Actually I checked, eremit is for online transfer even though it's run by Merchant Trade. But the Merchant trade worker told me we use the rates that's display on our TV for transfer. If like that, how come indo/bangla all use these kind of service instead of banks?

But I would like to hear your suggestion on how to transfer money cheaply (PM also can if you don't want to write it out here in public) for someone with less than RM100k. My DBS Vickers is still pending approval.

It's ok I will tell here. I use DCI at spot rate regularly. So, if successfully, I will get spot rate at the time of entering DCI contract (although it could be more expensive at strike date). If I don't do DCI, I will convert directly from banks who give me preferential rate which is about 0.4-0.5% above spot rate. This involve bigger amount. I compare the rates from 3 banks. So, after a few times, the RM know they have competition and give me the best rate they can to get my business

However, that is not my main concern. I spend way more time on reading news, reports and forum to spot opportunities. Also buy lunch for the dealers and remisiers often and know what is going on. The more you trade, the more you will realize those with insider news will win more often than the regular retail buyers. Stock market is about who getting the information quicker

Don't bother so much on the cost side. Put your effort in the revenue side

If you are a bean counter in stock investment, I can tell you that you won't make a lot of money

Good info 

I think it is not the BNM which gave directive. It is the bank which doesn't want to answer to BNM if they ask for details of forex movement. Banks are now paranoid whenever forex is involved. So if they can reduce customers' transaction, they reduce their possible mistakes too

I asked BNM to clarify on some transfer machanism on export company and they say ok no problem. But when it comes to the bank, they asked for all sorts of documents (some unnecessary) and everything have to ask HQ. Causing unnecessary delays. Everyone in the bank doesn't want to be responsible in this trying times 

Those who want to open forex account now may not be the good time to do so. Maybe wait for a few months when everything stable down and banks have clearer direction

Wah. I am not trader. I am aiming to for dividends only. Don't sound like it can apply to me.

Your version is more accurately described 🤓

For the opening of account in sg, i think neither local resident bank with branch in sg nor sg resident bank will entertain someone with a few k initial deposit unless u r someone worthy for the RM or the officer to act in your favor and in their own interest. The savings insurance requirements of say sgd 3k/month for example is a huge commitment which 99.5% of applicants can't fulfilling it and only those rich would find it reasonable to proceed. This is prerequisite requirement for the bank to access you that you are worthy for them to proceed with account opening and at the same time the bank staff do make some commissions out of the insurance propose. One stone few bird strategy 👍🤐

If you are long term investor, all the more reason for you to transfer money out while you can, instead of skimming on the 1% and the time and effort to travel to Singapore. SGD has appreciated from 1:1 to the current rate over the last few decades. And your dividend per year of 7-8% is more than enough to cover.

I would rather use the traveling time to research on a good dividend stock. The capital gain could worth more than 1% in a short period. Should you have opened a local trading platform 1-2 weeks ago and dived straight into SGX, you would have made a few time more than the 1% you saved. But of course, the share price may go the other way around...

I also foresee you will have trouble buying a share if you are worry about a 1% difference. Because you will likely queue for a stock at lower price than buying it outright at "offer sell price". And in many occasions, you may miss the boat. Anyway, you will experience the "dilemma" when your vickers account is ready. Then you will understand what i am talking about. Good luck and happy investing !

Yes. Although same parent company, the same bank in Malaysia and Singapore are two separate entities. So the local bank can recommend, but it is up to the Sg bank to accept.

I heard HSBC can open overseas branch accounts right in Malaysia. I never tried though so I am not sure.

Rich people always are welcome and given privilege. The banks in Singapore will still welcome preferred/privileged/premier customers. The ballpark figure is US$300k thereabout. Or like you said, buy a big insurance policy.

For those who are small timer, it is arguable whether it is worth the while to open and maintain the forex account and trading platform in Sg. It may be more cost effective to use a local trading platform first and then when he grows bigger, only consider shifting to Sg.

SGD is created purposely to enable easy travel... one single SGD10K note fits nicely in the wallet. 

Wait. Singapore have SGD10k? I thought the biggest is SGD1k? My God. I didn't know. Now only I know.   But wonder local money changer have SGD10k note or not...

Yes. Although same parent company, the same bank in Malaysia and Singapore are two separate entities. So the local bank can recommend, but it is up to the Sg bank to accept.

Showtime747, you are right and you are experienced in this. 👍 For local bank to consider help someone open an account in sg, I think is not applicable to everyone, 1st he must be an active priority customer of that local bank. To open an FCA in sg, it's more challenging and someone must have "strong case or specific arrangement" for both local and sg bank to work around. Details best left though.

