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 Opening a Bank Account in Singapore

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ryudell
post Nov 11 2020, 02:01 AM

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Hello!

Just to share, the whole process to open my CIMB Singapore took 6 working days.
applied on 2/11
linkage approved on 4/11 (on both my CIMB acc), deposit SGD 100 for e-KYC
received a call from CIMB SG on 6/11 (submit a document)
my brother in SG transfer 1k SGD on 8/11
account activated & SMS received on 9/11 at 4.30pm
setup the app in the phone and make the phone as token, login and make the transfer right away.
Haloperidol
post Nov 11 2020, 11:30 AM

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QUOTE(polarzbearz @ Nov 10 2020, 01:15 PM)
Most applicants here have no other Singapore account to establish legitimacy of their identity since we're not in Singapore. The purpose of linking is to enable own account transfer to complete the e-kyc process to get sg accounts approved.

If within 30 days the account is not approved with sgd 1000 funding, it will automatically be closed.
Linking approval doesn't mean Singapore approval.

Without 1k funding within 30 days and completing e-kyc process, account will automatically be closed within 30 days. See previous pages I've elaborated alot.
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No i can even go to CIMB SG and do the login on CIMB SG webpage.
Still it will be closed if there is no funding ?
My linking is complete, and now i can access CIMB Clicks SG already ~

Digital token , transfer, all of them is available as a function.

This post has been edited by Haloperidol: Nov 11 2020, 11:33 AM


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SUSTOS
post Nov 11 2020, 11:51 AM

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First time tried transferring money from Maybank SG to IBKR Citibank account in Singapore via FAST.

Smooth sail and can start buying stocks in just 30 minutes to an hour after transfer. Efficient job. Too bad no FAST for transferring out of Citibank SG.
polarzbearz
post Nov 11 2020, 12:01 PM

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QUOTE(Haloperidol @ Nov 11 2020, 11:30 AM)
No i can even go to CIMB SG and do the login on CIMB SG webpage.
Still it will be closed if there is no funding ?
My linking is complete, and now i can access CIMB Clicks SG already ~

Digital token , transfer, all of them is available as a function.
*
Wait, you already received Singapore clicks SMS with login details? I assume you've done the e-kyc process (link cimb my / SG) and transferred min $1 sgd?

I didn't know they will still send the sg clicks detail before fully funded / approved. Not sure if they will close your account after 30 days lol, cause their registration form / faq did mention that unfunded account may be rejected after 30 days
Haloperidol
post Nov 11 2020, 02:29 PM

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QUOTE(polarzbearz @ Nov 11 2020, 12:01 PM)
Wait, you already received Singapore clicks SMS with login details? I assume you've done the e-kyc process (link cimb my / SG) and transferred min $1 sgd?

I didn't know they will still send the sg clicks detail before fully funded / approved. Not sure if they will close your account after 30 days lol, cause their registration form / faq did mention that unfunded account may be rejected after 30 days
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yes i had transferred SGD2 for e-KYC.
That's what i thought of.
well , my salary will release on 26, might do that on that day then :kek:
kinwawa
post Nov 16 2020, 12:18 PM

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QUOTE(polarzbearz @ Nov 11 2020, 12:01 PM)
Wait, you already received Singapore clicks SMS with login details? I assume you've done the e-kyc process (link cimb my / SG) and transferred min $1 sgd?

I didn't know they will still send the sg clicks detail before fully funded / approved. Not sure if they will close your account after 30 days lol, cause their registration form / faq did mention that unfunded account may be rejected after 30 days
*
Thanks for your help and advice! Got mine activated from opening CIMB MY to CIMG SG within less than 7 working days!
silverwave
post Nov 24 2020, 11:56 PM

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Hi, i saw the linkage already in my CIMB account. I'm planning to transfer the money for e-KYC, is the option below correct (migrant transfer)? Our MY one is so simple if compared to SG one tongue.gif

This post has been edited by silverwave: Nov 24 2020, 11:58 PM


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GamaX320
post Nov 25 2020, 01:21 PM

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QUOTE(silverwave @ Nov 24 2020, 11:56 PM)
Hi, i saw the linkage already in my CIMB account. I'm planning to transfer the money for e-KYC, is the option below correct (migrant transfer)? Our MY one is so simple if compared to SG one  tongue.gif
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or mayb u can try "Other Investment" > "Placement/withdrawal of deposits of residents with/from financial institution abroad"
purple.rabbit
post Nov 25 2020, 01:27 PM

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QUOTE(GamaX320 @ Nov 25 2020, 01:21 PM)
or mayb u can try  "Other Investment" > "Placement/withdrawal of deposits of residents with/from financial institution abroad"
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oh my.... i didnt manage to find that sheesh... i just put Goods > Goods hahaha
hopefully it's okay!
silverwave
post Nov 25 2020, 02:34 PM

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QUOTE(GamaX320 @ Nov 25 2020, 01:21 PM)
or mayb u can try  "Other Investment" > "Placement/withdrawal of deposits of residents with/from financial institution abroad"
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Ok, tried that, let's see if it works, thanks.
silverwave
post Nov 25 2020, 03:43 PM

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I was just wondering, when i was filling the form, they asked about TIN (Taxpayer Identification Number) and i said Malaysia does not have it (picture as below).

