Hi guys, was wondering if a malaysian who's not working in singapore and with no PR able to open a singapore bank account.

I read online that for POSB its quite straighforward to open an account. Has anyone done it ? Need some advice.

Also is it possible to open a bank account through online, without physically having to go to singapore ?

Thanks !

Interesting. Last time I walked into POSB the aunty shooed me out.

So I went to Bangsar there to open Maybank iSavvy account instead. Maybank is actually not bad, just tak da Apple Pay.

I think right now, it's not possible. They have tightened the procedure for a Non-PR to open SG bank account. Why you need a SG account if you are not working there anyway?

All information can be found here. If you turn up without student pass/working pass, they will usually reject you.
https://forum.lowyat.net/topic/1440794

Yes. It's entirely possible. Maybank is the only one which allow that without the need to be a priority customer. See honsiong reply. And that's also application by post. No banks let you do it via online for obvious reason.

Yes. Maybank works wonder for those who don't want to travel down. Also limited until this opportunity is close.

This post has been edited by Ramjade: Dec 18 2017, 08:31 AM

Investment purposes

Not allowed

Why lah so susah. I thought malaysian can easily open wan..

I am planning to park my money there too but could not find a way to open an account. I do not want to repatriate money back to Malaysia from my foreign derived income.

Check the link given above. All info is in that link.

when there is a will, there is a way.

as per Ramjade link.

Only for msians who pay income tax....
Either as employee or biz owners....

Not true. All info is in the link above. If you have the patience to read through everything

ShinG3e, you are my sifu too

I dont reali care cause i work in sg

For what investment? Forex? Bitcoin?... lol

Opening an account in Singapore is very as ABC.
They are welcoming you if you deposit a million dollar with them.

Also, mankind is greedy and so those refused to repatriate money back to the country is deemed lack of nation building. So do not conplain why the ringgit is low, nobody want our ringgit or the country is bad and unable compete when ourselves don't love our country.

Thanks, will check it out.

Here's why some people would like to keep their money outside.

1. Diversification. It could be risk diversification. Or investment diversification, FD, Bonds, and so on.

2. Not ready to pay higher taxes in Malaysia. Would rather pay lower taxes in other jurisdictions.

3. Personal interest above every other interest. Of course, this is not a broad minded thinking ( a broad minded person would understand that helping the country is equivalent to helping oneself).


I personally think that most of our citizens love their motherland (Malaysia). It's just that they don't love the Government. It could possibly be an act of sabotage to pave the way for a new government? Not sure.

May I know how does keep money outside of mother country can pay lower taxes?

I also want to open.

How hard is it for someone who has no income?

Incorporate your company in a lower tax jurisdiction.

open lah. tunggu apa lagi?

no income? got asset? still jalan.

no income no asset? still jalan.

Maybank can open.

For investors example :

1 Sg reits pay zero tax. My reits pay 10% tax

2 Other listed companies, Sg pay 15% income tax, My pay 24% income tax

cherroy, is this political view which has no place in this section ?

If yes, should it be warned and deleted off if the discussion is continued ?

If no, then I will join in the “discussion”

hmmm.... so we do not need to go SG to open up a SG accounts?

Depends. You want also can. You don't want also can.
Don't want = open using maybank malaysia
Want= go for DBS, standard chartered

interesting, might need 1 in near future. gonna walk in to MBB branches in malaysia to ask Thanks!

Not all MBB can do this application
Recommended you open one ASAP or else you will regret it when MBB decide to discontinue this program.

This post has been edited by Ramjade: Dec 20 2017, 01:46 PM

if you happen to be in kl just head to the main branch there is where I did mine

Yes. Selected maybank branch only.
Of course all documents must bring as usually they don't have it with them.

Student only, how?

student..no need to consider. Answer is NO.

Yes..try Maybank at Battery street (MRT Raffles Place) Good luck

Just use certain maybank branch in malaysia. No need to go down also

oh... then no. cause they will ask for occupation lol

Can. I am living proof. Showed them my student ID to prove to them why I am not working.

what is d purpose of having sg savings acc ? mind sharing

Lol. Why are you asking this kind of question?

Tax evasion from foreign investments.

Er you do know that Malaysia also don't tax your foreign income right?

Not if you are a fulltime trader.

you mean can open an account in KL main branch?
i tried walk in into clementi MBB in Singapore but got rejected

may i know which branch and what documents need to prepare?
I have an average of 10k SGD investment returns every month or 2 months in average

if you trade local shares then yes, If foreign shares no.

As long as the activities is conducted overseas not in Malaysia

Yes. If you try from SG site, confirm kena rejected. So the only way is to go from Malaysia site. All info is in previous link shared few post back.

Only certain Maybank branch in malaysia can do that. The form you need to fill up is maybank isavvy application form.

Google this
. Look for the newest form. Print and fill up that form.

Ok Thanks a lot. btw which branch? so i can withdraw SGD from MBBSG ATM and direct deduct from my account?

and most important if i deposit SGD from singapore, can direct credited in SGD account?

I tried OCBC MY but they required me to SGD>MYR>SGD which force me buy SGD from OCBC MY

if i work in malaysia can?

what documents are needed?

wow..u full time trader? can open bank account?

Nope i am not a trader, just invested something in Singapore with some friends and the business is getting very well.

i tried to get a bank account in SG too but it failed but i do using my cousin account to receiving funds every time since he is study in singapore and eligible to have an account there.

You trade full time?

I don't know which branch. The branches which process this application are listed at the back of the form.

