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

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)

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.

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.

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

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

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.

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.

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

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

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.

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

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

SCB is as good as gone case. Went to 3 branch (woodlands, battery road, mbfc) refuse to open for me just because I am a Malaysian. They told me MAS have tighten the rules in opening account ESPECIALLY AGAINST MALAYSIANS starting last year. The future looks dark for us if we want to open account in other country seeing that MAS has started to act against us.

You cannot open online trading account without a SA. I told them I don't need your SA, I just want the online trading account. Told me no.

Told me I still can qualify for a eSaver account if I have either one
1) UT with them SGD50k at 3% SC (some branch do not accept this)
2) Mortgage
3) Endowment plan SGD500/month for 5 years. Can only withdraw at 10th years. Expected returns 3% pa
SGD400/month for 10 years. Expected retuns 3.8% pa

I wonder if I can email MAS and complain that SCB did not let me open online trading account without a must for their SA.

Can use cimb SG (which I think is better than Maybank). Another way to transfer the money globally at cheap rate: Transferwise. Only drawback cannot transfer MY > SG but no problem with SG > MY.

Is out of question. They refuse to open online trading account without the saving account. The sabing account is a must.


This post has been edited by Ramjade: Feb 1 2017, 09:38 PM

As we speak SGD is now at 3.135.

Here you go
http://www.dbs.com.sg/personal/default.page

Think of it as our Maybank (the amount of branches & atms) but is a SG bank.

Well it's hard. You need to convince them why you need an account with them, And is not cheap. Need to maintain min SGD3k or they will start charging you SGD5/month.

There are people who kena rejected. All because MAS increase the difficulty to open account.

This post has been edited by Ramjade: Feb 2 2017, 03:26 PM

Which is quite cheap and affordable but lousy return. Case point SCB.

Same here. Will leave nothing inside my SG account.

This post has been edited by Ramjade: Feb 2 2017, 06:53 PM

SCB told ms SGD500/month and ony get 3% pa for their insurance plan for 5 years Told them straight in the face, no I am not interested in your insurance plan as insurance plans give miserable returns.

The power of government cooperation. Wonder if MAS and BNM will cooperate to prevent Malaysians from further opening account...

This post has been edited by Ramjade: Feb 2 2017, 07:00 PM