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Opening a Bank Account in Singapore
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xander2k8
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 Aug 26 2023, 08:54 PM
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QUOTE(moonsatelite @ Aug 23 2023, 05:45 PM) jerantut2011 Medufsaid alright, update time. already been 3 working days that i have no updates from RHB Singapore, so i decided to give them a call. Bad news, account opening requires a valid work/ student/ dependent pass Documents required as informed by the customer care officer. - Passport - Malaysian i.c - Valid proof of address and.... (repeat again) a valid work/ student/ dependent pass You are required to bring all these physical documents to any RHB Singapore branch to be verified welp... RHB Singapore isn't opening doors to Malaysians Nothing to do with RHB Singapore not opening doors π€¦ββοΈ it is MAS requirements to fulfill residency status and to prevent money laundering in Singapore |
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xander2k8
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Aug 28 2023, 03:05 PM
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QUOTE(john123x @ Aug 28 2023, 12:04 PM) sigh, isnt ocbc the second largest bank in singapore? what a joke. No wonder their app is poorly and stupidly developed... Even DBS was down a few months back as the largest bank in Singapore π€¦ββοΈ and most of the time when this happens it is usually in Monday and Friday morning the past few incidents |
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xander2k8
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Aug 29 2023, 08:23 AM
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QUOTE(Super2047 @ Aug 28 2023, 11:27 PM) Recently i noticed CIMB SG gives very good rate converting to RM. Today can get near to 3.428 transferring from CIMB SG to MY directly. Much better than Wise. Restricted rate and amount π€¦ββοΈ QUOTE(nexona88 @ Aug 28 2023, 11:42 PM) Malaysia banks "sickness" have infected Singaporean banks too.... System down @ offline π Malaysia banks sickness is not as complex as Singapore π€¦ββοΈ as Singapore banking system is more open and not closed loop unlike in Malaysia hence downtime can be longer judging from DBS recent debacle |
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xander2k8
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Sep 26 2023, 02:10 PM
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QUOTE(Toku @ Sep 26 2023, 12:01 PM) This is more likely due to TD is migrating its clients to Charles Schwab as its been been bought. Charles Schwab only targets Accredited Investors. And next would be etrade as they were acquired by MS as well |
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xander2k8
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Sep 26 2023, 02:11 PM
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QUOTE(Ramjade @ Sep 26 2023, 10:16 AM) Actually it's MAS policy. Taken from a Singaporean guy who contacted customer service. If it's true this is one form of protectionism by Singapore govt and doesn't want Singaporean to buy US stock and only buy SG stocks unless one is super rich. Something like what Malaysian govt do with Forex to discourage people from trading Forex. One side of the story π€¦ββοΈ AI is because CS only has AI banking license in Singapore itself as they donβt have consumer banking license |
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xander2k8
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Sep 26 2023, 08:10 PM
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QUOTE(Hansel @ Sep 26 2023, 03:13 PM) I wondered if Tiger Brokers and Moo-Moo would be affected by this AI qualification too. It depends when they submit the brokerage license application on whether they stated for either AI or retail brokerage but it seems that since they operating for awhile it should not be affected because their brokerage is for retail investors |
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xander2k8
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Sep 27 2023, 06:27 PM
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QUOTE(Hansel @ Sep 27 2023, 06:25 PM) How did you derive this reasoning ? Did you speak with the MAS ? I think,... it's important that we know earlier of such actions by the MAS,... so that we can steer and synchronize our future plans with MAS actions. No need to speak them π€¦ββοΈ as it spells out clearly with their guidelines https://www.mas.gov.sg/regulation/faqs/faqs...-opt-in-process |
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xander2k8
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Sep 28 2023, 04:25 AM
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QUOTE(Hansel @ Sep 27 2023, 06:38 PM) I have read this earlier,... there are many ways to interpret how and why is the MAS acting on TDA in the current manner...hence, due to multiple ways possible to interpret this,... I'd believe a direct question is justifiable. No need to think like this or like that. No need to play with legal jargons and technicalities. We are not debating a legal case here. Not sure whether you aware the latest updates on the changes is done on 13 Sept which is 2 weeks ago when CS is agreed to it hence why this situation is happening π€¦ββοΈ Even recently takeover of etrade by MS is not affected by it hence it is not MAS enforcing the rule but CS is the one who asked for these changes π€¦ββοΈ |
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xander2k8
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Sep 28 2023, 12:43 PM
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QUOTE(Hansel @ Sep 28 2023, 11:50 AM) I appreciated your comments,... I hoped you are right. Not to say I wouldn't qualify if they needed me to be an AI, but I would have preferred SG to be a true int'l financial hub, welcoming investors from all over the world. True and proper investors, that is,... Then that Singaporean who said CS saying this rule affecting other brokerages soon could be lying. Sometimes donβt listen too much to that Singaporean π€¦ββοΈ pure drama king or queen as they known Singapore as one major financial hub in the world has be known for transparency and be open for business if the right fits and regulation to follow which is why you see that many brokers who would unable to get brokerage license in the US or UK will try to get MAS recognition 1st before trying to get FSA or SEC recognition |
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