Recommend DBS bank for Malaysian to open bank account in Singapore. Easy to open, excellent service (much better than Malaysian banks ), just 10-15 minutes, they even fill in the bank opening form for you. Also instantly eligible for ATM/debit card, internet banking and secure device.

Requirements :

1. Malaysian IC
2. SGD 500 minimum deposit

Benefits:
1. Platinum ATM/VISA debit card, free of charge
2. Will send statement every month to your Malaysian home address, free of charge
3. Can use internet banking anywhere (using a secure device), free of charge
4. Can register your Malaysian HP no for internet banking message, free of charge
5. Online bank fraud refund guarantee.

Cons:
1. No Malaysian bank presence
2. SGD 2 fee per month of your account value falls below SGD 500

This post has been edited by gark: Jun 2 2010, 03:00 PM

I did and opened an account with DBS bank, carried some SGD1k notes, for easy carrying . Anyway manage to lose some of 'deposit' at Marina Bay Sands. .

My main purpose is for easy credit to my singapore investment, diversify my cash and asset holdings, safeguard my money against sudden devaluation and also just in case this country tells me ' you tak suka, you keluar!'.



Good enough reason?

There are no good low risk investment in Singapore, the interest rate and FD is very low. Even SG bonds are paying only about 1-2% yield. I invest in a higher risk instruments in SG, the low risk portion is in Malaysia.

regards,
LCM

You are allowed to carry USD 10K equivalent of currency notes and do not have to declare at customs. Anything more than that you need to declare.

I view MY SG bank account and investment as a insurance in case of 'you tak suka you keluar' happening.

For DBS if you have the old account the min amount is SGD 500, for new account holders it is SGD 2K minimum.

This post has been edited by gark: Jan 6 2012, 11:01 AM

No restrictions, for transfer over RM 10K, need to declare purpose to BNM (at bottom of TT form).

Then declare the purpose as 'investment' and source as 'savings'. So far transfer lots of time no problem...

Please also note that some banks in SG will deduct a small amount as incoming TT 'fees'. Mine is SGD 12/TT.

Most of time I just bring cash across the causeway... (not more than SGD 20k, otherwise have to declare)

P/S what trading you doing?

This post has been edited by gark: Mar 21 2013, 11:21 AM

SGD is created purposely to enable easy travel... one single SGD10K note fits nicely in the wallet.

10K note is no longer produced since 2014, but still legal tender. Still have some floating around.

Yes got incoming TT fees.

Not by MAS, but risk BNM.. because if you transfer >RM 10K you need to declare.

But still many people do that.. mostly to escape reporting to BNM.

Still depend on your amount you transfer. IF really MAS has flagged your account, it will be frozen until you can explain.

Yes money changer transfer is always suspicious by both MAS and BNM, otherwise why transfer through this method.

BNM has already removed several money changer license recently due to reporting violations.

And the illegal money transfer case by 1MDB does not help the situation at all.

This post has been edited by gark: Jan 17 2017, 10:57 AM

That is correct, but declaration wise and money changer bad reputation for money laundering does not help.

One time I left my DBS acct for about 2-3 years no activity (no debit or credit), even the debit/ATM card is expired > 1 year. Just walk into branch, and change a new debit/ATM card, no problem took me just 5 mins. Acct was not blocked for the period as I check online and can access, and no fees levied prior going to change the debit card.

Maybe account inactivity is not such big a problem.

This post has been edited by gark: Jan 24 2017, 07:29 PM

Yep it was about 2 years back. Anyway you will need to renew your ATM card when expired, so matter of time you need to go back to sg.

In fact you can.. and you can deposit and withdraw cash in usd from most indon bank. Sgd is also the same. Only catch if you want withdraw in large amount, need to call them 1 day before.

Some bank you can even withdraw usd or sgd via atm.

This post has been edited by gark: Feb 23 2017, 10:30 PM

No fall below fees, but got monthly admin fees.

With suddenly so many people asking to apply isavvy account from Maybank MY.. i think they will close this channel soon.

Not worth it from Maybank's MY risk perspective, and no gain too.

This post has been edited by gark: Feb 27 2017, 10:31 AM

Yes that too.. look at how china recently shut off the retailer/ikan bilis taking money out of china ..

Ya lor.. everyone is scared.. i open mine just right after the financial market crash in 2008.

That time I open my account took me 5 mins only.. no need passport also. Just IC also can already. Maybe because most banks are in financial trouble then...

Now not too late to open already .. SGD so high already

This post has been edited by gark: Feb 27 2017, 03:28 PM

You incur 0.9% to buy bitcoin using MYR and then 0.9% again to sell using MYR + SGD2 to withdraw...cheap meh? Also considered the buy/sell forex rate?

I transfer CIMB to DBS only kena $10 charge, less than 0.1% charge..if I transfer 10K

Dont miss the forest for the trees...

This post has been edited by gark: Mar 8 2017, 06:29 PM