i spend the whole day researching my new maybank SG bank account.

here is what i do:
-Tiger Broker to Maybank SG
-Maybank SG to Tiger broker [via Transfer UEN]
-Maybank SG to Tiger broker [via Transfer Other Accounts - DBS Bank]
-Maybank SG to Wise [via Transfer UEN]
-Maybank SG to Wise [via Transfer Other Accounts - Wise Bank]
-Maybank SG to Wise [Maybank App Scan Wise QR]
-Wise to Maybank SG

its really fun

I noticed, transfering SGD around is free, no fee.
WISE also didnt charge any fee for receiving and sending SGD. Wise only charge fee for forex conversion.

I also managed to register PayNow ID tied to my Malaysia phone number. I tried using WISE to transfer to PayNow Id [My HP Number], it doesnt work.

You might get stuck at Tiger to MBB, even though MBB is Tiger bank.. ironically.. hahaha

could you explain why?

Tiger is safe, its like moomoo, regulated in Singapore. I dont see any need for concern.

Nothing wrong with Tiger Brokers, but they want a bank statement before allowing fund withdrawals to that bank, and I assume you're using iSavvy, which doesn't provide you a bank statement...

i want to open dbs bank but they ask for card and pin? 😒

what you mean

ocbc getting on my nerve, over 30 tries and still fail...

earlier someone discussed and asked about closing account and whether can be done online. well, i have just learned that (for OCBC account, not sure about others ), you can just transfer out the balance to zero.

since its zero balance, there is no minimum charges and after 6 months, the account will be closed.

there goes my OCBC Easi-save account, requiring Minimum SGD 3000 balance if not service charge of 7.5 + 2 per month.

Just sharing my recent experience trying to open a CIMB SG account.

I already have a CIMB MY account and applied for CIMB SG on 13 August. The form filling was easy and the account was created on the same day. I transferred SGD1k from my DBS SG via Ifast and also applied to link my CIMB MY account and CIMB SG account.

Accounts were linked on 16 August and I transferred SGD5 from CIMB MY to CIMB SG.

Note that my account had been created but not approved.

On 16 August I received an email from CIMB SG asking for my bank statement showing proof of salary crediting. I provided this and also reiterated that I am an existing CIMB MY and DBS SG account holder and had made transfers in via both accounts.The email also asked my intended purpose for opening the account. I responded saying I wanted to open the account for investment, depositing SGD and spending for personal use during visits to Singaporean.

8 days passed without any response.

On 24 August I sent a follow up.

On 29 August I received an email asking for proof of investment in SG. I responded saying that I already told them that my intention is for investment (such as FD deposit in SGD) and how can I prove my future intention when the account is not even opened?

Very frustrated at how long and nonsensical this process has been. I'm really regretting opening this account and now have SGD1005 stuck there, and a very slow and inefficient account opening team. I just hope they will give me my money back if they disallow my account opening.

Next time don't tell people you want to use an account for "investment". CIMB is notoriously sensitive to the word "investment"; my CIMB MY (Basic Saving) account application was rejected at one of the branches in Butterworth, Penang because I told the officers I plan to use it to fund my SG investments. Straightaway officers' face turn pale.

I drove to another branch later and never utter the word "investment" anymore.

Despite all the fuss, CIMB SG (together with Citibank) are named in the 1-bllion SGD money laundering case in Singapore. https://www.businesstimes.com.sg/companies-...laundering-raid

Wow, this SongBaolin used CIMB to cuci the money. Did MAS take action on CIMB SG?

The Monetary Authority of Singapore, when asked by Bloomberg News for comment, referred to its earlier statement where it said the regulator is undertaking supervisory engagements with financial firms where potentially tainted funds have been identified, and will take “firm action” against those found to have breached anti-money laundering and related rules. A spokesperson for the Singapore police did not immediately respond to a request for comment.

DBS and Bank of Singapore (private bank branch of OCBC) are also implicated in the case. https://www.businesstimes.com.sg/companies-...singapore-firms

oh no, they themselves are the launderers.  Will MAS close their acc?

The accounts will surely be frozen for investigation for now.

As for closure, my computer engineering prof (who stays in JB, likely a Malaysian) says that most likely the assets will be confiscated and thus belong to SG government as they may not be able to trace the source.

i mean the banks, not the Su baoling