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 Opening a Bank Account in Singapore

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roarus
post Aug 2 2018, 11:43 PM

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Managed to open both Maybank iSAVvy and CIMB FastSaver-i thanks to the info here.

Here's my journey if it helps anyone in the future:

Maybank:
1. Downloaded and filled in iSAVvy application form from maybank sg site
2. Submitted form, IC and utility bill to Maybank SS15 Subang Jaya branch on Raya eve (14 June 2018)
*was told utility bill not required if IC and mailing address in form is same, but no harm including it
*did not attach bank draft for initial amount of SGD500
3. Waited around 3 weeks and heard nothing yet, dropped an email to CallCentre@maybank.com.sg (3 July 2018)
*before that unable to contact Maybank SS15 Subang Jaya as lines were always busy/gave up waiting on hold for person in charge of savings account
4. Got misscall from Maybank SG, and later an email informing me that relevant department has been notified regarding my application status check (5 July 2018)
5. Got a call from Maybank SS15 Subang Jaya, turns out the forms are still in Malaysia and will be couriered via DHL to Singapore the same day (10 July 2018)
6. Got an SMS from Maybank SG regarding OTP registration with my mobile number (16 July 2018)
7. Got a welcome call from Maybank SG regarding account activation and to lookout for pins, security token and debit card in the mailbox (17 July 2018)
8. Got my pins, security token and debit card in 2 separate batches over the week and following week (20 - 26 July 2018)
9. Transferred to cover Maybank and CIMB's initial opening amount via Instarem - RM10 off with welcome promo code (~5:30pm 30 July 2018)
10. Money appeared in Maybank SG account as inward FAST transfer, amount as shown during Instarem transfer confirmation - no inward fee like TT (~3:45pm 31 July 2018)

CIMB:
1. Applied using online form for CIMB FastSaver-i
2. Submitted form with uploaded IC (front + back) image and utility bill PDF
3. Got account number at the end of application and welcome email
4. Transferred via FAST the initial amount from Maybank SG (31 July 2018)
5. Got a call from CIMB SG, apparently my IC uploads weren't captured - had to attach and reply on top of welcome email (1 Aug 2018)
6. Got email acknowledging my attachments and SMS later in the day informing me that account has been activated (2 Aug 2018)
Update: After activation, you should expect to get code for cimbclicks First Time Login via SMS (together with welcome SMS), and security token via mail 1-2 weeks later

Also did MoneyMatch and Instarem registration:
1. MoneyMatch - online KYC
2. Instarem - 2 min KYC at my office area in Bangsar

This post has been edited by roarus: Oct 7 2018, 10:45 PM
roarus
post Aug 28 2018, 10:10 PM

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For those with CIMB FastSaver, after receiving SMS regarding account activation - how long does it take for you to get the activation code to setup First Time Login for cimbclicks.com.sg? Is it via snail mail?

Got my account activation SMS 2nd Aug 2018 and only got the password to open PDF copy of my the application form and security token so far

This post has been edited by roarus: Aug 28 2018, 10:11 PM
roarus
post Oct 7 2018, 10:55 PM

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QUOTE(kart @ Oct 7 2018, 10:39 AM)
Yes, TT is one way that can be used to make initial deposit.

In my case, when I submitted my application forms for Maybank iSavvy Savings Account at Menara Maybank, KL, I insisted that once iSavvy Savings Account is opened by Maybank Singapore, I will transfer SGD 500 from my savings account in other bank in Singapore, for the initial deposit. So, it is not necessary to perform TT, or buy a bank draft for the purpose of the initial deposit, if the applicant chooses not to.
For the application of Maybank iSavvy Savings Account in Malaysia, I believe that identity verification is performed by Maybank Malaysia by virtue of thumbprint verification. Thus, Maybank Singapore does not require the initial deposit to be originated from other savings account belonged to the applicant.

On the other hand, CIMB Singapore requires that the initial deposit to be originated from other savings account belonged to the applicant (either CIMB Malaysia savings account, or other savings account in other bank in Singapore), because this is how CIMB Singapore performs identity verification.
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Additional info:
I did my initial funding of maybank isavvy using instarem back in July this year (2018)
roarus
post Oct 9 2018, 02:51 PM

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QUOTE(hong823 @ Oct 9 2018, 12:17 AM)
Thanks bro for the details step by step explanation, really helpful indeed.  notworthy.gif

Looks like Maybank still dealing with some manual paperwork, hence i decided to give CIMB a try.

