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 Opening a Bank Account in Singapore

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Hansel
post Jan 23 2017, 10:54 PM

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QUOTE(Ramjade @ Jan 23 2017, 06:51 PM)
It's perfectly legal by cimb sg. Go read their fees pdf file.
Amount to maintain: no min amount
Fall below fees: nil

It's stated in their document in black and white. Even with maybank, just transfer the SGD500 to and fro from their account and back within the same day to "make it active"

DBS/ocbc/scb have cheap account you know which requires just SGD0/1000 to maintain.

One just need to read their fees.
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Perhaps so, but continuing to repeat this demonstrates the acct-holder's character, and his intentions,...being not to open the acct for transactions, butto open one just waiting to see if a usage would come along later on. In the meantime, while waiting, the acct holder can just use these legal techniques to circumvent the productive objectives of opening an acct...

As an experienced acct-holder in Sgp, I would advise not to reiterate on these 'legal' techniques too much, if you care abt others. That's all there is to it.

This post has been edited by Hansel: Jan 23 2017, 10:57 PM
blogomatic
post Jan 23 2017, 11:03 PM

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QUOTE(Hansel @ Jan 23 2017, 10:54 PM)
Perhaps so, but continuing to repeat this demonstrates the acct-holder's character, and his intentions,...being not to open the acct for transactions, butto open one  just waiting to see if a usage would come along later on. In the meantime, while waiting, the acct holder can just use these legal techniques to circumvent the productive objectives of opening an acct...

As an experienced acct-holder in Sgp, I would advise not to reiterate on these 'legal' techniques too much, if you care abt others. That's all there is to it.
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chill my friend. opening a normal savings account only - whatever the purpose is.
TOMEI-R
post Jan 24 2017, 05:14 PM

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QUOTE(ryan18 @ Jan 23 2017, 10:38 PM)
so easy to open CIMB Fastsaver,now need to find RM 3k+ to fund this account within 30 days lol
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You need to do a "FAST" transfer from another Singaporean Bank account. Failling to do so within 30 days, CIMB will cancel the account. There is only one way, which is to tranfer money from another Singaporean Bank account. So actually this doesn't help for those that dont have a Singapore Bank account in the first day.
Ramjade
post Jan 24 2017, 06:25 PM

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QUOTE(ryan18 @ Jan 23 2017, 10:38 PM)
so easy to open CIMB Fastsaver,now need to find RM 3k+ to fund this account within 30 days lol
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No local SG account in your own name (cannot borrow friend's/family account), you cannot open.

QUOTE(TOMEI-R @ Jan 24 2017, 05:14 PM)
You need to do a "FAST" transfer from another Singaporean Bank account. Failling to do so within 30 days, CIMB will cancel the account. There is only one way, which is to tranfer money from another Singaporean Bank account. So actually this doesn't help for those that dont have a Singapore Bank account in the first day.
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Precisely. This account is helpful for those with local SG bank account to make the accounts "active" as banks over there see account activity as debit and not credit of money. shakehead.gif
If account become inactive susah lo.

This post has been edited by Ramjade: Jan 24 2017, 06:26 PM
gark
post Jan 24 2017, 07:26 PM

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QUOTE(Ramjade @ Jan 24 2017, 06:25 PM)
If account become inactive susah lo.
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One time I left my DBS acct for about 2-3 years no activity (no debit or credit), even the debit/ATM card is expired > 1 year. Just walk into branch, and change a new debit/ATM card, no problem took me just 5 mins. Acct was not blocked for the period as I check online and can access, and no fees levied prior going to change the debit card.

Maybe account inactivity is not such big a problem. laugh.gif

This post has been edited by gark: Jan 24 2017, 07:29 PM
Ramjade
post Jan 24 2017, 09:03 PM

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QUOTE(gark @ Jan 24 2017, 07:26 PM)
One time I left my DBS acct for about 2-3 years no activity (no debit or credit), even the debit/ATM card is expired > 1 year. Just walk into branch, and change a new debit/ATM card, no problem took me just 5 mins.  Acct was not blocked for the period as I check online and can access, and no fees levied prior going to change the debit card.

