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 Opening a Bank Account in Singapore

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Hansel
post Feb 1 2017, 09:49 AM

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Tq for the confirmation, forummers,...
Hansel
post Feb 1 2017, 12:35 PM

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QUOTE(kart @ Feb 1 2017, 10:18 AM)
Thank you very much for your generous advices as always, Hansel. We, newbies, have so much to learn from you.  notworthy.gif
As you rightly predicted, it is getting tougher to open a Maybank Singapore saving account, ranging from the need to furnish LHDN tax reference number, to the requirement of higher initial deposit of SGD 5000. Luckily, other posters and I heeded your wise advice, and quickly opened a Maybank Singapore saving account.
Well, I shall use it as an account to receive dividend from S-REIT. I just started learning the basic A to Z of S-REIT, before I will start to invest in it.
I also invested in Singapore Saving Bonds, and I agree with you that its dividend is too low, compared to S-REIT. But, I shall keep the bonds for diversification, and I will use additional money to invest in S-REIT.
What I have now:
1) POSB Saving Account
2) OCBC Singapore Saving Account
3) Maybank Singapore iSavvy Saving Account
4) Singapore Exchange CDP Account

One question: I have a Standard Chartered JustOne Personal Account (saving account cum current account) in Malaysia. With that, does it make it easier to open a Standard Chartered saving account, and trading account in Singapore?

Thanks again for your advice.  thumbup.gif
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Bro,.... thumbsup.gif

Yes, learn SREITs and instruments of the SGX. .. With knowledge, comes confidence,... and higher chances of investing success,...

Hmm,... I'm not sure if having a local SCB Acct helps in opening a SG SCB Acct + Trading Acct,... perhaps you can try,... tell them that you have the JustOne Personal Acct., and that you would like to use SCB in Sgp too,...
Hansel
post Feb 1 2017, 12:43 PM

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Forum bros,... another tip here :-

If yo have a DBS Savings Acct, use the DBS Remit facility from the websote to TT your funds back to yr Maybank Msia Savings Acct if you needed to use funds.

Try not to withdraw from the Maybank Msia ATM, because even though they said there is no charge, the exchange rate that Maybank Msia uses to convert your SGD into the MYR is higher than the exchange rate used by DBS when you TT funds back.

The DBS Remit facility has no fees and charges when you do TT back from Sgp to Msia. It's a great service, very fast,...

Please try to open a DBS Savings Account.
Hansel
post Feb 17 2017, 10:28 AM

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Do yr best, bros... to open the accts,.. I can feel yr frustation....

After the accts are opened, then you start to reap the benefits,...
Hansel
post Feb 24 2017, 07:40 AM

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Good infos and discussions in the above, gents,...
Hansel
post Mar 3 2017, 08:33 AM

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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.
Hansel
post Mar 23 2017, 06:07 PM

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Looks like the doors have finally closed in terms of going down to open !!!!!!! Now,.. hopefully Maybank Msia does not close this door !!!!!!! At least if can get to open an acct with Maybank SG, can still perform transactions in SG,...
Hansel
post Apr 7 2017, 11:24 AM

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QUOTE(Ramjade @ Apr 6 2017, 11:54 PM)
Foreign currency account. Read this whole thread. Info is all in this thread.
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Give him some summary, bro,... teach others if you want others to teach you !!!
Hansel
post Apr 7 2017, 11:56 AM

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QUOTE(Ramjade @ Apr 7 2017, 11:31 AM)
All info are readily available in this thread. All he needs to do is just read from page 1.  biggrin.gif  whistling.gif
- If he is willing to read the whole thread, he will get the info he needed.
- If he not willing to read, well, he can't have his Singapore bank account.

Even if he doesn't want to read 50+ pages, I believe the last 20 should be more than enough.
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Bro is not helpful anymore,.... shakehead.gif

Better be less helpful to bro too in future,...
Hansel
post Apr 7 2017, 12:44 PM

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Lol,...
Hansel
post Jul 11 2017, 11:51 AM

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QUOTE(nestahng @ Jul 11 2017, 03:37 AM)
Hi all bro and sis,

I just open an Maybank iSavvy account in Singapore. Now I want to transfer some money from my Malaysia Maybank account to iSavvy account in Singpore for investment purpose.

Questions:
1. Is there any daily transfer limit from my Maybank Malaysia to Maybank Singapore?
2. I realize that there're 2 way which I can transfer from Maybank Malaysia to Singapore: Foreign Telegraphic Transfer & Maybank Money Express. Is there any transfer limit for both and do they share the same transfer limit?
3. Anything would happen if I exceeded the daily limit?

Thanks!
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Congrats,... bro,.. it's not easy to do this anymore today.....

