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 Opening a Bank Account in Singapore

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SUSTOS
post Jun 9 2020, 01:54 PM

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Went to my nearest Maybank branch but they say can't open isavvy bank account. However, email says can open as long as there is "recommendation" letter from the branch.

How to proceed? Any advice?

EDIT: I know why. I went to the wrong branch. tongue.gif

Will try again soon.

This post has been edited by TOS: Jun 9 2020, 02:12 PM
Hansel
post Jun 10 2020, 01:58 AM

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QUOTE(TOS @ Jun 9 2020, 01:54 PM)
Went to my nearest Maybank branch but they say can't open isavvy bank account. However, email says can open as long as there is "recommendation" letter from the branch.

How to proceed? Any advice?

EDIT: I know why. I went to the wrong branch. tongue.gif

Will try again soon.
*
biggrin.gif That's funny, bro,... tq for the humour,...
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post Jun 10 2020, 08:06 AM

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QUOTE(TOS @ Jun 9 2020, 01:54 PM)
Went to my nearest Maybank branch but they say can't open isavvy bank account. However, email says can open as long as there is "recommendation" letter from the branch.

How to proceed? Any advice?

EDIT: I know why. I went to the wrong branch. tongue.gif

Will try again soon.
*
still strange though. they should direct u to a correct branch rather than asking for recommendation letter.
David_Yang
post Jun 10 2020, 11:20 AM

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For the ones at CIMB SG, which account you use:
Star Saver or Fast Saver?

Above 50k Fast Saver is more attractive.
PrincZe
post Jun 10 2020, 12:06 PM

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QUOTE(David_Yang @ Jun 10 2020, 11:20 AM)
For the ones at CIMB SG, which account you use:
Star Saver or Fast Saver?

Above 50k Fast Saver is more attractive.
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i think to do online is only for fast saver
Ramjade
post Jun 10 2020, 01:41 PM

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QUOTE(mrbean12345 @ Jun 10 2020, 12:45 PM)
Hi all, yesterday just signed up for CIMB fast saver account. And I already linked MY CIMB to SG CIMB. Havent fund it with 1000sgd yet.

just want to ask, can I fund the fast saver account with my friend's SG account? meaning I ask him to transfer 1000sgd to my CIMB fast saver account, then i will pay him ringgit in Malaysia to his account. or must i fund it using my linked CIMB Malaysia account?

Also, is this account fully activated already? can i start using it or have to wait someone to call me first ?

thanks a lot
*
You cannot use your friend account. Reason for using your own cimb account or local Singapore bank account under your name is for KYC purpose.
Ramjade
post Jun 10 2020, 02:28 PM

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QUOTE(mrbean12345 @ Jun 10 2020, 01:51 PM)
Ok, I see, Thanks for the reply. I have a friend funded it with Foreign telegraphic transfer from cimb Malaysia without linking it.  Does that also serve the KYC purpose?

sad.gif The exchange rate that cimb offer is quite bad. Seems like I have no way to work around with it.
*
Yes Thats one way of KYC.
It's a one time event. One time expensive rate

After that you can use Instagram or bigpay to transfer at cheaper price.
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post Jun 10 2020, 02:30 PM

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QUOTE(Ramjade @ Jun 10 2020, 02:28 PM)
Yes Thats one way of KYC.
It's a one time event. One time expensive rate

After that you can use Instagram or bigpay to transfer at cheaper price.
*
didn't know instagram offer that service. biggrin.gif
SUSTOS
post Jun 10 2020, 02:49 PM

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Done. Application submitted! I attached my IBKR account statement to them as well, to prove that I have investment in SG.

Now patiently wait for 14 days...
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post Jun 10 2020, 02:50 PM

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QUOTE(TOS @ Jun 10 2020, 02:49 PM)
I attached my IBKR account statement to them as well, to prove that I have investment in SG.
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not necessary
Ramjade
post Jun 10 2020, 02:53 PM

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QUOTE(!@#$%^ @ Jun 10 2020, 02:30 PM)
didn't know instagram offer that service.  biggrin.gif
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What service?
Instarem is a fintech which gives better rates than banks for overseas transfer.
SUSTOS
post Jun 10 2020, 02:54 PM

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QUOTE(!@#$%^ @ Jun 10 2020, 02:50 PM)
not necessary
*
They took it anyway. A prove is better than nothing, right? Otherwise everyone can open bank account in SG by saying they have investment in SG. The officer was very meticulous and careful, I brought my own photocopied IC document and she just ignored it and took my own original IC and photocopied it again, then certified it herself.

