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 Opening a Bank Account in Singapore

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yjy P
post Aug 28 2023, 08:12 AM

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QUOTE(john123x @ Aug 27 2023, 12:55 AM)
i think the ocbc app developer is crossing the line already. I mean the scan IC issues.

someone need to educate this stupid developer, that the app already read data from e-Passport with NFC chip that is read only and tampered proof!!!!
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Haha agreed. I've used 2 Android phones to try and apply with no success. I'm going to try with an iPhone. I'm thinking they might have been lazy and only built the system to work properly with iOS because it covers the most users?
coolguy99
post Aug 28 2023, 08:58 AM

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Can anyone transfer using the Maybank SG account? I tried several times but keep unsuccessful.
leo2010
post Aug 28 2023, 09:26 AM

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QUOTE(Ramjade @ Aug 27 2023, 11:12 AM)
From what I know application is online. If you are visiting Singapore, go for DBS Vickers and DBS my account. It's superior to CIMB account. Condition to get DBS account, must open DBS Vickers. Can only be done at MBFC.
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Can we do online non-SGD forex conversion (eg. USD <--> EUR) with DBS My Account ? I assume not.
dark_axl21
post Aug 28 2023, 09:32 AM

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QUOTE(TOS @ Aug 27 2023, 09:02 PM)
Some good (and important) updates for CIMB SG account holders:

» Click to show Spoiler - click again to hide... «


Source: PC-User/HWZ
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I can't register and bind the mobile number that I've used for the MY counterpart.
But somehow notifications still come through, is it because the accounts are tied?
Ramjade
post Aug 28 2023, 09:44 AM

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QUOTE(leo2010 @ Aug 28 2023, 09:26 AM)
Can we do online non-SGD forex conversion (eg. USD <--> EUR) with DBS My Account ?  I assume not.
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Never tried. You can get better rates by opening up a Forex broker and convert it inside the Forex broker than use DBS. Don't use IBKR for conversion cause if you use it for conversion only, they can and will ban you.

This post has been edited by Ramjade: Aug 28 2023, 01:36 PM
SUSTOS
post Aug 28 2023, 10:26 AM

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QUOTE(dark_axl21 @ Aug 28 2023, 09:32 AM)
I can't register and bind the mobile number that I've used for the MY counterpart.
But somehow notifications still come through, is it because the accounts are tied?
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Err don't quite understand your case. The mobile number for CIMB SG and MY should be registered separately when you open the accounts respectively.

You may then link up CIMB SG and MY accounts which allow you to check each other country's account balance details when you login from the other.

E.g. Login to CIMB SG can see CIMB MY saving accounts and FDs; login to CIMB MY can see CIMB SG account details.

As for mobile number notifications, I think there are separate storing system for each account (SG and MY).

Usually I will receive an email notification for money deposited into/exiting CIMB MY. No notification is given for money going into CIMB SG for my case. Money exiting CIMB SG will trigger an SMS or notification email, depending on your settings:

» Click to show Spoiler - click again to hide... «


This post has been edited by TOS: Aug 28 2023, 10:59 AM
leo2010
post Aug 28 2023, 10:30 AM

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QUOTE(Ramjade @ Aug 28 2023, 09:44 AM)
Never tried. You can get better rates by opening up a Forex broker and concert it inside the Forex broker than use DBS. Don't use IBLR for conversion cause if you use it for conversion only, they can and will ban you.
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Sorry, side-track abit.

IBKR forex trading has the same USD2 min. commission for tiered pricing, and you get to set the desired conversion rate for the day (vs. currency conversion @ spot rate, USD2 commission). Just curious, would you get flagged and possibly banned too, taking the forex trading path, for the sake of forex conversion?
SUSTOS
post Aug 28 2023, 10:59 AM

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OCBC system is down across the island...

https://www.channelnewsasia.com/singapore/o...w-cards-3728906
john123x
post Aug 28 2023, 12:04 PM

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QUOTE(TOS @ Aug 28 2023, 10:59 AM)
OCBC system is down across the island...

https://www.channelnewsasia.com/singapore/o...w-cards-3728906
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sigh, isnt ocbc the second largest bank in singapore?

what a joke.

No wonder their app is poorly and stupidly developed...

This post has been edited by john123x: Aug 28 2023, 12:04 PM
coolguy99
post Aug 28 2023, 12:11 PM

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QUOTE(TOS @ Aug 28 2023, 10:59 AM)
OCBC system is down across the island...

https://www.channelnewsasia.com/singapore/o...w-cards-3728906
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Just saw this news too. No wonder I couldn't perform paynow just now. I thought there is something wrong with Maybank SG.
Ramjade
post Aug 28 2023, 01:37 PM

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QUOTE(leo2010 @ Aug 28 2023, 10:30 AM)
Sorry, side-track abit.

