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 How can a malaysian open a singapore bank account?

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Ramjade
post Dec 28 2017, 12:56 PM

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QUOTE(jack2 @ Dec 28 2017, 12:45 PM)
i went to UOB bank to remit my USD fund into crypto exchange and they refused to remit for me with the reason that the company/exchange is related to bitcoin which is prohibited.

Damn...
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Just use moneymatch la. doh.gif doh.gif don't know why you are using banks when moneymatch give better rate.
Ramjade
post Dec 28 2017, 01:44 PM

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QUOTE(jack2 @ Dec 28 2017, 01:04 PM)
How to use moneymatch? The exchange must get the money from bank account which is under the same name.

Moneymatch - how to do so?
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You ask moneymatch and see if they can solve your problem. Or ask your exchange. I don't believe they are so rigid. As long as you input all the details + give softcopy of transaction to your exchange, should be no problem. Otherwise, your best bet is go SG and try open one of their multucurrency account. Use moneymatch to convert RM > USD straight into the multucurrency account. Then from there do a online TT as shown in this 2 people screenshot.
http://thesleepydevil.blogspot.com/2017/11...rt-4-guide.html
http://gotmoneygothoney.blogspot.com/2017/...nge-part-1.html

The downside, SGD3k is stuck inside there. If you have less than that, you will be charged SGD2-7.5/month (depending on which bank and which account you have)
Ramjade
post Dec 28 2017, 02:08 PM

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QUOTE(jack2 @ Dec 28 2017, 02:04 PM)
open with POSB?
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Yes. To be precise DBS multucurrency/multiplier. But this one you really have to travel down to HQ. No shortcut of using relationship manager from Malaysia/filling up form from Malaysia. Unless you want to have priority banking with DBS then should be easy.

There might be a shortcut. Priority banking with OCBC MY, then ask them to open a priority banking with OCBC SG (global savings account) you are not required to maintain a min amount inside unlike DBS. But don't know if OCBC SG let you do online TT using USD.
Ramjade
post Dec 28 2017, 03:06 PM

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QUOTE(jack2 @ Dec 28 2017, 02:13 PM)
I confirmed with CIMB SG. Even you have USD account, you cant do remittance over net. Only SGD.

Another way is, use money match to fund CIMB SGD, use SGD to remit USD (convert it) and remit USD... This is possible,

DBS multicurrency can remit USD out from USD FCA?
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Cimb memang. It's one of the useless bank over in SG. The 3 locals ought to to be able. Fom GMGH blogpost, memang confirm DBS can. Cause GMGH wanted to buy crypto also.
Ramjade
post Dec 28 2017, 06:10 PM

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QUOTE(jack2 @ Dec 28 2017, 05:12 PM)
OK, thanks. I have read the blog. Sound good.

Are you sure if I travel to HQ and able to apply? I clicked online application and the requirement for Malaysian is must have work permit.

https://www.dbs.com.sg/personal/deposits/sa...rrency-autosave
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Online memang said that. However not really true.
This one no guarantees. Last time I went was end of last year or early this year. That was also they very reluctant to open for me. Nowadays they don't want us already

You might need to convince them/tell them you also want to open DBS vickers account then only they let you have account. Bring all documentation. Income tax, proof of address. Avoid telling them about crypto as banks usually want to avoid trouble so they can reject you upfront if you mentioned anything to do with crypto. Again no guarantees.

Good luck.

Ramjade
post Dec 28 2017, 06:27 PM

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QUOTE(jack2 @ Dec 28 2017, 06:15 PM)
Must go HQ?

What is Vickers account for?

May be I tell them I wanna put USD fixed deposit $30k
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Yes. Normal branch sure kena rejected. This one is confirm.
Vickers is stock broker.
Yeah. If you can produce a USD 30k cheque on the spot. Should be no problem.

This post has been edited by Ramjade: Dec 28 2017, 06:27 PM
Ramjade
post Dec 28 2017, 06:41 PM

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QUOTE(jack2 @ Dec 28 2017, 06:30 PM)
If no choice I have to use FD reason but will they allow me to have MCA?

If Vickers I'd good choice already, then I won't use FD as I need to do banker cheque from uob and bring it there.
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You need to tell them you want a DBS MCA/multiplier account as you want to trade overseas stock. That's why you want a DBS vickers account.
Ramjade
post Dec 28 2017, 07:19 PM

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QUOTE(jack2 @ Dec 28 2017, 07:13 PM)
So must tell them I wanna trade oversea stocks so wanna open Vickers.

Then I need DBS MCA?

