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 Opening a Bank Account in Singapore

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TOMEI-R
post Mar 1 2017, 11:38 AM

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QUOTE(Showtime747 @ Mar 1 2017, 08:39 AM)
Ya loh, even after she get the account opened, she will not make use of it. Why should the bank open an account with no transaction in it ? Maintaining an account cost money to the bank. If they cannot make money from you, they will reject.

From account holder point of view, open an account without a purpose will also cost money/time.

I can see more and more people open overseas bank account for the sake of "not being left behind" as "everybody is doing it". They don't really know whether they need it. Nor do they know there are much simpler alternative like investment in foreign stock market thru local platform. Much much simpler to get into non-RM stock investment which is a good hedge against RM depreciation.

My view is if you are just a small timer, look into local banks/brokers. Much easier and hassle free. Transaction cost is just a very minor part of your outlay. The savings won't make a big difference compare to the hassle of opening an overseas account.
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*Ouch*

The truth hurts. laugh.gif So true. I've had Bank Managers tell me directly in the face before that they are not interested in letting you open an account if you plan to main a few hundred dollars or thousands in their bank account.

This post has been edited by TOMEI-R: Mar 1 2017, 11:40 AM
TOMEI-R
post Mar 1 2017, 02:17 PM

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QUOTE(CharmaineLee80 @ Mar 1 2017, 02:08 PM)
OK. means investment is a good reason then...
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Yes, but then they will try to sell you theirsavings /investment/ insurance plans on the spot before opening a new account from you. grin.gif
They will then tell you they will need to justify in letting you open an account with them. The above reasons would do just fine.
TOMEI-R
post Mar 1 2017, 05:44 PM

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QUOTE(CharmaineLee80 @ Mar 1 2017, 04:15 PM)
like that.. really like depends on faith if meet the "good" officer or "kanasai" officer.
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Good ones will reject your application outright, citing you dont have the proper documents to support opening an account. nod.gif
TOMEI-R
post Mar 2 2017, 06:21 PM

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QUOTE(lamode @ Mar 1 2017, 09:46 PM)
walkman660 I have got the account opened and received many mails.  rclxms.gif  rclxm9.gif
hope you get yours soon, the S$5,000 requirement doesn't seems to be a problem.
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Congratulations. rclxms.gif
TOMEI-R
post Mar 3 2017, 04:02 PM

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QUOTE(Hansel @ Mar 3 2017, 08:33 AM)
Gentlemen,... if you have managed to open an SG account, please use it to invest, or for whatever else,... it defeats the purpose of opening one just because everybody wants to open one, and the acct is left there idle.
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Like what Showtime747 mentioned. But all banks will require customers to maintain a certain amount of money in the bank at all times and will monitor account activity. So those who managed to open their accounts, do take note of the above rules.
TOMEI-R
post Mar 20 2017, 04:48 PM

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QUOTE(Ramjade @ Mar 20 2017, 02:54 PM)
Local post not as secured as DHL. Look at Malaysian banks. All credit card are sent via DHL/courier.
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Agree with that. POS laju delivery boys simply deliver the items. Sometimes even to the wrong person, especially when that person is not around. doh.gif

This post has been edited by TOMEI-R: Mar 20 2017, 04:48 PM
TOMEI-R
post Apr 7 2017, 12:03 PM

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QUOTE(Hansel @ Apr 7 2017, 11:56 AM)
Bro is not helpful anymore,.... shakehead.gif

Better be less helpful to bro too in future,...
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laugh.gif



QUOTE(ShinG3e @ Apr 7 2017, 11:58 AM)
lol chillax... there is always other forummers to assist... be positive.  biggrin.gif
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Hi... when are we going to Hooters Clarke Quay? tongue.gif
TOMEI-R
post Apr 7 2017, 12:06 PM

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QUOTE(ShinG3e @ Apr 7 2017, 12:04 PM)
but but but i iz no SG PR/citizen...

come KL. will be willing to treat a lunch/dinner in exchange for knowledge. from sifus.  brows.gif
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Im also iz no SG PR/citizen... spend Rm also leh...


I think we need to make small gathering like that in Hooters Clarke Quay. For those who are intersted in "exhange of knowledge" lar. laugh.gif

Want knowledge must spend some money ma....

This post has been edited by TOMEI-R: Apr 7 2017, 12:07 PM
TOMEI-R
post Apr 12 2017, 10:56 AM

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QUOTE(fairylord @ Apr 12 2017, 10:54 AM)
Opened POSB Everyday Accounts (45min)
Min bal $500 daily - charged $2 daily if lesser
With atm debit card

DBS eMultiCurrency
Min bal $3k daily - charged $7.50 daily if lesser

StanChart eSaver (30min)
Min bal $1k daily (average) - charged $5 if end of the month if lesser daily averagely
Only e-banking
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They didnt ask for work permit, local address etc?

