Oh then you better call up their CS and enquire...no point keep waiting

Okay that took a while (probably there was an issue with my scanned IC as they requested it twice), but I just got the code today. Took over a week for everything to settle, but just glad I can login to cimbclicks.com.sg now!

So can confirm that sending SGD1 from MY account and the rest from another source (in my case, my friend's UOB account in SG) works fine. Probably Instarem/Transferwise/BigPay directly also would work.

This post has been edited by LostAndFound: Oct 2 2020, 03:51 PM

Thanks for confirmation. So that mean if I just send a few bucks from my own account in say, Maybank SG, then the rest from IBKR directly to fund CIMB SG, does that also work?

Possibly so.

Do note that the customer service agent who called me initially insisted that need to transfer 1k SGD "for verification purposes" then I just told her "I don't want to lose so much on exchange rate, when I have already transferred the money using this other method". Then she said "well to verify we need at least a transaction from your own account, so maybe you can transfer 1 dollar?" to which I replied "I already did" and she checked and went "oh yeah, this should be fine".

Suspect from Maybank SG should be similar as well. I do not have Maybank SG (not interested in paying them the monthly fee).

thank

for Maybank SG , may i know the link or guide how to apply ?

what is the monthly fee like ? if fall below $ ?

thank

I do not have Maybank SG. Just read back through this thread, got long discussion on the fee etc.

https://www.cimb.com.sg/en/personal/importa...s-nov-2020.html


Effective 1 November 2020, the interest rate for the first SGD 50,000 in CIMB FastSaver Account will be reduced from 0.50% to 0.30% per annum.

Sigh, the interest rate for CIMB FastSaver Account is slightly higher than the 0.1875% interest rate for Maybank iSAVvy Savings Account.

Forget about using cimb fast saver. Use it as transit only.
Use stashaway simple. That's what I am going doing. 1.4%p.a

Ramjade

Yeah, you mentioned about the alternative to CIMB FastSaver Account before.


StashAway Singapore Simple
- Projected rate of 1.4%.
- For deposits from your personal bank account, it takes up to 2 to 3 days.
- For withdrawals from your personal bank account, it takes up to 3 to 4 days.
https://www.stashaway.sg/faq/900000744826-h...l-process-take/


Endowus Cash Smart Core
- Projected rate of 0.9% to 1.1%

Endowus Cash Smart Enhanced
- Projected rate of 1.7% to 2.0%


For Endowus Cash Smart redemptions using cash, you should expect to receive your Cash Smart Proceeds ~6 business days after you place the redemption order.
https://endowus.com/support/900001545103-wh...ng-a-redemption

Understandably, these financial products are not the typical banking products. So, they are not as liquid as savings accounts, since several working days are needed for fund withdrawal. Sigh, fund liquidity needs to be sacrificed, in order to get decent return for idle money.

This post has been edited by kart: Oct 8 2020, 10:43 PM

Oh, I missed such a hybrid product of bonds and cash. Thanks for mentioning here. In a world of low yields, bonds are paying the same interest as cash years ago.

Can anyone comment on how's StashAway Singapore Simple? If it's good, I would consider moving my HK bank's money to there and earn better yields. I have always wanted some exposure to foreign bonds through funds, SA Simple seems like a good start without much risk (most of its money in the lion global enhanced liquidity target fund are blue-chips).

Actually no. They are quite good. Endowus being the slowest and most expensive at minimum SGD10k.

What do you want to know?
I know their withdrawal takes like 1-3 days. Not sure exact timing cause haven't opened account yet.
Money parked in IB parking to grab opportunity after election.

A better alternative is parkway reit. Is basically a bond or a pseudo FD.

Can a Malaysian open SA account in Singapore? I know there is SA in Malaysia, but not sure if it is possible to open an SA account in Singapore. And if it's possible to open account, do I deposit money through TW and Instarem again, just like how I remit money to SG bank account? Not sure if they accept 3rd-party transfer directly. Of course I can transfer via my SG bank account, but just in case for some reason my account is locked whatsoever, is it possible to remit directly via 3rd-party service provider to SA in Singapore.

