Updates of may Maybank SG Account application:

Received this message yesterday at around 2 p.m.
Seems like my card is ready, but kind of wonder if it will be useful at all. Hopefully the online banking system is working.

Ok, summary for all 5 letters. I am speechless.

1. One letter informs me of my Maybank SG debit card number plus a designated PIN number. (Not sure if I can change Maybank SG debit card PIN from a Malaysia ATM? Ramjade)

2. 2nd one informs me of the security token for online banking security (Gee, that tool looks gorgeous).

3. 3rd one is the card itself. (How come I got a platinum debit card? I didn't apply for the "platinum version". Ramjade) There is a booklet introducing the platinum card itself.

4. 4th one is the Access ID which is needed for online banking activation.

5. Last one is the general letter thanking me for applying isavvy account, plus info on account number. It says:
I won't post any photos here due to privacy concerns, but if anyone needs a general view of each letter, I am happy to PM them (with sensitive details cropped out of course).

First-time experience opening offshore banking account. Cool stuffs indeed.

Maybank Online Banking/Mobile Banking Access ID, PIN mailer and Security Token
Maybank Platinum Debit Card and PIN mailer

Sure, will go to the post office to check if missing anything since I got the red "Sesuatu untuk Anda" slip. Maybe 1-2 things left behind. Will update here again tomorrow.

One off-topic question, can I use the Maybank debit card for SG's public transport like buses/train? I mean treating my Maybank card like an ezlink card. Is that possible? Will I pay the same price as ezlink/NETS card users?

Looking at all the requirements, I now have:

Maybank debit card, card PIN

Maybank online account number, access ID and security token.

But Maybank online banking PIN is missing. All but one of the letter mentions about the online banking PIN (that letter is the one that provides my access ID for online baking, and it says the PIN mailer is separately mailed to me, which I did not receive).

Is the online banking PIN the same as the card PIN?

Online banking PIN arrived. Everything complete!



I need to sign at the post office to receive the letter, thanks to security features by Maybank. They actually require the receiver to be present in person to receive the PIN mail. Very secure indeed.

Now can prepare to register the online banking and transfer money out of IBKR. Will provide more updates later.

Ramjade As an additional question, if my deposit of 500 SGD is used to invest in time deposit accounts, which result in around 10-50 SGD left in my saving account, will I be subjected to the 2 SGD monthly charge?

The letter says 500 SGD is the minimum balance needed.

Ok, manage to login and register for online banking, the only thing is at the end of the process they say can't register my foreign phone number for SMS notification, but before this in one of the procedures, I managed to receive the 2FA SMS from SG.

Hope things are fine. Next step: Withdraw from IBKR

Got a question here. Now which one to choose?

Obviously, only 2nd and 3rd one are correct. But which one? 2nd or 3rd option?

i sucessfully opened cimb sg. and i get letter informing me on the acc opening. once i deposit 1k sgd i can direct take it out?
Can i know will the account be dormant? i cant find any information in their website. How frequent it need to have transaction? What is the minimum balance in the account? leaving 50 SGD in the account will end up close?

Already messaged them. I don't see any option for OTP during the login process. Do you mind to point out?


Yes. iSavvy Account. You need to download the application form from Maybank SG's website. Then fill up the form and bring along your documents together with the form to the designated branch and submit them. Remember, only certain branches can handle overseas account application, which is stated at the end of the application form. Don't simply drive to any branch close to your house!

Trying to compare the cost of transfer between Maybank and the rest

How come I withdraw 500 SGD from IBKR but only get 490 SGD? 

What is going on?

So, I want to transfer some extra money using Instarem and country of residence is...



How do you guys transfer cash to SG bank account using Instarem? Pretend not to be a Malaysian? Which country to use then?

How come I withdraw 500 SGD from IBKR but only get 490 SGD? 

What is going on?

I regret opening a Maybank SG account, should have opened CIMB SG account instead. Damn it.

Now evaluating whether need to close Maybank SG and open CIMB SG instead. I am not sure how much does it cost to transfer money from CIMB SG to IBKR? Any transaction cost invovled?

Thanks. For the link, the problem is there is no GIRO method available for me. But if I select HKD then there is GIRO method available.



And since one withdrawal per month is free, GIRO to HKD and redeposit back to IBKR (which is free) then convert to SGD is actually cheaper than opening a SG bank account.

If you don't consider forex rate fluctuation, the currency conversion cost is only around 15.5 HKD or 2.6 SGD and since no transaction cost for HK banks, this is a more affordable method (2.6 x 2 = 5-6 SGD). 

