if you go down and deposit money yourself (max RM30k), you save min SGD60 when you are compare to the cheapest TT by banks. How I know? I counted. This is provided your transport fees going and coming back don't exceed RM200.

Cimb SG cannot be opened unless you already have a Singapore bank account over there as to to open it, Cimb SG requires you to make a one time transfer via FAST (SG version of IBFT) from an account under your own name.

To transfer money down
- Maybank MY > Maybank SG - max RM30k, pay RM10.60 (but still expensive compare to going down and deposit cash) can be done online
- Other banks > Cimb SG (save on agent fees of SGD10/20 per transaction) - still expensive

To transfer money back to Malaysia
- DBS
- Cimb

Both is free of charge,

Standard Chartered is expensive. Is only useful for their stock brokerage at SGD10/trade (free if you are a priority customer). DBS is like our Maybank here. You can find it almost anywhere. Branches/ATMs.


Hope this helps.

This post has been edited by Ramjade: Jan 29 2017, 06:03 PM

So you are saying maybank my to maybank Sg isn't counted as TT ? Rm 10.60 isn't much cheaper than you travel down and deposit ? Why you say it is still more expensive ?

Service charge aside, maybe different banks conversion rate is different ? Maybe that's where banks hide their way of making money from you ?

I based my calculations on this and the rate they displayed have been accurate (double check with bank's TT rate)
http://www.exchangerate.my/

My transport cost is <RM200 (but very close). For this discussion, make it RM200. If your transport cost is higher, then you need to count again and see if it's worth it to TT or go down. For me, because my transport cost is RM200, it's cheaper for me to down. This is based on the calculations that Maybank charges 3.16/3.17 exchange rate vs money changer at 3.12 (which is true if you go to Midvalley money changers)

With a rm200 transport cost I assume u r not from Johor. Don't u have to factor in food n lodging as well, even if u take your time cost as Zero.

I don't stay there. One day trip. Food? Buy few bread before hand. Only RM1. Buy some cucumbers as vege. If don't want to eat bread, can always buy economy rice. Only SGD2-3/meal. The RM200 already included in food.

Bros,... perhaps no need to count so much, so detailed... just make sure that you buy the correct dividend-paying counters, and when you received your first and second round divvy payouts, you would have covered all these costs,...

This trip to Sg to deposit sgd thing is too much of traveling for my liking.

Maybe we just have to factor in the costs of online bank transfer.

If we invest in a foreign fund in Malaysia, maybe the fund manager company will also use bank's rate to convert our ringgit purchase ? But there is a double conversion here in the Sg case, ringgit to sgd then usd.

This post has been edited by puchongite: Jan 29 2017, 10:38 PM

Since I am so free now, not working, take the time to topup before I start working. Same time go jalan2 in Singapore (free unlimited rides on their MRT and bus - use it. Make full use of the SGD10 card)

That's why I said, find the cheapest bank if travelling is not your cup of tea. What's wth the USD? Is straight MYR > SGD what.

Happy Chinese New Year to you!

Here is the list of items I received from Maybank Singapore, in case anyone else want to know about them:

1. Welcome Letter (showing your Maybank iSAVvy Savings Account number)

2. Maybank Singapore Online Banking Access ID Letter

3. Online Banking Access ID PIN Mailer

4. Online Banking Security Token

5. Maybank Singapore Platinum Debit Card

6. Maybank Singapore Platinum Debit Card PIN Mailer

7. Maybank PhoneBanking (Dial-Link) (Optional)

8. Maybank PhoneBanking (Dial-Link) PIN Mailer (Optional)


The general contact number is in http://info.maybank2u.com.sg/personal/cust...contact-us.aspx.

Telephone number: (65) 6533 5229

The thing is that the Maybank Singapore Customer Service Executive will not forward our call to the actual Maybank Singapore officer in-charge of opening our saving account. So, Maybank Singapore Customer Service Executive themselves do not really know about the actual processing status, unless being informed by the actual Maybank Singapore officer-in-charge.

I called the general telephone number twice a week. After being informed by the actual Maybank Singapore officer-in-charge, the Customer Service Executive should be able to tell you the date on which the items are sent out from Maybank Tower (Maybank Singapore Headquarters in Battery Road, Singapore) by mail. After a week or so, you should receive the items in your house.

This post has been edited by kart: Jan 30 2017, 10:15 AM

Take 3.16 compared to 3.12, and if you convert RM30k ( is it even convertible at midvalley?), then it will be a difference of RM1200.

Would you happen to be opening a stock trading account with them too?

Yes. It can be done at Midvalley.

Money changer
(RM30k - RM200 (cost to go down SG))/3.12 = SGD9551.282

Bank
((RM30k - RM10.60 (TT fees))/3.16) - SGD10 or SGD20 (depending on the receiving bank charges)= SGD9480.32 or SGD9470.32

I am going to open a stock trading account with them. Whether I can get the savings account or not, it's not important as I already have 2 accounts in SG (DBS and Cimb. I wouldn't want to open so many account). For me, I must get the trading account to save cost.

SGD10/transaction vs DBS V at SGD18/transaction. That's SGD8 savings.

This post has been edited by Ramjade: Jan 30 2017, 04:05 PM

Im looking to do exactly that as i have a DBS account too. Im currently using Saxo capital but dividends from SG reits are subject to 17% withholding taxes under their custodian account. Please share your experience, will be much appreciated.

This post has been edited by Havoc Knightmare: Jan 30 2017, 06:04 PM

If SCB online trading cannot open, I will use DBS V already. My DBS V is already open and ready to use.

bro , may i ask how long u receive those things from Maybank SG ? the officer told me that i need 1 month. you also apply at Maybank Malaysia right?

Yes. Generally it's one month. However if face with problem, could be longer (like mine). The maybank people didn't know Poslaju returned it to them until I queried Maybank SG. So mine was resubmitted. I do not know what's the current status.

Not all Maybank Malaysia can apply. Note that they increase the amount from SGD500 to SGD5000 to open. However after oepning, the SGD4500 can be removed.

why did the poslagu returned it to them? because when they send to your house u are away? i noticed that too on maybank.sg website , but then when when i apply for it, it is still $500 only (on 17/1/2017). for ur current situation , i think u better email or call to the maybank sg to check on ur current status

Because of something about Singapore address not completed. Not sure if bank finding excuse. Already email Maybank SG. Had I not email them, I wouldn't have know what happen to my application. There's no news from Maybank Shah Alam at all. Let's see what happen now that it have been resend. Will email Maybank SG this Friday and see if the thing have arrived.

did u email them on ur application status within the 1 month of ur application? if yes , then perhaps i should email them on my application status , in case anything goes wrong

Well you are welcome to email them if after 2 weeks no news but right now, give them extra time because of CNY.