Sharing my experience opening CIMB Fastsaver account for SG:

~11am, 8 Oct 2018 (Sunday)
- Applied online thru cimb website. Got the CIMB SG account number immediately.
- Using instarem to transfer initial deposits (Min required 1k sgd)
- Request to link CIMB SG account in CIMB Clicks MY website (I'm an existing CIMB Clicks user)

~7pm, 9 Oct 2018 (Monday)
- CIMB SG account approved in CIMB Clicks MY. Able to see the money i deposits using instarem.
It looks almost exactly 1 business day for the account creation + approved, 2 days for end to end process. Impressive and everything is done online.
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Looks like the shortest and most convenient way to open account in SG at the moment. +1 for the report on successful funding via Instarem too
roarus
post Oct 11 2018, 05:25 PM

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QUOTE(Hansel @ Oct 11 2018, 05:07 PM)
How much is IB's comm (percentage-wise and minimum comm) with USD100K AUM with them ?

How much is FSM's comm (percentage-wise and minimum comm) ?

FSM has quarterly platform fees,...
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My understanding of IB commission (belum buka account still playing with paper trading to learn their system), under USD100k is:
More than USD2000 cash balance
- USD10 minimum commission
- Trades (buy/sell) counted towards the minimum commission
- FX conversion counted towards the minimum commission
- Live market data subscription NOT counter towards minimum commission

Less than USD2000 cash balance
- USD20 minimum commission
- Live market data subscription automatically cancelled

Withdrawals
- 1 zero fee wire withdrawal per month

Custodian
- No custodian fee/periodic % of AUM fee
roarus
post Feb 9 2019, 11:35 PM

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QUOTE(cfc @ Feb 7 2019, 04:13 PM)
is the Maybank iSAVvy SG account still a valid product  ?
try to google but cannot find any info for it.
Just can get the application pdf with google
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Yes it is, walk this way: https://info.maybank2u.com.sg/personal/depo...gs-account.aspx

Download and print this form, then submit to a Maybank branch: Singapore Dollar iSAVvy Savings Account Application Form for Maybank Malaysia customers
roarus
post Mar 6 2019, 06:32 PM

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QUOTE(koonthye @ Mar 5 2019, 11:10 PM)
may i know how to tranfers money to other bank from cimb fastsaver singapore?
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AFAIK, linking to CIMB Clicks Malaysia allows you to see the balance only. To perform transfers you'll need to use CIMB Clicks Singapore.

After opening a FastSaver account you will get a couple of SMS (welcome, first time login code) and token device via snail mail that allows you to create CIMB Clicks Singapore account.
roarus
post Mar 18 2019, 09:22 AM

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QUOTE(wjchay @ Mar 18 2019, 09:11 AM)
Hi,

Is this your recent experience?

I have iSavvy with Maybank, but the interest is very low for my parking funds. Therefore, i plan to open CIMB Fastsaver to enjoy 1% interest. I don't need ATM card, but will need internet banking for transfer of funds.

Some questions:
- How long does it take for token device to arrive in Malaysia?
- Are there any other charges other than OTC transactions? I just need to temporarily park my funds while waiting for future investments opportunities.
- Edit: is there any need to go down to sg at all?

Thanks.
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I use it as parking too for now, no frills no card account.

1. About 1-2 weeks after you got the account opening success/welcome SMS. You can still transact via SMS OTP if you have to before token arrives.
2. No fees so far - I recall there's no min balance and annual fee for a FastSaver
3. No need to go SG, although I got a call from a rep inviting me to drop by if ever I was in Singapore - most likely to sell investment products
roarus
post Apr 10 2019, 10:07 PM

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QUOTE(Ramjade @ Apr 9 2019, 11:14 PM)
Don't expect SG to have high bank rates. They are like US where interest is super low.
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Yup, know the rate. Accumulating in my FastSaver with a little look-see-how-the-trade-war-goes before going into equities.

QUOTE(l4nc3k @ Apr 10 2019, 09:21 AM)
For MBB isavvy, is investing in singapore a good reason? sweat.gif
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Mine I put savings and investment
roarus
post May 10 2019, 11:11 AM

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QUOTE(toiletking2006 @ May 10 2019, 10:57 AM)
Anyone of you using Malaysia Phone number to register for cimb fastsaver account??
I am using digi. And I cant seems to receive Activation code for cimbclick.
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I'm using Unifi Mobile for it. Did you get account activation and welcome SMS? I got those but didn't get activation code for first time login registration. You can get it resent via phone call, either:
i. Drop CIMB SG an email and they will call you back the same or next business day (they'll at least call twice and drop you an email if they failed to reach you)
ii. Call CIMB SG directly
roarus
post May 10 2019, 11:44 AM

