Thanks for sharing your experiences !

I thought something not right as their approval email says they will send a 6 digit activation code via SMS, to enable log-in to Cimb.Sg within 1 business day after account is activated.

So, the 'active' status i see on Cimb Clicks. MY does not mean that the account is actived.

Yes. You can bank in money, but it's not activated yet, until they send you the sms telling you it's activated.

my wish is that UOB and OCBC are able to offer the same service for their MY customers, then this will get more competitive and allow us to have more options

right now we only have CIMB and MBB only. for HSBC, that requires a whopping RM200k to begin with if want to open a HSBC SG account from MY

No need priority banking. Follow my way. Take a flight or bus to Singapore. Go marina bay financial center, open DBS Vickers and open DBS multi currency. It's basically free acocunt. Only need to pay for transport fees, food and maybe accomodation if you want to stay overnight

This post has been edited by Ramjade: Aug 10 2022, 04:21 PM

but this is before 7 years right???

If banks don't change their policy then it's still applicable. Either take the risk and go down or keep complaining about it and you will never get a free sg bank account.

I took the chance 7 years ago when someone told me doors are closing. I didn't hesitate. Keep in mind a student with no pay, no sg address, no sg working or studying pass.

Only you can help yourself. No one can help you to seize the moment.

If cannot, take it as a holiday. That was my thinking last time. I just try my luck cause as mentioned only you can help yourself.

Seriously speaking, Maybank SG is actually more than sufficient for day-to-day living in SG. I use Maybank SG all the time. Can withdraw at designated ATMs once a while for a few weeks of spending.

Not many ATMs as compared to the 3 local banks, but still sufficient for daily livings. The Visa debit card is already very convenient.

The added benefit with DBS, apart from having a "safer" deposit account and its multicurrency feature, would be opening up the opportunity for DBS Vickers and subsciption to SG bonds/SGX IPO. But the later is contingent on the ability to open a CDP account. So if you just open a DBS multiplier and Vickers account, you will just get multicurrency account and another custodian brokerage account. You won't enjoy the benefit of assessing SG capital markets.

SG local banks' FD rates are miserable...

Maybe Ram has different ideas. But the above is my observation from 2 months of living in SG.

This post has been edited by TOS: Aug 10 2022, 10:26 PM

1 SGD = 3.26 MYR now

CDP is useless for Malaysian.
People with no sg address is useless.

With zero tax on US bonds, why bother with lousy Singapore corporate bonds when you can buy like railway bond and those stuff. Not to mentioned US bonds are selling at USD25/unit. Much more affordable than Malaysian and sg bonds

Avoid sg market at all cost. Just a market with not much quality business there.

This post has been edited by Ramjade: Aug 11 2022, 01:25 AM

DBS still more convenient if you stay in SG
Every nook and cranny u anyhow walk walk also will suddenly have a standalone DBS/POSB ATM one

All those Msian bank (MBB CIMB) need to work in CBD area to make it worthwhile. Else it will also incur time and cost to travel there just to withdraw money.

How about HSBC? I am thinking to invest in SG reits

Forget about it. You need to be priority banking which means 6 figure of money lock up in the bank. Not sure priority which side. Some "international banks" require to be priority both side. Unless ou have too much money to give banks to lock up for miserable rates you are better off with CIMB sg or Maybank sg.

This post has been edited by Ramjade: Aug 11 2022, 09:27 AM

Akaashi how to open DBS multicurreny account in sg for those without student/working pass.

Don't forget the ATM-5 network.

https://www.maybank2u.com.sg/en/personal/ab.../Locate-Us.page

There're still plenty of Maybank SG ATMs around you in SG.

Ok lah, maybe I happened to live near one of the ATMs. But you can just exit an MRT station, walk down and withdraw money, then walk back up and continue with your MRT journey. The price is the same as long as you don't exit the station for more than 30 minutes.

This post has been edited by TOS: Aug 11 2022, 10:41 AM

Thank you so much Ramjade for the insight

Many thanks

Last month managed to open a Standard Chartered SG bank account. XtraSaver. But of course via the Priority way. Benefit about SC Priority is that your local Priority status is acknowledged/transferable worldwide. So MY = SG = HK = ID = PH = TH

Also managed to open Trading account too with 0.18% no minimum (Priority).

Easiest way of course would be still Maybank or CIMB.

This post has been edited by ShinG3e: Aug 11 2022, 11:12 PM

Damn. I asked Malaysian side before. Need priority both side.

Do you know their brokerage account is using which broker? Is the brokerage account come with SIPC and FDIC thingy?

Which bank? Mine is SC. Might be different for others like hsbc uob etc.