Slightly more than 1 month, for my case. I sent my application form, at Maybank KL Main Branch.

It is up to you really, but I called Maybank Singapore general contact number, at least once a week, to check whether they had sent the items (security token, debit card, and so on) to me.


In my opinion, it is not much helpful, if you call Maybank Shah Alam branch, which is responsible in only sending the form to Singapore.

Once your application form was sent out from Maybank Shah Alam branch, it is no longer the responsibility of Maybank Shah Alam branch anymore. You have to directly liaise with Maybank Singapore HQ, on any matter related to the processing of your Maybank Singapore saving account.

It is best to call Maybank Singapore general contact number directly. It is not cheap to dial Singapore landline number, but you will get faster response from Maybank Singapore, than sending e-mail to them.

wow, 1 month to open a saving accounts? thats bad service

alright noted ! thanks for ur information

hmm nth we can do as we want to,
(i) save cost ( no need travel all the way to SG)
(ii) hard to open bank account if we are in sg (require working permit / student pass if i am not mistaken)

so, they bully you because you are not able to go to SG and you do not have work permit/student pass? If this is the case, better they reject your application at the first place, rather for you to wait and wait for so long.

Is this the way they treasure their customer? I certainly do not think so!

2017 New rules for opening a bank account in Singapore. You would need to furnish your TIN (tax identification number). Means your LHDN tax reference number.

not really a "bully" for me , send my application from malaysia branch to sg branch, then need verification, then send back to malaysia , 1 month still "okay" for me. some more they don't work during weekend.

1 month is the entire duration, starting from the date you send your application form, to the date you receive all of the items by post in your house.

In my opinion, the actual time needed to open a Maybank iSavvy saving account is around 3 working days, if Maybank Singapore receives the full set of your form and supporting documents by post.

Most of the waiting time is due to inefficiency of our postal system in Malaysia, resulting in the delay of sending the items to our home.

Between SingPost and Pos Malaysia, which one is more efficient? I strongly believe that SingPost would have quickly sent the items from Maybank Singapore, to Malaysia. Once the custody of the items has been transferred from SingPost to Pos Malaysia, you would know what happens next.

It is a great deal and very convenient for us to open a Maybank saving account in Singapore, with the help of Maybank Malaysia. We do not need employment visa or student visa to apply, as long as we already have a Maybank Malaysia saving account.

Good things come to those with patience. For sure, if we are high net worth individuals with insane amount of money, we can get things done faster.

But, I am just an average Joe. So, I do not mind waiting that long, as long as the end result is what I desire.

You are entitled to your own opinion, and we respect that.

This post has been edited by kart: Jan 31 2017, 09:31 AM

wow, didnt now got people so patient. for me 1 month is very very long. opening an account should be within 1 working day. sending documents now can be by courier, which is next working day or e-mail which is instant.

Frankly,... I would also think that one-month is a bit long, but we have no choice now if we really wanted an account in Singapore. What do you plan to do with your Maybank Savings Account in Singapore ?

Like I kept saying earlier : hurry-up before they close the doors. Now the doors are being closed, but if we have patience, as in your goodself here, we can still open,... till the day BNM stops Maybank Msia from doing this. So,... I say this now : hurry-up before Maybank Msia stops doing this.

One more thing : if one intends to sue that Savings Account to invest, even if one has loads of money, one can still open JUST A CUSTODIAN ACCOUNT WITH AN RM TO SERVICE HIM/HER. NOT A CDP ACCOUNT.

Everything need to pass through that RM, with high minimum charges.

Please try to open a DBS Savings Account.

Frankly,... I'm beginning to feel like you do too,... frankly, if we don't have a good reason to open a bank account in Singapore, we should not struggle to do so. Look out to other countries already,... Singapore has 'moved too high-up',...

I didn't call Maybank Shah Alam. I emailed Maybank SG. Maybank SG check with Battery Road then check with Maybank Shah Alam. I am perfectly fine with emails (saving cost here)

That's not bad service. For reasons:
1) You don't need to go down to Singaore at all
2) You can bypass SG govt requirement of working pass to open account

Is SG govt rule la. Anybody asking to open account must produce working pass/student pass unless you are a priority customer. They also need to protect themselves what (their reputation as SEA financial hub) after you know what happen in SG involving xxdb.

With so much tightening, I am willing to wait 1 month for my account (even though I already have an account)

They don't use courier. They use normal post. For me the fastest was one of my account. Account approve. Within 1 week receive all the stuff needed. For maybank, I am sure, they need to investigate your background with Maybank MY. So one week for letter to arrive is perfectly fine for international airmail. Also, Singapore banks love their mail. Sort of security feature. Send you 1 letter containing username, 1 letter containing your password, 1 letter with your security device etc. It's their protocol. They won't send you those details via email.

If send everything in one letter, if one letter is compromise, all the login account details are compromised. Same thing with email. Email is the easiest to be compromise.

Just submit the TIN only. Is not like one have any thing to hide. Why use custodian account? Just use Maybank KE trading account.

Not everyone got RM10k to park in SG not earning money (DBS saving account)

This post has been edited by Ramjade: Jan 31 2017, 01:03 PM

That's right - why use Custodian Account ? Buttttt,... even if you have lots of funds, you will MOST PROBABLY not be able to open a direct brokerage account with a CDP Number,.. except in some 'unique' situations,... sure you can talk now, that's because you've managed to open,...

By the way,... what is KE trading account - CDP or Custodian ??

Who asked you to park RM10K into DBS Savings Acct ? Just park whatever sufficient for servicing the Fall Below Fee while you build up your assets. When your assets are sufficiently large, then you start to fulfill the minimum amt requirement.

I've said the above many times.

AFAIK, only DBS V let you have direct CDP account. Even for pre funded. According to the one who service me, DBS V will always open CDP account for the applicants. All foreigners who apply will get prefunded account. Only SGreans can get other type of account. It's against SG govt laws to give foreigners access to margin/leverage trading. Not sure if one can asked for it or not.

Maybank KE prefunded Custodian. If is not prefunded, its CDP.

That's what I am trying to ask you lots of time, no reply. Thanks finally got an answer.

Looks like there is a lot of conflicting infos out there. Let's look at DBSV first :-

1) DBSV does not have custodian arrangements, hence, it is always CDP-based account.
2) I've been offered many times at very attractive loan rates for Margin Accounts, though I am not a Sporean by nationality.

Secondly, many other banks/brokerages do open CDP-based Accounts for a foreigner, not only DBSV. UOB-KayHian is one of them. There are lots of others,....

Maybank KE - many will go after the low brokerage arrangement. Such low brokerage charge transactions allow one to own shares via custodian-ship. If one wishes to own shares DIRECTLY, ie with a CDP Number, then the brokerage will be higher.

Not sure le. Because I told the officer I don't want any margin/leverage account. She told us don't worry foreigner won't get that. Maybe it depend on how much you have???

Or maybe my level not yet reach sifu yet

Not sure le. Because I told the officer I don't want any margin/leverage account. She told us don't worry foreigner won't get that. Maybe it depend on how much you have???

Or maybe my level not yet reach sifu yet

why if custodian account banks can offer lower rates? Any benefits to the banks if one opens custodian instead of CDP?

Banks don't need to pay SGX certain amount of fees yearly (for SGX to keep the shares)

crap, i just applied in kl main this morning without knowing this and attached S$ 500 cheque as instructed by officer