Is that correct?


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polarzbearz
post Nov 25 2020, 04:31 PM

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QUOTE(silverwave @ Nov 25 2020, 03:43 PM)
I was just wondering, when i was filling the form, they asked about TIN (Taxpayer Identification Number) and i said Malaysia does not have it (picture as below).

Is that correct?
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TIN is your tax number, basically your personal income tax number with LHDN.

If you don't have it because you don't qualify to declare taxes to LHDN,, fine.

But if you have LHDN filing you better fill it up correctly, at least for LHDN to be aware of your foreign account's existence.

This post has been edited by polarzbearz: Nov 25 2020, 04:34 PM
silverwave
post Nov 25 2020, 04:38 PM

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QUOTE(polarzbearz @ Nov 25 2020, 04:31 PM)
TIN is your tax number, basically your personal income tax number with LHDN.

If you don't have it because you don't qualify to declare taxes to LHDN,, fine.

But if you have LHDN filing you better fill it up correctly, at least for LHDN to be aware of your foreign account's existence.
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Oops then mine is a mistake already, any idea if i can get the customer service to make the changes for me? Or when i get the verification call, i can tell them?

As long they don't cancel the whole application tongue.gif

This post has been edited by silverwave: Nov 25 2020, 04:48 PM
polarzbearz
post Nov 25 2020, 07:21 PM

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QUOTE(silverwave @ Nov 25 2020, 04:38 PM)
Oops then mine is a mistake already, any idea if i can get the customer service to make the changes for me? Or when i get the verification call, i can tell them?

As long they don't cancel the whole application  tongue.gif
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sweat.gif no idea but best to check with them directly
ken888
post Nov 25 2020, 09:07 PM

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May I know if cimb fastsaver can be used to open Singapore exchange CDP account? Thanks
David_Yang
post Nov 25 2020, 10:04 PM

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QUOTE(polarzbearz @ Nov 25 2020, 05:31 PM)
If you don't have it because you don't qualify to declare taxes to LHDN,, fine.
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I wonder who is not qualified. Babies and kids?
polarzbearz
post Nov 25 2020, 11:27 PM

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QUOTE(David_Yang @ Nov 25 2020, 10:04 PM)
I wonder who is not qualified. Babies and kids?
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tongue.gif For benefit of doubt, any individuals between 18 yo - 24 y.o whom are still studying and not working; or maybe early retiree stay-home parent with no job / never worked

QUOTE(ken888 @ Nov 25 2020, 09:07 PM)
May I know if cimb fastsaver can be used to open Singapore exchange CDP account? Thanks
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I didn't look into Banks' option to open exchange account - but once you have Singapore Bank account the options are endless.
IBKR PRO, IBKR-TradeStation Global, TigerBrokers - just to name a few. These will allow you to access SGX market. I'm sure there's other option as well but I only researched these so far

This post has been edited by polarzbearz: Nov 25 2020, 11:30 PM
Ramjade
post Nov 26 2020, 12:52 AM

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QUOTE(silverwave @ Nov 25 2020, 04:38 PM)
Oops then mine is a mistake already, any idea if i can get the customer service to make the changes for me? Or when i get the verification call, i can tell them?

As long they don't cancel the whole applicationĀ  tongue.gif
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Try contacting customer service. Some banks allow you to change online like DBS. Some banks want old fashion mail in forms.

Interactive broker allow you to do it online.

QUOTE(ken888 @ Nov 25 2020, 09:07 PM)
May I know if cimb fastsaver can be used to open Singapore exchange CDP account? Thanks
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Avoid CDP. Useless if you are not Singaporean/don't have sg address. Use FSM sg. Alternative just use tradestation international as suggested by polarbzearz.

This post has been edited by Ramjade: Nov 26 2020, 12:52 AM
Takudan
post Nov 26 2020, 12:58 AM

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QUOTE(silverwave @ Nov 25 2020, 04:38 PM)
Oops then mine is a mistake already, any idea if i can get the customer service to make the changes for me? Or when i get the verification call, i can tell them?

As long they don't cancel the whole application  tongue.gif
*
Actually I made the same mistake - I wrote Malaysia doesn't issue TIN haha
Few days later, their customer service called me to confirm my intention and asked for my income tax number, I guess they're well aware of noob Malaysians like us filling this up wrongly all the time lol. They kindly waited for 1-2 minutes for me to look up the document immediately and helped me amended my application right there. Took a few more days after that for the CIMB SG Clicks PIN to come and now it's up and running!

So, yes I think you can wait for the verification call, good luck!
ken888
post Nov 26 2020, 10:14 AM

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QUOTE(polarzbearz @ Nov 25 2020, 11:27 PM)
I didn't look into Banks' option to open exchange account - but once you have Singapore Bank account the options are endless.
IBKR PRO, IBKR-TradeStation Global, TigerBrokers - just to name a few. These will allow you to access SGX market. I'm sure there's other option as well but I only researched these so far
*
QUOTE(Ramjade @ Nov 26 2020, 12:52 AM)
Avoid CDP. Useless if you are not Singaporean/don't have sg address. Use FSM sg. Alternative just use tradestation international as suggested by polarbzearz.
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Thanks for the information. will look into it.


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