Another good news is I will have 6k HKD (around 1k SGD) stipend coming from my university at the end of this month, so maybe some fresh capital to fund my IBKR account.

he withdrew in sgd ah...got charged inwards remittances fee sgd10 by mbb.sg

No mistake is done. I have around 720 SGD left in my IBKR SGD cash account originally, so deduct 500 SGD and around 200 still left in my account, IBKR displayed it correctly (now around 200 SGD left in my account as displayed). The problem falls on IBKR's side. I can't understand why remittance from SGD account to another SGD bank account in Singapore needs Telegraphic Transfer when FAST, GIRO or other methods are available. Either they collude with banks to allow them to earn more fees or they are outdated. More so when they already have offices in Singapore, I can't imagine they still need old fashioned-wire method to remit money around.
Yes, this sentence sums up everything.
No need to feel sorry. My stupid mistake. I own up to it without blaming anyone.

Can anyone advise on next step to close Maybank SG account?

I have a few options now, deadline is by this Friday. (Friday is the time deadline when I need to fully fund my account with 500 SGD, or else 2 SGD monthly charge begins, I think).

1. Transfer back 480 SGD to IBKR, leave the mandatory 10 SGD to the "suicide" account. Basically I need to maintain at least 10 SGD in my account. So, for this option, I will let the 10 SGD to be deducted 2 SGD per month until 0, then 6 months later, account will be closed. Hopefully no more charges. If I choose to close account now, 30 SGD will be charged on top of all other fees (if any).

Total cost for this method is 20 SGD, if no other fees are charged. (10 SGD deducted when 500 SGD is remitted inward, then again 10 SGD deducted for mandatory leftover balance.)

2. Top up around 10-20 SGD to my current Maybank account to get the full 500 SGD figure to avoid the 2 SGD monthly charge for sub-500 account balance. I can only top-up from Instarem/Transferwise, but don't know if there are any charges for remittance if I top-up using instarem/transferwise (from MYR in Maybank Malaysia to SGD, Maybank SG). dwrk or other sifus.

3. Leave the account as it is and bear with 2 SGD per month deduction.

As for CIMB SG, I need to know:

1. Will there by any monthly charges for below 500 SGD balance or any specified amount? (From what I see in the website, there is no monthly fall-below fees).

2. If I need to close my CIMB SG account, are there any penalty/charges (for 2 cases: within 6 months (or any pre-defined early account closure period) AND after the account closure period)?

3. Just to double confirm, will there be any charges from CIMB SG (or IBKR, for that matter) for the following transfer of money?

a. Maybank Malaysia (my malaysia bank account) -> CIMB SG using instarem/transferwise
b. CIMB SG -> IBKR SG Citibank NA account
c. IBKR SG Citibank NA account -> CIMB SG
d. CIMB SG -> Hong Kong Hang Seng Bank (using Transferwise/Instarem or other feasible methods, as advised by sifus here).
e. Hong Kong Hang Seng Bank -> CIMB SG (using Transferwise/Instarem or other feasible methods, as advised by sifus here).

Any form of cost-benefit analysis is much appreciated. Thanks everyone.

Base currency is SGD. CIMB waived the incoming remittance fee. https://www.cimb.com.sg/en/personal/help-su...remittance.html (first table)

Maybank SG hasn't waived it yet.

Already remit 200 MYR to my Maybank SG account, let's see how things go. In particular, I want to see if remittance from Instarem from Malaysia has charges of 10 SGD or not. I have added a 50 SGD "loss provisions" for all my stupid transactions fees in my investment return. That's about 0.22 % lost for my portfolio.

Also, looking at CIMB Sg Fastsaver, the initial deposit of 1k SGD must be from an account with your personal name transferred through FAST. So, without a bank account in Singapore (not counting CIMB Fastsaver SG), you can't open CIMB Fastsaver SG at all.

Can't transfer from IBKR at all since it's not in your own name.

It makes me wonder how do you guys open CIMB Fastsaver SG without Maybank SG? (Assume you do not have DBS/OCBC/UOB account in Singapore or work in Singapore).

https://www.cimb.com.sg/en/personal/help-su...unt-number.html

Ah. Now I remember I have a joint-name account with my father for CIMB MY. Can I use that to transfer to CIMB SG (if say I plan to open CIMB SG)

For the first SGD1000, can I transfer to CIMB SG FastSaver using TT from other local banks instead of CIMB MY -> CIMB SG ?

I now have an interesting question. Which of the following is cheaper?

1. Deposit HKD from Hang Seng Bank to IBKR account, then convert to SGD within IBKR.

2. Deposit HKD from Hang Seng Bank to Maybank SG bank account (using Instarem) then transfer to IBKR using FAST

So, basically I am asking for a given amount of HKD, which method, 1 or 2 gives me more SGD in the end? Is Instarem's rate + cost better than IBKR's own internal FX conversion?