QQ... I though we (Malaysians) need Bank Negara approval to open an account overseas?

I'm thinking of opening an account in Singapore for stock trading.

The money in Singapore is going to be there for the long-term (unless things go south in Malaysia) so how it appreciate to Ringgit is less important than beating inflation in Singapore. For now, just dollar cost averaging on STI ETF.

They are going to have Singapore Savings Bond soon. This will give fixed deposits in DBS bank a run for their money.
CDP accounts in Singapore is unique to each person. One CDP account can be linked to multiple brokerage accounts (e.g. buy with DBS Vickers and sell with Kim Eng). Once you buy through one brokerage and settle cost, the security is transferred to your CDP account. Your brokerage account has no idea that you still have the stock, so you might be short-selling when you sell any stock.

Since you are not working in SG, they will want cash collateral.

Might be different for others but this is the case for me.

Anybody who has DBS-Vickers account that can sell without collateral, let me know. I buy stock cash upfront.

Looks great especially no custody fees.

Have they charged you any annual fee for account?

If non-resident is allowed to open bank account and trading account, may recommend to dad for diversification.

Were you a non-resident when you opened the account?

Thank you for the info. Will let my dad know. It will be up to him to follow up on requirement and decide to proceed or not.

He has reached age to withdraw EPF but still keeps most of his money there.

If Zimbabwe levels of hyperinflation hits Malaysia (very, very unlikely), I can still rebound because I am young. It is the oldies that cannot take chances with their nest eggs.

You mentioning standard chartered trading account has jogged my mind back to end of 2013. I did consider Standard Chartered but did not find any examples of people who manage to open Standard Chartered bank account as non-resident in lowyat as opposed to DBS bank. Furthermore, I was a bit nervous about the fact that account is nominee account.

Since I am a small timer, may as well just go with DBS. Was caught out by how CDP is setup.

I remember I took the overnight KTM sleeper train to Singapore. It was RM 80 return for bunk.

You could arrive at early morning by sleeper, open account and take sleeper train back to KL. You don't even need to spend a night in Singapore.

I am interested to open a Singapore Savings Bond.

If I am unable to travel to Singapore , how can I open a CDP account? I have a saving account with POSB.

Do we need to pay anything in order to open a securities trading account ?

It's applied for all bank in Singapore ?

Not studying or working in Singapore.

Oh okay 👌, how much likely the initial alike?

It can be any bank right? 

So i just tell them i would like to open cds acc then automatically ill be able to open an saving account?

Will there be any t&c?

I remember my last visit, i was told that initial 5k sgd and monthly deposit 500 sgd for 15 year, if failed to do so will be penalty something, i can't recall...  (UOB bank) for foreigner only.

Will there penalty us?  if we open cdp account and we don't invest? Probably just credit fund for purchase on9, saving and etc

Standard chartered look fine but only valid to monitor via web, probably that's the reason haha 😂

Noted with thanks.

Transaction must be done via the counter/atm or via online will do ? to keep it active ?

If base on Malaysia ATM/Debit - will be inactive if you doesn't utilize it although you have made transfer or credit fund into the accounts via online.

Thanks.

Good man,... bro,...

I'm Hansel,.. not really active in this thread,.. just came across it today.

YES, just go with DBS, you can withdraw from almost anywhere when you are in Sgp, lots of ATMs all over the island. IF you have an acct with DBS Vickers, you can use the Cash Upfront facility to buy stocks. Minimum SGD 18 only, percentage I think around 0.18%. Lowest brokerage in Sgp, right ?

Recently, DBS has included Msia into its listing of banks where we can do an online TT to Malaysia, and there will be no fees for this TT. So you can move your money in and out without charges.

I would advise you to open a Maybank Singapore Acct too, then you would be able to convert RM into the SGD and TT to Maybank Singapore with only RM10.

Have you ever considered buying and holding SG REITs ?

Hey Hansel,

Thanks for the info regards the TT - via Bank - ( bank rate ) isn't that bit expensive ?

Do we need to declare ? if any amount above 10kUSD  or something ? if not mistaken i listed on the BNM ruling. ( In / Out) per day limitation ?

I think any amount above 50k there will be slight check through the account.

If that's the case probably we could just partially credit our fund yet no exceeding 10k USD .
Btw were you guy's work in financial institute ? Hansel / orangbulu ?

You guys seems bit experience in placing share's , mind share me some sweet and candy so that i enjoy aswell

What about S-reits?

I invest into the SGX and into other foreign bourses too. I agree that we have to be careful of the penny stocks listed in the SGX,... should stay away from them.

I am an income investor, not so much of a trader. Do you know what is the biggest advantage of investing into SG dividend stocks compared to investing into dividend stocks in the Bursa, and into US mkts ?

Where do you guys put your idling SGD while awaiting for opportunities to go into the mkt ?

1% per month or total of 1% per year? Big difference. 1% per month = 12% year.

Care to give example? So when I have a Singapore account, can do that. Hehe...

Ok la. Free money just take la.  Care to show write down the steps on how is it done?

By the way, I know that we are not allowed to open a SA just like that in Singapore. We need to tell them we want to open a CDP account then only we can open one CDP and one saving account. But how to open 2 account (DBS) and SC when we only can have 1 CDP account?

So you walk into DBS and SC and tell each of them that you want to open a trading account . After that you are all set. Am I right? What about TAC or something like that whenever you want to transfer money. Can they send it to the malaysian no?

In which order? OCBC > SC or SC > OCBC or the order is not important?

TAC is a kind of authorization 6 digit code that the malaysian bank will send to you HP (sms) whenever you want to transfer money out of your account (online) and you need to input the code in the space provided.

So is ok to open 2 trading account? (i.e one person is not restricted to 1 account per name?)

TAC is the form of second level security adopted by Maybank in Msia. It is a code texted to your registered handphone number when it is needed.

In comparison with Sgp banking security, UOB Privilege Banking, Singapore has an option of whether you want the texted code to your registered handphone number or you wish to carry around the 'dongle' with you at all times.

OCBC has a minimum balance of SGD 3K, wow,... if you don't keep this minimum, how much is the month Service Charge ?

SC's minimum of SGD 1K is normal, similar to DBS's Savings Acct. Maybank Sgp's is still SGD500 only.

Frankly, I wouldn't want SGD3K to be lying around not doing anything.

Anyone using MBB sg account + Kim Eng securities KE Trade Prefunded?

From KE website (http://www.maybank-ke.com.sg/contact-us/faqs/ke-trade/), CDP Sub-account Maintenance Fee is waived.

Other charges seem reasonable.