Good info 

I think it is not the BNM which gave directive. It is the bank which doesn't want to answer to BNM if they ask for details of forex movement. Banks are now paranoid whenever forex is involved. So if they can reduce customers' transaction, they reduce their possible mistakes too

I asked BNM to clarify on some transfer machanism on export company and they say ok no problem. But when it comes to the bank, they asked for all sorts of documents (some unnecessary) and everything have to ask HQ. Causing unnecessary delays. Everyone in the bank doesn't want to be responsible in this trying times 

Those who want to open forex account now may not be the good time to do so. Maybe wait for a few months when everything stable down and banks have clearer direction

Yes. Although same parent company, the same bank in Malaysia and Singapore are two separate entities. So the local bank can recommend, but it is up to the Sg bank to accept.

Showtime747, you are right and you are experienced in this. 👍 For local bank to consider help someone open an account in sg, I think is not applicable to everyone, 1st he must be an active priority customer of that local bank. To open an FCA in sg, it's more challenging and someone must have "strong case or specific arrangement" for both local and sg bank to work around. Details best left though.

I heard HSBC can open overseas branch accounts right in Malaysia. I never tried though so I am not sure.

Rich people always are welcome and given privilege. The banks in Singapore will still welcome preferred/privileged/premier customers. The ballpark figure is US$300k thereabout. Or like you said, buy a big insurance policy.

Those can buy say sgd 200k or roughly rm600k insurance and to be paid say within 5 years is definitely not a small timer though. 🤓 This is sg bank filtering process to choose the best customers.

For those who are small timer, it is arguable whether it is worth the while to open and maintain the forex account and trading platform in Sg. It may be more cost effective to use a local trading platform first and then when he grows bigger, only consider shifting to Sg.

Agree on that. Might as well open one in Malaysia. Save all the hassle and also the lost in coversion with banks/ money changers etc.
Correct. Most banks will need a reason to let you open a savings account. Like mentioned, for Salary bank in, rental collection, bill payment etc. So if you dont have a valid working visa, you wont have a valid reason to open an account. Some banks do allow an account opening in the event,

1) You subscribe to their insurance/savings plans (so that they will need to open an account for you so that your monthly/yearly premium can go through. (An example would be UOB will ask you to buy their savings cum insurance plan which the yearly premium would be SGP $9000 per year minimum and you would need to service it is for 5 years at least.

2) Investment/ Funds etc which will warranty a need for a SGP bank account

3) Forex/ Shares trading accounts etc which will warranty a need for a SGP bank account

for this, i should be thankful with the fact that they approve my account application less than 2 weeks. 

no insurance sign up/ CC sign up nor priority banking.

It will come. Just wait.