I heard HSBC can open overseas branch accounts right in Malaysia. I never tried though so I am not sure.

Rich people always are welcome and given privilege. The banks in Singapore will still welcome preferred/privileged/premier customers. The ballpark figure is US$300k thereabout. Or like you said, buy a big insurance policy.

Those can buy say sgd 200k or roughly rm600k insurance and to be paid say within 5 years is definitely not a small timer though. 🤓 This is sg bank filtering process to choose the best customers.

For those who are small timer, it is arguable whether it is worth the while to open and maintain the forex account and trading platform in Sg. It may be more cost effective to use a local trading platform first and then when he grows bigger, only consider shifting to Sg.

If a person wants to open an account just for the sake of opening it, then malaysia has forex account also.

Also, for forex share investment, it is not worth the effort for small timer to go to Sg. I think the local platform is more cost efficient and less effort to get involve in foreign currency stock investment

1. One largest bank RM told me it is central bank directive that no more FCA account wil be allowed to be open. But I'm not sure whether this is apply to all or "very special" Priority customers still able to open cause I'm not seeking further clarification from him. What I can sense is, it is extremely not easy to open unless you have say RM500k above and it is their active customer that support them with DCI or purchase bond etc yet still need RM to act in favor of you.

2. Open sg account still possible for non resident but very tough, u need to heavily commit say with few hundred thousand sgd deposit or e.g. Buying a saving insurance from the bank with e.g. Sgd 3k monthly premium. (This is someone real encounters)

3. Opening e.g. Sg mbb account via local Mbb is possible but I think is not applicable to everyone and the process takes very long time. Opening sg mbb fca is some what more difficult unless again u r bank very worthy customers.

4. And more..

Yes. Although same parent company, the same bank in Malaysia and Singapore are two separate entities. So the local bank can recommend, but it is up to the Sg bank to accept.

I heard HSBC can open overseas branch accounts right in Malaysia. I never tried though so I am not sure.

Rich people always are welcome and given privilege. The banks in Singapore will still welcome preferred/privileged/premier customers. The ballpark figure is US$300k thereabout. Or like you said, buy a big insurance policy.

For those who are small timer, it is arguable whether it is worth the while to open and maintain the forex account and trading platform in Sg. It may be more cost effective to use a local trading platform first and then when he grows bigger, only consider shifting to Sg.

Wah. I am not trader. I am aiming to for dividends only. Don't sound like it can apply to me.

Wait. Singapore have SGD10k? I thought the biggest is SGD1k? My God. I didn't know. Now only I know.   But wonder local money changer have SGD10k note or not...

10K note is no longer produced since 2014, but still legal tender. Still have some floating around. 

Agree on that. Might as well open one in Malaysia. Save all the hassle and also the lost in coversion with banks/ money changers etc.
Correct. Most banks will need a reason to let you open a savings account. Like mentioned, for Salary bank in, rental collection, bill payment etc. So if you dont have a valid working visa, you wont have a valid reason to open an account. Some banks do allow an account opening in the event,

1) You subscribe to their insurance/savings plans (so that they will need to open an account for you so that your monthly/yearly premium can go through. (An example would be UOB will ask you to buy their savings cum insurance plan which the yearly premium would be SGP $9000 per year minimum and you would need to service it is for 5 years at least.

2) Investment/ Funds etc which will warranty a need for a SGP bank account

3) Forex/ Shares trading accounts etc which will warranty a need for a SGP bank account

Your version is more accurately described 🤓

For the opening of account in sg, i think neither local resident bank with branch in sg nor sg resident bank will entertain someone with a few k initial deposit unless u r someone worthy for the RM or the officer to act in your favor and in their own interest. The savings insurance requirements of say sgd 3k/month for example is a huge commitment which 99.5% of applicants can't fulfilling it and only those rich would find it reasonable to proceed. This is prerequisite requirement for the bank to access you that you are worthy for them to proceed with account opening and at the same time the bank staff do make some commissions out of the insurance propose. One stone few bird strategy 👍🤐

for this, i should be thankful with the fact that they approve my account application less than 2 weeks. 

no insurance sign up/ CC sign up nor priority banking.

Leng Lui tend to have good luck?🤓

for this, i should be thankful with the fact that they approve my account application less than 2 weeks. 

no insurance sign up/ CC sign up nor priority banking.

Leng Lui tend to have good luck?🤓

Same for me as well. Thanks to ShinG3e's advice, I now have a Maybank Singapore iSavvy Saving Account. Recently, the debit card and security token were sent to my home, and I have activated the access to Maybank Singapore online banking website. 

Are you sure its a She? 

Anyway, Congrats for your account opening with Maybank SG.