No, my remisier did not notify me anything. Then again, I am just a small-time customer. Thus, I can't blame him, since he puts his attention on his more significant customers.

Other than contract notes, what else did you receive by post, after completing buy and sell transactions? Such as monthly hardcopy statement?

I was a bit skeptical, since we cannot use FAST transfer directly to our trading account. FAST transfer must be done to account of the brokerage firm.

Next time, I definitely use FAST for sure, as suggested by you.

Nope, I did not open CIMB FastSaver account. For me, it would be too many saving accounts to monitor, and each has minimum amount to be maintained, to avoid monthly service charge.

If I remember what you said, there is no minimum amount for CIMB FastSaver account. But, I do not have another SGD 1000 to spare in CIMB FastSaver account.

Yes. Back then, we followed the recommendation given by @gark.

This post has been edited by kart: Aug 3 2017, 11:43 PM

Hansel,

So, is your advice to elea88, me and others to ignore the tax residency letter?

What is the worst thing that can happen, if we ignore the tax residency letter? I hope that there is nothing bad happened to our Singapore saving accounts and trading accounts, since we all spent a lot of effort in opening the accounts.

I have a CIMB FastSaver Account.

Recently, I received a call from an officer from CIMB Singapore, saying that the officer is assigned to be my personal banker.

Huh, CIMB FastSaver Account is just a normal savings account. I am just an average Joe. Thus, I am not someone with substantial deposit in the bank, to the extent that the bank assigns a personal banker to me.

Is this call genuine? And, is there any fee in getting any advice or service from this personal banker?

This post has been edited by kart: Jul 9 2018, 10:30 PM

It is a bit similar to Maybank Singapore iSavvy Savings Account. If we have Maybank Malaysia Savings Account, we are allowed to open Maybank Singapore iSavvy Savings Account.

So, that is the latest update. However, S$1,000 will be converted at CIMB Bank's rate, which should be inferior to the rate of Instarem, and other Fintechs. Still, it is a small price to pay, to get the Singapore Savings Account opened.

Once CIMB Fastsaver Account is opened, future deposit to this savings account can be done via Instarem, and other Fintechs, for more favourable currency exchange rate.

Did CIMB Singapore charge you SGD 10, for this ATM card?

The fee of getting the ATM card is stated here. https://www.cimbbank.com.sg/en/personal/sup...rges&n=accounts

This post has been edited by kart: Oct 6 2018, 06:28 AM

Yes, TT is one way that can be used to make initial deposit.

In my case, when I submitted my application forms for Maybank iSavvy Savings Account at Menara Maybank, KL, I insisted that once iSavvy Savings Account is opened by Maybank Singapore, I will transfer SGD 500 from my savings account in other bank in Singapore, for the initial deposit. So, it is not necessary to perform TT, or buy a bank draft for the purpose of the initial deposit, if the applicant chooses not to.

For the application of Maybank iSavvy Savings Account in Malaysia, I believe that identity verification is performed by Maybank Malaysia by virtue of thumbprint verification. Thus, Maybank Singapore does not require the initial deposit to be originated from other savings account belonged to the applicant.

On the other hand, CIMB Singapore requires that the initial deposit to be originated from other savings account belonged to the applicant (either CIMB Malaysia savings account, or other savings account in other bank in Singapore), because this is how CIMB Singapore performs identity verification.

This post has been edited by kart: Oct 7 2018, 10:46 AM

I am not sure whether Hansel is referring to Maybank Kim Eng or not.

Maybank Kim Eng offers 0.12% commission rate with no minimum commission and no monthly fees, via Maybank KE Prefunded account.

Maybank Kim Eng client will have to maintain a daily average minimum balance of $10,000 assessed on a monthly basis. In other words, Maybank Kim Eng client needs to maintain an average amount of $10,000, every single day, throughout a calendar month.

