Nov 12 2021, 11:51 AM
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.
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wow wow.. so detailed!!!...
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why you like your own post. 
It's best you ask him.
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