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 Opening a Bank Account in Singapore

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polarzbearz
post Dec 1 2020, 01:37 PM

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QUOTE(Watta?? @ Dec 1 2020, 08:59 AM)
Thank you so much! Just applied for my account linkage to be done and transferred SGD1k through transferwise for account opening.
Hopefully can get my account up and running by this week  notworthy.gif
Final step after accounts has been linked would be for e-KYC before I can get 0 Fees ASEAN Transfer right?
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Correction: once account linked, ASEAN transfer (via local transfer funds) will be made available for you. This transfer is for e-kyc.
Watta??
post Dec 1 2020, 11:44 PM

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QUOTE(polarzbearz @ Dec 1 2020, 01:37 PM)
Correction: once account linked, ASEAN transfer (via local transfer funds) will be made available for you. This transfer is for e-kyc.
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Thanks so much for the help, will update here again once I've managed to get it done
silverwave
post Dec 2 2020, 01:51 PM

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Hi, i just got my login sms and i did the first time login via pc. All ok. The CIMB SG layout reminds me of the ancient PB system (many years ago) tongue.gif

The issue that i'm having now is with the app, it just keeps loading after i've keyed in my details but on the top it shows logout (so i presume it is logged on). Is this app buggy normally? I'm trying to set up the digital token.

Update:
Works now after trying from morning doh.gif

This post has been edited by silverwave: Dec 2 2020, 09:20 PM
SUSTOS
post Dec 4 2020, 11:05 PM

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Digital banks coming to SG in 2022. 4 winners announced today.

https://blog.seedly.sg/singapore-digital-bank-licenses/

And Ramjade, there is no evidence that the interest rate for digital banks will be similar to Big 3 in Singapore.

In fact the seedly article suggests higher deposit rate for digital banks.

(I remember you told me you once saw MAS require interest rate for digital banks to be no higher than the Big 3? Forgive me if I read it wrongly, but the message was something like that, I think.)

A similar article in ST: https://www.straitstimes.com/business/banki...ou-need-to-know

This post has been edited by TOS: Dec 4 2020, 11:14 PM
Ramjade
post Dec 5 2020, 12:20 AM

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QUOTE(TOS @ Dec 4 2020, 11:05 PM)
Digital banks coming to SG in 2022. 4 winners announced today.

https://blog.seedly.sg/singapore-digital-bank-licenses/

And Ramjade, there is no evidence that the interest rate for digital banks will be similar to Big 3 in Singapore.

In fact the seedly article suggests higher deposit rate for digital banks.

(I remember you told me you once saw MAS require interest rate for digital banks to be no higher than the Big 3? Forgive me if I read it wrongly, but the message was something like that, I think.)

A similar article in ST: https://www.straitstimes.com/business/banki...ou-need-to-know
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Let's wait. You don't need to believe me. biggrin.gif
If you know the way SG govt play the game you will know the reasons. Come I tell you.
1) SG govt is stingy and don't want their citizen to depend on banks. They want their citizen to invest.
2) Interest rate is practically zero. If they do offer high interest, money need to come from somewhere.

Even if got digital banks, can we open? Answer is likely no. tongue.gif

This post has been edited by Ramjade: Dec 5 2020, 12:22 AM
Watta??
post Dec 5 2020, 07:27 AM

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Normally how long does it take before I can get the sms for login ya?
Did the SGD1k transfer on Monday, received call from cimb sg regarding linkage and account opening on Tuesday, ekyc also done on Tuesday.
But till now Saturday still not yet received the login sms, normally how long before I can get it ya?
polarzbearz
post Dec 5 2020, 12:57 PM

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QUOTE(Watta?? @ Dec 5 2020, 07:27 AM)
Normally how long does it take before I can get the sms for login ya?
Did the SGD1k transfer on Monday, received call from cimb sg regarding linkage and account opening on Tuesday, ekyc also done on Tuesday.
But till now Saturday still not yet received the login sms, normally how long before I can get it ya?
*
After your account fulfilled all conditions, it will route for account approval. Usually takes 2 working days to approve then you'll receive CIMB Clicks SMS

But some forummers here got it way earlier before fulfilling all the conditions sweat.gif
Hansel
post Dec 5 2020, 02:19 PM

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QUOTE(TOS @ Dec 4 2020, 11:05 PM)
Digital banks coming to SG in 2022. 4 winners announced today.

https://blog.seedly.sg/singapore-digital-bank-licenses/

And Ramjade, there is no evidence that the interest rate for digital banks will be similar to Big 3 in Singapore.

In fact the seedly article suggests higher deposit rate for digital banks.

(I remember you told me you once saw MAS require interest rate for digital banks to be no higher than the Big 3? Forgive me if I read it wrongly, but the message was something like that, I think.)

A similar article in ST: https://www.straitstimes.com/business/banki...ou-need-to-know
*
QUOTE(Ramjade @ Dec 5 2020, 12:20 AM)
Let's wait. You don't need to believe me.  biggrin.gif
If you know the way SG govt play the game you will know the reasons. Come I tell you.
1) SG govt is stingy and don't want their citizen to depend on banks. They want their citizen to invest.
2) Interest rate is practically zero. If they do offer high interest, money need to come from somewhere.

Even if got digital banks, can we open? Answer is likely no.  tongue.gif
*
I have started investing into digital-like banks in Canada many years ago. They were credit unions. Their interest rate was indeed higher back then compared to TD Bank, etc,... this really caught my attention. Will this be the same for the start of digital banks in SG today ? They will need to attract depositors.

I will open an acct asap.
SUSTOS
post Dec 5 2020, 08:34 PM

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QUOTE(Hansel @ Dec 5 2020, 02:19 PM)
I have started investing into digital-like banks in Canada many years ago. They were credit unions. Their interest rate was indeed higher back then compared to TD Bank, etc,... this really caught my attention. Will this be the same for the start of digital banks in SG today ? They will need to attract depositors.

