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 Opening a Bank Account in Singapore

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Ramjade
post Jul 29 2022, 09:55 PM

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QUOTE(??!! @ Jul 29 2022, 08:43 PM)
I just applied CIMB Sg account online and surprised approval is almost instantaneous.

I tried to link to my CIMBclicks MY and it says pending process.
If it's linked, do i still need to have a CimbClicks.Sg account or can just use Click.My to make transactions for the Sg account?
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You need CIMB sg for transaction. CIMB my is just to view balance.
Ramjade
post Jul 30 2022, 12:21 PM

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QUOTE(??!! @ Jul 30 2022, 12:03 PM)
I've just opened a joint account at CIMB Sg
The instruction for transfer of the initial deposit SGD1000 for CIMB FastSaver account states :-
Would transfer from another Spore  joint account held by same applicants  to the  CIMB account work?
We do not have individual personal accounts in S'pore.
Or die die need to do initial transfer via CIMB My account?

Tested with S$1 - no response from CIMBSg yet

Anyone had similar experience?
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Transfer using cimb my. I think min among sgd100. Then complete the sgd900 with fintech (Sunway money or TransferWise)
Ramjade
post Jul 30 2022, 06:02 PM

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QUOTE(Johnch666 @ Jul 30 2022, 05:29 PM)
cimb.com.my/en/personal/day-to-day-banking/accounts/savings-account/octosavers-account-i.html

Anyone ever tried use CIMB Apply(online apply account) for new customer? Did it work?
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Why would you want to apply that?
Ramjade
post Jul 31 2022, 06:55 PM

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QUOTE(Wolves @ Jul 31 2022, 05:42 PM)
Yes. I tend to read as much as possible before asking. 73 something pages are ok. I read up to few hundreds before but don't comment coz usually lost interested after a few hundred threads but this one is really what i needed. smile.gif
Singapore reits is something i want to look into. Thank you very very very much. I been thinking to diversify to other country coz lately i see the issue in Malaysia i am very very very worried. So been on my mind to look "outside" of Malaysia and into Singapore but so far i only found one which gives 5% plus return a year (last year and consider good coz of the economy situations) and had gone up to 10% before. The only problem is i have to personally fly there to open account sad.gif so been put on hold until i see the chance to holiday there (if ever). REITS is another category i am actually interested to diversify in and your comment is really good news to me smile.gif thank you boss and yes i read your comments too. Was thinking of approaching you in pm to ask guidance tongue.gif right now not much cash so i put it on hold first so have not approach you yet. I also saw your comments in stashaway thread (i actually looking at stashaway and jump here from there coz kdi kept getting mentioned there). Just lost a lot of money playing some very risky "new stuff" so very very burnt hands and hence looking at this money market fund for now.
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If you have CIMB my bank account, very easy to open CIMB sg account. All can be done via online.

If you don't have CIMB, you can use Maybank. Difference is CIMB sg does not require lockup of sgd500 while Maybank sg needs you to lock up sgd500 or else there's a monthly fall below fees of sgd2.00/month.

Another difference is Maybank sg application better to do it via certain Maybank branch in Malaysia.

So actually you don't need to fly there. You fly there only if you want pure sg bank account and not a Malaysian bank which operate in Singapore. But if you want convenient, just pick either CIMB or Maybank sg as your sg bank.

Btw, you need to choose where you want to invest. If you don't have enough money, choose your investment wisely. If you have lots of money, no issue. A lesson I learned. I was too diversified. Everything also I want to buy.

This post has been edited by Ramjade: Jul 31 2022, 06:56 PM
Ramjade
post Aug 1 2022, 06:33 PM

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QUOTE(Wolves @ Aug 1 2022, 03:38 PM)
Thank you boss for the tips and tagging. No CIMB so might need to go maybank route. I am looking into transferwise option as well since they allow sgd holding. I also have some "pocket change" with someone in sg so i could also explore the option of asking them to bank into the account for me. The biggest issue is as you pointed out. "Where to invest" and "what to buy". I see you mention IBKR a lot at the other thread so i just searched them and read up. A bit complicated so i put it on hold at the moment. Still waiting for my KDI to get approval (3.38pm already.. no hope today) and once i settle that one i will look into the IBKR further. Thank you boss.
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Go open CIMB my account. A free basic savings account is more than enough. CIMB is superior to Maybank as no lockup amount and no fall below fees.

