Ramjade
I agree with your point.

Maybank Kim Eng should be good enough to be used to trade in SGX. For sure, we should not use Maybank Kim Eng to trade in stock exchange in other countries.

Yes, we have to accept the possibility in the future that Maybank Kim Eng may reintroduce the fee on dividends and rights issue. If that happens, we really need to move to other brokerages.

Not all of us can fork out USD 1000, as initial deposit for opening trading account for TradeStation Global. However, I cannot deny that having accounts in whitelabels of Interactive Brokers will enable us to trade almost anywhere, in a cost-effective manner.

This post has been edited by kart: Nov 8 2019, 07:37 AM

For simplicity, let’s assume USD 1 = RM 4, and SGD 1 = RM 3.

There is no issue, to save RM 1000 per month, but I have to keep the fund longer in savings account.

My Current Method
Month 1: Save RM 1000. Total Amount: RM 1000.
Month 2: Save RM 1000. Total Amount: RM 2000.
Month 3: Save RM 1000. Total Amount: RM 3000 (roughly same as SGD 1000).

On Month 4, I convert RM 3000, to get SGD 1000, via Instarem. Using Maybank Kim Eng Prefunded account, I can use SGD 1000, to purchase SGD 1000 worth of SGX REIT shares. This is assuming that the price of REIT is low.

A few months later, I would have received the quarterly dividend, for the SGX REIT units I bought.

For sure, if the price of REIT is quite high, I will keep SGD 1000, in CIMB FastSaver Account, waiting for a good time to buy.


Another Method
Month 1: Save RM 1000. Total Amount: RM 1000.
Month 2: Save RM 1000. Total Amount: RM 2000.
Month 3: Save RM 1000. Total Amount: RM 3000.
.
.
Month 8: Save RM 1000. Total Amount: RM 8000.

On Month 9, I convert RM 8000, to get USD 2000, via Instarem. Then, I will be able to pay for the initial deposit for Tradestation Global trading account.

It is clear for this method that I need to wait till Month 9, before I can open a trading account in Tradestation Global and start trading. I can purchase the SGX REIT units faster, if I continue using Maybank Kim Eng.

Sigh, it is a dilemma for someone with limited fund for me. If I need to look at long term, I have to stop buying SGX REIT, and focus on accumulating funds, for the sake of getting the initial deposit for Tradestation Global.

Tough decision for me to make.

This post has been edited by kart: Nov 10 2019, 07:00 PM

Well done, alexanderclz!

How do you plan to transfer SGD 500, as an initial deposit for iSavvy savings account?

Alright, you are saying that we need to have Singapore addresss or working pass, before we can open Instarem Singapore account, to convert SGD into other currency. So, it is no go for us Malaysians here, who are not working or staying in Singapore.


One annoying thing about Instarem Singapore website that if we are in Malaysia and try to assess the Instarem Singapore website, the website will be redirected to Instarem Malaysia website.


Ramjade, what is the name of another Fintech with rates cheaper than Instarem's cost? Many of us here are so price-sensitive and have no loyalty to any particular bank or Fintech. As such, we will choose any bank or Fintech which charges the lowest fee but still maintains decent and reliable remittance service.


I am unhappy that for conversation from MYR to SGD, Instarem increases the transaction fee to 0.45%, instead of previously 0.40% last year.


The minimum redemption of Instapoints is 100 Instapoints, so RM 30000 is needed for currency conversion yearly. Not anyone has a lot of disposable income and can afford to convert RM 30000 cumulatively throughout 6 months, so the Instapoints are difficult to be used. Plus, the InstaPoints have a rather short validity of 6 months.


Even if we do have more than 100 Instapoints to be converted, the discount is a fixed amount at the rate of 100 Instapoints equals RM 6, instead of being percentage based (such as reduction of transaction fee from 0.45% to 0.40%).


So, it is a disadvantage to redeem Instapoints, especially when you need to convert large amount of money, says more than RM 10000, and receive a fixed deduction amount due to redemption. Rightfully, the more you convert, the more discount we should get from the redemption of Instapoints.


Due to disadvantages of redeeming Instapoints, I just pretend that Instapoint does not exist at all, because I am just an average person who have way lower amount of money to invest, compared to many richer experts here in this Finance subforum.


What to do? Other than Instarem, we do not have other viable remittance service that is reasonably priced.

This post has been edited by kart: Nov 29 2019, 06:03 AM

Quoted from an e-mail from AtYourService <atyourservice@cimb.com>, which is the official e-mail address of CIMB Singapore:

Your account will be activated within 1 business day if the minimum initial deposit of S$1,000 is received. Otherwise, the account will be automatically closed within 30 calendar days from your application date of CIMB FastSaver account.

