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 Opening a Bank Account in Singapore

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tadashi987
post May 31 2019, 09:03 AM

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QUOTE(604weekendwarrior @ May 18 2019, 06:21 PM)
Just in case this helps anyone applying for the SG ISavvy, my Maybank SG ISavvy account is finally 100% read to go.  For whatever reason, my PIN arrived 1.5 weeks after the initial notification letter that my account was open and when the security token & debit card arrived.

Either way, whole process took about a month from the time I applied to when I received my pin to set up my online account. 

Process was painless, (except for having to go back to the branch a few times.  I'm an expat with no car here yet lol)

Filled out the application (URL is in this thread)
Went to the closest Maybank branch with the application and all necessary documents
Maybank deducted $500sgd from my account
Paid the courier fees of 25MYR
After 2 weeks received the first letter stating my account is open
2 days later received my debit card & security token, but no online PIN
PIN arrived about 1.5 weeks later
Logged into my online account and $500SGD funds are in my account.

Can confirm this works for expats.

Thanks everyone for this thread.  I've been looking to get an account in Singapore since I moved here but no luck until I saw this thread.  thumbup.gif

Hope this helps anyone thinking of opening the Maybank ISavvy account.
Now I just to figure out how I can open a CIMB account as an expat lol..
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QUOTE(Ramjade @ May 18 2019, 09:10 PM)
You have 2 ways.
Open via Cimb clicks Malaysia,  Open using Cimb clicks SG.
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so we would require to use the security token for OTP everytime we login? transfer money? @@

and i check maybank SG FAQ we can't replace the security token battery on our own and require to send back the security token in case low battery?
sound troublesome

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tadashi987
post May 31 2019, 10:43 AM

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QUOTE(Ramjade @ May 31 2019, 10:33 AM)
Yup. That's SG. Every banks have their own token. Yes need token for login,  transfer money. Before token come need to use SMS OTP. That's why phone no you give them is very important.

Yes they will replace a new token for you once the battery is low. One token can last easily 5 years depending on how much you are using. The token will flash battery low x3. Each level of battery low give you rough estatement how much time you have.

If you lose your token or damage it you need to request new one and need to pay for it. Some SG banks are moving their token into their app. I trust the token more than I trust my phone.
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Hi ramjade, not sure if u have experience on this, if the token low battery, need send back to maybank sg? do we can get it done by visiting msia SG bank branch?

tadashi987
post Jun 12 2019, 03:51 PM

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QUOTE(604weekendwarrior @ Jun 4 2019, 08:00 PM)
Ok so I was able open my CIMB SG Fastsaver account all online, and within a week.  I'm seriously impressed how fast I was able to open it compared to the Maybank ISavvy account.

Here's the timeline for opening my account.

Friday May 31st
-  Applied for the CIMB SG Fastsaver account online.  They required my passport, utility bill (I used my TM Internet Bill).  Filled out my details and at the end I received my account number, and instructions on how to send money.

Saturday June 1st
-  Earlier in the week I got my Instarem account approved (Thanks Ramjade for the heads up) and I used the payment system to send my MYR (Maybank) to my Maybank SG ISavvy Account in SG currency

Sunday June 2nd
-  My funds were received to my Maybank SG ISavvy account the next morning and I used the FAST transfer to send it to the CIMB Fastsaver account.

Monday June 3rd
-  Received a phone call from someone at CIMB SG asking verification questions, and also the purpose of my account.  I told him to fund my forex accounts in SG.

Tuesday June 4th
-  Received a text message this afternoon with my activation code and today I'm able to log in and see my $1000SGD in my account.
Total time to open my account, 5 days.

You'll need to have an existing SG account to open the  CIMB SG Fastsaver as the payment needs to come from an SG account.  Since I don't have a Malaysia CIMB account (I'm an expat) I'm not able to do a clicks transfer.

So all in all, a very easy process since I already have a Maybank Singapore ISavvy account.
Hope this helps anyone looking to open the Fastsaver account and doesn't have a Malaysia CIMB account.
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QUOTE(Ramjade @ Jun 7 2019, 10:41 PM)
I do not know how you open. If you open the old school way,  you need to transfer SGD1000FROM from local SG bank account as activation. 

If you open from Cimb clicks Malaysia best to ask their customer service. Or read back few pages. Someone shared step by step how to proceed.
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Any idea if ask friend transfer SGD 1000 into the account can?
or must be own SG bank account to the CIMB SG Fastsaver for activation?

tadashi987
post Jun 12 2019, 10:07 PM

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QUOTE(tadashi987 @ Jun 12 2019, 03:51 PM)
Any idea if ask friend transfer SGD 1000 into the account can?
or must be own SG bank account to the CIMB SG Fastsaver for activation?
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yep asked through CIMB SG facebook they said it has to be own SG account
tadashi987
post Jun 19 2019, 11:37 AM

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QUOTE(Chounz @ Jun 19 2019, 11:22 AM)
Would like to check CIMB FastSaver still open to Malaysia without SG PR?
Because when i click in its show:

Eligibility & Requirements
Singaporeans, Singapore PR

I dont care la, still proceed to apply.
But until now havent receive SMS, only email said my application is processing. Which already 2 days, not sure is it not eligible or what.
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last week I was texting CIMB SG Facebook on other inquiry for this account, and they gave me a call, didn't mention Malaysian can't open this account tho, they know I am Malaysian
tadashi987
post Jun 19 2019, 12:07 PM

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QUOTE(Chounz @ Jun 19 2019, 12:03 PM)
hmmm, they reply FB?
Maybe i should text them to ask also, dunno is it process slow keh, or because not eligible until now no response.
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ya just text CIMB SG FB to ask, their reply is quite prompt

