Hi all wanna ask trying to do a initial transfer from singapore cimb to ibkr , at the last part authentication only security device available , but i dont have any security device only otp
Is it only way to use security device to auth a transfer ?

for sg cimb account verification, i only transferred $1 and it says my account has been verified,

don't need to do $1k transfer right?

Can simply download CIMB SG app on your device. and activate the digital token
https://www.cimb.com.sg/en/personal/digital...ital-token.html

Need, but doesn't need to be from CIMBMY account. The rest you can transfer via fintech.

any deadline for this to avoid deactivation? was not asked to transfer that amount (not sure)

the account will be closed if it is not activated within 30 calendar days from the date of account opening. Simply put, just transfer to the SG acc via fintech(instarem/wise) will do.

Can someone entertain me, why would I want to open an SG maybank account?

access to more investment opportunities, e.g. SG REITs, Singapore stocks through brokerage e.g. FSM SG
US and foreign stocks and ETF investment opportunities, through brokerage IBKR, Tradestation global, Futu, Tiger etc.

Do I get taxed locally or in SG with an SG bank account?

no

tadashi987You forget to add protection against decreasing RM since you can protect now your buying power over time rather than keeping money in Malaysia. What this means is your hard earned money don't get devalued so fast Vs if one were to keep in Malaysia only.

No tax from both sg and Malaysia. Malaydia and sg does not have tax on capital gains or divisneds. But have to declare to lhdn. Sg bank account basically offer you zero interest. It's not a place for you to keep cash or FD. It's just make your life easier and cheaper for invesment.

This post has been edited by Ramjade: Jul 31 2021, 09:02 AM

To have more SGD? To invest in SGD? RM is depreciating every day

No, dont open, the capital outflow to SG has weakened Ringgit too much. Just stay.

is this an irony

i just made this comparison while waiting for breakfast,....

results of keeping money in SGD bank vs MY bank for the past 20 yrs

feel free to correct my perception,....





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Have you opened your account yet? You have to add in SGD will increase agak2 3% every year against ringgit. Then add in the 0.5% interest rate.

This post has been edited by Ramjade: Aug 1 2021, 12:41 PM

held both POSB and DBS for the past 25 yrs.....just closed them last year

You are crazy. Of all the bank account, that will be the last I will close cause damn difficult to open. Nowadays I just keep SGD0.10 inside.

i think they have tis minimum a/c balance fees ...like SGD 2/month for <SGD500...
not sure about it now

from that historical chart,...it increased 40.15 for the past 20 yrs,...that is about 2% pa
if you were to add in that 0.5% then the future value calculator will have to used the average Msia bank deposit rate of 2.9 instead of 2.4,...then it will be 77% instead of 60% increase