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

See this on how to withdraw your money without charge.
https://betterspider.com/withdraw-cash-from...active-brokers/

I recommend to open cause easier to move money around to "make it active"

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

Your screenshot is correct already. Don't know why you kena charge. Unless you didn't convert your money to SGD before you transfer.

like I said minimize xfer funds around ah...

in the U.S.... xfer bank a to bank b own account also $25 wire fee... Malaysia banking so cheap in comparison... lol

only xfer if you need to use it...cimb sgd-myr method looks to be cheapest for now

he withdrew in sgd ah...got charged inwards remittances fee sgd10 by mbb.sg

He might make and mistake and say withdraw USD to SGD. Hence got charge. Cause I withdraw SGD to cimbbsg and no charge. I make sure I have the required SGD in my IB before I make the transfer.

no lah bro...

your cimb.sg inward remittance fee waived by bank

mbb.sg still charge sgd10 fee... if usd fee lagi teruk higher...

edit: his bank screen shot shows sgd500 remittance from ibkr but account credit for sgd490... he did everything correct except open wrong bank account... lol (sorry tos...)

This post has been edited by dwRK: Sep 15 2020, 10:51 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

The office in singapore is still new. Just few months. Cause IB focus is on US market. For all overseas market is just wire the money.
What's your base currency in IB? That might be the main reason cause eg if you put currency as HKD, so IBKR assume you are living in HK hence a transfer to SG might be countered as foreign TT. That's just my speculation. Cause there's nothing on CIMB side about them waiving incoming fees.
My base currency have always been SGD.
I have read through the terms and condition and fees. Nothing.

I will just leave my Maybank active. Lock the sgd500 up (means can't move that sgd500). Find a way to make it sgd500.
Do not give the bank free SGD2.00/month. That way you can prevent account from being dorrmant. Not sure if dormancy exist in Singapore.

Always good to have backup.

No charges from CIMB but things can change. For HK remittance, only TW is the only known international accepted provider (which means they don't need you to be stationed in HK with a. HK address).

You can give world first/world remit a trial and see if you have a HK address.

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

Thanks for the info. I missed it.

Also, looking at CIMB Sg Fastsaver, the initial deposit of 1k SGD must be from an account with your personal name transferred through FAST. So, without a bank account in Singapore (not counting CIMB Fastsaver SG), you can't open CIMB Fastsaver SG at all.

Can't transfer from IBKR at all since it's not in your own name.

It makes me wonder how do you guys open CIMB Fastsaver SG without Maybank SG? (Assume you do not have DBS/OCBC/UOB account in Singapore or work in Singapore).

https://www.cimb.com.sg/en/personal/help-su...unt-number.html

This post has been edited by TOS: Sep 15 2020, 01:00 PM

They open using cimb sg page. Link it up to cimb my page. Use CImb my to transfer the fist sgd1k. Some use SGD1

Ah. Now I remember I have a joint-name account with my father for CIMB MY. Can I use that to transfer to CIMB SG (if say I plan to open CIMB SG)

Open your own cimb my account.

For the first SGD1000, can I transfer to CIMB SG FastSaver using TT from other local banks instead of CIMB MY -> CIMB SG ?

Don't know. Never done. All info inside this thread.

Hi guys, i am interested to open a SG account, after reading this thread (not all 149 pages) seems like current CIMB SG is the best

correct me if i am wrong
First 1000sgd MUST come from your own CIMB MY account or SG local bank with the same name?
Say, after I've done the above, can my friend in SG transfer SGD to my CIMB SG account w/o any charges?

thanks

Good news. I can confirm that there are NO charges for Instarem transfer of money to Maybank SG. I get exactly the amount as stated in Instarem.

Also first time transfer using Instarem from Malaysia bank to Singapore bank. Cool and very fast, received the money on the same day.

Now account is greater than 500 SGD, no immediate issue for now.

Thanks to instarem, now I can fund IBKR from Malaysia through my SG bank account.

I now have an interesting question. Which of the following is cheaper?

1. Deposit HKD from Hang Seng Bank to IBKR account, then convert to SGD within IBKR.

2. Deposit HKD from Hang Seng Bank to Maybank SG bank account (using Instarem) then transfer to IBKR using FAST

So, basically I am asking for a given amount of HKD, which method, 1 or 2 gives me more SGD in the end? Is Instarem's rate + cost better than IBKR's own internal FX conversion?

This post has been edited by TOS: Sep 15 2020, 04:49 PM