Go to standard chartered at raffles place and tell them you want to open an account for share trading purposes. Bring at least SGD3k for account opening.

Read through this thread. All info in here.

Last time kena rejected. He want the way don't need to go SG.

Help

I just tranfer SGD1000 to cimb fastsaver account, now I want to us Instarem to transfer it back to malaysia account. But I found out I can't tranfer using Instarem, the instarem seem like just allow me to tranfer from Malaysia MYR to other currency oversea.

True. Unless you are working in Singapore or studying there with SG address then you can open instarem SG.

Or else the only way to bring back money is via Cimb sg TT (rates not bad, quite cheap) or transferwise.

Thats why always think how to bring g back money whenever you opened an account. Don't blindly go and open and money stuck there.

Bro,... a quicker way would be to open a CIMB Msia acct and link this acct to fast saver CIMB SG.

You can convert back immediately AND ACCESS YOUR FUNDS IMMEDIATELY BY GOING TO A CIMB MSIA ATM.

Rates are good too,... NO need to develop headache over porting over to Instarem first.

He can't even if he wanted to. Cause instarem Singapore doesn't accept people without a Singapore addresss/working pass.

But there is another fintech other than transferwise accept Malaysian as their customer even though you got no business in Singapore. Best part is rates are even cheaper than instarem's...

I haven't do research yet.

This post has been edited by Ramjade: Nov 27 2019, 01:50 PM

Ok... hmm, SG address or work pass seems important for some organizations.

applied for isavvy on 14 nov at KL main branch. received the successful otp registration today. looks like it's approved.

Congrats, bro,....

That was pretty efficient by Maybank. I waited like one month for mine to get approved when I applied back then.

i guess probably depending on how fast they send the documents over, good thing is they didn't ask for courier fees like some others did at the smaller branches. also didn't need to attach sgd500 bank draft.

Yeah they didn't charge any courier fees for my case too, only thing is that they did request for the SGD500 bank draft.

Well done, alexanderclz!

How do you plan to transfer SGD 500, as an initial deposit for iSavvy savings account?

Alright, you are saying that we need to have Singapore addresss or working pass, before we can open Instarem Singapore account, to convert SGD into other currency. So, it is no go for us Malaysians here, who are not working or staying in Singapore.


One annoying thing about Instarem Singapore website that if we are in Malaysia and try to assess the Instarem Singapore website, the website will be redirected to Instarem Malaysia website.


Ramjade, what is the name of another Fintech with rates cheaper than Instarem's cost? Many of us here are so price-sensitive and have no loyalty to any particular bank or Fintech. As such, we will choose any bank or Fintech which charges the lowest fee but still maintains decent and reliable remittance service.


I am unhappy that for conversation from MYR to SGD, Instarem increases the transaction fee to 0.45%, instead of previously 0.40% last year.


The minimum redemption of Instapoints is 100 Instapoints, so RM 30000 is needed for currency conversion yearly. Not anyone has a lot of disposable income and can afford to convert RM 30000 cumulatively throughout 6 months, so the Instapoints are difficult to be used. Plus, the InstaPoints have a rather short validity of 6 months.


Even if we do have more than 100 Instapoints to be converted, the discount is a fixed amount at the rate of 100 Instapoints equals RM 6, instead of being percentage based (such as reduction of transaction fee from 0.45% to 0.40%).


So, it is a disadvantage to redeem Instapoints, especially when you need to convert large amount of money, says more than RM 10000, and receive a fixed deduction amount due to redemption. Rightfully, the more you convert, the more discount we should get from the redemption of Instapoints.


Due to disadvantages of redeeming Instapoints, I just pretend that Instapoint does not exist at all, because I am just an average person who have way lower amount of money to invest, compared to many richer experts here in this Finance subforum.


What to do? Other than Instarem, we do not have other viable remittance service that is reasonably priced.

This post has been edited by kart: Nov 29 2019, 06:03 AM

no other choice than instarem. will transfer about 1500, then to open and transfer to fastsavers as well

Just change my in the bar above to SG. It doesn't matter anyway since they won't accept us as customer. So far the only cheap options are transferwise and Cimb SG.

Just convert. I never wait until RM30k to convert. Remember they have expiry date. So just convert when near expiry date.
You can use BigPay. Rare not bad nowadays. Last time when started their rate sucks.

I forgot where I place that link already. Later I search. Maybe few months later. Damn busy.

This post has been edited by Ramjade: Nov 29 2019, 11:28 AM

What took you so long to make the move?

lol, let's just say i'm financially more stable now, and time to diversify more.

btw, how many days do i have to deposit into cimb fastsavers to activate the account?

Deposit once SGD1k then wait for them to send all the letters to you.

Quoted from an e-mail from AtYourService <atyourservice@cimb.com>, which is the official e-mail address of CIMB Singapore:

Your account will be activated within 1 business day if the minimum initial deposit of S$1,000 is received. Otherwise, the account will be automatically closed within 30 calendar days from your application date of CIMB FastSaver account.

This post has been edited by kart: Dec 1 2019, 07:41 AM