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 Opening a Bank Account in Singapore

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tadashi987
post Apr 24 2020, 08:53 AM

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QUOTE(samsungXP @ Apr 24 2020, 01:24 AM)
dbs debit card send to msia using which courier ? normal mail or pos laju ?
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wow u manged to open DBS online? hmm.gif
tadashi987
post May 6 2020, 08:27 PM

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QUOTE(ywliang96 @ May 6 2020, 06:12 PM)
I went called both Malaysian and CIMB hotline to try to open SG bank acc and they told me only able to open a bank acc if I go to SG physically.

Is there other way where I can do it online?
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visit the maybank pdf here and refer to the last few pages for branches which can open the SG iSAvvy account

https://www.maybank2u.com.my/WebBank/iSAVvy_AppForm.pdf

for CIMB FastSaver acc

https://www.cimbbank.com.sg/en/personal/pro...er-account.html
tadashi987
post May 16 2020, 12:27 AM

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QUOTE(mr_tuzki @ May 16 2020, 12:24 AM)
What's the difference in fees / forex between CIMB and Maybank?

From what I gather in this thread, Maybank iSavvy can easily open online from My,
Whereas CIMB might be a bit tricky requiring proof of residence / work permit?
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maybank isavvy need to maintain a minimum amount else will be charge fee, forgotten how many.
forex mean? MYR changing to SGD? it is following daily each bank's quote.

Maybank iSAvvy can only be opened through certai branch, check the pdf for these branches

CIMB fastsaver can be opened online, but u need to fund through CIMB MY / another own SG bank acc.

This post has been edited by tadashi987: May 16 2020, 12:32 AM
tadashi987
post May 19 2020, 01:17 PM

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QUOTE(EddieBrock @ May 19 2020, 11:37 AM)
Is there a minimum deposit balance for cimb fast saver?
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AFAIK no
tadashi987
post May 27 2020, 03:01 PM

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QUOTE(yoshiishi @ May 27 2020, 02:54 PM)
doing my online filing and noticed new option on declaration of foreign account.
So anyone with such ac have to declare now.....country probably will need extra income now to fund all the debts etc....
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read from LHDN e-filing thread just declare for safe, but doesn't has much impact anyway hearsay
tadashi987
post Jul 22 2020, 03:15 PM

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QUOTE(msapi @ Jul 22 2020, 02:29 PM)
Wanna check with you all.
What's the difference between bring back SGD to Malaysia via Maybank SG or CIMB SG?
Say I'm planning to bring back 10,000 SGD?
I understand CIMB is better. In what sense? The fees or exchange rates?
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rate
tadashi987
post Aug 16 2020, 01:24 AM

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QUOTE(milque @ Aug 16 2020, 01:07 AM)
Can a foreigner working in MY open a CIMB Sg account? Has a CIMB MY account already.
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should be able to

no harm giving it a shot

https://www.cimbbank.com.my/content/cimbcon...ount-promo.html

tadashi987
post Aug 25 2020, 07:08 AM

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QUOTE(Soul Seeker @ Aug 24 2020, 11:37 PM)
What is the minimum balance in cimb sg ?
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AFAIK there is none minimum balance rule
tadashi987
post Aug 29 2020, 10:03 PM

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QUOTE(sohailili @ Aug 29 2020, 08:37 PM)
it took me 5 working days to get it activated and ready to use

Monday
1. apply online.
2. receive SMS from CIMB SG. SMS contains password to access the PDF attached in email.
3. receive email from CIMB SG. PDF contains details and instruction of account opening. You can see your account number as well, but it is not activated.
4. Gg to CIMBclicks MY, request to link CIMB SG acc.
5. TT some money to CIMB SG acc.

Tuesday
6. link approved. can actually view the balance of ur CIMB SG acc in ur CIMBclicks MY at this point.
7. bank called. provide document proof. in my case, TT slip as well as the screenshot of my bank acc from which i TT-ed.

Wednesday
8. bank emailed asking to do transfer from CIMB MY. It can be any amount. paid RM3.09 for 1SGD transfer. (I totally forgot about this part, hence extra 1 waiting day)

Thursday
9. bank email, informing that they have sent application for processing. still waiting..

