Hi.

I would like to seek advice on the feasibility of opening a bank account here at Singapore as an intern who would like to leave some money here for investment in the SG stock market or unit trusts through dollardex, FSM etc.

I am currently a university student and I plan to work in Singapore in the future, upon graduation. My savings will only be around 1-2k SGD (one-off) and I won't be able to top-up regularly. I have a Maybank account in Malaysia.

This post has been edited by TOS: Jan 13 2020, 01:15 PM

Ok. Noted.

Went to my nearest Maybank branch but they say can't open isavvy bank account. However, email says can open as long as there is "recommendation" letter from the branch.

How to proceed? Any advice?

EDIT: I know why. I went to the wrong branch.

Will try again soon.

This post has been edited by TOS: Jun 9 2020, 02:12 PM

Done. Application submitted! I attached my IBKR account statement to them as well, to prove that I have investment in SG.

Now patiently wait for 14 days...

They took it anyway. A prove is better than nothing, right? Otherwise everyone can open bank account in SG by saying they have investment in SG. The officer was very meticulous and careful, I brought my own photocopied IC document and she just ignored it and took my own original IC and photocopied it again, then certified it herself.

This post has been edited by TOS: Jun 10 2020, 02:54 PM

Yup. I went to the wrong branch earlier, so the officers there said I couldn't open an account with them. So, I went to the "right" branch thereafter.

My branch is in SSC Butterworth, Penang.

At the end of the account application document, you will see a list of branches and wealth centers where you can submit the application form.



The application form can be downloaded here: https://www.maybank2u.com.sg/iwov-resources...n-Form-mbmy.pdf

I strongly suggest you to phone the branch the day before you go to ask for the documents and preparatory works to do so that you don't have to run back and forth between your house and the bank for any missing supporting documents. I am afraid different branches can have different guidelines.

Good luck.

No problem. According to the application document, it's 14 working days. But the branch officer in Penang mentioned about some potential delays due to the MCO and circuit breaker in Malaysia and Singapore.

So, may take longer than that. Just be patient.

Have you checked that you went to the right branch?

It is ONLY possible to submit the form and the supporting documents at branches and wealth management centers listed in the last few pages of the application form.

(Don't repeat my mistake. )

Also, SG in Phase 2 this Friday plus Malaysia in RMCO, maybe more relaxation by now. Can try to contact the (right) branch and ask again.

This post has been edited by TOS: Jun 17 2020, 09:46 PM

No. They didn't charge me for any services.

This post has been edited by TOS: Jun 20 2020, 10:39 AM

I don't know you can open BOTH CIMB MY and SG account at the same time. Is that possible?

Slightly off-topic: Is there any advantage of having CIMB MY account? You sound very supportive of CIMB MY.

This post has been edited by TOS: Jun 22 2020, 08:39 PM

--Deleted--

This post has been edited by TOS: Jun 22 2020, 09:52 PM

I see. My bad. Incomplete information from my side earlier. Sorry.

This post has been edited by TOS: Jun 22 2020, 10:01 PM

Ok, before I proceed, let me tell you something: Some of the branches may have moved or closed down or have their phone number changed. (At least for my case, the Butterworth SSC branch in Penang was relocated from the Jalan Selat area to the main Jalan Bagan Luar road further south, so the address in the application form was the old one and the phone number has changed as well).

You should NOT rely solely on the branch address and phone numbers stated in the application form without verifying the branch existence on Google Map, i.e. you need to so do some homework. I am not sure about your area, but in any case, don't follow the application form's address and phone number blindly.

Back to your question, for my case, I brought a lot of documents related to my university (I am still a uni student) such as my offer letter, hostel's address proof etc. but the branch officer said there's no need for them.

In the end, you only bring along:

i) Proof of Address (latest utility bill with your name and mailing address included) (For uni students or those without such bills, you may use your Maybank (they prefer other bank) account statement for the last 3 months)

ii) Proof of purpose to open account (some members here claim that it's optional, but I presented my IBKR account information, including the account confirmation letter and the activity statement and the counter officer accepted it). I believe submitting such documents will enhance your success rate of opening an offshore banking account, at least you show your willingness to co-operate with the bank and not hiding information.

iii) IC (they will print a copy if your IC and verify it, but you can bring along your own copy just in case).

iv) Your thumb. They will take your thumbprint electronically.

Different branch may have different ways of handling such applications, so it's still a good idea to call them in advance. In case you do not know, most branches close earlier during the RMCO period. In my area branches close at around 2:30 to 3p.m.. (They no longer close at 4:30 p.m., which's the usual case). So, you may want to call them in the mornings.

This post has been edited by TOS: Jun 24 2020, 05:47 PM

Some updates on my Maybank SG account opening. (Ya, it has been quite some time).

Malaysia Maybank officer phoned me to confirm my university name and purpose of opening account. He told me SG bank opening is stricter now, so they phoned applicants in person to verify details.

Ya, already certified in application earlier, but they still call to verify, sort of. I applied through Maybank Bagan Luar branch but the caller this afternoon was from another branch in Taman Desa Damai, Bukit Mertajam.

Hi,

Luckily you reminded me, otherwise I nearly forgot I have an ongoing application for a bank account in SG. I have forgotten the exact date, but luckily I left some trail behind in the forum.

So, according to this post:

It's June 10, some 3 months back. Since then, I only received that phone call from another branch close to Bukit Mertajam, otherwise no updates from any party.

So, did you receive any letters/phone calls from MBB (either MBB M'sia or MBB SG) as well?

This post has been edited by TOS: Sep 2 2020, 05:23 PM

Updates of may Maybank SG Account application:

Received this message yesterday at around 2 p.m.

Seems like my card is ready, but kind of wonder if it will be useful at all. Hopefully the online banking system is working.

And here it comes, just checked my mail box and...

5 letters from SG, all come at once. One of them with a Maybank SG logo behind.

Kind of curious what are they. Some were dated back to late August.





This post has been edited by TOS: Sep 9 2020, 08:05 PM

Ok, summary for all 5 letters. I am speechless.

1. One letter informs me of my Maybank SG debit card number plus a designated PIN number. (Not sure if I can change Maybank SG debit card PIN from a Malaysia ATM? Ramjade)

2. 2nd one informs me of the security token for online banking security (Gee, that tool looks gorgeous).

3. 3rd one is the card itself. (How come I got a platinum debit card? I didn't apply for the "platinum version". Ramjade) There is a booklet introducing the platinum card itself.

4. 4th one is the Access ID which is needed for online banking activation.

5. Last one is the general letter thanking me for applying isavvy account, plus info on account number. It says:

I won't post any photos here due to privacy concerns, but if anyone needs a general view of each letter, I am happy to PM them (with sensitive details cropped out of course).

First-time experience opening offshore banking account. Cool stuffs indeed.

This post has been edited by TOS: Sep 9 2020, 08:31 PM

Sure, will go to the post office to check if missing anything since I got the red "Sesuatu untuk Anda" slip. Maybe 1-2 things left behind. Will update here again tomorrow.

One off-topic question, can I use the Maybank debit card for SG's public transport like buses/train? I mean treating my Maybank card like an ezlink card. Is that possible? Will I pay the same price as ezlink/NETS card users?