TransferWise only recommended if
1. You are sending money overseas
2. You are receiving say USD from online cashback

Otherwise it can only hold rm10k max.

Do not keep using friend or family member to bank in as you could be scrutinized by bank for anti money laundering.

Depends on what you want. Pay middle man to do for you, or do yourself. Just buy QQQ and hold. Not that hard. Cut out the middle man and reinvest the savings.
Ramjade
post Aug 4 2022, 06:57 PM

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QUOTE(CommodoreAmiga @ Aug 4 2022, 09:15 AM)
Say, does anyone knows? Can I withdraw SGD from ATM in Singapore from my SG account using CIMB MY ATM card since the account is linked? Any charges?
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CIMB sg got only one branch. So if you want to withdraw money have to travel all the day to CBD and go to their branch. Not worth it.

Just get bigpay and withdraw using bigpay or spend SGD in sg using bigpay. No need atm card.

QUOTE(??!! @ Aug 4 2022, 05:42 PM)
Not exactly answering your question, But long long time ago, I used my CIMB MY atm card to withdraw rupiah from CIMB Indonesia atm, just need to using their forex rate, no extra charge. Fund was deducted from Malaysian account.
Likewise , with HSBC card @ UK

Re my initial deposit for CIMB S'pore, I tested with S$1 transfer from my joint account in another Spore Bank.
It showed up in my CIMB clicks online and the linked Sg account is shown as "active". Then transferred another S$999 from the same joint account. Immediately reflected in the account as seen in my CIMB clicks.MY.

It's been 2 days, I've not received any activation code  for CIMB Clicks Sg.
Hmm, maybe need to contact them
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They send via mail. Expect 2 weeks or 1 month. Depending on how fast is the mail service.
Ramjade
post Aug 10 2022, 04:20 PM

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QUOTE(lfw @ Aug 10 2022, 03:14 PM)
my wish is that UOB and OCBC are able to offer the same service for their MY customers, then this will get more competitive and allow us to have more options

right now we only have CIMB and MBB only. for HSBC, that requires a whopping RM200k to begin with if want to open a HSBC SG account from MY
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No need priority banking. Follow my way. Take a flight or bus to Singapore. Go marina bay financial center, open DBS Vickers and open DBS multi currency. It's basically free acocunt. Only need to pay for transport fees, food and maybe accomodation if you want to stay overnight

This post has been edited by Ramjade: Aug 10 2022, 04:21 PM
Ramjade
post Aug 10 2022, 09:02 PM

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QUOTE(lyyera96 @ Aug 10 2022, 08:48 PM)
but this is before 7 years right???
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If banks don't change their policy then it's still applicable. Either take the risk and go down or keep complaining about it and you will never get a free sg bank account.

I took the chance 7 years ago when someone told me doors are closing. I didn't hesitate. Keep in mind a student with no pay, no sg address, no sg working or studying pass.

Only you can help yourself. No one can help you to seize the moment.

If cannot, take it as a holiday. That was my thinking last time. I just try my luck cause as mentioned only you can help yourself.
Ramjade
post Aug 11 2022, 01:12 AM

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QUOTE(TOS @ Aug 10 2022, 09:47 PM)
Seriously speaking, Maybank SG is actually more than sufficient for day-to-day living in SG. I use Maybank SG all the time. Can withdraw at designated ATMs once a while for a few weeks of spending.

Not many ATMs as compared to the 3 local banks, but still sufficient for daily livings. The Visa debit card is already very convenient.