Friday
10. received email and sms on successful application and account is activated. SMS contain first time login password for you to sign up CIMBclicks SG.
11. Sign up done. follow instruction to setup digital token as well.
12. request to link to CIMB MY acc. (this is currently pending)

note: emails/calls/replies from CIMB SG came around 6pm based on my experience.
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Welcome and now you are opened to more enticing as well broader investment markets icon_idea.gif
tadashi987
post Sep 12 2020, 03:57 AM

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QUOTE(eddie2020 @ Sep 12 2020, 12:29 AM)
ok so i leave around 50 inside. . and do transfer everymonth.. since i deposit more than rm1k before when i just open 1 week ago, now i take out should be ntg rite? haha
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yes it's alright, fred not
tadashi987
post Sep 14 2020, 04:37 PM

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QUOTE(jayb2 @ Sep 14 2020, 03:55 PM)
maybank SG outward remitance also got charges yes?

https://www.maybank2u.com.sg/en/bank-charge...remittance.page
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QUOTE(TOS @ Sep 14 2020, 04:20 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! laugh.gif
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for deposit, if u transfer SGD to to IBKR SG Banks, there is no charge regardless Maybank SG/CIMB SG, because it is not "outward remittance" , it is merely local bank to local bank.

but for withdrawal from IBKR to SG banks, yes, it is considered as inward remittance, because i think it is because IBKR is not using local bank to process your withdrawal, your withdrawal theoretically is coming outside the "boundary", so in shorts, use CIMB SG to receive your withdrawal, not Maybank SG

that's the reason i closed my MBB SG account also wink.gif
tadashi987
post Sep 14 2020, 05:11 PM

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QUOTE(TOS @ Sep 14 2020, 04:50 PM)
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.
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yeah I only use CIMB SG whistling.gif
tadashi987
post Sep 14 2020, 08:30 PM

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QUOTE(dwRK @ Sep 14 2020, 03:53 PM)
yeah they whack you outbound...
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whack you outbound does apply for below?

1) transfer to IBKR SG CITIBANK
2) Transfer back to CIMB MY

AFAIK, (1) is not outbound so there is no fee being charged
and for (2)?

not sure because i have never transfer back MYR before
tadashi987
post Sep 14 2020, 08:55 PM

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QUOTE(donnysen @ Sep 14 2020, 08:34 PM)
will they ask reason to open bank acc and request doc like payslip?
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they do always ask reason to open acc, whch most of us answer for investment in SG opportunity.

i dont think i was being asked for payslip thou, supporting docs then yes

This post has been edited by tadashi987: Sep 14 2020, 09:02 PM
tadashi987
post Sep 15 2020, 07:54 PM

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QUOTE(donnysen @ Sep 15 2020, 07:29 PM)
do not need any doc to prove? because in Malaysia they ask for offer or confirmation letter before open your account
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https://www.cimbbank.com.sg/en/personal/for...fastsaver.html#!

u will have better context here
tadashi987
post Sep 15 2020, 11:31 PM

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QUOTE(Ramjade @ Sep 15 2020, 08:42 PM)
HK got lots of good stocks.
Suggest you to keep until you have SGD4k then invest.

Stuff like Shenzhen international, yuexiu transport, CK infrastructure, hysan dev are good stuff.
HK stocks are way better than sg anytime.
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all the mentioned ones not subjected to Chinese 10% witholding tax?
tadashi987
post Nov 30 2020, 03:33 PM

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QUOTE(Watta?? @ Nov 30 2020, 11:40 AM)
I just submitted my application and got my CIMB FastSaver account. Does it mean it is open already? I have yet to fund the SGD1000 yet though.
Also, how do i get access to cimb clicks SG ya? have to wait for them to send over the details?
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https://forum.lowyat.net/index.php?showtopi...&#entry90523092

CIMB:
1. Applied using online form for CIMB FastSaver-i
2. Submitted form with uploaded IC (front + back) image and utility bill PDF
3. Got account number at the end of application and welcome email
4. Transferred via FAST the initial amount from Maybank SG (31 July 2018)
5. Got a call from CIMB SG, apparently my IC uploads weren't captured - had to attach and reply on top of welcome email (1 Aug 2018)
6. Got email acknowledging my attachments and SMS later in the day informing me that account has been activated (2 Aug 2018)
Update: After activation, you should expect to get code for cimbclicks First Time Login via SMS (together with welcome SMS), and security token via mail 1-2 weeks later
tadashi987
post Nov 30 2020, 06:07 PM

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QUOTE(Watta?? @ Nov 30 2020, 04:57 PM)
Got item 1, 2 and 3 done.
So I should TT money from Malaysia to CIMB SG before i would get the account activation notification?
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user posted image

have you got this email? if not yet maybe wait for this email first then only do funding
tadashi987
post Nov 30 2020, 06:08 PM

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QUOTE(silverwave @ Nov 30 2020, 04:55 PM)
Hi, i got this email today and already deposited the SGD1k. How will i know if there is any incomplete document? When i got the call last week, nothing was mentioned.
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when did you deposit the SGD1k
tadashi987
post Nov 30 2020, 07:41 PM

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QUOTE(silverwave @ Nov 30 2020, 07:23 PM)
Just today
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I believe the email is triggered to send right before your deposit that's why, but to confirm, you can blast them a call or email

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