Any idea on how to open a saving account in Singapore without being working there?

A lot of them required employment pass

This post has been edited by AIYH: Oct 25 2016, 01:36 PM

They want their people to invest instead of keeping the money under the pillow or biscuit tong or bank acc

Better than Japan where you need to pay a fee to keep money in the bank

I asked before, they onyl accept internet bill payment from few banks only (DBS OCBC UOB SC), other than that you need to write cheque or TT

Not sure whether they have like FPX service in SG?

But whenever, we remit from SG to MY, who is the one converting from SG to MY? DBS or the local bank?

If is DBS, whats the rate?

If is local bank, even though DBS provide it free remit, the exchange rate still depends on the local bank.

For this (if you transfer amount is less than 10k), CIMB is better as it allows you own account to transfer between MY and sg without charges and have better exchange rate than maybank.

Btw, if we TT from malaysia to sg, they are using the sell TT rate to convert right?

How about if we withdraw money at SG from MY saving account? say if we withdraw money from Maybank SG atm from Maybank MY saving account? what rate does it use?

I can't seem to find the sgd myr forex rate in DBS SG same for maybank SG and CIMB sg, where does it locate?

That means is only for dbs customer

How sad

If you google. it will probably display as the first result, is a bank

depends on how you view it.

Maybank Isavvy account, can open via maybank malaysia, fall below fee SGD 2/month if below SGD 500, you will lose 4.8% p.a. (SGD 24) if you decide to fulfill the criteria, forex rate loose to DBS (based on other currencies) since I can't see then live rate for SGDMYR

CIMB FastSaver Account, can apply online, once you got maybank sg, no problem for this one, no fall below fee, forex rate on par with Maybank SG (again based on other currencies) since I can't see then live rate for SGDMYR

DBS multiplier account, very hard to open now, fall below fee SGD 5/month if below SGD 3000, you will lose 2% p.a. (SGD 60) if you decide to fulfill the criteria, forex rate better than maybank/cimb

IMO, if you can spare SGD 3k and above to invest in SG (be it UT, SGX, bonds, reits etc to earn at least 2% p.a.) so that the fall below fee is not much of a concern, DBS, else maybank (need 5% p.a. to cover if you just use SGD 500 to invest)

This post has been edited by AIYH: Feb 2 2017, 04:32 PM

Because unlike malaysia, the SGDMYR Rate is only visible to their customer via online banking , as I am neither of them, so I am helpless on this

Hopefully everyone here, who have all these 3 banks account, or can work tgt, to publish the rate for these 3 banks

Also can help to introduce any other account with competitive fees and forex rate (interest rate is out of the question in this comparison )

This post has been edited by AIYH: Feb 2 2017, 05:22 PM

they said is more competitive compared to maybank and cimb, just not sure how much competitive it gets until someone show the rate around the same time for all 3 banks

From available data (maybank, cimb, pbb, hlb, rhb, ambank, affin, abmb, ocbc, uob, hsbc),

Maybank FOREX
CIMB FOREX
PBB Bank
Hong Leong FOREX
RHB FOREX
Ambank FOREX
Alliance Bank FOREX
Affin FOREX
OCBC FOREX
UOB FOREX

UOB offer the better rate at 3.1695 (among bank rates)

This post has been edited by AIYH: Feb 3 2017, 12:25 PM

Eh, we are talking about average customer LA

Average Joe like us can't quitely for citigold rate Leh

If you one shot transfer more than SGD10k, alliance bank offer better rate @3.1629

As of 3/2/2017 12:00



Only viewable and available for online TT

This post has been edited by AIYH: Feb 3 2017, 03:31 PM

Their online banking platform can view this rate (doesn't matter you have FCA with them or not).

The extra hot rate is available through out working day working hour.

There do have normal rate, but, if you exchange in the morning working day morning working hour, you will get hot rate (between extra hot rate and normal rate) instead of the normal rate you get during working day evening working hour

But these rate is only available when you TT or place FCA online, not OTC

This post has been edited by AIYH: Feb 3 2017, 03:40 PM

FAST is more like our IBFT if not mistaken.

No, you must transfer from your own name account, meaning you must have already hold a singapore SA to FAST transfer to CIMB fastsaver to open the account

MYR 10k is the maximum I can set for online TT

I think u can store them in FCA using the preferential rate, then transfer from there batch by batch?

Even maybank online TT only allow max myr30k per day which is sad

Same la

Guess if you limit your TT to SGD 3k, Alliance hot rate (not the extra hot rate) should be sufficiently competitive enough to do online (unless you prefer go to UOB OTC or go down SG, then is a different story )

Hence the preference of going OTC or bringing cash in one shot

Malaysia online banking seems very conservative in this