Maybe account inactivity is not such big a problem.  laugh.gif
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Well according to DBS (emailed them this year), inactivity is one year of no activity. Need to go to counter and perform a transaction to "reactivate it". sweat.gif

Maybe your time was few years back brows.gif
ryan18
post Jan 24 2017, 09:18 PM

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QUOTE(TOMEI-R @ Jan 24 2017, 05:14 PM)
You need to do a "FAST" transfer from another Singaporean Bank account. Failling to do so within 30 days, CIMB will cancel the account. There is only one way, which is to tranfer money from another Singaporean Bank account. So actually this doesn't help for those that dont have a Singapore Bank account in the first day.
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yes I know that and I do have a DBS account

QUOTE(Ramjade @ Jan 24 2017, 06:25 PM)
No local SG account in your own name (cannot borrow friend's/family account), you cannot open.
Precisely. This account is helpful for those with local SG bank account to make the accounts "active" as banks over there see account activity as debit and not credit of money.  shakehead.gif
If account become inactive susah lo.
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I have a DBS account but since that DBS account is not earning any interest might as well open another SG bank account to throw some excess RM and earn some interest (X3 in RM terms lol)
Ramjade
post Jan 24 2017, 09:27 PM

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QUOTE(ryan18 @ Jan 24 2017, 09:18 PM)
yes I know that and I do have a DBS account
I have a DBS account but since that DBS account is not earning any interest might as well open another SG bank account to throw some excess RM and earn some interest (X3 in RM terms lol)
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It's not 3x. It's 1x + any capital appreciation (should RM drop sad.gif )
Btw, you can try to look into converting the DBS account into one of those cheap DBS/POSB account (need to hold min SGD500/1000). I will do that to save cost. No point holding DBS MCA now. sad.gif Then the rest park in bonds and earn ~4% pa. Can also leave DBS with say SGD100 and park the remaining into bond funds and pay them using the money gained from Bond funds.
ryan18
post Jan 24 2017, 09:36 PM

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QUOTE(Ramjade @ Jan 24 2017, 09:27 PM)
It's not 3x. It's 1x + any capital appreciation (should RM drop sad.gif )
Btw, you can try to look into converting the DBS account into one of those cheap DBS/POSB account (need to hold min SGD500/1000). I will do that to save cost. No point holding DBS MCA now. sad.gif Then the rest park in bonds and earn ~4% pa. Can also leave DBS with say SGD100 and park the remaining into bond funds and pay them using the money gained from Bond funds.
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hmm i thought DBS doesnt allow non resident to open those cheaper (eSaver) accounts. (or the RM is trying to trick me when I open my account lol)
I do have a stock with a yield of 8.75% (at my purchase price at that time), so the main purpose of my DBS is just for dividend crediting for this stock
gark
post Jan 24 2017, 09:43 PM

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QUOTE(Ramjade @ Jan 24 2017, 09:03 PM)
Well according to DBS (emailed them this year), inactivity is one year of no activity. Need to go to counter and perform a transaction to "reactivate it". sweat.gif

Maybe your time was few years back  brows.gif
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Yep it was about 2 years back. Anyway you will need to renew your ATM card when expired, so matter of time you need to go back to sg.
Ramjade
post Jan 24 2017, 09:46 PM

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QUOTE(ryan18 @ Jan 24 2017, 09:36 PM)
hmm i thought DBS doesnt allow non resident to open those cheaper (eSaver) accounts. (or the RM is trying to trick me when I open my account lol)
I do have a stock with a yield of 8.75% (at my purchase price at that time), so the main purpose of my DBS is just for dividend crediting for this stock
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There's some account that allows foreigner to open. Not sure if applies to us (without working pass).

QUOTE(gark @ Jan 24 2017, 09:43 PM)
Yep it was about 2 years back. Anyway you will need to renew your ATM card when expired, so matter of time you need to go back to sg.
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I am planning min one trip/year to topup my account. biggrin.gif rclxms.gif
puchongite
post Jan 25 2017, 09:44 AM

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QUOTE(walkman660 @ Jan 17 2017, 12:28 PM)
latest update here , i just open a maybank.sg account in the main branch in my area, and the super friendly staff told me that 1 month is needed for sg branch to mail everything to me, So, if anyone interested to open a maybank.sg account, do the following:
(1) go to main branch (save time)
(2) bring IC
(3) make sure u have maybank.my bank account with you
(4) no need bring any cash as the bank will directly debit from your account (500 SGD)
P/S: rate is 3.17xx : 1SGD , for 500 SGD (as of 17/1/2017) , you'll need to pay around RM1600
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Anyone here in Klang Valley successfully open a maybank sg account from the branch here ?
ShinG3e
post Jan 25 2017, 10:14 AM

