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 Priority Banking, Everything about Priority Banking

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Ramjade
post Aug 8 2017, 12:34 AM

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QUOTE(drbone @ Aug 8 2017, 12:11 AM)
Okay I happen to be in desaru currently and am planning to go to jb town tomorrow , and am very keen to open a SG account with my wife. Which would the most convenient to open ?
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Convinenent without leaving malaysia, maybank lo.
If you want the challenge, cross the border and try your luck.

Ask for trading account (DBS/OCBC/UOB). If you said bank account, guaranteed they won't let you open. Tell them you want trading account. Then they will ask got bank account? Say no. But want to link bank account to trading account. Don't think standard chartered will entertain you.

DBS at MBFC
OCBC and UOB at Raffles place.

If all else fail, tell them you want priority banking. Guaranteed boleh. biggrin.gif devil.gif

From lowest to highest
UOB - SGD100k
OCBC & Standard Chartered - SGD200k
DBS - SGD350k

If you want to hold multicurrency account, OCBC does not have fall below fees while both UOB and DBS have fall below fees of SGD5/month. (this is not a priority banking feature).

Good thing about multicurrency account:
- Able to deposit cash
- Able to withdraw cash
- Able to pay in other country currency when overseas (DBS - major currencies and standard chartered - USD only) without conversion but need to use debit card.

Bad thing about multicurrency account
- Deposit and withdrawal in cash incur min 1% fees (standard chartered can waived the fees - which means you get to deposit and withdraw USD for free - required RM to waived the withdrawal fees, no fees for depositing USD for Standard Chartered)

PS, if you choose to cross the border, bring your proof of income (income tax filling). Very important.
Ramjade
post Aug 8 2017, 10:10 AM

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QUOTE(drbone @ Aug 8 2017, 09:51 AM)
Thanks bro ramjade. So if I open the isavvy mbb account , I would also enjoy the privileges as when I open a trading account or a savings account in Singapore ?
Also I didn't bring my income tax documents however I might just try my luck by letting them view my e filing details
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iSavvy is just bank account. doh.gif If you want trading account, have to apply some more. Just print out your efilling page (with the income tax no as proof which is good enough for them).

If for viewing, better you go to branch. Isavvy application is by post. And it's better to include in a copy of your tax filling (the one with your income tax no on it)

QUOTE(drbone @ Aug 8 2017, 10:03 AM)
Any charges if balance is lower than the minimum amount allowed ?
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Of course. All SG banks charge you that. Depending on types of account. From as low as S$2-S$7.50. Know what account you want first.
The only bank who don't charge you is Cimb SG.

Btw, DBS and POSB are the same banks yo.

This post has been edited by Ramjade: Aug 8 2017, 10:22 AM
Ramjade
post Aug 8 2017, 10:30 AM

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QUOTE(drbone @ Aug 8 2017, 10:24 AM)
What's the most convenient way to transfer those amounts if I wanna become their priority banking customer?
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You can write a them cheque/bank draft or do a transfer later on. Obviously you can't use cash as SG allow one to carry max $20k cash without declaring.
Ramjade
post Aug 28 2017, 05:58 PM

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QUOTE(MilesAndMore @ Aug 28 2017, 04:51 PM)
UOB Singapore Privilege Banking starts from SGD350k, not SGD100k. And UOB Singapore allows remote account opening.
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That's something like for our RM50k level entry.
Ramjade
post Aug 28 2017, 07:26 PM

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QUOTE(MilesAndMore @ Aug 28 2017, 07:00 PM)
The is UOB Singapore Wealth Banking, which is not a Priority Banking account. UOB Wealth Banking is like Maybank Aspire or CIMB Prime Banking. For foreigners who can't show employment pass or do not have a psysical address in Singapore but wish to start a banking relationship with UOB Bank Singapore, they will ask you to open a UOB Privilege Account which require a minimum deposit of SGD350k.
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Alright. Thanks for the info.
Ramjade
post Sep 16 2017, 12:16 AM

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QUOTE(drbone @ Sep 15 2017, 11:47 PM)
Guys , anyone here opened a savings account in Australia ? Or a DCA? What are the benefits ?
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If you want, I can PM you on how to open account there. Non priority banking way of course.
Adavantage? (some I can think of)
- Australia companies are one of the most generous company when it comes to dividend (even after minus the 30% with holding tax by govt) sad.gif That's if you invest in ASX.
- Accumulate more AUD when it's down (vs the RM) in the event of sending kids over there to study in the future. Citizenship for kids might not be so easy anymore. Thanks to China Chinese and anti immigrant sentiment.

Disadavantage
- You will be taxed on the interest earned even FDs
- Most bank in Australia require you to have AUD2000/month flowing in. Failing to comply will be charged fees. Most. There are exceptions. tongue.gif

This post has been edited by Ramjade: Sep 16 2017, 12:19 AM
Ramjade
post Jan 14 2018, 12:47 PM

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QUOTE(bbgoat @ Jan 14 2018, 12:41 PM)
What is Sg SC ? S'pore Std Charter ??  hmm.gif
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Yes. Being priority customer with Standard Chartered SG have one of the best perks
1) no min amount for their brokerage. You just pay 0.18% of what you buy/sell
- their brokerage provide one of the best access to worldwide markets
2) able to deposit and withdraw USD cash without fees biggrin.gif On withdrawal part, need to kawtim with RM to waive the withdrawal fees tongue.gif

This post has been edited by Ramjade: Jan 14 2018, 12:48 PM
Ramjade
post Jan 14 2018, 04:10 PM

