I guess most probably he received funds from someone that kena scammed and that person went to make police report.

This happened to my friend in which his account was closed. Then my turn pula...

All were nothing related to crypto. Only sell goods and received funds.

This post has been edited by jack2: Nov 6 2021, 10:55 PM

Aside from CIMB SG

Is there any other way to open a SG Bank as a foreigner? (Not working there)

Maybank SG? Or if you are rich, the private banks will welcome you too, just fly there and open a private bank account.

so poor ppl limited to cimb and maybank only?

lmao

lol private bank mah

You go there deposit a few k SGD, net interest income so little only. Plus if you are buy-and-hold investors, the bank earns almost nothing.

Edit: Don't know if got other alternatives or not, if you have borderless account before, then technically you have one SGD bank account too. For bank account-like stuff, FSM SG is a brokerage account but can store cash too, but have limited payments and withdrawal options. Digital banks most likely require you to have a work pass/student pass etc or become a resident there to be eligible. Traditional banks options are limited. DBS may require you to have work pass/student pass though, but Ram's earlier reply kind of suggest just visit as a tourist also can open one. Sounds too good to be true for me. OCBC and UOB not heard before, but I recall someone once told everyone here he "got a deal" with UOB so can open SG account there. Then when Ram ask for updates and details, no more news...

This post has been edited by TOS: Nov 9 2021, 11:43 PM

if got few k SGD can open DBS, right?

[quote=puremage111,Nov 9 2021, 11:17 PM]
Aside from CIMB SG

Is there any other way to open a SG Bank as a foreigner? (Not working there)

[/quote]
[quote=!@#$%^,Nov 9 2021, 11:21 PM]
so poor ppl limited to cimb and maybank only?

[/quote]
See TOS reply above

Basically that's it. Poor people are limited to CIMB Sg and Maybank SG. Unless you want to travel to SG and have SGD3k ready in cash.
Then you have option to try luck for DBS bank account. If you want to travel DBS account out of question.

If you are willing to travel, the steps below will help one to get a DBS bank account.

This method might take few steps but will save you quite a lot of money going into the future.
1.. Fly into Singapore and undergo their quarantine if necessary. Now Malaysia can fly outside. Use this opportunity.
2. After finishing your quarantine, take MRT or bus to Marina bay financial center.
3. Go to DBS HQ and tell them you want to open DBS Multiplier account/My account (yes the name is called My account) together with DBS Vickers. Very important for you to mentioned DBS Vickers. This is the criteria for you to open account is Malaysian. Dbs vickers is their stock broker account. You don't need to use it or fund it also can. But if you want their account, you need a DBS Vickers account. Be prepared to wait 3-4 hours there. I waited 3-4 hours there.

What is this DBS multiplier/My account?
It's a Multicurrency account that you can hold yes 10 types of currency including USD. You can use it to received, hold and send USD. Tried and tested myself.
Best of all you only pay USD10.00 for all incoming USD. Yup that's it.

Why DBS My account?
Dbs multiplier need to you to maintain SGD3000 at all time or else if it drop below SGD 3k, you will be charged I believed SGD5.00/month.
Now with DBS My account I only keep SGD0.10 inside as there no minimum amount (stated in their T&C). True story. Didn't believed it until I tested it.
More info here.
https://www.dbs.com.sg/personal/deposits/sa...nts/my-account]

What happen if they refuse to let you open My account?
No issue. Just take whatever account they give you. But I thought you said to get My account. Yes. That's right. But most important is get account with DBS bank.
After 6 months, you can open a DBS My account online and close your DBS multiplier and transfer all your SGD/USD into your new My account. I waited for 7 months before doing that. They mentioned in their terms and condition I believed need to wait 6 months before closing account

Remember to ask for their DBS Debit visa card. This card lets you spend like a local. Which means if you have USD in your bank account, it will automatically use the USD account first before they use the SGD part. No additional charged. Alternative use Bigpay.