This post has been edited by kart: Dec 1 2019, 07:41 AM

alexanderclz, I have no prior experience of sending money via Instarem to Maybank Singapore, because I use another Singapore bank, to receive my money sent via Instarem.

Anyway, same as most of you, I have Maybank Singapore iSavvy Savings Account.

For individual customers like us (whether we are Malaysians or Singaporeans), our iSavvy Savings Account are in Maybank Singapore Limited, not Malayan Banking Berhad, Singapore Branch.

So, you should use instead SWIFT code of MBBESGS2.

Why am I saying that? When I receive official letters from Maybank Singapore via post, the sender of letters is Maybank Singapore Limited.

Malayan Banking Berhad, Singapore Branch is meant for enterprise customers from international countries, I think. Even the account of business customers (SME Banking and Commercial Banking) are also in Maybank Singapore Limited.


In my opinion, for roarus's case, after Malayan Banking Berhad, Singapore Branch receives roarus's money from Instarem, Malayan Banking Berhad, Singapore Branch will internally transfer roarus's money, to Maybank Singapore Limited which should be the correct recipient bank.


alexanderclz, to know more about the difference between Maybank Singapore Limited and Malayan Banking Berhad, Singapore Branch, just read the link you quoted, https://info.maybank2u.com.sg/about-us/loca...orporation.aspx.


After all, Maybank Singapore Limited and Malayan Banking Berhad, Singapore Branch belongs to the same Maybank Group.

This post has been edited by kart: Dec 21 2019, 04:53 AM

alexanderclz, alright, no worries.

For your future transfer via Instarem, you think that it is not necessary to change the SWIFT code from MBBESGSG to MBBESGS2, right?

It is fine by the way, as long as it works for you.

If I am not mistaken, after processing by Instarem Malaysia, Instarem Singapore will transfer your SGD money to your Savings account in either Maybank Singapore or CIMB Singapore, via FAST transfer.

Singapore FAST transfer is similar to our Malaysia Instant Interbank Fund Transfer (IBFT). Essentially, FAST transfer is just a local interbank transfer entirely in Singapore.

So, for fund transfer via Instarem, remittance service from a country to another country is never used, so inward remittance fee is not applicable at all. It is because your Singapore Bank will perceive the fund received from Instarem as a local interbank transfer entirely in Singapore.


Try asking ikanbilis. We may be ill-advised to perceive that ikanbilis is just a anchovy, but ikanbilis did post a screenshot of ikanbilis's sizeable SGD money in ikanbilis's DBS / POSB savings account, in this forum.


ikanbilis did offer to exchange SGD for MYR, at a fee which should be cheaper than what is charged by Fintech and any bank.

Disclaimer: ikanbilis, no offense is intended. If I am not mistaken, you did offer to exchange SGD and ASNB units, to interested posters in this forum.

Disclaimer: I do not have any relationship with ikanbilis, and do not gain any profit from the potential transaction(s) between ikanbilis and jack2.

This post has been edited by kart: Dec 22 2019, 08:14 AM

alexanderclz, sorry, I have not used BigPay yet, for fund transfer to Singapore.


I am pretty sure that you are a regular in BigPay thread who is well aware of any latest development in BigPay. And yet, you ask this question here, probably because there is no one yet in BigPay thread, who has posted the nature of BigPay fund transfer to Singapore.


Alright, other experts here can definitely give better answer than me.


For conversion from MYR to SGD via Instarem, you have to pay transaction fee, which is worth 0.45% of your conversion amount to Instarem. Naturally, the more you convert MYR to SGD, the more expensive the transaction fee you have to pay to Instarem. This is one major disadvantage of using Instarem.


For conversion from MYR to SGD via BigPay, you have to pay a fixed transaction fee (of RM 8.00, if I am not mistaken), regardless of your conversion amount. For sure, we also have to compare the currency exchange rate between Instarem and BigPay.


As such, if you intend to transfer a huge amount of SGD to Singapore, we do agree that it is more cost-effective to use BigPay, assuming almost similar currency exchange rate between Instarem and BigPay.


I am sorry that I cannot offer you a better advice, since I have no prior experience of using BigPay international fund transfer. As a very normal person, I just do not have deep pocket, as compared to many experts here who invest a huge amount of money in Singapore Exchange, and/or in share market in other countries via whitelabels of Interactive Brokers.

This post has been edited by kart: Dec 23 2019, 04:34 AM

alexanderclz, thank you for sharing your experience and comparing between BigPay and Instarem.