An Eligible Client will be first charged the Normal Rate, and will subsequently receive the Rebate to reflect the Preferred Rate of no minimum commission.

https://www.maybank-ke.com.sg/latest-offeri...n=NoMinCommsExt

https://www.maybank-ke.com.sg/media/3247880...ign-updated.pdf

This post has been edited by kart: Oct 13 2018, 05:47 AM

So, this brokerage does not provide the offer of 0.12% with no minimum commission and no monthly fees, openly to the public (retail investors)? Perhaps, this special offer is only given to high net worth individuals like you, who pledge to maintain high trading volume each month, right?

Alright, Hansel. After the negotiation is completed, kindly tell us the name of the brokerage.

Maybe, average Joes like me are not eligible for this special offer as of now. Perhaps, in the future when our net worth is in the same league as yours, we may be qualified to obtain this special offer.

This post has been edited by kart: Oct 14 2018, 06:35 PM

Ramjade, I pose my questions pertaining the fund transfer here, because I do not want to derail the discussion about S-REITs in the S-REIT thread.

How do you pay for the share purchase of Keppel-KBS US REIT (Stock Code: CMOU), which is denominated in US Dollars?

Do you transfer your Singapore Dollars via FAST, to your Maybank Kim Eng Trade Prefunded Account, and let Maybank KE convert your SGD to USD at Maybank KE's rate, to pay for the share purchase?

Or, you already have Maybank KE Multi-Currency e-Pay account (http://info.maybank2u.com.sg/personal/depo...rency-epay.aspx), whereby you transfer your USD into your MCEP USD Current Account which is then used to pay for the share purchase?

I remembered that you mentioned before about MCEP account a long time ago, but I am unsure whether you have moved to better alternative or not.

Thank you for your information.

This post has been edited by kart: Nov 4 2018, 05:49 AM

Ramjade

Thank you very much for sharing your informative findings.

It is a must for us to use the KE Trade Prefunded Account, to obtain the lower brokerage fee. The requirement to use KE Trade Account just for the sake of MCEP will incur higher brokerage fee.

The minimum balance of USD 10 in MCEP account definitely contradicts with the minimum balance of USD 1 stated in the Maybank Singapore website. So, we can say that the information in Maybank Singapore website is not updated.

So, you have strong faith that your investment in Keppel-KBS US REIT will provide good returns, isn't it?

In your opinion, (Distribution in Keppel-KBS US REIT minus losses in foreign currency exchange rate) is higher than (Distribution in some other S-REITS denominated in SG Dollars), right?

Ok, no worries. If your next findings can work and result in lower cost to invest in shares not denominated in SG Dollars, it would be great for all us.

Thank you.

This post has been edited by kart: Nov 4 2018, 08:52 AM

Ramjade

Thanks for sharing your justification on good investment in Keppel-KBS US REIT.

Can the trust balance of KE Trade Prefunded Account keep the distribution in USD?

For fund withdrawal of USD distribution, can we request Maybank KE to transfer the USD fund via EPS to Transferwise account (keeping the money as USD)? After all, the Maybank iSavvy savings account and CIMB Fastsaver account are denominated in SGD.

Ramjade

I have some questions to ask you, if you do not mind.

Can the trust balance of KE Trade Prefunded Account keep the distribution in USD?

For fund withdrawal of USD distribution, can we request Maybank KE to transfer the USD fund via EPS to Transferwise account (keeping the money as USD)? After all, the Maybank iSavvy savings account and CIMB Fastsaver account are denominated in SGD.

At least, Maybank Platinum Debit MasterCard linked to iSAVvy Savings Account is given to us free of charge.

For CIMB FastSaver Account, SGD 10 is imposed, if we would like to have a debit card linked to this savings account. Then again, I believe that most of us do not have a debit card linked to CIMB FastSaver Account.

It is too bad, that we cannot activate Maybank Platinum Debit MasterCard on any Maybank Malaysia ATMs, probably because the linkage between Maybank Malaysia ATMs and Maybank Singapore ATMs does not allow debit card activation.

This post has been edited by kart: Feb 10 2019, 10:05 AM

Applicable for CIMB FastSaver Account:

https://www.cimbbank.com.sg/en/personal/sup...ital-token.html

Frequently Asked Questions:
https://www.cimbbank.com.sg/content/dam/cim...gital-token.pdf



Sigh, I very much prefer the CIMB Clicks Security Device (hardware token). It is unfair for CIMB Singapore to impose this choice upon CIMB Singapore customers.