4. Now that's all set up, fly back to Malaysia.

5. Quarantine again in Malaysia if needed.

6. Once at home, open interactive broker account here.
https://www.interactivebrokers.com/en/home.php. Make sure to fund it with at least SGD7.00. You can use the DBS account to fund the interactive broker via FAST transfer (SG version of Duitnow/IBFT).
https://betterspider.com/funding-your-accou...ractivebrokers/

So that means you need about SGD3007 in total.

Why interactive broker? It doesn't make any sense.
Interactive broker give you the best exchange rate anywhere on the planet for all currency. It's spot rates (real time market rates without any markup) and best of all you only need to pay USD2.00/conversion up to USD 1,000,000. More than that you pay lesser.
https://www.interactivebrokers.com/en/index.php?f=1590&p=fx
My friend told me it's USD100,000 but interactive broker webpage mentioned USD1,000,000. Not sure who's right. Anyway don't have that kind of money. The rates you are getting will be way better that any money changer rate.

It will make sense down the road. Continue reading on.

Keep in mind interactive broker allow you one free withdrawal of currency in whatever currency you want to withdraw a month. More that that you pay.
https://www.interactivebrokers.com/en/index...8#cash-movement

7. Open CIMB sg account.
Full details here
[url=https://ringgitfreedom.com/banking/opening-cimb-singapore-account-without-visiting-singapore-for-malaysians/]https://ringgitfreedom.com/banking/opening-cimb-singapore-account-without-visiting-singapore-for-malaysians/
[/url]

For verification part to activate your CIMB Fastsaver you need to transfer SGD1k. So that means you need SGD4007 in total not SGD3007 as mentioned aboved.

There's two way to pass their eKyc
1. Use your new DBS account and send SGD1000 over via FAST (the original way I used and the way it's intended)
2. Use CIMB MY (yes you need CIMB MY account) and send SGD1.00 into your CIMB SG account.
Once you have SGD1.00 send use fintech like bigpay, TransferWise and Sunway money to transfer the remaining SGD999.00

Once account activated they will tell you via email and send over a bunch of codes for login via snail mail. Be patient. Wait like 2 weeks to 1 month.

Now that you have all up and running, let's get to the fun part. How to get paid in USD and change it to Malaysin currency without losing like 4% eacv transaction and without losing additional money for intermediate bank agent transfer.

Paid in USD -> DBS Multiplier/My account (only pay USD10.00. That's all) -> Now that you have USD in your DBS bank account -> initiate a USD transfer into Interactive broker via DBS remit for free. Make sure to notify interactive broker of incoming USD with the bank account number that match your DBS Bank account without dash every time you want to send USD into interactive broker. Make sure under DBS Account select send USD and receiving side USD. Money takes few hours to enter Interactive broker account. -> once money enter into Interactive broker, convert into SGD using interactive broker. Do not use any banks. -> Initiate a withdrawal to CIMB Sg -> Use CIMB SG to send money back to CIMB MY at money changer rate.

I'm losing like 5% from currency conversion and credit card transaction fees.[/quote]
Paid in USD -> Deposit into DBS Multiplier/My account -> Hold USD at no interest -> 1) Expense (USD) 2) transfer back to Malaysia as shown above.

If you want to hack your USD to get some interest, I recommend researching pseudo bond stocks in US. Here are a few. Google, Amazon, apple, Microsoft and Canadian railway. By diverting USD into those stocks, you get paid to wait until you need to use the USD. Keep in mind this is not guaranteed. Hence you can lose your money.

Use the dbs visa debit card provided to fund your expenses. Remember to pay your tax to Malaysian govt if you don't want any problem

You are welcome.

You can do the above while waiting for 2022 foreign sourced tax to be passed.

[quote=TOS,Nov 9 2021, 11:27 PM]
lol private bank mah

You go there deposit a few k SGD, net interest income so little only. Plus if you are buy-and-hold investors, the bank earns almost nothing.

Edit: Don't know if got other alternatives or not, if you have borderless account before, then technically you have one SGD bank account too. For bank account-like stuff, FSM SG is a brokerage account but can store cash too, but have limited payments and withdrawal options. Digital banks most likely require you to have a work pass/student pass etc or become a resident there to be eligible. Traditional banks options are limited. DBS may require you to have work pass/student pass though, but Ram's earlier reply kind of suggest just visit as a tourist also can open one. Sounds too good to be true for me. OCBC and UOB not heard before, but I recall someone once told everyone here he "got a deal" with UOB so can open SG account there. Then when Ram ask for updates and details, no more news...