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QUOTE(toiletking2006 @ May 10 2019, 11:13 AM)
i got activation and welcome sms. but didnt receive the activation code for cimb clicks.
Do u manage to get the code after calling them?
I tried calling them despite two attempt of resending i couldnt get it as well
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Yes I got it when it was triggered on the phone - perhaps you can try request for that activation code to be sent via snail mail
roarus
post May 10 2019, 01:52 PM

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QUOTE(toiletking2006 @ May 10 2019, 11:54 AM)
They are sending me via snail mail..
I am worried tat I might be able to receice SMS otp to perform fund transfer. After the activation of cimbclicks.
I am thinking of changing a service provider.. The problem might be arises from digi
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For transactions you may use token device that they will send via snail mail as well - for them SMS OTP is secondary as actions like transfer limit change and one time transfer uses token device
roarus
post May 26 2019, 10:16 PM

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QUOTE(Grevade @ May 26 2019, 09:32 PM)
Does anyone know if there is any issue if the IC address is not the same mailing address when opening either maybank isavvy acc or cimb sg?
When i opened an acc with OCBC MY, they requested proof of address. Just wondering, if sg bank acc will have this issue.
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You may attach an utility bill/bank statement with your name and the mailing address if different from IC
roarus
post Jun 11 2019, 06:01 PM

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QUOTE(alexkos @ Jun 11 2019, 02:07 PM)
I duwan use cimb sg liao... Bully one.. Transfer from myr to Sg eat 2% forex.

If halak maybank, then my 500 sing dollar need freeze at maybank to keep account alive.
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I'm ok with holding both Maybank and CIMB SG. Can use to teh tarik funds to keep account active. I count myself lucky to have slipped one foot through the door while it's open, plus no need step foot in Singapore is a super bonus.

$500 is nothing compared to the cost of opportunity if the door closes and the only way in is private/premier banking.
roarus
post Jun 11 2019, 07:57 PM

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QUOTE(Ramjade @ Jun 11 2019, 07:25 PM)
You like your ETF,  I like my SG dividends. And I plan to keep that maybank and DBS account so can have excuse to open kids account for my kids later on.
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Wait, a parent holding an account gives the future generation the rights to open up kid's savings account in the same bank? Applies to Maybank as well or just DBS?
roarus
post Jun 26 2019, 07:08 PM

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QUOTE(tadashi987 @ Jun 26 2019, 05:55 PM)
Hi guys want to confirm, if we funds SG iSavvy account using INSTAREM, Maybank SG will charge S$10 inward remittance fee right?
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I funded my iSavvy back in July 2018 with Instarem, it's a local transfer without inward remit fee
roarus
post Jul 19 2019, 12:58 PM

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QUOTE(yklooi @ Jul 19 2019, 12:42 PM)
I wanted to apply for internet banking with my a/c.
saw this.....
did you guys provide that info?  sweat.gif  sweat.gif
my guys feeling is that it is 'fishy"  sweat.gif

https://internet-banking.dbs.com.sg/ibAPL/W...EATE_IB_PROFILE
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While the process look strange by our i-banking standards, the page legitimately belongs to DBS (have trusted URL cert).

In anyway if you still have doubts perhaps hop over to HWZ where DBS account holders are more abundant to advise better.
roarus
post Oct 5 2019, 09:42 AM

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QUOTE(kart @ Oct 5 2019, 09:34 AM)
For those who use Instarem to convert RM to Singapore Dollar, roughly how long does it take for the money in SGD to be deposited in Singapore savings account?

Thank you for your information. smile.gif
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Last 2 conversions of mine end Aug and end Sep, T+2 money arriving into MBB SG account only at night
roarus
post Oct 5 2019, 09:46 AM

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QUOTE(Ramjade @ Oct 5 2019, 09:42 AM)
What time did you transfer?
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1pm and 7:30pm
roarus
post Oct 21 2019, 09:55 PM

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QUOTE(jieGeGe @ Oct 20 2019, 12:14 AM)
Not Much different.

BigPay
3085.86 = 1000SGD
Instarem
3085.14 = 1000SGD
XE Rate
3067.83 = 1000SGD

BigPay Can use CC to transfer.
Instarem only FPX/bank transfer.

If me I will prefer Using BigPay instead of instarem. I use instarem for USD Transfer only which bigpay doest support USD.
+ some Cashback CC.
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Keep in mind for BigPay, need to take into account RM8 transfer fee unless it's your first transfer which is FOC

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