I know that blog. You have an account with IB. Have you tried buying a US baby bond and not have your interest payout 30% withheld ?

Do you have first hand experience of this ?

Nope. What for I want to buy a bond? Like I said I have no use for bonds. I have no place for bonds in my portfolio.

So I can't test. But according to blogger yes if you use IB you will get full payment.

He's singaporean. So no tax treaty with US govt.

Use EPF as your bond part. Do not need any bond other than EPF

This post has been edited by Ramjade: Oct 12 2020, 06:20 PM

Sorry to hitch on this thread a little, but is there a way for us to open a bank account in HK? Maybe via Public Bank, HSBC, StandChart like the way we did for SG CIMB/Maybank?

you don't use IB? What do you use?

This post has been edited by moosset: Oct 13 2020, 01:54 PM

Can if you have big money. Rm250k and agd250k to park on SGD side.
Valid only for standard chartered.
HSBC need rm250k park under them.

He use DBS Vickers and SCB I think. SCB blanket withhold everything cause they too lazy to with hold correctly even when they not suppose to with hold.

This post has been edited by Ramjade: Oct 13 2020, 04:02 PM

If I recalled correctly, you need a HKID to open a HK bank account. Otherwise, just store your money in your broker's cash account. Not sure if this is helpful.

Not sure about others but just sharing my experience. I was in Hong Kong for assignments back in 2016 and their account opening protocol was really strict. I had to have employment letter, proof of residence etc., and also HKID (which I has to use "temporary HKID" because the actual card wasn't issued to me yet). End to end, took me 4 weeks to open a bank account after validation, fraud check etc.

Main reason why I decided to keep my HSBC HK (Basic) account even after years of repatriation home. Good thing about it is I'm already a HSBC MY customer so my accounts are already linked.


With that experience I'm not sure how easy to open one virtually, though I hope I'm wrong and all the best!

This post has been edited by polarzbearz: Oct 13 2020, 04:03 PM

any other potential overseas account that can be opened virtually?

Just hope revolut open shop in Malaysia.

It is RM200,000 with HSBC. For Standard Chartered Singapore, it is $200,000. Standard Chartered Hong Kong is $1,000,000.

It however DOES NOT guarantee you successful account opening in your host country if you were to go via the HSBC Premier route.

On a second note, just applied for SG CIMB this week and when attempting to do Foreign Transfer with 1SGD, seems like CIMB Clicks MY is blocking it

I had to do a minimum MYR250 transfer so I went ahead with SGD100 (MYR 310.20). Or maybe I'm doing it wrongly

what's the latest interest rate for maybank isavvy vs cimb fastsavers?

Maybe cimb my block it.


Defintely worse than cimb. CImb is already at 0.5%. Use stashaway simple sg version to get 1.4% if you don't mind waiting few days for your money.

Since you have not experienced it personally and was just commenting based on what you read in some blogger's forum,.. I thought I'd ignore what you said,.. but well,... I changed my mind.

I suspect that blogger has some background with the IRS that we don't. That's why IB need not withhold the 30% against him,... For other account-holders, our interest will still be withheld. It's not so easy, bro,.... I think if Biden wins, it will be worse when it comes to taxation matters.

I need not use the EPF as my preferred bond proxy.

I don't want to earn the Malaysian Ringgit. I am earning many major currencies of the world thru my investments,.. why fallback to the MYR for my investment income ? And I am confident my investment outcome can beat the EPF's without even considering the currency exchange.

Anyway,.. I have uses for other currencies too,... my children are considering furthering their career to Euro and The US. I may help neph too.

I don't, bro,... As bro Ramjade said, I use those two,... looks like he knows me very well,....

He doesn't know which platform that I use for which instrument....

What he said is correct. Tested with BPY. No tax. No reason to doubt him. Maybe is your broker. He laid out reasons why bonds are not taxed. Time for a change in broker?

You're trying to do Foreign Transfer, you should just do 'Transfer Money' (first option under 'Pay and Transfer'.

For selecting the 'To' account, under 'your own accounts' you should see your FastSaver account (once it's linked). There you can transfer 1SGD.

You bought Brookfield listed in the Nasdaq personally and your payout was not taxed ? Or are you mentioning someone else's action/experience again ?

Ah, how do you open DBS Vickers account or SCB account? You are based in Singapore? (Maybe JB?)

I didn't know there is such a thing called baby bond. Thanks for sharing the link!

At least another alternative choice for higher-yielding products.

Tested by me. True as what blogger said. Only about 1% dividend with holding tax.

Go there and open. Not worth it. Stick with our IB. FSM better than DBS V and SCB for a foreigner.
FSM for Singapore reits.
IB for overseas stocks.

Reason
SCB
- SCB blindly hold the tax even though they don't need to hold it.
Which means less money for you Vs IB which is very smart.
- Their exchange rate sucks Vs IB's spot rate. No broker can best IB spot rate.
- SCB need to call in every now and then for corporate action.

DBS Vickers
- quarterly platform fees for overseas stock
- corporate action fees (dividend fees) for overseas stock
- higher exchange rate Vs IB but lower Vs SCB
- cannot do rights or preferential offering if you a foreigner without sg addess.



This post has been edited by Ramjade: Oct 14 2020, 07:19 PM