I will open an acct asap.
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You got SG address? Or at least a PR status?

Looking at HK virtual banks, you need HKID plus HK address, so I guess SG banks should be the same.
Watta??
post Dec 5 2020, 09:17 PM

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QUOTE(polarzbearz @ Dec 5 2020, 12:57 PM)
After your account fulfilled all conditions, it will route for account approval. Usually takes 2 working days to approve then you'll receive CIMB Clicks SMS

But some forummers here got it way earlier before fulfilling all the conditions sweat.gif
*
Hmmm I'll give it a few more days, might give them a call if I don't get it by Wednesday then
apathen
post Dec 6 2020, 01:35 PM

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QUOTE(Hansel @ Dec 5 2020, 02:19 PM)
I have started investing into digital-like banks in Canada many years ago. They were credit unions. Their interest rate was indeed higher back then compared to TD Bank, etc,... this really caught my attention. Will this be the same for the start of digital banks in SG today ? They will need to attract depositors.

I will open an acct asap.
*
agree to that, logically digital banks can offer higher interest rate because their overhead cost will be lower and also to lure customers from traditional banks else no incentive to join them
Hansel
post Dec 7 2020, 12:55 AM

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QUOTE(TOS @ Dec 5 2020, 08:34 PM)
You got SG address? Or at least a PR status?

Looking at HK virtual banks, you need HKID plus HK address, so I guess SG banks should be the same.
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I have a hse in SG. Not a PR....
acsklg
post Dec 7 2020, 01:11 PM

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QUOTE(polarzbearz @ Nov 30 2020, 09:37 PM)
Don't need to wait for email. You can fund in SGD$1k the moment you get your account number.

But the most important part of the entire process? It's your e-KYC verification.
Make sure to link your Singapore account in your Malaysia CIMB Clicks - once linkage is done, you will see your Singapore account appearing under "My Accounts".

That's when you can initiate another self-verification e-KYC transfer (minimum 1 SGD). Go to Transfer Money (LOCAL) and you'll be able to select your Singapore account as recipient. Towards the end, it should say something like "ASEAN Transfer, 0 Fees".

More details:  step-by-step blog post on opening CIMB SG account
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Thanks for the detailed instructions, was certainly very helpful. When I started the application for the CIMB FastSaver account, under the eligibility it mentions to for Singaporeans, Singapore PR, Work Permit or Employment Passholder. Are we still able to open the account without being any of these?

user posted image
polarzbearz
post Dec 7 2020, 01:30 PM

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QUOTE(acsklg @ Dec 7 2020, 01:11 PM)
Thanks for the detailed instructions, was certainly very helpful. When I started the application for the CIMB FastSaver account, under the eligibility it mentions to for Singaporeans, Singapore PR, Work Permit or Employment Passholder. Are we still able to open the account without being any of these?

user posted image
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I think there was one forummer here recently whom saw the clauses (tho I'm honestly couldn't remember if that thing was there before or not). But so far I still see new applicants getting their account past few days hmm.gif

Just give it a try and let us know how it goes laugh.gif
acsklg
post Dec 7 2020, 04:48 PM

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QUOTE(polarzbearz @ Dec 7 2020, 01:30 PM)
I think there was one forummer here recently whom saw the clauses (tho I'm honestly couldn't remember if that thing was there before or not). But so far I still see new applicants getting their account past few days hmm.gif

Just give it a try and let us know how it goes laugh.gif
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Yep I've tried and so far everything's been smooth. Currently at step 5 based on your blog, waiting approval for the accounts to be linked. Thanks for the very clear steps write up biggrin.gif
Hansel
post Dec 7 2020, 09:09 PM

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Bros and Sis',... for CIMB SG,... don't worry abt that clause of needing you to be any of those,... just go ahead and apply.

For Malaysians, it shouldn't be a problem today if you are not with one of those statuses. Not too sure for other nationalities,...

Emm,.... I suspect the above 'arrangement' would be valid UNTIL,.. perhaps,.. something goes wrong, or some 'money-laundering' event takes place,..... then will this door be closed.
Watta??
post Dec 8 2020, 10:09 AM

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does something seem wrong with application? looks like it's taking a little longer than other forumers here
30 Nov (Mon) - Submitted Application (Account Opened)
1 Dec (Tues) - Applied for Account Linkage and Transferred SGD1k via transferwise
2 Dec (Wed Morning) - Received call from SG CIMB for enquiry, told them account opening for investment purposes
2 Dec (wed Evening) - Linkage completed and transferred SGD5 for e-kyc

until now no more news, no emails or sms to provide me with the cimb clicks sg sms.

something went wrong somewhere? or should i just wait a little more?
corad
post Dec 8 2020, 12:17 PM

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anyone managed to open a Foreign Currency Account with Maybank SG , without going into branch ?

SUSTOS
post Dec 8 2020, 12:28 PM

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QUOTE(corad @ Dec 8 2020, 12:17 PM)
anyone managed to open a Foreign Currency Account with Maybank SG , without going into branch ?
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Do you mean opening an SGD account in Maybank SG, opened from Malaysia, without entering SG? Not sure about which "foreign currency account" you are referring to.
corad
post Dec 8 2020, 03:53 PM

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QUOTE(TOS @ Dec 8 2020, 12:28 PM)
Do you mean opening an SGD account in Maybank SG, opened from Malaysia, without entering SG? Not sure about which "foreign currency account" you are referring to.
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no, I already have a Maybank SG account.

Foreign currency account meaning I'm able to deposit say USD and keep it as USD without converting into SGD.

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