The added benefit with DBS, apart from having a "safer" deposit account and its multicurrency feature, would be opening up the opportunity for DBS Vickers and subsciption to SG bonds/SGX IPO. But the later is contingent on the ability to open a CDP account. So if you just open a DBS multiplier and Vickers account, you will just get multicurrency account and another custodian brokerage account. You won't enjoy the benefit of assessing SG capital markets.

SG local banks' FD rates are miserable...    

Maybe Ram has different ideas. But the above is my observation from 2 months of living in SG. smile.gif
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CDP is useless for Malaysian.
People with no sg address is useless.

With zero tax on US bonds, why bother with lousy Singapore corporate bonds when you can buy like railway bond and those stuff. Not to mentioned US bonds are selling at USD25/unit. Much more affordable than Malaysian and sg bonds

Avoid sg market at all cost. Just a market with not much quality business there.

This post has been edited by Ramjade: Aug 11 2022, 01:25 AM
Ramjade
post Aug 11 2022, 09:26 AM

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QUOTE(MasBoleh! @ Aug 11 2022, 03:46 AM)
How about HSBC? I am thinking to invest in SG reits
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Forget about it. You need to be priority banking which means 6 figure of money lock up in the bank. Not sure priority which side. Some "international banks" require to be priority both side. Unless ou have too much money to give banks to lock up for miserable rates you are better off with CIMB sg or Maybank sg.

This post has been edited by Ramjade: Aug 11 2022, 09:27 AM
Ramjade
post Aug 11 2022, 09:37 AM

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QUOTE(Ramjade @ Aug 10 2022, 09:02 PM)
If banks don't change their policy then it's still applicable. Either take the risk and go down or keep complaining about it and you will never get a free sg bank account.

I took the chance 7 years ago when someone told me doors are closing. I didn't hesitate. Keep in mind a student with no pay, no sg address, no sg working or studying pass.

Only you can help yourself. No one can help you to seize the moment.

If cannot, take it as a holiday. That was my thinking last time. I just try my luck cause as mentioned only you can help yourself.
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Akaashi how to open DBS multicurreny account in sg for those without student/working pass.
Ramjade
post Aug 12 2022, 02:15 AM

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QUOTE(ShinG3e @ Aug 11 2022, 11:10 PM)
Last month managed to open a Standard Chartered SG bank account. XtraSaver. But of course via the Priority way. Benefit about SC Priority is that your local Priority status is acknowledged/transferable worldwide. So MY = SG = HK = ID = PH = TH

Also managed to open Trading account too with 0.18% no minimum (Priority).

Easiest way of course would be still Maybank or CIMB.  brows.gif
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Damn. I asked Malaysian side before. Need priority both side.
Ramjade
post Aug 12 2022, 01:39 PM

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QUOTE(Toku @ Aug 12 2022, 09:48 AM)
Do you know their brokerage account is using which broker? Is the brokerage account come with SIPC and FDIC thingy?
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Avoid SCB as brokerage. Don't fall for their no fee for priority customer. They are expensive (Forex wise). Stuck with good old IBKR.

QUOTE(ShinG3e @ Aug 12 2022, 11:07 AM)
Which bank? Mine is SC. Might be different for others like hsbc uob etc.
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Standard Chartered.
Ramjade
post Aug 12 2022, 04:34 PM

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QUOTE(Toku @ Aug 12 2022, 04:30 PM)
Thank you Ramjade for your advice. You are right.
Just check for a back up broker which is safe enough for long term in case of bipolar nightmare. Already seen IBKR suspended Russian related product. Hopefully can find a good Singapore domicile broker that has it's own trading arm for international markets.
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You want good got with FSM.
You want cheaper than FSM, TD SG, webull sg, moomoo, tiger, gotrade. Who is he cheapest among them all, maybe gotrade cause they claimed they only charge 1% Forex fees.

For me, I use ibkr and tiger as my real time price checker cause IBKR doesn't have real time priced in.

