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 Opening a Bank Account in Singapore

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solstice818
post Apr 25 2020, 10:07 PM

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QUOTE(jake9110 @ Apr 25 2020, 07:52 PM)
Hi guys, I just opened my cimb fastsaver account and about to fund the account. Looking through the comments in this forum, it's usually from cimb my to cimb sg. But did anyone tried funding using instarem and to fund minimum (eg. SGD 10) from own cimb account? Would it still recognize as our own fund transfer?
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Yes, it's considered. I did with SGD1.
solstice818
post May 5 2020, 12:24 AM

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QUOTE(David_Yang @ May 4 2020, 10:02 PM)
How to link? I never got any e-mail.
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you can google / read this thread. it's quite straightforward.
solstice818
post May 6 2020, 07:37 PM

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QUOTE(ywliang96 @ May 6 2020, 06:12 PM)
I went called both Malaysian and CIMB hotline to try to open SG bank acc and they told me only able to open a bank acc if I go to SG physically.

Is there other way where I can do it online?
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You can do it online.
solstice818
post May 11 2020, 09:47 AM

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QUOTE(EddieBrock @ May 11 2020, 12:35 AM)
After linking Singapore account, the pre-activated Singapore account number will automatically appear in cimb clicks?

Or the Singapore account number will only appear once we complete the activation process?
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It will appear and you can see the fund in it but you cant move the fund without an activated account.
solstice818
post May 11 2020, 09:52 AM

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QUOTE(EddieBrock @ May 11 2020, 09:49 AM)
When will it appear?

Before transferring the funds or after?

I didn’t see any bank account in my cimb clicks
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It will appear after it is approved by CIMB MY. Then click the SG flag and you can see the account.
solstice818
post May 13 2020, 02:02 PM

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QUOTE(moosset @ May 13 2020, 01:26 PM)
I just noticed that TransferWise offers Borderless account (with account details) in SGD!!

if need a referral code, PM me ya.... brows.gif
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From what they shared the other day, it is not longer applicable come 15/5/2020

https://forum.lowyat.net/index.php?showtopic=4953197&hl=

This post has been edited by solstice818: May 13 2020, 02:04 PM
solstice818
post May 30 2020, 12:29 PM

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QUOTE(encikbuta @ May 30 2020, 09:01 AM)
hey guys, this question is for those who opened a CIMB FastSaver SG account but doesn't have a CIMB Malaysia account  smile.gif or whoever has similar experience with it smile.gif

i just signed up for CIMB FastSaver SG and I'm at part where I need to make a SGD1,000 deposit to get it activated.

i have been told time and time again that the direct TT fees from Malaysian Bank to Singapore Bank costs a ton so i'm looking to maybe use a 3rd party app (InstaREM/TransferWise/etc) to make the transfer.

however, i have also been told that for the initial SGD1,000 transfer for account activation, transfer via 3rd party apps is not allowed, i.e. they want the money transferred from an account under YOUR name for verification purposes which i guess i understand. subsequent transfers into CIMB SG via 3rd party apps are fine.

that said, have anyone here risked it and transferred the SGD1,000 activation deposit into CIMB SG anyway with a 3rd party app? i mean, the account number has already been created anyway.


separately, how much fees did you incur when you direct TT transferred the SGD1,000 from Malaysia to CIMB SG (either from CIMB Malaysia or other Malaysian banks)?

if it helps with answering this question, I currently have an AmBank Malaysia and StanChart Malaysia bank account. I do really want to avoid opening a CIMB Malaysia account but if the general answers that come in says that the CIMB MY -> CIMB SG rates are better than 3rd party apps, I may just have to cave and open one anyway sad.gif
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If you have spent some time reading the thread and/or use the search button, you would've your answer by now.
solstice818
post Jun 10 2020, 03:03 PM

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QUOTE(!@#$%^ @ Jun 10 2020, 02:30 PM)
didn't know instagram offer that service.  biggrin.gif
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It's Instarem not instagram. Ramjade typo there. laugh.gif
solstice818
post Feb 14 2021, 08:59 PM

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QUOTE(no6 @ Feb 8 2021, 11:07 PM)
anybody tried transfer from cimbsg to cimbmy directly using cimbclicks ?
is the rate better than TW as claimed ?

user posted image
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I think someone posted before that the rate is better / as good as TW. Do update us if you happen to do the transaction from CIMB SG to CIMB MY.
solstice818
post Mar 9 2021, 03:34 PM

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QUOTE(kaiserreich @ Mar 8 2021, 03:57 PM)
Tried linking my CIMB with CIMB SG, got the reference number but when I check the status, there is nothing, not even 'in progress' or whatever that is suppose to show up. Is that normal or should I be concerned?
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It will be reflected later.
solstice818
post Jul 14 2021, 10:45 AM

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QUOTE(LostAndFound @ Jul 14 2021, 09:12 AM)
I found your summary last page insightful, but I don't think I've seen you post about your options strategy anywhere so far? Could you point me to anywhere here in LYN where you talk about your strategy?
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Just google and read on covered call.
solstice818
post Jul 14 2021, 11:29 AM

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QUOTE(Ramjade @ Jul 14 2021, 10:54 AM)
I find youube better for learning about options.
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Definitely. The illustrations are clearer. Some even illustrate it with whiteboard laugh.gif
solstice818
post Jul 14 2021, 06:51 PM

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QUOTE(Hansel @ Jul 14 2021, 03:33 PM)
Apologies for late reply,... was busy,...

You put it so easily in the above,... Upon seeing your reply now, I'll just say this very simple thing : What if you bought Lemonade and AMD and the price dived deep down and put you in the red, you'd be having unrealised capital loss. You can't sell because you'd be experiencing real loss then, and you'd continue holding,... causing you opportunity loss in other counters.

One of these days, there could come a time when there is no options offered on Lemonade and AMD,... causing you not being able to earn anymore premiums.

Conceptually,... the above line is something like the DLC game,... for many ctrs, though you are very good in the movement of such ctrs, you can't earn from DLCs because there are just no DLCs offered for such ctrs. Yeah,... we can say,... such ctrs have no liqiduidity, etc,... but the fact remains that nobody offers DLCs for such ctrs, so we can't play and profit from these ctrs.
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I don't normally agree with him but correct me if I am wrong because I think covered call is pretty safe in the sense that your maximum loss is actually capped.

To calculate the maximum loss, you just have to get the Stock Entry Price - Option Premium Received.

Supposed if the stock price goes to zero, he only loses his capital for the said stock (minus all the premiums that he has received).

This is not naked call that carries unlimited risk. If he is comfortable selling his stock price at strike price, why not? Still, I wouldn't call it "dividend".


QUOTE(TOS @ Jul 14 2021, 04:43 PM)
I have long warned him options are not "dividends" per se. That extra premium comes with the risk one has to bear. tongue.gif Everyone has different risk appetite. His is somewhat mouthful haha
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QUOTE(Hansel @ Jul 14 2021, 05:52 PM)
Actually,.. it's very dangerous for investors and new investors to read such postings,.. equating option premiums with dividends received. Must not follow blindly,...  dry.gif
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Having said the above, I do agree that option premiums should not be equated as "dividends" per see. Plus, option trading is definitely a no-no for new investors.

Someone should open a thread on this and discuss/debate further tongue.gif

This post has been edited by solstice818: Jul 14 2021, 06:52 PM

 

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