You've made your very first step here !!
Hansel
post Aug 4 2017, 10:58 AM

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QUOTE(TSOM @ Aug 4 2017, 10:47 AM)
I just hope it's ok ..... sometimes, the ppl at the branch are inexperienced and don't know how to do it. So far Maybank still ok, but I had a bad experience with CIMB.

with this iSavvy account opened in m'sia, we cannot deposit SGD cash right? But I assume we can deposit SGD cash in SG, right?
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Bro,... may I ask,... what is your purpose of opening a Singapore bank account ?
Hansel
post Aug 7 2017, 03:58 PM

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Looks to me look Maybank is now capitalizing on this interest by depositors wanting to open the iSavvy Account in SG. They wanted depositors to put more money inside before they would process for us. I don't think it's an official prereq,... yet,...

I wouldn't be surprised though that Maybank would VERY SOON make it an official condition for ALL of their branches to adhere to.

Better move fast before the door is closed.
Hansel
post Aug 7 2017, 05:45 PM

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QUOTE(Ramjade @ Aug 7 2017, 04:12 PM)
No it's not. For those in sabah, according to the list, one must be a priority customer. Normal branches won't do application. However, for people in peninsular malayaia, won't be a problem as according to the list, you don't need to be a priority customer.

Priority banking should be not a problem for most working malaysian. Easily put in 6 months promo FD with them. After 6 months, withdraw out the money and relinquish the priority status. Settle.

If priority banking in SG using RM might take a while for normal working malayaian...
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Whatever the conditions today, soon they will be raised,... I saw it with my own eyes,... well, SG raised it first, now those wanting to go into SG directly to open is very hard already,... the door is almost shut totally,....

What do you think will happen later-on to the Maybank one ? Look at the trend, look at the outlook, bro,... you are an investor,.... move fast -> I go back to there words,....
Hansel
post Aug 7 2017, 09:06 PM

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Bro,... well,... if you went in earlier,... then everybody is treated the same, right ?
Hansel
post Aug 8 2017, 12:14 PM

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QUOTE(Ramjade @ Aug 7 2017, 09:17 PM)
From what I know, if you go through PWL/PWC area then no choice need to be priority customer.
For me, no money for priority so went though branch which accept normal people.
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Bro,... what I meant to say was... if you had gone in back 3 to 4 years ago,... or even 10 years ago,...you can go in directly to any branch in SG and open an account,..
Hansel
post Aug 14 2017, 04:25 PM

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QUOTE(Ramjade @ Aug 14 2017, 11:38 AM)
Of course la. Malaysian banks doesn't let you withdraw foreign currency notes.
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Bro,.. don't stop there. Explain the charges and the exchange rate used to the forummer,...
Hansel
post Aug 14 2017, 04:40 PM

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QUOTE(ShinG3e @ Aug 14 2017, 04:32 PM)
wuish supervisor.  brows.gif  brows.gif  brows.gif  brows.gif
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biggrin.gif biggrin.gif Hehe,... I'm his boss,...
Hansel
post Oct 19 2017, 10:15 AM

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QUOTE(kenviro @ Oct 19 2017, 08:09 AM)
Last week I went to Singapore to try to open a bank account there.

I am a Privilege Banking customer in UOB Bank Malaysia. Since I wanted to open a UOB bank account in Singapore, I requested for a reference letter from my UOB branch and they provided it to me, though they said that it's no guarantee that the UOB branch in Singapore will open an account for me as it's getting more strict in Singapore.

I went to the UOB branch in Orchard Road and the lady staff (for account opening) that initially attended to me asked me what is the purpose that I would like to open an account. I said that it's for investment purpose. She said that it's getting more strict in Singapore for foreigners to open a bank account. Then she said that she will refer me to another colleague who is in the investment department (at that point of time, a thought came to my mind that I shouldn't have said that the bank account is for investment purpose).

This other colleague of hers was also another lady. She tried to engage in some small talk and ask about my background. Then she tried to sell me on some kind of unit trust savings plan, that goes together with a savings account. The bad thing about this unit trust savings plan is that you have to put in a monthly sum for five years. You can only withdraw a partial sum before the end of the five years, so this means you will lose money if you withdraw before the end of the five years. And the minimum amount that the branch will apparently accept from a foreigner is S$1000 per month! Obviously I didn't agree with the unit trust savings plan and she wasted 40 minutes of my time. Before I left, I told her that I was disappointed.

Anyway, I haven't given up on opening a bank account in Singapore yet. I'll try again with two other UOB branches since I understand that not all branches are the same and some could possibly be more lenient than others.

As a note, please do not go and open an account with UOB branch in Orchard Road. Try other branches.
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Thank you so much for the updates, Kenviro,... your experiences here and very helpful to many Malaysians who are keen to open bank accounts there. Try a few more branches and update here.

If they ALL don't work out, we can try other methods which follow MAS rules too.
Hansel
post Oct 20 2017, 12:29 PM

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If you guys are thinking of investing in SG directly thru CDP, pls take note that Maybank SG is NOT one of the bank acct requirements to open a CDP Acct..

Hence, open custodian accounts instead, you can use your Maybank SG acct to transfer funds into your cash account with your custodian broker co...

Just a suggestion here : anybody tried opening an acct with ICICI Bank in SG ?

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