Nope they reply they will give me a call, receive the call soon later
tadashi987
post Jun 19 2019, 06:00 PM

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QUOTE(coolguy99 @ Jun 19 2019, 05:47 PM)
Did they proceed with your application?
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nope haven't applied yet, still waiting for my iSavvy account pins doh.gif
tadashi987
post Jun 19 2019, 08:13 PM

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QUOTE(coolguy99 @ Jun 19 2019, 08:09 PM)
Just curious, if you already have iSavvy, why do you still need another CIMB account?
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own preference:
1) i dont like the digital security token, in case of run out of battery, then you need to mail back it , and wait for a new one, sorta troublesome for me. CIMB can use the app digital token
2) iSavvy got minimum amount to main, SGD500, fall below got charged SGD 2 / month, mean die die u need to put SGD 500 untouch in the account, CIMB no fall below charges
tadashi987
post Jun 20 2019, 12:26 PM

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QUOTE(jack2 @ Jun 20 2019, 11:59 AM)
Which Maybank branches in KL can open isavy account?
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https://www.maybank2u.com.my/WebBank/iSAVvy_AppForm.pdf


you can refer here, the last few pages
tadashi987
post Jun 24 2019, 09:55 AM

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QUOTE(Chounz @ Jun 19 2019, 12:03 PM)
hmmm, they reply FB?
Maybe i should text them to ask also, dunno is it process slow keh, or because not eligible until now no response.
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just curious to know, did you get your account opening processed?
tadashi987
post Jun 26 2019, 05:43 PM

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funded my CIMB FASTSAVER account, was told by CIMB SG customer service subjected to their management decision and need wait 5-7 days doh.gif

why me la aiyor, i saw others open get activation code less than 2 days.


good things about CIMB is no inward remittance charge, so I
- dont need charged S$10 whenever withdraw from IB
- dont need charged S$10 whenever fund SG bank account using instarem?

Maybank iSavvy has this S$10 inward remittance, quite painful for Malaysian tbh

This post has been edited by tadashi987: Jun 26 2019, 05:43 PM
tadashi987
post Jun 26 2019, 05:55 PM

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Hi guys want to confirm, if we funds SG iSavvy account using INSTAREM, Maybank SG will charge S$10 inward remittance fee right?
tadashi987
post Jun 27 2019, 07:10 AM

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QUOTE(whycanot323 @ Jun 26 2019, 05:04 PM)
ya, i did read back many pages back. they use isavvy transfer to cimb for open acc. they are not answering to below:
4) transfer money from cimbclicks malaysia to that linked SG bank acc SGD1,000 (must send the money from MY CIMB to SG CIMB? or can use instarem or my SG fren bank acc send SGD1000 money to SG CIMB?
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You have to use your own another bank's SG account to transfer, or you need to use MY SG bank to convert and transfer, you cannot use other's account to transfer, that's what SG CIMB cs told me
tadashi987
post Jun 27 2019, 09:09 AM

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QUOTE(coolguy99 @ Jun 27 2019, 07:54 AM)
iSavvy will charge you if you do not maintain SGD500 in your account. I just got to know the hard way.
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QUOTE(prince_mk @ Jun 27 2019, 08:07 AM)
Mostly all Sg acc have this fall below fee

No choice. Std Ctd must maintain min $1000
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and also charge you S$10 if you withdraw from interactive broker, treated as inward remittance fee.

but i check CIMB FastSaver account kinda best

1) no inward remit fee
CIMB SG rates and charges

2) no fall below minimum fee
My Webpage
tadashi987
post Jun 27 2019, 06:18 PM

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sometimes i wonder why SG maybank and cimb e-banking interface like so left behind compared their banking interface in Malaysia haha
tadashi987
post Jul 5 2019, 02:13 PM

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QUOTE(Mijac @ Jul 5 2019, 10:27 AM)
In the application form for iSavvy Account :
What do you guys write for Purpose of Account & Reasons for establishing an account in Singapore ?
For PART 6, which option do you guys choose :
- SMS + New Security Token
OR
- New Security Token

Thanks. (Sorry for noob question)
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i just put investment

- SMS + New Security Token
tadashi987
post Feb 23 2020, 12:43 AM

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QUOTE(rehohk @ Feb 21 2020, 09:48 PM)
Hi all,

I really need someone to help. Im planning to keep/save SGD.. but recently i open isavvy account from MBB. But officer just informed me, that application has been rejected, due to strict policies recently.

Anyone know, if any bank offered the services. I mean, opening SG account without working in SG.

Please advice
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SINGAPORE CIMB FAST SAVER ACCOUNT
tadashi987
post Feb 24 2020, 06:29 PM

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QUOTE(iamshf @ Feb 24 2020, 04:57 PM)
Eligible:
Singaporeans, Singapore PR
Work Permit/Employment Passholders
Minimum age 16 years and above
Individual or Joint Application

Noob question
How to I open this account as I not working in sg
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QUOTE(rehohk @ Feb 24 2020, 05:07 PM)
Yes bro, u got me. My issue is i do not work in SG, and im not  a singaporean
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Try Search "Fast Saver" in Forum Thread

tadashi987
post Feb 26 2020, 06:38 PM

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QUOTE(iamshf @ Feb 26 2020, 04:21 PM)
I have both the CIMB SG and MY acc opened.

How to use this acct to transfer in the SGD1000 to activate acct?

Via foreign TT?
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Ya flex.gif
tadashi987
post Apr 22 2020, 07:46 PM

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too bad CIMB Fast Saver Account still doesn't support PayNow

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