Also, looking at CIMB Sg Fastsaver, the initial deposit of 1k SGD must be from an account with your personal name transferred through FAST. So, without a bank account in Singapore (not counting CIMB Fastsaver SG), you can't open CIMB Fastsaver SG at all.

Can't transfer from IBKR at all since it's not in your own name.

It makes me wonder how do you guys open CIMB Fastsaver SG without Maybank SG? (Assume you do not have DBS/OCBC/UOB account in Singapore or work in Singapore).

https://www.cimb.com.sg/en/personal/help-su...unt-number.html

This post has been edited by TOS: Sep 15 2020, 01:00 PM

Ah. Now I remember I have a joint-name account with my father for CIMB MY. Can I use that to transfer to CIMB SG (if say I plan to open CIMB SG)

Good news. I can confirm that there are NO charges for Instarem transfer of money to Maybank SG. I get exactly the amount as stated in Instarem.

Also first time transfer using Instarem from Malaysia bank to Singapore bank. Cool and very fast, received the money on the same day.

Now account is greater than 500 SGD, no immediate issue for now.

Thanks to instarem, now I can fund IBKR from Malaysia through my SG bank account.

I now have an interesting question. Which of the following is cheaper?

1. Deposit HKD from Hang Seng Bank to IBKR account, then convert to SGD within IBKR.

2. Deposit HKD from Hang Seng Bank to Maybank SG bank account (using Instarem) then transfer to IBKR using FAST

So, basically I am asking for a given amount of HKD, which method, 1 or 2 gives me more SGD in the end? Is Instarem's rate + cost better than IBKR's own internal FX conversion?

This post has been edited by TOS: Sep 15 2020, 04:49 PM

Thank you. Do you consider transaction fee as well? It's 15.5 HKD for me per transaction. Rate should be good.

I don't plan to buy any HK stocks because:

(i) They are too expensive as in large capital is needed per board lot (usually 1000-5000 shares and each one costs 50 (as in Link REIT) to around 200/500 as in (Alibaba/Tencent))
(ii) Most are H-shares which I already have a stake through my FSM MY mutual fund investment

Thanks dwrk and Ramjade for your advice and answers, very helpful.

During my Maybank SG account opening in Malaysia, I voluntarily submitted my IBKR account statement to prove that I really have investment in SG. Though not required, the officer took it anyway. So, I would suggest you to print a copy of your brokerage account statement specifying your investments in SG, that would certainly help increase your success rate of opening an SG bank account.

This post has been edited by TOS: Sep 15 2020, 08:30 PM

Thanks for confirmation. I guess I need to email IBKR to look into this possibility. As dwrk mentioned before, though CIMB Fastsaver SG exists for the moment, there is a chance that with the low-rate environment persisting, CIMB may start to impose charges on inward remittance.

Currently I think they earn more from NII, as their loans in SGD are around 3%-3.5% but they pay interest of around 0.5-1%.

It makes me wonder, apart from moving money back and forth between IBKR and an SG bank account, are there any other reasons one would need to maintain an SG bank account.

What if CIMB SG starts charging say 10 SGD for each inward remittance, and IBKR hasn't made FAST available yet, so now it's a one-way communication (SG bank -> IBKR but not vice versa), will you guys still maintain an SG bank account?

Just a thought question.

Well, I think you should always plan ahead. You don't buy a stock because it goes up tomorrow then nosedives thereafter.

The banking industry is oligopolistic in nature, each follows others very closely in product and service differentiation and they follow very similar policies. If Maybank has done so, once CIMB reach the same size as Maybank (at least in Singapore), the waiver on inward remittance fee may be withdrawn anytime.

It's very clear to observers like us that CIMB SG is trying to steal Maybank SG's customers, so they offer such privileges. But this isn't for ever.

What I posted above isn't completely unthinkable, for those who study a bit or two on economics.

I agree with you that it's not always about saving money. Interest rate below 1%, can't really make a lot of money by putting them in banks.

The thing is, if inward remittance from IBKR SG to BOTH CIMB SG and Maybank SG involve charges, what is/are the rational(s) of keeping an SG bank account then? Every transfer from IBKR to your SG bank account will be charged 10 dollars or more. Moving funds can cost a lot of money then.

You don't work, study or stay in Singapore and now lose another reason to own a bank account, what other reasons to justify maintaining an offshore bank account? Not to mention all kinds of risks associated with it, especially regulations, compliance costs, change in laws, MAS audit/scrutiny etc. Your money is in another country and in someone else's hand. Unless the rule of law and regulations there please you, otherwise you won't sleep well at night.

After 1MDB, it's hard to have an offshore bank account these days in Singapore. not sure true or not.

This post has been edited by TOS: Sep 16 2020, 05:44 PM

Wow, interesting watching 2 sifus debate.

I do agree SG is still stable and good for parking money, but one needs to bear a lot more risks unless you stay there and knows everything. Since I started investing in SG, I closely followed SG news everyday.

I am not so sure about bypassing BNM scrutiny, can you elaborate more on this? It's not like I need to transfer a 6 or 7-digit amount to SG. What about MAS scrutiny on foreigner's offshore banking account? Wouldn't this be an issue of concern to you as well?

SGD definitely appreciates against MYR in long term, which is why I want to hold some too, in stocks and cash. My understanding is that FCA's rates in Malaysia are terrible and involves high costs of maintenance, unless one has large capital. If you can point out which bank offers such service at good rates that would be good.

