i read past posts of this topic and it got me wondering

any reason why you guys prefer fullerton  SGD  over fullerton USD?

isnt usd better? i last check the interest is 5.2643% (7d Annualized)

Happy to share that I have successfully opened my OCBC Singapore account with just my IC and Passport.

The process of applying through the app is a bit a pain in the ass, as needs to do several times for the app to accept my IC. Tips, the ic can be slightly outside the rectangle.

Took about 3 working days for the account to be approved. Was given Global Savings Account and Statement Savings Account.

Initial deposit required is just SGD1000, it can be from your Singaporean bank account or Malaysian bank account. I already have Maybank SG account. So this is very seamless.

Despite the T&C showing initial deposit for non-resident Statement Savings Account is SGD20k. I just needed to deposit SGD1k. Not sure if this only applies for Malaysians or what.

Regardless, even if the fall below fee for non-resident Statement Savings Account which is 20k is imposed as per T&C (no fee for first year), don't worry, we can go around this. 

Once you have access to the OCBC SG online banking, you can immediately apply for other accounts like OCBC 360 (minimum balance 3k) or OCBC Frank (minimum balance 1k), Monthly Savings account (minimum balance 500) or other OCBC SG accounts. I prefer OCBC 360. I will close Statement Savings Account after this.

So for all Malaysians residing in Malaysia, with no SG pass whatsoever. Right now we have 3 easy options for SG bank accounts (Maybank, CIMB and OCBC), everything done online, super easy.

For those who are interested to apply OCBC SG account, can use my referral code NLC9FDOS . You will get SGD15, and I will get SGD15.

Just sharing my recent experience trying to open a CIMB SG account.

I already have a CIMB MY account and applied for CIMB SG on 13 August. The form filling was easy and the account was created on the same day. I transferred SGD1k from my DBS SG via Ifast and also applied to link my CIMB MY account and CIMB SG account.

Accounts were linked on 16 August and I transferred SGD5 from CIMB MY to CIMB SG.

Note that my account had been created but not approved.

On 16 August I received an email from CIMB SG asking for my bank statement showing proof of salary crediting. I provided this and also reiterated that I am an existing CIMB MY and DBS SG account holder and had made transfers in via both accounts.The email also asked my intended purpose for opening the account. I responded saying I wanted to open the account for investment, depositing SGD and spending for personal use during visits to Singaporean.

8 days passed without any response.

On 24 August I sent a follow up.

On 29 August I received an email asking for proof of investment in SG. I responded saying that I already told them that my intention is for investment (such as FD deposit in SGD) and how can I prove my future intention when the account is not even opened?

Very frustrated at how long and nonsensical this process has been. I'm really regretting opening this account and now have SGD1005 stuck there, and a very slow and inefficient account opening team. I just hope they will give me my money back if they disallow my account opening.

how about "savings"?
can this word be used?

Wow, this SongBaolin used CIMB to cuci the money. Did MAS take action on CIMB SG?

The Monetary Authority of Singapore, when asked by Bloomberg News for comment, referred to its earlier statement where it said the regulator is undertaking supervisory engagements with financial firms where potentially tainted funds have been identified, and will take “firm action” against those found to have breached anti-money laundering and related rules. A spokesperson for the Singapore police did not immediately respond to a request for comment.

oh no, they themselves are the launderers.  Will MAS close their acc?

i mean the banks, not the Su baoling

For those with MoneyOwl accounts:

https://www.moneyowl.com.sg/medias/moneyowl...ss-by-end-2023/

https://links.sgx.com/FileOpen/iFAST%20Corp...t&FileID=771257

I just transferred my money out of FSM SG into MoneyOwl, and now it's returning to iFAST...

Does the compensation model of the company matter? We had thought about this quite a lot, not just for the wind-down, but for the industry and market in general. MoneyOwl believes that commissions do create a conflict of interest. But we have never taken the stance that all commissioned advisers are bad advisers or that all salaried advisers are good advisers. In practice, there are many commissioned advisers who do a good job and truly care for their clients. Being fee-based or fee-only also does not mean that there won’t be other types of conflicts of interests. For example, if the adviser just wants to grow volume of AUM to maximise wrap fees at all costs, this could put the client at risk if growth becomes unsustainable or if clients are pushed to invest even when they should not. From what we see in other countries who have banned commissions, advisers also tended not to be as interested in those who don’t have that much to invest. 

The talk hosted by iFAST and MoneyOwl just ended. There is no legal commitment from iFAST that the fees will remain the same in the future.

Pretty sure they will raise the charges/start charging platform fees a few years later.

Dear Valued Customer


We are pleased to inform you that your FRANK Visa Debit Card application has been approved.

Here are some points you should take note of.

Using the digital card
To retrieve your digital card number, expiry date and CVV (the three digits beside the signature box at the back of the card), go to:

OCBC website > Banking for Individuals > Personal Banking > Cards > See all cards > Debit Cards > select 'Learn More' under FRANK Visa Debit Card > select 'Apply or Retrieve Details' and enter your unique reference code, XXXXXXXXXX.

You can also apply for OCBC Online Banking access on the same page. For security reasons, after seven days from the date of this email, the page will no longer be accessible.

Before you can use this card, you must:

  1.  Deposit money in the savings account that we opened for you under this application; and
  2.  Add the card to your mobile wallet - no activation is required. If you wish to make purchases via any website or app, you can only do so at those that request your CVV.

If you have OCBC Online Banking access, you may - at any time - log in to view details of and deposit money in the savings account. Here is what you should do:

  1.  Go to the 'Customer service' tab on the navigation panel > Click on 'Online Banking - Link/delink accounts' > Enter the One-Time Password sent to your mobile phone
  2.  Select your newly created savings account to have its details displayed on Online Banking. You can deposit money in this account
  3.  Go to the 'Your accounts' tab and click on 'Overview' to view details of the debit card tagged to this account

If you do not have OCBC Online Banking access, you can apply for it at the digital card page or wait for us to mail you an Access Code and PIN.

Using the physical card

You will receive your physical card and PIN in five working days*. You do not need to activate this physical card if you are happy using the digital card stored in your mobile wallet - no action is required of you.

Should you activate this physical card, you must replace the CVV already saved on any website or app (besides your mobile wallet) because it is different. If not, you will be unable to make transactions on these platforms.

If you have any questions, please call us at 1800 363 3333.

Thank you for banking with us. We look forward to serving you again.


Yours sincerely

Leonard Tok
Executive Director
Cards Business
Group Lifestyle Financing
OCBC



* If you applied for a FRANK debit card, you may have to wait a little longer - up to seven working days - while we customise your card with your chosen design. One more thing: The default design you will see at the link above is merely illustrative. Your physical card will carry the design you picked!



Do allow us to warn you against phishing attempts involving emails that claim to be from OCBC. We will not send you any emails with links. Enter your login credentials (Access Code, PIN or One-Time Password) only into the OCBC Digital app or OCBC Pay Anyone app, or after accessing the OCBC website (always type out the URL to do this).

OCBC Frank account application update:

Warning: Those who open an account with Frank may not be able to open any other account apart from 360. A message from the website will show that you don't have a valid reference account for the purpose of opening say, Monthly Saving account.

Lesson is DON'T open OCBC account on any SG uni campus or any FRANK store! Head straight to the nearest OCBC branch and queue like other Sporeans...

are you a SG resident or working in Singapore?

I dont think its possible for Non resident to apply for Franbk

TOS steps is not applicable to us Malaysian who is not a student or working there. Just stick with what works for us.

Bro, can elaborate?