long time ago Malaysia dun have fca...so only option is go to Singapore if wanna hold any foreign currency

but nowadays got fca...so don't really need a Singapore account... I'm sure your Malaysian bank has fca, right? you just want to do it in Singapore...

FCA and convert at bank's rate? No thank you.

like I said...it's a want...not a need...

some fca allow 3rd party transfer so use tw send back to yourself lor...but I forgot which bank liao...it was some time ago...

Wow, interesting watching 2 sifus debate.

I do agree SG is still stable and good for parking money, but one needs to bear a lot more risks unless you stay there and knows everything. Since I started investing in SG, I closely followed SG news everyday.

I am not so sure about bypassing BNM scrutiny, can you elaborate more on this? It's not like I need to transfer a 6 or 7-digit amount to SG. What about MAS scrutiny on foreigner's offshore banking account? Wouldn't this be an issue of concern to you as well?

SGD definitely appreciates against MYR in long term, which is why I want to hold some too, in stocks and cash. My understanding is that FCA's rates in Malaysia are terrible and involves high costs of maintenance, unless one has large capital. If you can point out which bank offers such service at good rates that would be good.

But even so, sending SGD from FCA in Malaysia to IBKR directly in Singapore seems a bit novel to me. You should factor in the remittance charges and potential regulatory issues + BNM/MAS/bank scrutiny as well, not to mention Ramjade's greatest enemy: forex rate.

The fact that you hold SGD in Malaysia can easily arouse MAS's interest, I guess. Anyway, appreciate both of your kind help and input, hopefully useful for members here as well.

This post has been edited by TOS: Sep 16 2020, 09:29 PM

As long as you have nothing to hide and all your transactions can be prove, nothing to hide.

tos I got friends and colleagues last time every year or so go sg holiday and do banking... this is before internet/online banking... lol

anyways sg is easy to open account, and easy take a bus trip down to settle any issues...sg is a financial hub, lots of expat, so not likely gonna be problem with mas lah

fca interest rates are terrible because the underlying is also terrible... actual dollar rates is 0%, sgd is 0.5%... how can fca give more? ppl dunno just assume fca = bad rate... which is not true

however I must warn some local fca don't allow 3rd party xfer...have to check and be careful...last time I asked around some banks their fca chekai one...can only xfer from own account internally using their fx rates...so those you avoid lah...

as for bnm scrutiny... ppl just wanna avoid... bnm has lower reporting limits so potentially more paperwork and fear of transfer to overseas being rejected...

anyways I'm all for having an offshore account for more flexibility. do what you must...

Reason for not using malaysia or sg banks for FCA. Very lousy conversion for forex rate. Banks easily eat up like 3% each time convert.

that's why my warning... they don't allow 3rd party xfer...force you to use their bad rates...

but some do allow... so you can still use tw/instarem/bp to convert...

Managed to open CIMB MY and CIMB SG account, have linked the CIMB SG account on CIMB Clicks by providing IC, now the status says pending approval. Normally how long will it take to get approve? Once it is linked, I can transfer the SGD1000 to the CIMB SG using FAST right?

I just did the same yesterday. Took almost 24 hours for the linkage request to be approved (just got the approval 5pm just now). The linkage approval was not accompanied by email or SMS. I had to check every hour for updates.

Also prior to linkage approval , I transferred SGD 1000 via TransferWise (last night) to the CIMB SG account. By the time the linkage was approved, I can already see the SGD 1000 inside, with account status "active". Not sure if I just got lucky, or the "active" is not really active. Still pending CIMB Clicks SG activation code to be received. If by Thursday I still don't get the code then I might redo the initial transfer from CIMB MY.

Why you didn’t use CIMB MY to transfer to CIMB SG?

1) To test the theory that it can/can't be done
2) Parallel work while waiting for SG-MY linkage
3) Penny pinching. CIMB MY->SG would've costed me an extra RM30 (effective exchange rate that day was 3.08 vs 3.05).

the most cost effective and proven, though time consuming is to apply for maybank isavvy sg, once approved u can transfer money via instarem there. then open cimb sg and transfer 1k from maybank isavvy.

Eh? I thought CIMB SG is the more cost effective one? Isavvy has SGD500 minimum balance requirement, while FastSaver has none.

Anyway, would like to add to the wealth of info in this thread on SG account opening:

1) Opened CIMB MY account at local branch (3pm 21/9 Monday)
2) Opened CIMB SG account online via CIMB SG website (5.30pm 21/9)
3) Initiated linkage of CIMB SG to CIMB MY via CIMB Clicks MY
4) Initiated Transferwise transfer SGD 1000 into CIMB SG account (11pm)
5) TransferWise transfer SGD 1000 completed (9am 22/9 Tuesday)
6) Linkage of CIMB SG to CIMB MY completed. CIMB SG account status shows "active" already when I checked. Still pending activation code for CIMB Clicks SG (5pm)
7) Performed SGD 1 from CIMB MY to CIMB SG for KYC (as advised on page 1).
8) Received call from CIMB SG for identity verification. Clarified with officer that CIMB MY "active" is just linkage active, not account active. (11am 23/9 Wednesday)
9) CIMB Clicks SG activation code received. (2pm).

For those who have Singapore Bank Account, do you tick the part in Income Tax that asks about Foreign Account ?

Of course. Govt already knows you have oversea account from cooperation between Malaysia and sg income tax agency. So guess what happen if you don't tick?
It will look suspicious right?

This is still available then? since your application date is 21 september? tried to search website but cant find it...

Hi, how did you open the SG account? Maybe I read wrong, but I thought I need to go to (MY) branch, but the CS there said not possible to open SG account, only MY account denominated in SGD.

I see a bit later someone mentioned doing it online, any link please?

EDIT: Some googling later I found this and did manual application. Now waiting to link it with my CIMBclicks....

https://www.cimbbank.com.sg/en/personal/for...fastsaver.html#!

The minimum to maintain in this account is how much ah?

This post has been edited by LostAndFound: Sep 24 2020, 03:22 PM

Yes. Account type/name is FastSaver, which is what almost everyone in this thread applied (if they went the CIMB route).

Quick question, let's say that I want to withdraw a large sum from Neteller (say, 100k usd) to this cimb sg account, will it trigger anyone's attention?