But even so, sending SGD from FCA in Malaysia to IBKR directly in Singapore seems a bit novel to me. You should factor in the remittance charges and potential regulatory issues + BNM/MAS/bank scrutiny as well, not to mention Ramjade's greatest enemy: forex rate.

The fact that you hold SGD in Malaysia can easily arouse MAS's interest, I guess. Anyway, appreciate both of your kind help and input, hopefully useful for members here as well.

This post has been edited by TOS: Sep 16 2020, 09:29 PM

Thanks for confirmation. So that mean if I just send a few bucks from my own account in say, Maybank SG, then the rest from IBKR directly to fund CIMB SG, does that also work?

Oh, I missed such a hybrid product of bonds and cash. Thanks for mentioning here. In a world of low yields, bonds are paying the same interest as cash years ago.

Can anyone comment on how's StashAway Singapore Simple? If it's good, I would consider moving my HK bank's money to there and earn better yields. I have always wanted some exposure to foreign bonds through funds, SA Simple seems like a good start without much risk (most of its money in the lion global enhanced liquidity target fund are blue-chips).

Can a Malaysian open SA account in Singapore? I know there is SA in Malaysia, but not sure if it is possible to open an SA account in Singapore. And if it's possible to open account, do I deposit money through TW and Instarem again, just like how I remit money to SG bank account? Not sure if they accept 3rd-party transfer directly. Of course I can transfer via my SG bank account, but just in case for some reason my account is locked whatsoever, is it possible to remit directly via 3rd-party service provider to SA in Singapore.

I don't see any thread for SG money market mutual funds here, so I just ask here.

Parkway LIFE is my darling, together with Keppel DC REIT. Well, REITs are still REITs, calling it a bond or pseudo FD can be misleading for some investors. Let's not mix different asset classes up.

I am considering trying out this. I like the exposure to investment grade bonds in Asia and Middle East.

Looking at the FAQ, this is deceiving:

https://www.stashaway.sg/faq/900000740403-d...-and-its-funds/

SA does not make money from this? Not at all? That's really the funniest joke I have ever encountered.

I have a little more than 500 SGD deposited in Maybank SG, so can move a few dollars over here and test out.

Why didn't you try out the product? I thought it already existed a long time ago, and given your past history in the forum, you should have tried out earlier, no? Is there anything wrong with the product that makes you wary of trying out?

No, I mean a few dollars. I have more than 500, as long as daily balance don't fall below 500 I am fine.

How do you invest in bonds then? Minimum denomination is usually in the ballpark of 10 or so thousands. Do you buy directly from SGX? ETFs or funds are good for such exposure (for small investors), in my opinion. But of course one has to bear with charges and fees.

I took another quick look at LioGlobal's fund and realize that their management charges are quit high, not quite worth the tag.

If I recalled correctly, you need a HKID to open a HK bank account. Otherwise, just store your money in your broker's cash account. Not sure if this is helpful.

Ah, how do you open DBS Vickers account or SCB account? You are based in Singapore? (Maybe JB?)

I didn't know there is such a thing called baby bond. Thanks for sharing the link!

At least another alternative choice for higher-yielding products.

After reading into the link Hansel shared, I become interested with baby bonds. But I don't see any way to buy baby bonds via IBKR. All the results shown under the bond scanner only has large denomination size of 2k USD to 350/500k USD.

The blogger does not seem to provide any hints on buying baby bonds. Anyone here knows how to do that? (Anything to share from you, Hansel?)

EDIT: I found one, it's actually called exchange traded debt and is traded like stocks with par value 25 USD per share and you can buy from a minimum of 1 share. Commission is 1.5 USD from IBKR's TWS platform.

https://stockmarketmba.com/analyze.php?s=PRS

For this example, the ticker symbol is PRS.

This post has been edited by TOS: Oct 14 2020, 09:30 PM

Newest CIMB SG Fastsaver rate: 0.3% p.a.

Effective from November onwards.

https://www.cimb.com.sg/en/personal/help-su...ount-rates.html

I believe it was 0.5% earlier.

Maybank still stays at 0.1875% though. The spread is getting smaller.

Warm reminder. Stashaway Simple in SG is different from the one in Malaysia.

The one in Malaysia, also called Stashaway Simple is invested in Eastspring Islamic Income, a MMMF (I use it as well, but I deal directly with Eastspring via FSM). This is a true money market mutual fund.

The one in Singapore is invested in 2 OCBC mutual fund. And if you look into the fact sheets and other documents of the 2 funds, a majority are invested in bonds, not truly cash funds (despite one of the names "Money Market Fund", which is misleading).

https://www.stashaway.sg/faq/900000744806-h...ate-calculated/

So, technically the risk your bear is similar to that of bond's risk. That's unfortunately the only way to earn a mere "1.4% p.a." return.

Anyway, Ramjade, can the Singapore version of Stashaway Simple function like a bank account?

Say I can transfer directly from Stashaway Simple Singapore to my IBKR SG account? Is that possible?

This post has been edited by TOS: Nov 2 2020, 08:14 PM

First time tried transferring money from Maybank SG to IBKR Citibank account in Singapore via FAST.

Smooth sail and can start buying stocks in just 30 minutes to an hour after transfer. Efficient job. Too bad no FAST for transferring out of Citibank SG.