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 Opening a Bank Account in Singapore

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Ramjade
post Jan 4 2023, 04:36 PM

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QUOTE(viruz @ Jan 4 2023, 04:04 PM)
Wise rate is nice but they charge much higher transaction fee though, not sure if it is still cheaper overall compare to bank.
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Last I check SGD it's cheaper Vs using DBS banks. But of course CIMB sg beats wise, DBS in terms of final amount received.
Ramjade
post Jan 31 2023, 12:48 PM

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QUOTE(daijoubu @ Jan 17 2023, 01:19 AM)
Between HSBC Premier vs SCB Priority banking as a gateway to open a Singapore based account, which would be better in terms of:

a) options of investment within Malaysia
b) option of investment within Singapore
c) speed to open the account at MY and SG

Thanks all in advance
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I will say SCB cause their SCB brokersge is good (no fees) but loudy in terms of expensive Forex (hike up).

Best way is open CIMB Sg and open up independent brokerage.

For me, I won't go with either banks.

QUOTE(Mr Gray @ Jan 31 2023, 12:38 PM)
Seems like cimb singapore account is taking longer to be approved. Made application and transfered to cimb sg from cimb my on 9 January.

Called cimb sg today and application still pending approval
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CNY backlog. Not even 1 month. Sabar.

This post has been edited by Ramjade: Jan 31 2023, 12:48 PM
Ramjade
post Jan 31 2023, 10:45 PM

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QUOTE(lyyera96 @ Jan 31 2023, 10:30 PM)
But so sad, CIMB SG no provide debit card
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You don't need CIMB debit card. If you want you can apply for it. I think it cost SGS10. Reason CIMB ATM can only be found at their office and they only have one office in Singapore. Lol.

This post has been edited by Ramjade: Jan 31 2023, 10:45 PM
Ramjade
post Feb 5 2023, 04:33 PM

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QUOTE(Mr Gray @ Feb 5 2023, 04:18 PM)
Yeah I selected Woodlands. Didn't inform to mail. I assumed the debit card will be sent to my mailing address that I inserted in the application form.

The email from maybank said will be delivered in 7 days, so I shall wait and see.
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You are collecting your card in sg? But Maybank got stupid SGD500 lockup.
Ramjade
post Feb 9 2023, 12:35 PM

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QUOTE(yjy @ Feb 8 2023, 06:57 PM)
Hi guys hope I can get some feedback.
I'm currently in Singapore going around doing the rounds to try open an account.

My situation:
Malaysian Resident no Singpass no work permit in SG

Today I visited
DBS MBFC
DBS South Bridge
DBS Singapura Plaza

I might have just visited the branches on a bad day because I noticed all 3 branches have staff with Trainee badges on at the front.

DBS MBFC told me they can't open the account without approval from Vickers team, went to check with someone else on the team.
Vickers team say they can't open an account without a Savings account open first and don't communicate with branch team...
Stuck between 2 groups that don't want to make a move...

DBS South Bridge staff said its not possible went to check with someone else 2-3 times, she was very helpful offered to submit the documents but needed to go photocopy ID and docuents which made no sense?
Why not just scan ID or take digital copies from my email. So I left.

DBS Singapura Plaza was the most helpful... same thing front staff said not possible. Went away twice to speak to someone. Finally got introduced to the Team Head of the branch and he said yes we could potentially open an account it's subject to approval and want to understand what your plans are for the account.

He introduced me to a colleague who started to offer me a product called "Manulife Invest Ready" which seems like a forced savings scheme.
I needed to deposit $1,000SGD a month for 10 years with the option to stop at 10 years and withdrawal at 13 years.
I was told I would get a transaction account, option to open a Vickers but would need to commit to depositing each month to this fund.
If i stopped this fund then the savings account would be closed.

Any suggestions on how to word my enquiry when I arrive at the branch?

I'm here for another day, but I can extend the trip if needed.

I also just chanced my luck at OCBC and UOB.

UOB said they have a product available but it requires $20,000 SGD to open and that someone would call me to discuss.

Same with OCBC, they took my details down and someone will reach out to discuss options.
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Go back DBS mbfc, tell you want to open both DBS Vickers account and DBS bank account together. There's no other way to get the account. Then later use the DBS Vickers account to buy something from SGX. Make sure to use DBS Vickers cash upfront account.

That's how I opened my account last time. The mbfc staff told me need to have dbs Vickers account before can open dbs bank account. I said sure no problem. I will open a dbs Vickers account and DBS bank account at the same time.

This post has been edited by Ramjade: Feb 9 2023, 12:39 PM
Ramjade
post Feb 9 2023, 01:01 PM

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QUOTE(lyyera96 @ Feb 9 2023, 12:56 PM)
very long already you open this account?
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7-10 years ago. Seems like same conditions as last time.

This post has been edited by Ramjade: Feb 9 2023, 01:02 PM
Ramjade
post Feb 9 2023, 01:05 PM

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QUOTE(lyyera96 @ Feb 9 2023, 01:04 PM)
when you open account, how much you deposit?
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I bring as much as possible by Malaysian law in cash. SGD10k.

This post has been edited by Ramjade: Feb 9 2023, 01:05 PM
Ramjade
post Feb 9 2023, 02:34 PM

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QUOTE(lyyera96 @ Feb 9 2023, 01:19 PM)
So until now you also use this DBS Acc?
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I close the original account and open a new one via online. The thing is get into the door first.
My new DBS My account is a multicurreny account like the old one without the need to lock up SGD3k inside. So yes I am still using DBS. But new and improve account over the old original account.