[/quote]
Forget borderless account for now. Unless Malaysian govt decided to relax restrictions, new user ain't going to get access to borderless account.

No need for student or working pass for DBS. Black and white on DBS page need. But if the above steps still hold true as when I opened my account, no need.

Forget UOB/OCBC in sg. Unless you are loaded then yes, they will welcome you. If you are not, they won't bother. Before 1mdb, we Malaysians can walk into any SG banks, open account and no questions asked or rejected. But since 1MDB, we are on restricted list. That is why we can't have nice things.

[quote=asimov82,Nov 9 2021, 11:33 PM]
if got few k SGD can open DBS, right?

[/quote]
See above steps. If it still hold true, then yes. The above steps are what my own steps back in the days like 5-7 years ago.

This post has been edited by Ramjade: Nov 10 2021, 04:08 PM

puremage111, !@#$%^, asimov82
See reply above.

[quote=Ramjade,Nov 10 2021, 03:58 PM]
See TOS reply above

Basically that's it. Poor people are limited to CIMB Sg and Maybank SG. Unless you want to travel to SG and have SGD3k ready in cash.
Then you have option to try luck for DBS bank account. If you want to travel DBS account out of question.

If you are willing to travel, the steps below will help one to get a DBS bank account.

This method might take few steps but will save you quite a lot of money going into the future.
1.. Fly into Singapore and undergo their quarantine if necessary. Now Malaysia can fly outside. Use this opportunity.
2. After finishing your quarantine, take MRT or bus to Marina bay financial center.
3. Go to DBS HQ and tell them you want to open DBS Multiplier account/My account (yes the name is called My account) together with DBS Vickers. Very important for you to mentioned DBS Vickers. This is the criteria for you to open account is Malaysian. Dbs vickers is their stock broker account. You don't need to use it or fund it also can. But if you want their account, you need a DBS Vickers account. Be prepared to wait 3-4 hours there. I waited 3-4 hours there.

What is this DBS multiplier/My account?
It's a Multicurrency account that you can hold yes 10 types of currency including USD. You can use it to received, hold and send USD. Tried and tested myself.
Best of all you only pay USD10.00 for all incoming USD. Yup that's it.

Why DBS My account?
Dbs multiplier need to you to maintain SGD3000 at all time or else if it drop below SGD 3k, you will be charged I believed SGD5.00/month.
Now with DBS My account I only keep SGD0.10 inside as there no minimum amount (stated in their T&C). True story. Didn't believed it until I tested it.
More info here.
https://www.dbs.com.sg/personal/deposits/sa...nts/my-account]

What happen if they refuse to let you open My account?
No issue. Just take whatever account they give you. But I thought you said to get My account. Yes. That's right. But most important is get account with DBS bank.
After 6 months, you can open a DBS My account online and close your DBS multiplier and transfer all your SGD/USD into your new My account. I waited for 7 months before doing that. They mentioned in their terms and condition I believed need to wait 6 months before closing account

Remember to ask for their DBS Debit visa card. This card lets you spend like a local. Which means if you have USD in your bank account, it will automatically use the USD account first before they use the SGD part. No additional charged. Alternative use Bigpay.

4. Now that's all set up, fly back to Malaysia.

5. Quarantine again in Malaysia if needed.

6. Once at home, open interactive broker account here.
https://www.interactivebrokers.com/en/home.php. Make sure to fund it with at least SGD7.00. You can use the DBS account to fund the interactive broker via FAST transfer (SG version of Duitnow/IBFT).
https://betterspider.com/funding-your-accou...ractivebrokers/

So that means you need about SGD3007 in total.

Why interactive broker? It doesn't make any sense.
Interactive broker give you the best exchange rate anywhere on the planet for all currency. It's spot rates (real time market rates without any markup) and best of all you only need to pay USD2.00/conversion up to USD 1,000,000. More than that you pay lesser.
https://www.interactivebrokers.com/en/index.php?f=1590&p=fx
My friend told me it's USD100,000 but interactive broker webpage mentioned USD1,000,000. Not sure who's right. Anyway don't have that kind of money. The rates you are getting will be way better that any money changer rate.