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QUOTE(gark @ Jan 24 2017, 09:43 PM)
Yep it was about 2 years back. Anyway you will need to renew your ATM card when expired, so matter of time you need to go back to sg.
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oh... when the MBB SG CS called me, i asked them about the expired decit card. They say that I do not need to visit their physical branch, but instead they will mail the card to my registered address instead. Hassle free. Just that I need to reactivate the card again instead of over the counter where teller activate for you on the spot.

QUOTE(puchongite @ Jan 25 2017, 09:44 AM)
Anyone here in Klang Valley successfully open a maybank sg account from the branch here ?
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supp.
puchongite
post Jan 25 2017, 10:15 AM

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QUOTE(walkman660 @ Jan 17 2017, 12:28 PM)
latest update here , i just open a maybank.sg account in the main branch in my area, and the super friendly staff told me that 1 month is needed for sg branch to mail everything to me, So, if anyone interested to open a maybank.sg account, do the following:
(1) go to main branch (save time)
(2) bring IC
(3) make sure u have maybank.my bank account with you
(4) no need bring any cash as the bank will directly debit from your account (500 SGD)
P/S: rate is 3.17xx : 1SGD , for 500 SGD (as of 17/1/2017) , you'll need to pay around RM1600
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Is this the account you applied, iSaVvy ?

http://info.maybank2u.com.sg/personal/depo...gs-account.aspx

http://info.maybank2u.com.sg/pdf/eservices...unt-Opening.pdf



This post has been edited by puchongite: Jan 25 2017, 10:16 AM
ChuiChuiShui
post Jan 26 2017, 09:09 PM

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Ngam ngam done open a MBB sg, thanks ShinG3e for the advises and guides.

The parcel did comes with a token as well. Whats the function of the token? Like ours, more than 30k 50k then need token to approve?

Also, do you guys receive a debit card as well? and how long it takes to auto debit from msia mbb account?
lamode
post Jan 26 2017, 10:19 PM

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QUOTE(ChuiChuiShui @ Jan 26 2017, 09:09 PM)
Ngam ngam done open a MBB sg, thanks ShinG3e for the advises and guides.

The parcel did comes with a token as well. Whats the function of the token? Like ours, more than 30k 50k then need token to approve?

Also, do you guys receive a debit card as well? and how long it takes to auto debit from msia mbb account?
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mind to share which branch u went to? icon_question.gif
ShinG3e
post Jan 27 2017, 10:55 AM

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QUOTE(ChuiChuiShui @ Jan 26 2017, 09:09 PM)
Ngam ngam done open a MBB sg, thanks ShinG3e for the advises and guides.

The parcel did comes with a token as well. Whats the function of the token? Like ours, more than 30k 50k then need token to approve?

Also, do you guys receive a debit card as well? and how long it takes to auto debit from msia mbb account?
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you're welcome. biggrin.gif

token is to generate something similar with TAC. For online login, transfer funds etc... all need that token to generate. instruction is on the token packaging.

usually token will reach you first. debit card will come later. estimate 2 weeks after you receive the token.
ChuiChuiShui
post Jan 27 2017, 09:34 PM

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QUOTE(ShinG3e @ Jan 27 2017, 10:55 AM)
you're welcome. biggrin.gif

token is to generate something similar with TAC. For online login, transfer funds etc... all need that token to generate. instruction is on the token packaging.

usually token will reach you first. debit card will come later. estimate 2 weeks after you receive the token.
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Thx boss, then when the money will be auto debit to the sg acc ah?
ChuiChuiShui
post Jan 27 2017, 09:34 PM

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QUOTE(lamode @ Jan 26 2017, 10:19 PM)
mind to share which branch u went to?  icon_question.gif
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boss, kepong branch smile.gif
lamode
post Jan 28 2017, 10:19 AM

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QUOTE(ChuiChuiShui @ Jan 27 2017, 09:34 PM)
boss, kepong branch smile.gif
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thanks big boss smile.gif happy CNY rclxms.gif thumbsup.gif

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