For CDP account, has anyone managed to replace the OneKey Token (due to battery completely drained out) for free, during the last few months?

Apparently, there is a form for the replacement of OneKey Token, in CDP website. Token replacement fee of SGD 15.00 (inclusive of GST) is stated in the form.

https://api2.sgx.com/sites/default/files/20...le%20201903.pdf

The link is from https://www2.sgx.com/securities/retail-investor/cdp-forms .

This post has been edited by kart: Sep 14 2019, 11:17 AM

For those who use Instarem to convert RM to Singapore Dollar, roughly how long does it take for the money in SGD to be deposited in Singapore savings account?

Thank you for your information.

Ramjade and roarus

Thank you for sharing your experience.

Last year, I performed a transaction in Instarem website in the morning of a working day, and the fund was deposited in the evening on the same day.

Recently, when I performed a transaction in the morning of a working day, the fund was deposited in the afternoon of next working day.

Sigh, has Instarem tighten the checks and internal processes, resulting in the delay of fund depositing?

This post has been edited by kart: Oct 5 2019, 09:54 AM

lwlim and Jordy

Thank you for sharing your experience. It is good for you two, to have speedy deposit of SGD.

Perhaps, roarus and I are not lucky.

Maybe, at the time when I performed the transaction at Instarem website, there was not adequate amount of conversion from SGD to MYR performed by Instarem Singapore users. So, Instarem needed to gather sufficient matching amount of conversion from SGD to MYR, before depositing SGD into my Singapore savings account.

My guess is that, if I converted much lower amount from MYR (say around RM 1000) to SGD, the depositing would have been quicker. Recently, I converted around RM 9k, which should not be a large amount, and yet it was deposited on next working day.

I am not sure whether the recipient bank matters, but I am using POSB Savings account.

These are just my uneducated guesses. Sigh, luck is not my side.

This post has been edited by kart: Oct 6 2019, 10:43 PM

I think that Hansel and Ramjade posted several ways to park idle SGD money, in previous posts.

I am not sure whether it is still applicable as of now. So, please perform due diligence, before parking your idle SGD money.

Hansel's suggestion:
- Astrea IV4.35%B280614# Bond (SGX Stock Code: RMRB)
- Astrea V Retail PE Bond


Ramjade's suggestion:
- CIMB Fastsaver Savings Account, 1% for balance above SGD 1000. There's no penalty if money dips below SGD1000. No monthly service charge.
- Citibank maxigain (if you got the moo and able to open account) 2%+
- United Class A bond fund 2-3%
- Parkway 4%
- PIMCO GIS Income Fund Class E SGD Hedged Bond Fund, ISIN: IE00B9HH6X13, 5-7%


Many of us here are using CIMB Fastsaver Savings Account, due to the ease of getting 1% annual interest. It is definitely much better than 0.05 % of annual interest given by DBS, OCBC and other banks in Singapore.


Other method is to park in Singapore Savings Bonds, which is fully backed by the Singapore Government.
- The annual interest is slightly less than 2%.
- You could say that it behaves somewhat similar to the promotional Fixed Deposit offered by Singapore banks, but it only requires minimum investment amount of SGD 500, instead of SGD 10000 required for promotional Fixed Deposit.
- There is SGD 2 non-refundable transaction fee for each application.
- There is a redemption penalty of SGD 2, if you choose to redeem before its 10-year maturity.

Correct me, if I say anything incorrect. I am just sharing what I have learnt from many experts here.

This post has been edited by kart: Nov 5 2019, 04:51 AM

coolguy99

- Astrea IV4.35%B280614# Bond (SGX Stock Code: RMRB)
- Astrea V Retail PE Bond


You can purchase these bonds from Singapore Exchange (SGX), using a trading account (such as Maybank Kim Eng, or DBS Vickers trading account), in a similar process, as if you are buying any normal shares.

This post has been edited by kart: Nov 7 2019, 05:04 AM