IBKR forex trading has the same USD2 min. commission for tiered pricing, and you get to set the desired conversion rate for the day (vs. currency conversion @ spot rate, USD2 commission).  Just curious, would you get flagged and possibly banned too, taking the forex trading path, for the sake of forex conversion?
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Yes that's right. There have been reports of people of abusing IBKR, IBKR send out a warning email to that person that if he continue doing that, account will be closed.
xander2k8
post Aug 28 2023, 03:05 PM

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QUOTE(john123x @ Aug 28 2023, 12:04 PM)
sigh, isnt ocbc the second largest bank in singapore?

what a joke.

No wonder their app is poorly and stupidly developed...
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Even DBS was down a few months back as the largest bank in Singapore 🤦‍♀️ and most of the time when this happens it is usually in Monday and Friday morning the past few incidents
Super2047
post Aug 28 2023, 11:27 PM

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Recently i noticed CIMB SG gives very good rate converting to RM. Today can get near to 3.428 transferring from CIMB SG to MY directly. Much better than Wise.
nexona88
post Aug 28 2023, 11:42 PM

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QUOTE(xander2k8 @ Aug 28 2023, 03:05 PM)
Even DBS was down a few months back as the largest bank in Singapore  🤦‍♀️ and most of the time when this happens it is usually in Monday and Friday morning the past few incidents
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Malaysia banks "sickness" have infected Singaporean banks too....

System down @ offline 😁
ccschua
post Aug 29 2023, 07:52 AM

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QUOTE(Super2047 @ Aug 28 2023, 11:27 PM)
Recently i noticed CIMB SG gives very good rate converting to RM. Today can get near to 3.428 transferring from CIMB SG to MY directly. Much better than Wise.
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Limited to 3k per day,not more
xander2k8
post Aug 29 2023, 08:23 AM

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QUOTE(Super2047 @ Aug 28 2023, 11:27 PM)
Recently i noticed CIMB SG gives very good rate converting to RM. Today can get near to 3.428 transferring from CIMB SG to MY directly. Much better than Wise.
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Restricted rate and amount 🤦‍♀️

QUOTE(nexona88 @ Aug 28 2023, 11:42 PM)
Malaysia banks "sickness" have infected Singaporean banks too....

System down @ offline 😁
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Malaysia banks sickness is not as complex as Singapore 🤦‍♀️ as Singapore banking system is more open and not closed loop unlike in Malaysia hence downtime can be longer judging from DBS recent debacle
Medufsaid
post Aug 29 2023, 09:57 AM

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ccschua cimb SG can change limit to cimb MY

user posted image

user posted image
(note: i don't have S$35k in my acct, that's just how their UI is)

This post has been edited by Medufsaid: Aug 29 2023, 10:45 AM
Toku
post Aug 29 2023, 11:09 AM

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QUOTE(Ramjade @ Aug 28 2023, 01:37 PM)
Yes that's right. There have been reports of people of abusing IBKR, IBKR send out a warning email to that person that if he continue doing that, account will be closed.
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I doubt so. Those getting banned were most likely using the account only for conversion and withdraw it after conversion. For normal user who is holding equities, money deposit for investment/trading i.e. convert money for investment (not direct withdrawal) IBKR will not banned as this is the normal account activities. Even though users do a trade on FX pairs, it should be consider a normal activities. The abnormal activities is to deposit-conversion-withdrawal. System will flag that.
Ramjade
post Aug 29 2023, 11:15 AM

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QUOTE(Toku @ Aug 29 2023, 11:09 AM)
I doubt so. Those getting banned were most likely using the account only for conversion and withdraw it after conversion. For normal user who is holding equities, money deposit for investment/trading i.e. convert money for investment (not direct withdrawal) IBKR will not banned as this is the normal account activities. Even though users do a trade on FX pairs, it should be consider a normal activities. The abnormal activities is to deposit-conversion-withdrawal. System will flag that.
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From what I gathered, if you convert you need to use it to buy stuff. Not sure if conversion > buying will it be flag. That's why to be on the safe side, just convert and use the money for investment. Don't use ibkr as a conversion tool.
ccschua
post Aug 29 2023, 01:20 PM

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QUOTE(Medufsaid @ Aug 29 2023, 09:57 AM)
ccschua cimb SG can change limit to cimb MY

user posted image

user posted image
(note: i don't have S$35k in my acct, that's just how their UI is)
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even though i updated the transfer limit to MYR 100k in services, the RM 3k limit is still not ther. but I can see your screen is RM 100k, not sure why my limit is still 3k


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