It will make sense down the road. Continue reading on.

Keep in mind interactive broker allow you one free withdrawal of currency in whatever currency you want to withdraw a month. More that that you pay.
https://www.interactivebrokers.com/en/index...8#cash-movement

7. Open CIMB sg account.
Full details here
[url=https://ringgitfreedom.com/banking/opening-cimb-singapore-account-without-visiting-singapore-for-malaysians/]https://ringgitfreedom.com/banking/opening-cimb-singapore-account-without-visiting-singapore-for-malaysians/
[/url]

For verification part to activate your CIMB Fastsaver you need to transfer SGD1k. So that means you need SGD4007 in total not SGD3007 as mentioned aboved.

There's two way to pass their eKyc
1. Use your new DBS account and send SGD1000 over via FAST (the original way I used and the way it's intended)
2. Use CIMB MY (yes you need CIMB MY account) and send SGD1.00 into your CIMB SG account.
Once you have SGD1.00 send use fintech like bigpay, TransferWise and Sunway money to transfer the remaining SGD999.00

Once account activated they will tell you via email and send over a bunch of codes for login via snail mail. Be patient. Wait like 2 weeks to 1 month.

Now that you have all up and running, let's get to the fun part. How to get paid in USD and change it to Malaysin currency without losing like 4% eacv transaction and without losing additional money for intermediate bank agent transfer.

Paid in USD -> DBS Multiplier/My account (only pay USD10.00. That's all) -> Now that you have USD in your DBS bank account -> initiate a USD transfer into Interactive broker via DBS remit for free. Make sure to notify interactive broker of incoming USD with the bank account number that match your DBS Bank account without dash every time you want to send USD into interactive broker. Make sure under DBS Account select send USD and receiving side USD. Money takes few hours to enter Interactive broker account. -> once money enter into Interactive broker, convert into SGD using interactive broker. Do not use any banks. -> Initiate a withdrawal to CIMB Sg -> Use CIMB SG to send money back to CIMB MY at money changer rate.

I'm losing like 5% from currency conversion and credit card transaction fees.[/quote]
Paid in USD -> Deposit into DBS Multiplier/My account -> Hold USD at no interest -> 1) Expense (USD) 2) transfer back to Malaysia as shown above.

If you want to hack your USD to get some interest, I recommend researching pseudo bond stocks in US. Here are a few. Google, Amazon, apple, Microsoft and Canadian railway. By diverting USD into those stocks, you get paid to wait until you need to use the USD. Keep in mind this is not guaranteed. Hence you can lose your money.

Use the dbs visa debit card provided to fund your expenses. Remember to pay your tax to Malaysian govt if you don't want any problem

You are welcome.

You can do the above while waiting for 2022 foreign sourced tax to be passed.
Forget borderless account for now. Unless Malaysian govt decided to relax restrictions, new user ain't going to get access to borderless account.

No need for student or working pass for DBS. Black and white on DBS page need. But if the above steps still hold true as when I opened my account, no need.

Forget UOB/OCBC in sg. Unless you are loaded then yes, they will welcome you. If you are not, they won't bother. Before 1mdb, we Malaysians can walk into any SG banks, open account and no questions asked or rejected. But since 1MDB, we are on restricted list. That is why we can't have nice things.
See above steps. If it still hold true, then yes. The above steps are what my own steps back in the days like 5-7 years ago.

[/quote]



wow wow.. so detailed!!!...

[quote=elea88,Nov 12 2021, 11:51 AM]
Paid in USD -> Deposit into DBS Multiplier/My account -> Hold USD at no interest -> 1) Expense (USD) 2) transfer back to Malaysia as shown above.

If you want to hack your USD to get some interest, I recommend researching pseudo bond stocks in US. Here are a few. Google, Amazon, apple, Microsoft and Canadian railway. By diverting USD into those stocks, you get paid to wait until you need to use the USD. Keep in mind this is not guaranteed. Hence you can lose your money.

