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 Opening a Bank Account in Singapore

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dasecret
post Dec 15 2015, 09:58 AM

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QUOTE(prince_mk @ Dec 14 2015, 09:50 PM)
Ok done with opening.next is to decide what to buy tongue.gif
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rclxms.gif so looks like it's not as hard as it sounds
dasecret
post Feb 3 2017, 11:17 AM

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QUOTE(AIYH @ Feb 2 2017, 05:20 PM)
Because unlike malaysia, the SGDMYR Rate is only visible to their customer via online banking sweat.gif , as I am neither of them, so I am helpless on this sad.gif

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

Also can help to introduce any other account with competitive fees and forex rate (interest rate is out of the question in this comparison tongue.gif)
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I only have 1 bank; this is the rate I got; is it considered competitive?

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dasecret
post Feb 3 2017, 12:28 PM

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QUOTE(AIYH @ Feb 3 2017, 12:11 PM)
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)
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Yeah, UOB tends to offer the best forex rates. UOB Privileged banking customers get slightly better than board rates. But I think bbgoat mentioned for USD Citigold offers even better rate than UOB.


dasecret
post Feb 3 2017, 02:30 PM

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QUOTE(Ramjade @ Feb 3 2017, 01:43 PM)
They are talking about which SG bank is the best bank to move money back to Malaysia (should you need it). However IMO, the best bank is
(i) one with low maintenance fee (prebably SGD2/month)
(ii) one with cheap brokerage (SGD10/transaction)

However beggers can't be choosy and the only banks which let Malaysians open account are DBS, and Maybank. Cimb is not counted as one need a local SG account first.
They even throw in better rates than board rates should one transfer >RM20k/transfer.  biggrin.gif  rclxms.gif
Bad thing is limited branches, can only be done via counter.  They don't have online transfer. sad.gif
Citigold needs RM400k park with them. People like me mana ada RM400k  sweat.gif  shakehead.gif
Maybe auntie/sister dasecret is in the same class with bbgoat?  whistling.gif  whistling.gif
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They seem to keep increasing minimum deposit amount before charging maintenance fee; my DBS minimum is only SGD1k; n previously only SGD500

Hmm, CIMB cannot open SG account anymore? Just last year or the year before can open a CIMB SG account through CIMB Msia; don't even need to go to SG physically. Link to cimbclicks Msia even

I don't really bank with Citibank, so no status la, status borrower only
dasecret
post Feb 3 2017, 02:46 PM

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QUOTE(Ramjade @ Feb 3 2017, 02:37 PM)
It's because it's Multi Currency account (the only account they let Malaysians open now). No more SGD1k account unless you are working there.  sad.gif

I didn't know Cimb Malaysia got such feature. Care to share the link?  hmm.gif From what I gather from Cimb SG website, if one really want to open account from Malaysia, the only way to do it is via Cimb Fast Saver. However Cimb only allow one to transfer max RM10k online.
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Err... no link... from what I know, it was done through CIMB RM in Msia. Not sure if it's a service only extended to preferred clients. Not sure if they still offer it now. I thought I posted about it sometime back

The minimum amount for the CIMB account was also SGD1k

This post has been edited by dasecret: Feb 3 2017, 02:48 PM
dasecret
post Feb 3 2017, 04:32 PM

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QUOTE(TOMEI-R @ Feb 3 2017, 04:27 PM)

The easiest account opening in Singapore right now would be CIMB. You dont even need to be present at their Singapore branch. You can open an account online but the catch is that you must perform a "FAST" transfer from another Singaporean bank account. FAST transfer is like our local IBG here. Im not sure though if you can get someone else account to transfer over the SGD $1k for account opening.
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Oh, is that the catch? I never know that. But the SGD1k transfer did take place for the account I was talking about. The transfer was made from a third party account
dasecret
post Feb 3 2017, 05:02 PM

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QUOTE(AIYH @ Feb 3 2017, 04:34 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
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Hmm, that must be a different arrangement all together. Like i say, the account was opened >1 year ago. Best to ignore my comments

I think CIMB is using that method to meet the KYC and AMLA requirements, leverage on due d done by the other SG bank

QUOTE(TOMEI-R @ Feb 3 2017, 04:48 PM)
So what happened after that? Did CIMB Sg contacted you after that?

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Got letters. Like I say, the account was not opened online, it was opened through preferred banking RM in Msia. After open account, transfer SGD1k to meet the minimum deposit amount requirements

 

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