CIMB SG is closing my acc.. want some opinion/suggestion frm sifus kalian... i have 2 options..

1. convert it to MYR NOW and get rate @ 3.06-3.07 (no charges)

2. send to my Foreign Currency Acc in CIMB MY(around 60 sgd charges or maybe more).. (and do Dual Currency Investment - something very new to me ive not done it - my RM suggested me to pair with AUD?)(if i go by this option but suddenly decide to sell my SGD to CIMB MY - rate is circa 3.03)

taking into consideration these r extra funds for investment, im inclined to option 2. but would appreciate some inputs?

This post has been edited by KenYoung: Nov 4 2021, 09:33 PM

Is that voluntary closure or CIMB exit SG market there?

I will go for option 2 as MYR seems to be in declining trend this past few years

Wait are they really shutting down their SG branches?

From post 3784
https://forum.lowyat.net/topic/1440794/+3780

Your RM really useless recommending AUD for DCA

If it’s DCA you will be better off now with NZD as when the rate rising soon you will gain in interest unlike AUD which is at its peak already

Dood u mind editing this? It is not true that I'm involved in any scam or crypto scam... I don't even trade crypto... Can ownself read my post history before quoting...?

With u quoting like that hard for me to get constructive responds

Depends on what’s your plan. Do you need the MYR? If not, no need to convert, just transfer the SGD back for SGD denominated investment. If you go ahead with Option2 you have to be prepared to get converted to AUD and there’s not much you can invest with AUD.

Consider looking into some S REITS, some giving 5% yield p.a.

Those interested to know more, read more or post more abt it can refer to that link earlier.... Read from post 3789

Btw, my reply earlier was for forumer Red Streak, where he think that cimb sg will be closing its branches...

This post has been edited by MUM: Nov 4 2021, 09:55 PM

Someone get triggered too easily

Bro,... if you are still keen to hold on to SGD, transfer ur SGD to another bank acct in SG, or,... is CIMB SG disallowing this option ?

You can also quickly go open a brokerage account and transfer into the cash trading account of that brokerage.

Must have more than one bank acct and one brokerage acct in SG.

I am more interested to know why his account was flagged and subsequently close. Banks don't just simply close account.

Could be because he didn't reply to emails from CIMB requestion for clarification or sourced of money. After account close proceed to use sister account for same transaction. Hence got flagged as well.

he mentioned in
Opening a Bank Account in Singapore, post 3789
https://forum.lowyat.net/topic/1440794/+3780#entry102801310

"Called them before months back when my acc closed but they said can't disclose reason..Guess was because high volume of transactions.."

1 of a possible reason among many others....

info on image are sourced from
https://www.cimb.com.sg/content/dam/cimbsg/...ts-accounts.pdf
https://www.mas.gov.sg/news/media-releases/...nline-platforms







Attached thumbnail(s)

Banks will close a customer's account when they are suspected for doing illegal activities or having suspicious fund movement.

They will not inform the customer reason for closure but they do have the records to substantiate it to the regulator if need be.

Also long as got proof where the money come from when asked by banks, no issue. Personal experience. CIMB sg asked me for proof of transaction and where the money came from because of my inward remittance using Sunway money. Send them everything and more and problem settle.

After how many continuous transactions before they called you?
Or only 1x of SGD valued @xx transacted then they called you?

After 7 years investing overseas.

With how many overseas transactions per month?
How many of those transactions are inward transactions?
& is it less than sgd 10k per transactions?

previously a forummer posted regarding m'sia bank.

This post has been edited by MUM: Nov 6 2021, 05:24 PM

One transaction every 3-4 months.

No show proof...
And flag as suspicious account.
Sure close down..

CIMB SG won't close anytime soon...
Many Malaysia "VIPs" have account there

parking

Except the bank exit the market, bank only close customer account if it breached regulations e.g amla. If ts transactions is legitimate, won’t have issue to use foreign currency account at local bank. Ts’s action may cause sg bank to restrict malesian to open bank account.