It is a pity that TikFx (an agent acting on behalf of BigPay) resorts to using GIRO, for fund transfer to our Singapore savings account, instead of FAST. I wonder that the company has to pay higher fees for FAST, and thus chooses to use GIRO, as a cheaper means of fund transfer. I am not sure about the rate of FAST and GIRO to be paid by companies.


If TikFx can offer better MYR to SGD currency exchange rate than Instarem, we can still tolerate longer waiting time, for fund transfer via BigPay.


One interesting to note is that TikFx is a product of Tranglo Sdn Bhd, who is an agent for TransferWise.


Posted by other user:



alexanderclz, after you transfer MYR to Instarem via FPX, your Maybank Singapore iSavvy savings account receive your SGD from Instarem Singapore 5 minutes later via FAST, right? That is fast, which is good for you.


Some posters managed to get their SGD around 30 minutes and 45 minutes later. Other posters managed to get it on the evening of the same working day.


My experience of using Instarem is generally poor, because I tend to receive my SGD on the next working day. That is despite that I transfer MYR to Instarem Malaysia via FPX, in the morning of a working day. My transfer amount is just small, and both Instarem Malaysia and Instarem Singapore cannot explain why my transfer is relatively slow. Just not my luck, I guess.


Yggdrasil also posted a comparison between Instarem, BigPay and Transferwise in https://forum.lowyat.net/topic/4857608.

This post has been edited by kart: Dec 25 2019, 09:00 AM

Thanks for pointing out the new KYC verification used by Instarem.


Ramjade, other initial Instarem Malaysia users and I needed to physically meet with Instarem Malaysia employee, before Instarem Malaysia approved our Instarem Malaysia account.


So, can you say that KYC verification used by Instarem is somewhat similar to KYC verification used by BigPay (BigPay method: take a photo of our IC, take our selfie, pronounce a few words, and move our head left and right)?


It is kind of ridiculous and absurdly silly for us BigPay users to perform such KYC verification, even though BigPay really needs to really verify who we really are, in such modern society with major issue of trust deficit.


I guess that it is a hassle we have to bear, since it removes the need for us to physically travel to BigPay office, for BigPay prepaid card application.


Sorry to hear your predicament, jack2.

Isn't TransferWise borderless account supposed to receive any currency from any country? After all, the account is called borderless, for some reasons, right?

By default, TransferWise borderless account can hold USD, EUR, AUD, NZD and Pound Sterling. Upon receipt, the other currency should be converted to any of the 5 base currencies.

This post has been edited by kart: Dec 26 2019, 04:21 AM

aba9785, thank you for sharing your experience of opening and using Instarem Singapore account (allowing you to transfer and convert SGD to other currencies).

1) Are you a Malaysian working in Singapore? Most likely, your Singapore employment pass allows you to open an Instarem Singapore account, right?


2) Looking at the transaction description in your Malaysia savings account, can you tell how Instarem transferred your MYR into your Malaysia savings account? Interbank GIRO (IBG), or Instant Interbank Fund Transfer (IBFT)?


3) Do you have a Instarem Malaysia account (allowing you to transfer and convert MYR to other currencies)?


Thank you for sharing your experiences. Although many of us have Instarem Malaysia account, many of us do not have Instarem Singapore account, because many of us are not working in Singapore.


My concern is that once the SGD-to-MYR promotional rate is not extended by CIMB Singapore in year 2020, we have to rely on the more expensive SGD-to-MYR conversion rate, imposed by TransferWise.


I do not have the figures. However, I am guessing that SGD-to-MYR conversion rate imposed by Instarem Singapore should be better, than the rate imposed by TransferWise. In short, you are in a much better position, than many of us here.

This post has been edited by kart: Dec 27 2019, 06:45 AM

From the perspective of Singapore Bank, Singapore Banks would notice that there is a cash deposit of certain large amount of SGD in your savings account. The cash deposit has no electronic trail, with regards to its source of cash deposit.


Is it ok, that we keep on depositing large amount of SGD in our savings account in Singapore bank?


If I am not mistaken, under Common Reporting Standard (CRS), Singapore banks are required to report about our transaction in our accounts, and LHDN would have a copy of that report, and vice-versa.


It is definitely more expensive to use Instarem or BigPay, for online remittance of SGD (as compared to currency exchange in Midvalley and then cash deposit in Singapore bank), but at least it provides an electronic trail, back to our savings account in Malaysia bank.

Thank you for your advice, David_Yang.


Yeah, we need to keep the moneychanger receipt for sure.