TOMEI-R
post Apr 12 2017, 11:05 AM

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QUOTE(fairylord @ Apr 12 2017, 11:01 AM)
I have sg add, mailing add I put miss.
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You have a work permit isit? tongue.gif
TOMEI-R
post Apr 12 2017, 11:12 AM

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QUOTE(fairylord @ Apr 12 2017, 11:10 AM)
Remember I mentioned somewhere, I'm PR.
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That answers the question. Case closed.
TOMEI-R
post Apr 12 2017, 11:16 AM

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QUOTE(Ramjade @ Apr 12 2017, 11:13 AM)
Yup. I though suddenly SG govt so generous again  drool.gif
Why is that?
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You perlahan perlahan wait lar. laugh.gif
TOMEI-R
post Apr 12 2017, 11:49 AM

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QUOTE(Ramjade @ Apr 12 2017, 11:18 AM)
Since you are in SG, just go straight to HQ and open. MBFC.
Ya lo. I highly doubt they will be generous. Unless another economy crisis happen as in 2008 then baru generous.
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Its not about being generous or not. Its regarding the anti money laundering and tax evasion treaty that is to be signed by many countries.
TOMEI-R
post Jul 11 2017, 03:17 PM

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QUOTE(Hansel @ Jul 11 2017, 11:51 AM)
Congrats,... bro,.. it's not easy to do this anymore today.....

You've made your very first step here !!
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Aih... I thought if you are an existing customer with Maybank here then you can get this done already?

Anyway happy to see this thread revived.. laugh.gif
TOMEI-R
post Jul 11 2017, 11:15 PM

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QUOTE(ccsang @ Jul 11 2017, 08:59 PM)
I can direct go to sg to open acc, I knew it, because open dbs vicker also create dbs bank acc, so maybe they don't let me open dbs vicker even I direct go to mbfc ?
Anyone success open sg account without work permits last month or April may
maybe 1mdb case lol, so need to see my luck ?
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I can quite certainly say the first thing these bankers will ask for is a work permit. So yeah, you got your answer.
TOMEI-R
post Aug 4 2017, 11:19 AM

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QUOTE(TSOM @ Aug 4 2017, 10:31 AM)
will do!! First have to observe when SGD becomes the lowest .... tongue.gif
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Fat hopes for now I might say. laugh.gif
TOMEI-R
post Aug 31 2017, 01:45 PM

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Seems like Maybank its the only choice in opening a bank account in SGP nowadays.

This post has been edited by TOMEI-R: Aug 31 2017, 01:48 PM
TOMEI-R
post Sep 4 2017, 06:47 PM

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QUOTE(nikazwa @ Sep 4 2017, 04:43 PM)
Hi guys..
Many are interested to open trading account in singapore and i am one of them..I made few call to DBS bank in singapore before making a trip to there..It is quite simple actually and I shouldn't take too long before making a trip to see the officers.

I took a bus from Perak and the last destination in Singapore is at beach road.From beach road I took a taxi to DBS bank and the charge was only sd 10.00 about rm 30.00.

Unfortunately I did not bring my income tax form so I couldn't open saving and trading acc with DBS bank that day..the officers told me everything will subject to management approval. It is not confirm the accounts can be opened unless we work there and reside in Singapore.

I went again to singapore this week ..this time i drove there and
the cost much higher compare to taking a bus there..a lot of charges and parking lots is very limited there..this time i went to maybank kim eng at suntec city to open prefunded account. The officer was very helpful and I managed to settle everything within 20 minutes..they will courier me the documents in 3 weeks time.

No charges was imposed to me to open prefunded account with maybank kim eng..it was a worth trip for me and I enjoy the city environment of singapore.i advise to those who want to open trading account in singapore just go there by bus.it is cheap where if from kl to singapore two ways it is just about rm120 .

I will update once get response from maybank kim eng.
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Nice write up. Hope this would be helpful for all who desire to open an account at Singapore. But to open an account with Maybank Sg, you could actually open it through some Maybank branches over here. Check out the previous pages for this.
TOMEI-R
post Oct 30 2017, 05:45 PM

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QUOTE(kenviro @ Oct 24 2017, 04:11 PM)
The customer relationship manager of my local branch had asked me which branch in Singapore that I would like to go to, and I chose Orchard branch, for the reference letter that costs me RM26.50. I could have chosen other branches too but you can say it was random. Unless you are willing to pay another RM26.50 for each reference letter to different UOB branches in Singapore.

Since you have chosen Orchard branch too, I hope you have a better experience than me. Don't say your purpose to open a savings account is for investment. Otherwise, you will probably end up talking with that same young lady in the investment department who will try to sell you the unit trust savings plan. Her mother is a Malaysian from Penang, but don't say you read this from a forum thread.
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It does sum up to say that the reference letter is pretty much useless, so no need to spend another Rm26.50 for it as to my understanding, UOB Malaysia and Singapore are two seperate entities/companies. I wouldn't recommend UOB bank even with the other branches outside Orchard as they have been known to be quite strict in their opening of accounts for foreigners.
TOMEI-R
post Nov 10 2017, 01:00 PM

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Im afraid that if you dont give the TIN to the banks when they request, they will freeze your accounts. Thats why I heard from a friend who has an account for more than 10 years with a SGP bank and they are compelling him to give them his TIN or risk having his account frozen.

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