I don't see any thread for SG money market mutual funds here, so I just ask here.

Parkway LIFE is my darling, together with Keppel DC REIT. Well, REITs are still REITs, calling it a bond or pseudo FD can be misleading for some investors. Let's not mix different asset classes up.

No problem. They accept everyone. But not sure about the process. I guess it's eKYC?
I am not sure about using third party transfer into SA. Never asked them.

I am considering trying out this. I like the exposure to investment grade bonds in Asia and Middle East.

Looking at the FAQ, this is deceiving:

https://www.stashaway.sg/faq/900000740403-d...-and-its-funds/

SA does not make money from this? Not at all? That's really the funniest joke I have ever encountered.

I have a little more than 500 SGD deposited in Maybank SG, so can move a few dollars over here and test out.

Why didn't you try out the product? I thought it already existed a long time ago, and given your past history in the forum, you should have tried out earlier, no? Is there anything wrong with the product that makes you wary of trying out?

Your money inside maybank cannot be moved or else you will be charged with SGD2.00/month

I don't do robo and etfs. Stastaway simple was new like few months ago. Last time cimb offer 1%p.a so if it isn't broken, don't fix it. Hence I never have the need to look for better stuff than cimb sg. I found but tedious to open other account. And nowadays I don't look at SG market anymore. Stagnant market with nothing good to buy.

No, I mean a few dollars. I have more than 500, as long as daily balance don't fall below 500 I am fine.

How do you invest in bonds then? Minimum denomination is usually in the ballpark of 10 or so thousands. Do you buy directly from SGX? ETFs or funds are good for such exposure (for small investors), in my opinion. But of course one has to bear with charges and fees.

I took another quick look at LioGlobal's fund and realize that their management charges are quit high, not quite worth the tag.

The thing is the same with all that money market products. Certainly it the past it was so easy for them to earn 1.4% p.a. (nett) and more. But can they do it in Q4 of 2020? That would be the interesting questions. So if anyone invests in this products, don´t tell how they performed in 2019, tell about 1st July up to today.

By the way, for example, if they managed to perform 2.8 in Q1 and Q2 and 1.4 in Q3 and 0.0 in Q4 that means nice 1.75 p.a.

But if you joined now it means zero profit for you. I see that this product is calculated differently, but basically it is in that way.

To invest in bonds 2 ways.
1) buy via unit trust or etf
3) buy bonds
- bonds in Singapore and malatgoong to cost a bomb at RM250K/SGD250K each.
You can use FSM sg to buy bonds but there's quarterly platform fees.

Now bonds in US are different.
They are selling at USD25.00/unit and coupon are tax free.
Not like Dividends which will be tax.

Not worth buying bonds in my opinion.

The tax-free concept is only applicable if you are able to claim back the tax credits from the IRS. The 30% WHT has been applied onto the coupon/interest payout and deducted by the brokerage (known as a depository agent) when it was paid out. We need to claim back this 'withheld payout'.

The process of claiming this 'withheld payout' involves some procedures with the IRS.

Bro,... for people who worked all their lives on their chosen vocation and who have made some money, for safety, they have no choice. Secondly, the 250K can be a shared amount too. When the payout comes, they will share the coupon among themselves. Simple as that,... Family-members just needed to trust each other to place that amount with a bond issuer under one name.

And,............. no need to report under CRS except for that person whose name is being used,... just fyi,... I know you don't need bonds.

"You investment expert-mah,.."....

Actually it's tax free. No need to claimed or anything. It won't be with held by IB at all. Of course if you use other SG broker then I don't know

Source:
http://globalincome50.blogspot.com/

That's the reason he have all bonds in his portfolio. He mentioned in the comments it's tax free.
Yes I when through most of his blog post in the past 2 years a=together with the comments.

This post has been edited by Ramjade: Oct 12 2020, 12:44 AM