How much is the minimum as I need to prepare bankers cheque
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SGD3k to open account which cannot be withdraw unless you are willing to pay the monthly charges. But it's peanuts for those in crypto tongue.gif

If use Malaysian banker cheque, I think got extra charge. Not sure about it especially USD.

To fund it,
1) deposit your USD banker cheque once account opened. If you can deposit USD30k cheque, no need to deposit SGD3k. This is because min amount in the account must be = SGD3k worth in foreign currency.
2) Ask moneymatch if they can do a USD transfer to SG, if can then deposit SGD3k in cash, then use moneymatch to transfer your USD. I am not sure if your USD is already in USD or RM. If in USD already, then pick option 1.

This post has been edited by Ramjade: Dec 28 2017, 07:25 PM
Ramjade
post Dec 28 2017, 07:48 PM

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QUOTE(jack2 @ Dec 28 2017, 07:29 PM)
Many thanks.

If there is no requirement for USD deposit amount, then I will deposit SGD3k first. I have CIMB/MBB online and can I do FAST transfer on the spot upon the SGD account is opened?
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Should be no problem with FAST transfer but better clarify once you got your account open. They give you I think 1 month grace period. They told me must deposit SGD3k in equivalent in one month's time. Never told me what happen if I don't fund it with SGD3k after 1 month.

Oh, if you are looking to fund USD with cash without paying any charges would be Standard chartered SG priority customer. But not sure if they allow online USD transaction.

This post has been edited by Ramjade: Dec 28 2017, 07:51 PM
Ramjade
post Dec 29 2017, 11:39 AM

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QUOTE(Amanda85 @ Dec 29 2017, 11:16 AM)
can someone help me with this question if you have the experience?

I want to use M2u to transfer to DBS SG. In m2u, it show that I can direct transfer in SGD currency with the exchange rate automatically calculated. The transfer fee is RM10 as stipulated by maybank. May I know what is the chargers on the receiver on DBS side?
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Should be SGD10.
Just use moneymatch. Cheaper than M2U
Ramjade
post Dec 29 2017, 12:49 PM

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QUOTE(eugene88 @ Dec 29 2017, 12:26 PM)
You managed to open a Vickers account with a student ID?
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Yes. And keep in mind I have nothing in SG. No uni pass/no relative/no address/no working pass
Ramjade
post Dec 29 2017, 01:53 PM

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QUOTE(eugene88 @ Dec 29 2017, 01:19 PM)
Just need student ID, IC, and proof of address?
If they asked me why have to open brokerage account in SG?
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If your goal is just to open brokerage account, go with FSM SG (all application can be done online). Then get yourself a maybank isavvy account from Malaysia. Link to FSM SG.

Settle. Don't even need to travel down.

However if you insist, then tell them you want to invest.
Keep in mind DBS V is a bad brokerage for 2 reasons
1) you are unable to participate in rights issue
2) you are unable to participate in placements
This is because we don't have SG address.

You can resolve these 2 by using a nominee account (FSM SG/maybank KE SG prefunded)
Ramjade
post Dec 29 2017, 05:46 PM

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QUOTE(Amanda85 @ Dec 29 2017, 05:38 PM)
I just went to check out MoneyMatch, did the whole verification thing and Funding Societies SG just reply me saying they don't accept MoneyMatch deposit.  bangwall.gif
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Open a maybank isavvy account, transfer using moneymatch, transfer from maybank isavvy to funding society. Case settle.
Ramjade
post Dec 29 2017, 05:57 PM

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QUOTE(Amanda85 @ Dec 29 2017, 05:53 PM)
Thanks for your advice. I guess i have to do the legwork, initially thought i skip the maybank isavvy.
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Your choice. Continue paying banks expensive fees or just pay postage once and open an account once and for all.
Ramjade
post Jan 2 2018, 04:53 PM

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QUOTE(Zanmai0146 @ Jan 2 2018, 04:08 PM)
Bro, your isavvy account you submit the form at Malaysia Maybank or Singapore Maybank.

I walk into the branch this afternoon they ask me to, sent the documents to Singapore Maybank and went to Singapore they ask me to go home. Can’t open.

Can assist me? Thanks
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Of course from Malaysia. Did you download and fill up all the forms? Did you photostat all required documents? Did you get your SGD banker's cheque ready? Did you go to the correct branch?

Or did you just walk into any maybank branch empty handed and ask them to open for you?

This post has been edited by Ramjade: Jan 2 2018, 04:59 PM
Ramjade
post Jan 2 2018, 05:10 PM

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QUOTE(Zanmai0146 @ Jan 2 2018, 05:01 PM)
All documents are ready. With certified copy. Just i don’t know where to submit.

