Wow 600k thread views and counting.

Same bank as in between Maybank MY and Maybank SG? If so, have you checked the FX rate markup between Maybank MY and Maybank SG?

If transfer with BigPay at night, when will you receive the cash in your destination account? Is it instantly or you need to wait till the next day?

I try to do some maths here. In this case we sell MYR and buy SGD, i.e., short SGD.MYR pair.

We know for Wise the charges are around 70 basis points and we try to work out the true exchange rate of the day at the instant John reported the figure (which we call "x"):

That means (3.51104-x)/x = 0.7% -> x = 3.48663.

Now, using this calculated mid-market/wholesale exchange rate, we find that the charge for DuitNow/PayNow is:

(3.48675-3.48663)/3.48663 * 100% = 0.003%

Unless my maths is wrong, it seems like the payment service providers and the banks are not making any money at all from this cross-border service?

SINGAPORE – UOB, OCBC and DBS Bank customers can lock up funds in their bank accounts to block the money from any digital transaction starting this week.

The feature, which will allow money locked up to be withdrawn only in person, will be launched by UOB and OCBC on Nov 30. DBS Bank will progressively roll out its take on the security measure to its customers between Nov 27 and Dec 7.

The “money lock” feature is designed to fend against fraudsters siphoning money out of a hacked account.

...

https://www.straitstimes.com/tech/uob-ocbc-...withdrawal-only

Source: lzydata/HWZ

More details coming out. https://www.hardwarezone.com.sg/tech-news-s...-funds-accounts

Indeed OCBC's still the more reasonable one...

Noooo... You NEVER mention the word investment whenever bank CS ask you why you open a bank account. This is a RED flag.

Just say savings and you cheat them by telling them you like their product offerings, e.g., your bank FD rates are good, FX conversion rates are nice etc. (even though none of them are true).

You need to deploy psychology tactics... the pricing power here falls onto the bank's side, you don't have "pricing power" at all. So you need to please them...

This post has been edited by TOS: Dec 7 2023, 08:56 PM

Yes, bonus interest from October credited on 20th November and base interests for the November month credited on 30th November.

So far so good, IRR is around 2.5% ish p.a. , still sticking to my assertion that it's a "fake" 3.5% promo.

Not sure this has been shared before: iChange

https://www.ichange.sg/ibv

Allows you to convert SGD to MYR at better rates than YouTrip (which implies better than CIMB SG -> MY) for electronic spending via their virtual card.

You also have the option to withdraw cash in MYR from money changers instead of spending using card, but rates might differ.

Only accepts SG phone number during my registration here in SG. Not sure if you can try registering using MY phone number.

Some infos: https://forums.hardwarezone.com.sg/threads/...spread.6980371/

This post has been edited by TOS: Dec 16 2023, 04:18 PM

Not sure about remitting to MY bank account. My friend (who introduce me to this app) and I both notice the app is buggy... So be careful with sending money via this App, you never know when will it end up like Rize..

https://imgur.com/a/AJLrXkS

Will check and update you later.

Maybank FX rates are good? I remember it's CIMB SGD-> MYR that's worth trying.

It's important to note that zero fees does not mean the bank can't markup the FX rates and earn your money. Beware of this marketing gimmick/business tactic.

Unless you need an SG bank debit card, one can just use CIMB SG and OCBC SG. Maybank SG has securities issues with their debit card, let alone having to lock up 200-500 SGD of funds aside... Not a really attractive offering.

Oh yea, forgot got 500 SGD lockup also for monthly saving account.

Haha as Ramjade once said, not many people will come to SG (apart from work/study) or stay very long anyway.

For short stays (e.g. travel/vacation), can just use your Malaysia credit/debit card for transportation (MRT/bus). Food in hawker center can pay with cash.

With OCBC/CIMB SG account can use PayNow QR. Can use Wise card or other fintech cards also.

So, yea plenty of choices.

TnG ewallet can hold SGD?

So DuitNow is the cheapest option to transfer from MYR to SGD for small amounts, but limited to 3k MYR.

For large volume transfer, MoneyMatch still leads the way.

A warm reminder to those who took up CIMB SG's "fake" 3.5% floating deposit promo.

The earliest batch (those registered in August 2023) will see their promo expire at the end of this month, i.e. 31st January 2024.

Unless the promo is extended, from 1st of February 2024 onwards, you may withdraw all your money from CIMB SG as you deem necessary. The last bonus interest shall be paid on 20th February 2024.

Some useful info from HWZ: https://forums.hardwarezone.com.sg/threads/...176026/page-190

This post has been edited by TOS: Jan 5 2024, 09:42 PM

Wow DuitNow quote is still so nice even during non-office hours. That's quite some counterparty risk to bear for the banks dealing with illiquid Ringgit FX market during these hours.

Luckily it's limited to 3k MYR per individual.

Otherwise the big boys can send MYR into a tailspin when BNM officials are asleep.

Hi bro, I received my base interest payment on the 31st of December last year (2023) whereas the bonus interest was paid on the 19th of January 2024.

Both according to schedule, nothing wrong for me.

Err, that's the base interest payment for November 2023, no?

I received the base interest on the same date as yours too. Nothing wrong with that, right?

Base interest for the prevailing month is paid at the end of the month whereas the "bonus interest" is paid 20 days later in the following month.

CIMB SG Fake 3.5% promo officially ended yesterday for those started in August 2023. Those with huge savings may now pull your funds out in search for better alternatives...

Those started in September 2023 still have one more month to go.