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 Opening a Bank Account in Singapore

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MasBoleh!
post Aug 11 2022, 03:46 AM

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QUOTE(ceo684 @ Aug 11 2022, 01:28 AM)
DBS still more convenient if you stay in SG
Every nook and cranny u anyhow walk walk also will suddenly have a standalone DBS/POSB ATM one

All those Msian bank (MBB CIMB) need to work in CBD area to make it worthwhile. Else it will also incur time and cost to travel there just to withdraw money.
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How about HSBC? I am thinking to invest in SG reits
MasBoleh!
post Aug 11 2022, 10:37 AM

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QUOTE(Ramjade @ Aug 11 2022, 09:26 AM)
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.
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Thank you so much Ramjade for the insight notworthy.gif
MasBoleh!
post Aug 16 2022, 10:34 PM

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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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What reason you gave to them to open this SG bank account?

What questions they asked?
MasBoleh!
post Aug 17 2022, 06:14 PM

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QUOTE(ShinG3e @ Aug 17 2022, 03:18 PM)
If you’re a priority holder, they won’t ask much as they have your details back in Malaysia.

If you’re not, say for investment purposes.
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How long it took you to open that account?
MasBoleh!
post Oct 4 2022, 01:54 AM

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QUOTE(sohailili @ Sep 30 2022, 02:55 PM)
no inform at all. Jus unable to login the day after i gave up on setting up the cimb app. when they transfer me to the fraud dept, they asked if i used vpn and did i made several failed logins. that is all.
don think i will be worried for now. i only send money MY <-> SG, ibkr n some robo advisor. its jus that 1 time sohai CIMB app + forgotten to off my VPN. anyway, thanks for the heads up
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Speaking of this, my office laptop has zscaler installed which automatically VPN me to Singapore. Will this cause the same account deactivation as per mentioned here which is VPN
MasBoleh!
post Oct 4 2022, 02:49 PM

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QUOTE(Ramjade @ Oct 4 2022, 01:03 PM)
I use VPN before. No issue. I don't think VPN will cause them to block you. Alternatively, use another computer without Vpn. Stuff which cause bank to flag an account usually are frequent transaction, abnormally large transaction, transaction use for crypto stuff.
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Thank you so much for the clarification, Ramjade.
MasBoleh!
post Jul 17 2023, 05:37 AM

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QUOTE(Ramjade @ Jun 6 2023, 08:36 AM)
I never activate any of my sg cards. tongue.gif
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I remember HSBC requires me to activate my debit card before I can login to the dashboard
MasBoleh!
post Jul 18 2023, 08:37 PM

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What is the most economical way to convert RM to SGD then transfer to my SG bank account for now? Thank you
MasBoleh!
post Jul 18 2023, 08:44 PM

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QUOTE(Ramjade @ Jul 18 2023, 08:41 PM)
Sunway money. No one come close.
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Because the 1 post above mine was comparing CIMB MY to SG , and is better to use Wise.

And if HSBC MY to Sunway Money then to HSBC SG, I think got extra processing fees charges
MasBoleh!
post Jul 20 2023, 06:18 PM

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QUOTE(Ramjade @ Jul 18 2023, 09:03 PM)
Only pay RM1.00 You can check yourself. I have checked myself using maybank, cimb, Hong leong, UOB, standard chartered, instarem, moneymatch, TransferWise. All cannot even match Sunway money.

I don't have HSBC bank account to check.
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Thank you so much bro, appreciate a lot notworthy.gif

QUOTE(TOS @ Jul 18 2023, 09:22 PM)
yo bro. Long time no see. biggrin.gif

HSBC MY to Sunway Money should be via FPX, so should be free of charge (everything is done from the Sunway Money portal). The RM 1 is the explicit charge by Sunway Money (on top of their markup above FX rate). All-in cost for Sunway Money is around 38-40 basis points above mid-market rate for transfers of several thousand MYR. 10k MYR and above can fetch you 30-35 basis points FX markup sometimes.
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Yea, seeing SGD going stronger than ever and also noticing all the big daikors here busy growing their SG portfolios, so i am back again biggrin.gif

Thank you for the additional clarification too, just my initial concern is from Sunway Money to HSBC SG end, which may incurs additional charges, but i have to admit, it is my bad that I haven't dive deeper into it yet. Overall 38-40 basis points are doable in my book.

QUOTE(Medufsaid @ Jul 19 2023, 08:17 AM)
after going down the rabbit hole, i can only recommend that you do your own research as the rates of each remittance service updates at different times, so e.g., competitor no. 2 will be cheaper than no. 1 at your preferred time

signup for (this is my preference order)

1) wise
2) money match
3) bigpay

and this below is less competitive but u might still wanna signup

4) sunway money
5) instarem

and finally, if u happen to go Midvalley money changers, and afterwards be in singapore to deposit paper money at banks, the theoretical (doable but very impractical) best is

0) midvalley money changers
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Thank you too. notworthy.gif

MasBoleh!
post Jul 31 2025, 04:26 PM

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QUOTE(elea88 @ Jun 20 2025, 09:25 PM)
REALLY .. DBS will charge for incoming foreign funds.
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what's this incoming foreign funds? I convert MYR to SGD in Wise then transfer from Wise to my HSBC SG acc, so far no charges.
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post Jul 31 2025, 04:37 PM

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QUOTE(Hansel @ Jul 9 2025, 11:21 AM)
Just thinking here, man.... if you earn a lot of money outside, and say, you don't have kids outside, and not much plans to travel,... and say, no plans to relocate outside of Msia,... what then do you earn the money for if you don't bring it back to use ?
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let me give you my answer. Money that are transferred out of Malaysia is been categorized as oversea investments. Travelling and Leisure has its own categorization. The money will not be touch till I retired or when I need to migrate out hurriedly. If migration does become a need, Singapore is more of a backup plan, I have my other plan to migrate to other places. Just that, it's always good to have a backup plan just in case biggrin.gif
MasBoleh!
post Jul 31 2025, 04:39 PM

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QUOTE(Medufsaid @ Jul 31 2025, 04:29 PM)
MasBoleh! Wise SGD cash transfer to HSBC SG - SGD cash balance is considered local transfer. all Wise cash are located at their origin country.

e.g., USD in USA, GBP in UK, EUR in SEPA

incoming foreign funds will kick in if transferring money to different country. in elea88's case, USD from USA enter DBS sg (USD in SG)
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I just read a bit this thread, my apology for not following all the messages. From what I read, it seems like Maybank SG and CIMB SG no longer accept cash transfer from Wise, thus now there was this incoming fee topic.

 

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