Use the dbs visa debit card provided to fund your expenses. Remember to pay your tax to Malaysian govt if you don't want any problem

You are welcome.

You can do the above while waiting for 2022 foreign sourced tax to be passed.
Forget borderless account for now. Unless Malaysian govt decided to relax restrictions, new user ain't going to get access to borderless account.

No need for student or working pass for DBS. Black and white on DBS page need. But if the above steps still hold true as when I opened my account, no need.

Forget UOB/OCBC in sg. Unless you are loaded then yes, they will welcome you. If you are not, they won't bother. Before 1mdb, we Malaysians can walk into any SG banks, open account and no questions asked or rejected. But since 1MDB, we are on restricted list. That is why we can't have nice things.
See above steps. If it still hold true, then yes. The above steps are what my own steps back in the days like 5-7 years ago.

[/quote]
wow wow.. so detailed!!!...

[/quote]

Some things he wrote up there are wrong,... tho' with the new VTL betw SG and MY,... some things have become right. Anyway,... I think,... CIMB SG may not be a 'safe bank' to put all your money in anymore with the removal of the FSIE next year. JMHO....

CIMB sg is under MAS jurisdiction and not BNM. So don't know how powerful is BNM is towards CIMB SG.

This post has been edited by Ramjade: Nov 12 2021, 03:41 PM

[quote=Hansel,Nov 12 2021, 02:57 PM]
wow wow.. so detailed!!!...

[/quote]

Some things he wrote up there are wrong,... tho' with the new VTL betw SG and MY,... some things have become right. Anyway,... I think,... CIMB SG may not be a 'safe bank' to put all your money in anymore with the removal of the FSIE next year. JMHO....

[/quote]
This written before VTL was announced

The only way CIMB SG will closed is that MAS revoke the license which probably close to 0

CIMB SG will be held easily for inward transfers back and will alert IRB easily via CIMB MY

[quote=xander83,Nov 12 2021, 05:41 PM]
Some things he wrote up there are wrong,... tho' with the new VTL betw SG and MY,... some things have become right. Anyway,... I think,... CIMB SG may not be a 'safe bank' to put all your money in anymore with the removal of the FSIE next year. JMHO....

[/quote]
This written before VTL was announced

The only way CIMB SG will closed is that MAS revoke the license which probably close to 0

CIMB SG will be held easily for inward transfers back and will alert IRB easily via CIMB MY

[/quote]

Tq,...

To ur first statement,... yes, aware of that. That's why I put ...tho' with the new VTL (etc),...

To ur second stataement, there are certain reasons imposed by MAS for CIMB SG to follow in order to close an acct without giving further reasons to the acct-holder.

To ur third statement, yes, I thot so too,....

[quote=Hansel,Nov 12 2021, 09:52 PM]
This written before VTL was announced

The only way CIMB SG will closed is that MAS revoke the license which probably close to 0

CIMB SG will be held easily for inward transfers back and will alert IRB easily via CIMB MY

[/quote]

Tq,...

To ur first statement,... yes, aware of that. That's why I put ...tho' with the new VTL (etc),...

To ur second stataement, there are certain reasons imposed by MAS for CIMB SG to follow in order to close an acct without giving further reasons to the acct-holder.

To ur third statement, yes, I thot so too,....

[/quote]
Usually when CIMB SG close account it 98% due to AMLA/CTFL so very rare it happens unless it very frequent activity by the account holder

Just now I see the Maybank Singapore website have provide this account opening form, so now Maybank SG is accept Malaysian open account already??

always accepted. just that u have to go through maybank my.

So just prepare SGD 500 and submit the form to the branch that stated in the form only??

https://forum.lowyat.net/index.php?showtopi...post&p=97255358

The above is true as of last year. Always check with your branch about the opening hours and documents to bring before you leave your home.

See what's the instructions Maybank sg asked. Keep in mind the sgd500 is locked up. Cannot move anywhere. Account cannot drop below SGD500. Check back with them and see if the minimum lockup is still SGD500 or 1000.

Yes. But double confirm with Maybank sg how much is required to open account and how much is the minimum to lock up.