and login successfully!

How come I withdraw 500 SGD from IBKR but only get 490 SGD?

What is going on?



This post has been edited by TOS: Sep 14 2020, 01:29 PM

So, I want to transfer some extra money using Instarem and country of residence is...



How do you guys transfer cash to SG bank account using Instarem? Pretend not to be a Malaysian? Which country to use then?

I think it is this:

https://www.maybank2u.com.sg/en/bank-charge...remittance.page?



No wonder 10 SGD. Terrible. Should have read their charges table before remittance.

I regret opening a Maybank SG account, should have opened CIMB SG account instead. Damn it.

Now evaluating whether need to close Maybank SG and open CIMB SG instead. I am not sure how much does it cost to transfer money from CIMB SG to IBKR? Any transaction cost invovled?

But from what I see, CIMB SG remittance outward is 10 sgd minimum + 30 SGD cable fee + agent fee, so they recoup the cost lost from inward remittance from their outward remittance service.

This post has been edited by TOS: Sep 14 2020, 03:47 PM

Now I am thinking of closing my account. The cost is just not justified for small-cap investors like me. The charges and transaction costs can easily offset the interest earned from putting money in the bank. Might as well forgo the charges/transaction costs and let IBKR earned interest from my "small" leftover money.

Previously, I was thinking that for online transfers no transaction costs, the interest earned is greater than leaving the money idle in IBKR. Now, one single transfer can take up circa 40-50 SGD. If I buy 2-3 lots of stocks, around 400-700 SGD (assume share price of 2-3 SGD/share. That's already 7-10% of cost for me. Too great to bear.

I guess will wait for 6 months, then close the account. Haven't done detailed cost-benefit analysis. Hope to learn more from gurus here.

You guys must have large capitals!

So, you recommend opening CIMB SG account? 1k SGD is still okay, but already the maximum I can fork out. (That's already 3k MYR, a month's salary for a fresh grad in M'sia.)

Lesson learnt:

1. Don't be too greedy. A few cents of interest can be forgone.
2. Look before you leap. Always do homework first! Check bank rates and charges before you apply for an account.

This post has been edited by TOS: Sep 14 2020, 04:52 PM

Good. Let me wait for other sifus for second opinion.

Thanks. For the link, the problem is there is no GIRO method available for me. But if I select HKD then there is GIRO method available.



And since one withdrawal per month is free, GIRO to HKD and redeposit back to IBKR (which is free) then convert to SGD is actually cheaper than opening a SG bank account.

If you don't consider forex rate fluctuation, the currency conversion cost is only around 15.5 HKD or 2.6 SGD and since no transaction cost for HK banks, this is a more affordable method (2.6 x 2 = 5-6 SGD).

Another good news is I will have 6k HKD (around 1k SGD) stipend coming from my university at the end of this month, so maybe some fresh capital to fund my IBKR account.

This post has been edited by TOS: Sep 15 2020, 07:37 AM

No mistake is done. I have around 720 SGD left in my IBKR SGD cash account originally, so deduct 500 SGD and around 200 still left in my account, IBKR displayed it correctly (now around 200 SGD left in my account as displayed). I have no USD cash, any HKD and SGD with the lion's share in SGD.

The problem falls on IBKR's side. I can't understand why remittance from SGD account to another SGD bank account in Singapore needs Telegraphic Transfer when FAST, GIRO or other methods are available. Either they collude with banks to allow them to earn more fees or they are outdated. More so when they already have offices in Singapore, I can't imagine they still need old fashioned-wire method to remit money around.

Yes, this sentence sums up everything.



No need to feel sorry. My stupid mistake. I own up to it without blaming anyone.

Can anyone advise on next step to close Maybank SG account?

I have a few options now, deadline is by this Friday. (Friday is the time deadline when I need to fully fund my account with 500 SGD, or else 2 SGD monthly charge begins, I think).

1. Transfer back 480 SGD to IBKR, leave the mandatory 10 SGD to the "suicide" account. Basically I need to maintain at least 10 SGD in my account. So, for this option, I will let the 10 SGD to be deducted 2 SGD per month until 0, then 6 months later, account will be closed. Hopefully no more charges. If I choose to close account now, 30 SGD will be charged on top of all other fees (if any).

Total cost for this method is 20 SGD, if no other fees are charged. (10 SGD deducted when 500 SGD is remitted inward, then again 10 SGD deducted for mandatory leftover balance.)

2. Top up around 10-20 SGD to my current Maybank account to get the full 500 SGD figure to avoid the 2 SGD monthly charge for sub-500 account balance. I can only top-up from Instarem/Transferwise, but don't know if there are any charges for remittance if I top-up using instarem/transferwise (from MYR in Maybank Malaysia to SGD, Maybank SG). dwrk or other sifus.

3. Leave the account as it is and bear with 2 SGD per month deduction.

As for CIMB SG, I need to know:

1. Will there by any monthly charges for below 500 SGD balance or any specified amount? (From what I see in the website, there is no monthly fall-below fees).

2. If I need to close my CIMB SG account, are there any penalty/charges (for 2 cases: within 6 months (or any pre-defined early account closure period) AND after the account closure period)?

3. Just to double confirm, will there be any charges from CIMB SG (or IBKR, for that matter) for the following transfer of money?

a. Maybank Malaysia (my malaysia bank account) -> CIMB SG using instarem/transferwise
b. CIMB SG -> IBKR SG Citibank NA account
c. IBKR SG Citibank NA account -> CIMB SG
d. CIMB SG -> Hong Kong Hang Seng Bank (using Transferwise/Instarem or other feasible methods, as advised by sifus here).
e. Hong Kong Hang Seng Bank -> CIMB SG (using Transferwise/Instarem or other feasible methods, as advised by sifus here).

Any form of cost-benefit analysis is much appreciated. Thanks everyone.

This post has been edited by TOS: Sep 15 2020, 11:22 AM

Base currency is SGD. CIMB waived the incoming remittance fee. https://www.cimb.com.sg/en/personal/help-su...remittance.html (first table)

Maybank SG hasn't waived it yet.

Already remit 200 MYR to my Maybank SG account, let's see how things go. In particular, I want to see if remittance from Instarem from Malaysia has charges of 10 SGD or not. I have added a 50 SGD "loss provisions" for all my stupid transactions fees in my investment return. That's about 0.22 % lost for my portfolio.

This post has been edited by TOS: Sep 15 2020, 12:25 PM