This post has been edited by TOS: Jun 10 2020, 02:54 PM
solstice818
post Jun 10 2020, 03:03 PM

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QUOTE(!@#$%^ @ Jun 10 2020, 02:30 PM)
didn't know instagram offer that service.  biggrin.gif
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It's Instarem not instagram. Ramjade typo there. laugh.gif
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post Jun 10 2020, 03:08 PM

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QUOTE(TOS @ Jun 10 2020, 02:54 PM)
They took it anyway. A prove is better than nothing, right? Otherwise everyone can open bank account in SG by saying they have investment in SG. The officer was very meticulous and careful, I brought my own photocopied IC document and she just ignored it and took my own original IC and photocopied it again, then certified it herself.
*
so far most of us managed to open isavvy by saying have investment in SG. but u r right, better to have than none.
Ramjade
post Jun 10 2020, 04:21 PM

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QUOTE(solstice818 @ Jun 10 2020, 03:03 PM)
It's Instarem not instagram. Ramjade typo there.  laugh.gif
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Correct. Typo.
jake9110
post Jun 10 2020, 09:41 PM

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QUOTE(mrbean12345 @ Jun 10 2020, 12:45 PM)
Hi all, yesterday just signed up for CIMB fast saver account. And I already linked MY CIMB to SG CIMB. Havent fund it with 1000sgd yet.

just want to ask, can I fund the fast saver account with my friend's SG account? meaning I ask him to transfer 1000sgd to my CIMB fast saver account, then i will pay him ringgit in Malaysia to his account. or must i fund it using my linked CIMB Malaysia account?

Also, is this account fully activated already? can i start using it or have to wait someone to call me first ?

thanks a lot
*
Hi, I just opened my CIMB SG back in Apr'20. I asked my cousin who's in Singapore to transfer SGD1k to me. When they called for verification, they confirmed that the fund was received; however I need to transfer from my own. So I confirmed with them and just transferred SGD10 from my own MY a/c. And it got activated!

Just sharing my experience on this. Hope it helps.
jack2
post Jun 11 2020, 08:47 AM

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QUOTE(jake9110 @ Jun 10 2020, 09:41 PM)
Hi, I just opened my CIMB SG back in Apr'20. I asked my cousin who's in Singapore to transfer SGD1k to me. When they called for verification, they confirmed that the fund was received; however I need to transfer from my own. So I confirmed with them and just transferred SGD10 from my own MY a/c. And it got activated!

Just sharing my experience on this. Hope it helps.
*
wow... really work?
jake9110
post Jun 11 2020, 08:53 AM

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QUOTE(mrbean12345 @ Jun 10 2020, 10:32 PM)
wow thanks man, this is very helpful. Just asking, what did the bank ask when they call you? What reason you gave them for opening the account? I plan to open ibkr there but currently do not have any investment in SG and i do not work /study there...
*
I told them that I would like to have a foreign account to keep my money for savings purpose, with in view to move there in future.
jake9110
post Jun 11 2020, 08:55 AM

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QUOTE(jack2 @ Jun 11 2020, 08:47 AM)
wow... really work?
*
It worked for me. I clarified with the bank PIC when she called and she said they just need to have me transfer from my own account. Minimum funding is SGD1k but no T&C mentioned that all must be from my own name.

Either my interpretation is right or I'm just lucky xD
asil66
post Jun 16 2020, 01:28 PM

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QUOTE(TOS @ Jun 9 2020, 01:54 PM)
Went to my nearest Maybank branch but they say can't open isavvy bank account. However, email says can open as long as there is "recommendation" letter from the branch.

How to proceed? Any advice?

EDIT: I know why. I went to the wrong branch. tongue.gif

Will try again soon.
*
Did you manage to try again? Which branch did u go to?
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