Yes you can withdraw SGD and deposit SGD cash at Maybank SG ATM/CDM which will deduct/deposit from your account. It won't even touch your Malaysian account. Of course application takes like 1-2 months. 1 month if you follow up (call them). 2 months or more if you don't call them

Not true. If you are easily earning SGD10k/month, just open priority banking with OCBC MY then ask them to open priority banking with OCBC SG. Then you can also deposit and withdraw SGD cash from OCBC atm in SG. CCBC have more atms and branches than Maybank due to SG govt ruling (Maybank ATM must be at branch only and is restricted to 14 branch island wide). You can find OCBC atm/cdm everywhere.

Not to mention OCBC SG have a multi currency account, something which Maybank don't have. They let you withdraw/deposit foreign currency cash with 1% fee. If use cheque from SG, it's free. I highly don't recommend the multi currency account as that 1% fee on deposit and withdrawal is steep.

This post has been edited by Ramjade: Dec 26 2017, 12:57 AM

Ok i got the list, Thanks.

Not possible leh, they will ask Source of funds etc this and that alot of documents is needed and the investment there is no black and white stated. i did enq for OCBC Foreign currency account but the process is too terrible, losing of exchange rate spread from there. Priority Banking for OCBC SG need SGD300k to obtain, well i dont have that much SGD on hand yet and what i do now is I sent it to my Cambodia USD account.

Hi Bro, didn't see you around the forex forum for quite some time.

Regarding the taxation, you will be taxed if you are residing in Malaysia for more than 182 days (if I recall). Residing in Malaysia and actively trading through an overseas broker is not considered a foreign derived income.

kindly pls inform me how to open a Cambodia USD acc?pm appreciated..

No more in trading bro, make some small fortune few years back from forex. Now on some small business no time to go back trading scene anymore.

No idea, i did heard but yet dont have such experience. my overseas income all stay locally or i bring back cash to Malaysia

How long does it take from submission to account opening?


Thanks.

1. A business Visa valid 1 year
2. An introducer, having a valid corporate account with the bank
3. USD100 for account opening
4. Done with an ATM card, Bank Book and Online Banking

I got people assisting me on this due to some business trading, so everything done very smooth,
Hassle part is, Bank book can get on the spot but the ATM and Online Banking need 2 weeks processing,
means after 2 week u need to go back and collect the ATM and iBanking


Good thing about ABA Bank cambodia is the Mobile FD is 5% pa (Not bluffing u can google the bank site)
Bad things is the bank itself too many charges, ATM withdrawal interbank, interbank transfer etc all charge by %

I used purely for savings, so i got no issue at all

Answer is above.

just see what other opportunities can I get in Sg. :0

Ramjade..if you open POSB savings..do you need to bank in initial deposit? or once open, i sent a letter requesting them to transfer the fund from DBS to POSB ?

thanks

Application all online. It's all there. I applied first for Posb eEveryday Savers. Transfered SGD500 from my multiplier account (make sure multiplier got SGD3500 beforehand) first on the same day of opening to prevent them from
charging me. Once open, contact customer service via account inbox to ask how to close from Malaysia, send official form (obtained from customer service) to close my DBS multiplier with instructions in the form to transfer out the remaining SGD3000 to POSB account and then it was put to good use.

This post has been edited by Ramjade: Dec 27 2017, 11:27 PM

Transfer out your FSM MY & SG to POEMS SG. What for you want to continue paying service charge + platform fees?

Can open USD account through online as well or just SGD?

Anyone success to open USD account with Maybank SG or CIMB SG after having the saving accounts?

what do you plan to do with the usd account? maybank sg usd account kinda useless because can't transact online.

Of course cannot. DBS, OCBC and UOB have their own multucurrency account which support USD. Again not recommended as it's hard to transect online. You are better off with transferwise multi currency account.

This post has been edited by Ramjade: Dec 28 2017, 05:29 AM

Need to transact online. Malaysia punya USD account (Maybank, UOB) can't perform remittance using online and need to go over counter. I am looking for this feature.

That's why ask you to go open transferwise online account. Siap with swift code some more. Then use moneymatch to fund it.

I have UOB MY with USD account. Can I transer my USD to there?

*It seems can't work as if using transfwise, it is not under my name"

This post has been edited by jack2: Dec 28 2017, 07:56 AM

That you need to explore and research yourself as I can't help you.

One question to all you guys with bank accounts an trading accounts in Singapore. If you die, and it is not joint account, how will your relatives in Malaysia get your money back from there? Have you guys written a Will? I heard Malaysian Will is not valid in Singapore. So a Singapore Will may be required, or problem later as no Singapore Executor.

Just wondering if any of you have found a solution......

It's valid. You can ask the brokers on how to get the money out as a foreigner. They will tell you the steps. Worse come to worse, just do a Singapore will la. It's cheap. Only about SGD100+ (NTUC)

This post has been edited by Ramjade: Dec 28 2017, 08:42 AM

Oic. Sound interesting. I will do one soon.

Ask elea. She expert at it.

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...

Just use moneymatch la. don't know why you are using banks when moneymatch give better rate.

How to use moneymatch? The exchange must get the money from bank account which is under the same name.

Moneymatch - how to do so?

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)

open with POSB?

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.

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?

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.

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

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.

Must go HQ?

What is Vickers account for?

May be I tell them I wanna put USD fixed deposit $30k

This post has been edited by jack2: Dec 28 2017, 06:16 PM

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

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.

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.

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

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

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

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?

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

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?

Should be SGD10.
Just use moneymatch. Cheaper than M2U