Read through the previous pages and you will find your answer. There are two banks mentioned.
1) Maybank

2) HSBC Premier.

Opening account will require you to do it face or face unless you are loaded. Just take 2 days off. I use 2 days. Took night train. Came back the following day night train and reach KL in the morning (before 7).
1. Yes. But it's getting harder. Even maybank have tighten. Never hear any news from them. Will give them a call on Monday. Standard Chartered, HSBC, Must be priority banking with them and priority customer with Singapore side as well. For Standard Chartered, you still have to go down as Malaysia will book appointment for you.

2. Usually banks in Singapore charge a fall below fees. Not annual fees like Malaysia. Requirement usually work permit/student visa from Singapore. That's the major road block. Requirement for HSBC and Standard Chartered = pockets must be loaded.

With the introduction of 1.5% charged against the foreign currency amt notes being deposited into or withdrawn from the DBS MCA, things are not as attractive as before. We must go to the other banks which provide free service for currency notes being dep and withdrawn.

THANKS TO THE 1MDB EVENT !!!!!

OCBC & UOB have MCA. But they need min SGD5k or else there's a fall below fees. The question is whether you can open or not? Btw, do you keep the money below that amount and pay the penalty or just keep that amount there?

Agreed.

This post has been edited by Ramjade: Jan 8 2017, 08:33 AM

Actually Hansel, we don't need other banks. Why? One can use Interactive Broker and exchange SGD > USD/ASX/HKD online and real time (people who have used that site claims their rates are better than money changer rates.)

Eg.
1. Deposit SGD into MCA > transfer money to IB in SGD (they accept SGD) > convert using IB exchange > buy Manulife US REITS from IB (they have access to SGX to).

2. Deposit SGD into MCA > transfer money to IB in SGD (they accept SGD) > convert using IB exchange > buy stocks from ASX.

Is this doable? But IB charges USD10/month unless you are an active trader.

This post has been edited by Ramjade: Jan 8 2017, 08:54 AM

It rarely falls below in the last two years, because I've been converting out my RM into foreign currencies.

Edited : what do yo know abt UOB and OCBC being able to accept foreign currency notes over the counter ?

This post has been edited by Hansel: Jan 8 2017, 09:06 AM

what I did back in 2015 was to fly down to SG during MALAYSIA public holiday, eg: Malaysia Day, Thaipusam, Quran etc..then u can save on taking days off from work..also, now with many budget air, u can go down to SG with the earliest flight, and come back on the same day...opening an account should not take more than half a day.

in 2015, i managed to open an OCBC bank acc linked with trading acc, giving them the reason I want to trade with OCBC securities...

good luck guys...

This post has been edited by Vector88: Jan 8 2017, 09:10 AM

I think it would be doable since my uncle told me he went SIngapore, managed to exchange old currency notes with banks in Singapore for new currency. He didn't mention which currency. Another alternative is as below. V


To prevent IB from charging us the USD10, can use IB to buy S-REITS provided that the commission they earned is enough to offset the USD10/month. But I am not sure about whether the stocks will be under custodian account or under our own account.

Bro Ram,... a few things needed to fine tune here in yr tactics with IB,.. can't write now,.. need to go change money !!!

I have to agree on that. There was once a Business Manager told me directly that they are not interested in opening an account for you if you are just planning to open an account with a few hundred dollar balance so that you can top up your Netts card and buy things online. Sinkis are very 'direct' people.

Not really lar bro. The Singapore government started implementing anti money laundering laws quite some time ago. Not really because of 1MDB. Anyway, Singapore is favorite hotspot for the Indonesian Chinese business people. They were depositing so much money in Singapore that the Indonesian government had to plead them to bring their money back to Indonesia by giving them clemency on tax evasion and money laundering.

Its very different now. First thing they ask you if you want to open an account now is

1) Work Permit / Employment Pass

2) Singapore Residence Address.

I experienced that. I asked about account inactivity and the person attending to me ask me back this question, "For what you want to open account and keep it inactive?' I was

Correction. They ask the following in order
1) Are you a Singaporean?
2) Are you working here?

My version is after you told them you are a foreigner but not working here.

IMO most bank staffs in Singapore" die die follow SOP. Cannot corner corner like here."

This post has been edited by TOMEI-R: Jan 8 2017, 04:54 PM

Bro,.. for IB, if you are able to bank in only SGD, to me,.. this is not good enough. I would prefer to have an account that can accept foreign currency notes in different currencies.

I would be quite positive that IB provides a custodian acct., and no CDP holding.

My questions for UOB and OCBC is more like : how much do they charge for OTC cash banking-in and withdrawal ?

Bro, they offer instant real time exchange. So if you want USD, you can just exchange SGD > USD. IF you need SGD, just change over. No point hopping from one bank to another. Why? I believed this is just a sign of early things to come. If one bank can implement chanrges (DBS), what makes you think the other 2 won't follow?

Banks likes free money. So if they can charge customer with charges, I believed they will especially if their competitor start charging.

Fees for
UOB Global Currency Account
OCBC Global Currency Account

OCBC 1% for withdrawal and deposit.
UOB not sure.

More info:
https://forum.singaporeexpats.com/viewtopic.php?t=94836

Check out this reply by stiwi


May not be relevant anymore as it's 2013. Now's 2017.

This post has been edited by Ramjade: Jan 9 2017, 08:07 AM

Bro,.. it's not abt exchanging,.. Exchanging will cause us to incur 'spread expense'.. I would prefer 'no-charge' direct bank-in in the currency that I preferred, hence, I control the spread... don't know if you understand or not. Hmm,... it's a bit hard to illustrate via a forum like this,... we seem to be talking in opposite directions. ...

Yes, banks will charge fees, but there are one or two banks now which are thinking of opening their doors to direct bank-in of notes without charges. They have not confirmed yet. Yes, I agree,...we try not to hop. But if we have limited capabilities in opening accounts, we have to hop. The moment we can open in one bank, then,...

UOB is expensive,... OCBC is expensive,...

I understand about the spread. But if it can give better rates than Moneychanger (in SG/MY), it won't be much of a problem. Try asking AVFAN and rjb123 regarding the exchange rate. Is it worth it or not or is it better to direct bank in.

Do share with us what bank after you have tested.

This post has been edited by Ramjade: Jan 9 2017, 09:06 AM

i do not know much how IB works with SGX/SGD as i only dwell in USD/US stocks.

i wud think IB is custodian account for all, no indivdual.

IB will accept the currencies USD or SGD when u bank into their account.

The question of exchange rates and spread arises only when u buy those currencies at YOUR bank with YOUR currency.

e.g. buying SGD with RM at msia banks will kill you as the spread now is like 2.2%.

buy USD with RM at local banks not too bad.

buying those currencies in SG will be much better, i would think.

BRO,... I'M NOT READING TOO MUCH ! I'LL JUST REPLY TO THE STATEMENT IN BOLD ABOVE - YES !