Readers are always advised to read with exercise of due diligence everywhere, prior to taking or not taking any actions.

Cherroy, the possibility is there. Always.

I transfer money out very often. This week (before the Friday announcement), I encountered nightmare when my bank request all sought of documents for my typical transfer. Including declaration on my letterhead describing why I want to transfer the funds out. I have to re-draft the letter 3 times on my bank's advice.

Previously no such thing. I vaguely remember this is the types of measure during capital control in early 2000s. But I am not 100% sure about the exact procedure then

So, never say never. I think it is good bro Hansel pre-warn us...I hope he is wrong though...

It is ok to opine whatever based on personal view, just please refrain telling other to do whatever thing, or sending panic statement to other just like as posted.


Finance section is a serious discussion avenue. We do not want people to spread unfounded rumour and sending any panic mode for general public.
As some uninformed and panicking forumers may act unwisely and lose money or even being scammed in the process due to some panic statement or unfounded rumour made by others.

There is no strict capital control in place, and no sign of further stricter rules of capital control in foreseeable future.

If a central bank really wants to have capital control, it would be done instantaneously with blanket control, just like what had happened during 1998.

This control or rules are mild/lenient as compared, which just suggested, BNM doesn't intend to have such a capital control in the first place.

The move what I see is that BNM just wants RM being lesser influenced by NDF market.

One can opine about any possibility, no problem.

Just please refrain of telling other what to do, and spread unfounded rumour (reason: mentioned in previous post).

Declaration is a norm thing, and already is a requirement since after 1998, be it for children study at overseas, investment etc, one still need to declare the purpose of the money transfer, it is a routine process.
May be last time, there is more lax in term of routine, but now more stricter, still anyone declared properly with proper documentation, there is no problem to TT.

There is a difference between opine, pre-warn vs spreading panic statement.

This is a serious finance section, and involving everyone hard earned money, so we expect a more "professional" discussion instead of kopitiam like talk.

We can see in the forum some even asking whether the control means they cannot TT money out anymore, cannot open FCA account, cannot invest abroad, door is closing etc, just showed that there are many informed forumers/public.

That's why we need to be careful and post in more responsible way especially at this current timing.


This post has been edited by cherroy: Dec 4 2016, 03:43 PM

Your further explanation is not necessary. I have already clarified that it is just an opinion.

What you wrote abt BNM, etc, is again your opinions, based on how you interpret things and news. So, what you see is again what you think, and that's all there is to it.

Reading at leisure again what you wrote in the above, I'm going to mark that sentence in bold. Let's see if BNM will really impose stricter controls after what they announced last Friday.

This post has been edited by Hansel: Dec 4 2016, 04:02 PM

It seems sifu has an answer alrdy. let s see what is coming soon.

I do not have crystal ball to know the future, but if one has experience what was happened on 1998 aka the "real capital control" in place, then as compared, current move is miniature only.

I do not speculate the future nor I have crystal ball to know anything in the future, hence I won't post "please move money to where or what to invest".
When there is not capital control in place, I will post no capital control in place.
I won't say, the door is closing when the door is actually opening.
While I said no sign of further capital control is based on no limit imposed on local to invest abroad, except those invest with borrowing.

If the door is really closing time based on measures taken, I will say the door is closing, as simple as that.

If really want to have a capital control, they would impose straight away just like what happened on 1998, and won't let anyone has the chance "to move the money" already.
Those went through the 1998 crisis, knew that all foreign funds are "locked in" and cannot go out for 1 year at that time with instant measure.
This is how to real capital control taking place.

Instead of draining foreign currency reserves to fence off speculative money, it is much better with capital control.
Foreign currency reserves shouldn't be used for profiting speculators in the currency market.

Sorry OT too much, I will end the RM control issue at this point, further will post at in the RM/USD thread in the Finance section.

This post has been edited by cherroy: Dec 4 2016, 09:51 PM

Well,.. now you are saying you do not have a crystal ball, but earlier you said there is not going to be stricter rules of capital control in the foreseeable future. You have started to contradict yourself even before the days start to go by. Why back down so fast ?

All that I have said earlier have been blanketed by my two main sentences, which I have also included into my signature at the bottom of my posting space. So,.. please do not harp again and again, and repeat unnecessarily what you have said of me earlier. Since you used the word allegation in your first 'hit' against me, I have been respectful enough to you to include those two sentences.

I will respect all who put in their opinions and comments, NOT only the ones from you. So, I have put in a caveat into my earlier postings, what else do you wish me to do ? You are the admin, if you don't like those postings, you know very well what to do with your keyboard. You do not need to repeat what you have indicated to me earlier.

You are OT'ing unnecessarily by repeating what I have adjusted !