This post has been edited by Ramjade: Feb 9 2023, 02:38 PM
Ramjade
post Feb 9 2023, 10:55 PM

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QUOTE(lyyera96 @ Feb 9 2023, 10:29 PM)
Do you have any experience SG bank account has been hacked?
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Nope. Cause once my money come in from Malaysia, I transfer straight to interactive broker. Also I use a phone solely for SMS OTP from banks only.
Ramjade
post Feb 10 2023, 02:22 PM

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QUOTE(lyyera96 @ Feb 10 2023, 01:58 PM)
So if you want use or pay something then transfer back from IBKR to bank account?
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I don't bring my money back to Malaysia. What I have in Malaysia is just cash for expenses. It's basically a one way ticket for me. Always have been, always will be.

If you keep sending money back and forth you will start losing money to Forex.

This post has been edited by Ramjade: Feb 10 2023, 02:32 PM
Ramjade
post Feb 12 2023, 03:32 PM

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QUOTE(kelvinjohn @ Feb 12 2023, 02:53 PM)
So the easiest SG banks for Malaysians are still Maybank and CIMB.

Anyone else managed to open easily with other banks? How about UOB SG?
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Yes and no.
Yes if you are lazy to travel to Singapore and want to do everything from Malaysia.

No if you are willing to travel to Singapore and try luck and follow instructions to the dot. Forget UOB. OCBC or standard chartered. They are only interested in getting sales from you or interested in you only if you want to open priority banking with them if you have no pass. If you got working or studying pass, all banks will open account for you. No issue.

This post has been edited by Ramjade: Feb 12 2023, 03:32 PM
Ramjade
post Feb 13 2023, 08:47 PM

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QUOTE(lyyera96 @ Feb 13 2023, 08:17 PM)
so if we did not any SG pass but we want try luck to open sg bank (exclude maybank sg and cimb sg), which bank you suggest?
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For poor people without hope of priority banking or refuse to buy any of their products, DBS.
Ramjade
post Feb 15 2023, 10:09 AM

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QUOTE(JOMMAKAN @ Feb 15 2023, 09:55 AM)
Hi need some advises.

There are so many banks to choose, whats the best bank for malaysian?
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Cimb sg.

If you are willing to travel to sg, DBS account.

This post has been edited by Ramjade: Feb 15 2023, 10:09 AM
Ramjade
post Feb 15 2023, 01:01 PM

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QUOTE(JOMMAKAN @ Feb 15 2023, 12:53 PM)
whats the advantages over DBS? my main goal is to transfer between SG and MY, which would be the best
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Dbs account is Multicurreny account (able to deposit, withdraw and transfer foreign currency) while both Maybank and cimb is just SGD account. Depending on what account you ah e with DBS, you can practically keep zero punt inside (,my own account only have SGD0.10)
CIMB Sg can be opened online.
Maybank sg need to visit selected branch in Malaysia.
Maybank sg have a min lock in SGD500. If amount drop less than SGD500/month you will be charged SGD2.00/month.

CIMB and Maybank sg are easier to open Vs DBS.

If you don't care about Multicurrency account. Just pick CIMB sg.

Do not keep transfering money between Malaysia and Singapore. Frequent transfer will take up costs.Make sure money you are going to keep in Singapore is at least going to be there for 5 years.

This post has been edited by Ramjade: Feb 15 2023, 01:03 PM
Ramjade
post Feb 15 2023, 01:17 PM

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QUOTE(gooroojee @ Feb 15 2023, 01:08 PM)
Maybank can open online... and usually with one business day. CIMB takes much longer.
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Good to know. Cause I had the assumptions that online is buggy hence better to do a branch.

Btw, what's the latest min amount before fall below fees kick in? Mine time was SGD500

This post has been edited by Ramjade: Feb 15 2023, 01:21 PM
Ramjade
post Feb 15 2023, 01:43 PM

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QUOTE(ceo684 @ Feb 15 2023, 01:22 PM)
DBS because can submit online with Malaysian IC prior to Singpass activation
And the card got nets brows.gif

Then when got Singpass alr
Go open Trust bank for 2%pa interest n NTUC points
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Not everyone got singpass unless you are able to work or study there.
Ramjade
post Feb 15 2023, 03:46 PM

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QUOTE(lyyera96 @ Feb 15 2023, 02:33 PM)
but no premit cannot open account right?
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Can. Need to travel to Singapore and go to mbfc and open both dbs Vickers and dbs bank account. No way to do from Malaysia.

QUOTE(Mr Gray @ Feb 15 2023, 02:23 PM)
SGD200 minimum balance for Maybank SG Ar-Rihla account.
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Seriously. I should open that account instead and close my isavvy account.

This post has been edited by Ramjade: Feb 15 2023, 03:48 PM
Ramjade
post Feb 15 2023, 07:18 PM

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QUOTE(lyyera96 @ Feb 15 2023, 07:01 PM)
If I travel to sg, just take 1 day can submit all application form and supporting document at DBS branch?
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No. You can't open at any branch. You need to go it mbfc. No guarantees about able to open. All depends on mbfc staff.
Ramjade
post Feb 15 2023, 08:34 PM

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QUOTE(coolguy99 @ Feb 15 2023, 08:31 PM)
Is the rate for transferring sgd from cimb SG to MY competitive?
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Yes very. But not MYR to SGD via CIMB MY. I wouldn't keep transferring. I will only transfer back to Malaysia if needed.

This post has been edited by Ramjade: Feb 15 2023, 10:16 PM
Ramjade
post Feb 15 2023, 10:15 PM

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QUOTE(ceo684 @ Feb 15 2023, 09:11 PM)
If you just wanna store SGD, ur first headache is to open a SG bank acc; thereafter u can instarem the money over
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Avoid instarem. Expensive. No more cheap like last time. Stop using them years already.

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