Under Common Reporting Standard (CRS), LHDN would know the amount of our SGD money in Singapore banks. So, we definitely need to have proper documents that proves the source of frequent cash deposit, in our saving accounts in Singapore banks.


I am not saying that most of us here will keep depositing SGD 30000, in our Singapore saving accounts. I am not entirely sure, but even the frequent cash deposit of say SGD 3000 (a figure meant for illustration, not a real figure) may cause the Singapore Banks to be suspicious.


After all, many of us here are not working in Singapore, so how can we justify the frequent cash deposit of SGD 3000, in Singapore saving accounts?


In the days before the implementation of Common Reporting Standard (CRS), there was no issue of performing frequent cash deposit, in our saving accounts in Singapore banks.


As mentioned by me before, it is definitely more expensive to use Instarem or BigPay, for online remittance of SGD (as compared to currency exchange in Midvalley and then cash deposit in Singapore bank), but at least it provides an electronic trail, back to our savings account in Malaysia bank.


Alright, this is just my opinion for sake of discussion. Obviously, different people will have different way of doing things, and I need to respect that.

This post has been edited by kart: Jan 20 2020, 05:30 AM

I believe that many of us here have CIMB Singapore FastSaver Account.

Since the savings interest is reduced from 1% to 0.5% for the first S$50,000 a few months ago, are you still keeping your liquid money in this savings account, or in other banking product from other bank or financial institution?

Thank you for your information.

Those with Singapore savings account can use FAST to transfer fund (denominated in SGD) to Citibank N.A..

It is just weird that Interactive Brokers cannot use FAST to transfer fund (denominated in SGD) from Citibank N.A., to the Singapore savings account of IBKR customers. Citibank N.A. Singapore should be Singapore branch of Citibank, so local fund transfer should be able to be performed, without Telegraphic Transfer.

This post has been edited by kart: Sep 16 2020, 10:02 AM

https://www.cimb.com.sg/en/personal/importa...s-nov-2020.html


Effective 1 November 2020, the interest rate for the first SGD 50,000 in CIMB FastSaver Account will be reduced from 0.50% to 0.30% per annum.

Sigh, the interest rate for CIMB FastSaver Account is slightly higher than the 0.1875% interest rate for Maybank iSAVvy Savings Account.

Ramjade

Yeah, you mentioned about the alternative to CIMB FastSaver Account before.


StashAway Singapore Simple
- Projected rate of 1.4%.
- For deposits from your personal bank account, it takes up to 2 to 3 days.
- For withdrawals from your personal bank account, it takes up to 3 to 4 days.
https://www.stashaway.sg/faq/900000744826-h...l-process-take/


Endowus Cash Smart Core
- Projected rate of 0.9% to 1.1%

Endowus Cash Smart Enhanced
- Projected rate of 1.7% to 2.0%


For Endowus Cash Smart redemptions using cash, you should expect to receive your Cash Smart Proceeds ~6 business days after you place the redemption order.
https://endowus.com/support/900001545103-wh...ng-a-redemption

Understandably, these financial products are not the typical banking products. So, they are not as liquid as savings accounts, since several working days are needed for fund withdrawal. Sigh, fund liquidity needs to be sacrificed, in order to get decent return for idle money.

This post has been edited by kart: Oct 8 2020, 10:43 PM

So, you called Maybank Singapore Customer Service, to reset the password of your Maybank Singapore Internet Banking Account, right?

Did you manage to activate your Maybank Platinum Debit Card, by calling Maybank Singapore Customer Service?

Ok, Maybank Singapore Customer Service activated your Maybank Platinum Debit Card.


However, you cannot change the PIN for Maybank Platinum Debit Card, by calling Maybank Singapore Customer Service, right?


If I am not mistaken, we change the PIN (from the default PIN assigned to us) for the Debit Card, only at Maybank Singapore ATMs. It is a pity that we cannot change the PIN (meant to be used at ATMs), at Maybank Malaysia ATMs, since we cannot travel to Singapore for now.

This post has been edited by kart: Feb 7 2021, 10:05 AM

This is in regards to CIMB Singapore FastSaver Account.


For those who prefer to use a physical hardware token over digital token, you should be able to request CIMB Singapore to send the physical hardware token to your residential address in Malaysia, via post.

I would like to offer a different opinion on this matter.

OCBC Singapore still provides hardware token to interested OCBC Singapore customers, although OCBC Singapore encourages the usage of mobile app with digital token.

I still prefer to use hardware tokens for OCBC Singapore and CIMB Singapore savings accounts.

This post has been edited by kart: Sep 15 2023, 09:37 AM