I went to the branch behind the list the officer confusing me. So I guess I’ll drive up to kl since I’ll have a meeting this week. May I know which branch is better in opening the account?
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You need to visit the correct branch. A priority customer branch obviously won't do for non priority customer. PWC, PWL are all for priority banking customer. I don't know if you hold a priority customer status with maybank or not.

QUOTE(jack2 @ Jan 2 2018, 05:02 PM)
I think he didn't read properly the instructions.

BTW, I am still waiting DBS to say yes before I fly to Singapore.
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Either that, or maybank is starting to close their doors too or the officer is being lazy.

No need to wait. Just fly down. Official answer is if you are not a student, not working in SG, you cannot open. How I know? I emailed them before. It's MAS new ruling which make it harder for Malaysians to open account (the DBS bank officer told me). Especially Malaysians. I still think HQ still can open but I don't know what is the success rate now vs my time.

This post has been edited by Ramjade: Jan 2 2018, 05:12 PM
Ramjade
post Jan 2 2018, 06:19 PM

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QUOTE(Zanmai0146 @ Jan 2 2018, 06:17 PM)
I was in Malaysia Maybank earlier to submit the form printed etc. All documents was ready and instructions is read thru very clearly.

After they done the verification etc they pass me back the form and ask me bring to Singapore Maybank. I bring all the documents and drove in straight away to Jurong Maybank and they rejected.

I read thru the forum so unsure if the form is submit at Malaysia side or Singapore side. I’m seeking for real assistance even if require I drive to kl I don’t mind.
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Maybank malaysia is supported to post it to them. You have to bear cost of postage.

You don't need to go down. Just make sure you go to the branch listed there. Of course this isavvy account can only be opened if you a customer of maybank.

Not sure if they changed the rules.

This post has been edited by Ramjade: Jan 2 2018, 06:20 PM
Ramjade
post Jan 2 2018, 07:17 PM

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QUOTE(jack2 @ Jan 2 2018, 07:09 PM)
I have just received the reply

Do take note of the documents(in English) which are required for account opening.

  1.  Identification card (if applicable)
  2.  Passport (with at least 6 months to expiry)
  3.  Work permit/Employment pass/Student Pass (If applicable)
  4.  Recent bank statement (Name & Residential address printed)
  5.  Latest Government issued tax document (with Tin (Tax) Number)

Our team of Equity Business Managers will assist you with your queries and account related matters,
Do kindly indicate an account without dealer/remisier on the application forms so that we may continue to service your account.

Please note that account opening is subject to approval.

When was your time to apply?
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2016 December. Woah. Equity business managers. Good luck. They think you want to open a business account. Be prepared to be charged yearly/monthly fees. I don't know what you told them but you should tell them you want to open DBS multiplier account with DBS vickers.


Ramjade
post Jan 2 2018, 07:30 PM

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QUOTE(jack2 @ Jan 2 2018, 07:25 PM)
1 year nia.

No lah. I told them this

I intend to open DBSV (Cash Online Account) so I can trade in different currencies in different markets.

Then they asked this

Yes, the address you mentioned is where our DBS Vickers customer service office is locationed.

To better advise on account opening,

May we have the following information so that we may assist you better.

      Citizenship/PR of Singapore:  NA
      Please indicate nationality if not a Singapore citizen: Malaysian
      Country of residence: Malaysia
      Do you intend to trade in Singapore securities? Yes and oversea
      Do you have a CDP account? No, other than Malaysia security CDP
      Do you have a banking relationship with Singapore DBS/POSB?  No.
      Are you above the age of 21years old?  Yes
      Do you intend to open an individual or joint trading account?  Individual
      Is Singapore your sole tax residency? No. I am Malaysia tax residents.

Mana tahu they replied this
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Nevermind. Just print out this reply. When you reach their HQ, tell them you want to open DBS vickers and DBS multiplier account. Waiting time is bloody long (so much for SG being modern and fast).

And see if you are lucky.
Ramjade
post Jan 3 2018, 05:52 PM

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QUOTE(gark @ Jan 3 2018, 05:49 PM)
So difficult now meh?.. Last time i walk into their Raffles Place HQ without any documents, just bring my IC .. there was no one there.. and suddenly one lady approach me.

Got my account in 10 minutes.. she show me how to activate the debit card..  walk out.  laugh.gif
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Don''t know la for Maybank. My application was via post. But for DBS/POSB confirm hard. Went to Woodlands POSB account in the middle of some HDB flats and they said cannot open account even though I already have account with them sweat.gif doh.gif

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