It is a critical juncture for investors between : the door is closing and the door has closed. You are of the opinion that everything is fine, and with no possibility of further 'closures'. You kept telling the forummers that the central bank's steps are still mild, and not too bad. You kept telling the forummers that things were very much worse back in 1998, and things are better today.

I, on the other hand, am giving the forummers an alternative view. Then, this afternoon, you called my postings as allegations,.. sure, I respect that, hence I put in two sentences to be 'fair to the readers'.

I am relaying this message to the forummers : act first in preparation BEFORE the full closure comes, should it come. No point to delay and suddenly if it comes, regret why mitigation steps were never taken earlier. Events have happened once back in 1997/8, how would we know that such events will not repeat this time ? Anyway, forummers reading my posts are free to do what they think they should or should not do, even before I put in those two sentences.

By the way, what's wrong with taking quicker steps to take up some investments outside, as a form of diversification, even if the full closure does not come ? What's wrong with taking quicker steps to invest in a stronger currency outside ? What's wrong with doing all the above now since the motivation is there, seeing all these events taking place now ?

Now's the time to do so, since,... as you said, there is NO capital control in place, and if we follow the rules and provide the proper docs, it should not be a problem to TT out. If not to do now, then wait till when ??

Till the events of 1998 appear again ? Or,.. to trust what you said that 1998 will definitely not come again,.. and we don't have to do anything at all forever....

My point of view,...you can choose to do what you wished to !

Watching Frasers Centrepoint Trust,...

noob here about trading in SGX, or maybe in out of topic, does anyone has a rough estimate on all the fees/charges involved when executing a trade?

I.E. if I put down SGD1000 to buy a counter, how much of that will be charged away by banks for trading fee/exchange fee etc etc? same goes if you sold some shares worth SGD500 at SGD800, how much of the SGD300 will be charged away by banks?

Ado you guys put a "minimum" on the amount of trade you would make to make these charges negligible?

Went and enquired abt dbs vickers. D bank officer said they will impose custodian fee for foreign share held by customer - sgd2 per counter on monthly basis. Unless I have a min of 2 transactions per mth then min commission per transaction is $25. Then I change my mind. Better stick to Sg Std Ctd.

Only I open Multi Currency acc with dbs. D customer service officer was so efficient and fast as there are many forms to be print and sign by her and me.

This post has been edited by prince_mk: Dec 5 2016, 09:34 PM

Oh, that is not good news then. I planned to open DBS account next week since it is likely that STD Chartered will be close to impossible (I.e, they are getting difficult). Can anyone recommend any other banks? HSBC, the commission is too high, I think and I don't have MBB.

Have u try dbs at Marina Bay Financial Centre ?

Std Ctd was pretty difficult nowadays. Keep saying subject to HQ approval. Dont know why.

Bro,... I would suggest you open DBS Vickers too, but do not buy foreign shares through DBSV. Open it to get hold of a CDP NUmber before the SGX and CDP 'closes the door' to non-residents. Again,... my opinion, bro,... having a CDP Number in hand is very important,...

" Only I open Multi Currency acc with dbs. D customer service officer was so efficient and fast as there are many forms to be print and sign by her and me. "[SIZE=7]

Congrats, bro,...

With an MCA, you have a whole world of facilities open to you, no ninja tricks,.. proper and ethical methods,....

Wahh,... Prince is an expert already,...don't need me no more,....

Just kidding, bro,... I'm happy for you,.. help people, karma will remember,...

Hmm,... looks like Stanchart is really starting to close the door,,....but maybe Marcus spoke to the wrong person, unlucky there,... we should try again,...

Your question is too wide to answer,... , anyway,...

1) Standard 'charges' taken away by the brokerage is NOT MORE than SGD26 if you buy or sell SGD worth 10K and below.

2) If you can get 'special rates' by joining certain banks, you may be able to enjoy up to SGD10 for each Buy or Sell too. Please follow the discussions here.

3) From yr eg above, SGD26 from yr SGD300 profit will be taken away by the banks.

4) I will move quicker, but that's me, bro,...

I continue to watch Frasers Centrepoint Trust ! It's dropping slowly, as the Asset Improvement work at 'that mall',... sorry, forgot the name,.. progresses. It is slowly pricing in the rate hike on Dec 14,...

...........suddenly,.. no rate hike,.. then this ctr would run away,....

Okay,... I just heard from another forummer this morning that Msian Export Counters can earn more than 20-30% in the last 2-3 years. To be fair,.. we have to beat this figure if we are to continue 'struggling' to open accts in Singapore-lar, get CDP number,... open brokerage accounts,... so susah,...

The question becomes : why so hard doing all these things here if we can invest back home ?????

To be fair to that forummer who advocates for his method and I'm sure the Gov't would be pleased with him too,.. I'm putting the above statements here.