This post has been edited by Ramjade: Aug 12 2022, 04:35 PM
Ramjade
post Aug 25 2022, 04:10 PM

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QUOTE(siaoand1 @ Aug 23 2022, 09:42 AM)
Hi all,

from economical uncertainties to politician conviction and worst of all inflation on the rise in MY, i do not feel safe withholding large amount of MYR currencies for long anymore

I have two bank accounts, Maybank for daily, monthly uses; the other Standard Charter which holds most of my savings.

Monthly Salary is RM4300

Rough Calculation:
Monthly deposits RM800 to SC
Food + Fuel: RM500
Rent: RM550
Phone: RM53
Utilities: ~RM100 (water + elec)
Epf: RM473
Car: Fully paid off on 2018, Myvi
Parking: RM200

I m single, 33, IT Support, fama alrdy retired and are living well on their own space and time.
I m hoping to open an overseas bank account, (SG Maybank) is this possible even though i am not living or working there?
PS: Since i might start to search a job in SG
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Your answer can be found here. I repeat what my teacher Hansel said years ago. Don't hold RM. It's a worthless currency which depreciate over time. Convert as much RM into any other developed country currency.

Here's what I do. Collect until rm10k then send it off to sg.

How to open acocunt? Look through past 5 pages. You should have your answer.
Ramjade
post Aug 25 2022, 06:06 PM

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QUOTE(!@#$%^ @ Aug 25 2022, 04:36 PM)
the high exchange rate always holding me back. but in the meantime keep getting higher and higher. lol
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I just keep changing regardless of rate cause long term you know where it's headed. What is expensive now is cheap in the future.
Ramjade
post Aug 27 2022, 10:23 AM

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QUOTE(Medufsaid @ Aug 27 2022, 08:10 AM)
oh... this is the wrong approach, better to use wise (transferwise)
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CIMB sg sometimes have better rates than wise.
Ramjade
post Aug 27 2022, 11:04 AM

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QUOTE(Medufsaid @ Aug 27 2022, 10:56 AM)
can CIMB sg be trusted? my fren's m'sian acct kena mysterious PayPal charges to her debit card. i don't mind closing my DBS acct & moving over to CIMG sg if it wasn't for that
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I wouldn't close my DBS acocunt as
1. There's no fall below fee if you are using the right acocunt
2. You have access to multi currency account which CIMB doesn't have

Nowadays lots of bank account kena hack cause people using same username and password for all their acocunt. So it doesn't matter if is Malaysia or sg bank account. The weak link is the user.

I use password manager to generate a set of random, complex password for all my bank accounts. It's all about how you secure your account.

If you feel scared, can do like me.I keep only sgd0.10 inside my cimb sg account. I will only use it to bring money back to Malaysia which I have not used at all since I opened my account. Once money comes in, directly it goes into IBKR.
Ramjade
post Sep 1 2022, 09:52 PM

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QUOTE(ecntrader @ Sep 1 2022, 09:45 PM)
I know. i just want to place my money securely that it. about instrument doesn't matter.. as long i can trade forex.. even indices or global stock..

can guide me boss?  .. when my money ready i dm you ya..  thank boss smile.gif
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Just put your money in sg. Here's step by step. No need to wait until large amount. I transfer once I get rm10k.
https://ringgitfreedom.com/banking/opening-...for-malaysians/
Ramjade
post Sep 18 2022, 04:58 PM

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QUOTE(tadashi987 @ Sep 18 2022, 12:44 PM)
hi ramjade, might pay a visit to SG soon, feel like tryna my luck on the DBS account opening
want to ask what particular documents need to bring? need to bring SGD cash for deposit?

online info are all for SG resident
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TOS already give info. But this is what I recommend.
Malaysia IC,
Malaysia passport,
Proof of source of fund (print latest statements MY bank accounts)
Proof of MY address
Income tax filling receipt.
Rm30k worth of cash in SGD values. Since you are going down sg, make good use of mid valley money changer rate.

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