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QUOTE(ikanbilis @ Jan 14 2018, 04:03 PM)
I'm just a normal customer of Standard Chartered Sg. The brokerage i paid is 0.2% for sg markets
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Normal customer have to pay min fees of SGD10 if you don't hit the 0.2%. Priority customer does not need to pay for that SGD10. They can buy and sell small amount and pay say only SGD1/transaction (depending on how little they buy)
Ramjade
post Jan 14 2018, 04:51 PM

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QUOTE(ikanbilis @ Jan 14 2018, 04:34 PM)
Unfortunately I dont qualify to b their priority customer. How come you know so much about SG SC priority banking?
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Hang out HWZ forum (SG version of lowyat forum). There you can learn the various tricks and tips of Singaporeans of how SGreans maximise their priority banking (which we Malaysians should be ashamed of)/maximise their brokerage, etc
Ramjade
post Jan 14 2018, 10:43 PM

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QUOTE(David_Yang @ Jan 14 2018, 10:39 PM)
You mean I can walk in a SC branch and bring cash USD to put in my USD account? And withdraw USD in cash drool.gif

If they offer this also for EUR I run into the next branch tomorrow morning  cool2.gif
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That's right. Use to be able to do that for free with DBS bank too (no need priority) but now all SG banks charge 1% if you deposit or withdraw in foreign cash. Applicable only for standard chartered SG priority banking customer. For withdrawal, need to get approval by RM to waive the withdrawal fee.

Not valid for Malaysian standard chartered as BNM doesn't let us withdraw or deposit foreign cash.

All 3 local SG banks let you deposit EUR (you need to have a multicurrency account) but will be charged about 1% of the deposited amount (fees varies with banks). Again valid for SG banks and not Malaysian UOB/OCBC.

This post has been edited by Ramjade: Jan 14 2018, 10:45 PM
Ramjade
post Jan 15 2018, 07:38 PM

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QUOTE(David_Yang @ Jan 15 2018, 04:09 PM)
OK, let´s make this totally clear please before I jump on the next bus to Singapore to open a SC priority account there wink.gif

* With this SC Singapore priority multicurrency account I can bring cash EUR to my account with no fee. And if needed also can withdraw EUR by cash with no fee?

* When I want to swap the EUR into SGD or other supported currencies in my multicurrency account there are no fees also? What currencys they support?

* I can do this without Singapore nationality and no home there?

And one thing more, if I have priority with OCBC Malaysia, I have over there at OCBC also?
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Wrong. Standard chartered SG only let you deposit USD cash for free. And that's also if you are priority customer.

Standard chartered SG does not have multi currency account.

Yes.

Don't think so. I think you need priority on both side


Ramjade
post Feb 11 2018, 09:48 PM

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QUOTE(prince_mk @ Feb 11 2018, 09:39 PM)
The bank officer said that is not applicable anymore.

And I see the brochure too.
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There are better cards out there. Learn from sifu Gen-X
Ramjade
post Feb 13 2018, 10:08 PM

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QUOTE(prince_mk @ Feb 13 2018, 02:32 PM)
Yes ..you are right.

Else what cards to use to enter Priemier Lounge for FOC ? Can suggest ?
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Go check out Gen-X blog. All the answer to your question is there.

This post has been edited by Ramjade: Feb 13 2018, 10:09 PM
Ramjade
post Apr 15 2018, 08:28 PM

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QUOTE(prince_mk @ Apr 15 2018, 01:47 PM)
still imagining abt the service rendered for HSBC Advance (coz I have housing loan above 500k with HSBC).

On the other hand, I wish to have access to PPL too coz I always travel. Currently I m holding Ambank World card.
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Follow him and you don't even need priority banking to enter lounges. Accordingly him, PPL now sucks.
https://genxgenygenz.com/airport-lounge/
Ramjade
post Apr 22 2018, 11:04 PM

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QUOTE(aspartame @ Apr 22 2018, 09:17 PM)
How they charge 2% oh?once off per advice or purchase or yearly??
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1.75% per transaction. If the amount with them increases, the sales charge also drop.
Ramjade
post Apr 23 2018, 08:22 AM

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QUOTE(aspartame @ Apr 22 2018, 11:10 PM)
This is the initial charge right? Or is this for Client Specialist's "advice"? Then on top of this, pay some more initial charge and service fees? Sorry, never heard of this Client Specialist before. Need to check out the platform more.
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That's the initial charge. AFAIK, when you open a FSM account, you are assign one client specialist who is practically your go to guy/girl for any question. Review portfolio, give recommendations.

Advise is free. But best to email them to double confirm.
clienthelp.my@fundsupermart.com

This post has been edited by Ramjade: Apr 23 2018, 08:23 AM
Ramjade
post May 6 2024, 02:27 PM

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QUOTE(hksgmy @ May 6 2024, 01:57 PM)
I got asked a question by another forum user via private message, but I thought it was a useful question - and since I didn't have a direct answer for him, I'd share my answer and invite others to chip in:

Here's my answer:

Hi, sorry I'm not priority status with SCB here in Singapore (where I'm based). I have priority/premier/privilege status with:

1. OCBC (Premier Dividend Private) - it's a step up from Premier, but a step down from full Private banking - that's only in Singapore

2. HSBC (you choose your country to base the minimum AUM, and the minimum AUM varies per country. In Singapore, it's SGD250,000 for in Australia, it's only AUD200,000 - so I transferred from being domiciled in Singapore, to being domiciled in Australia). However, for HSBC, in order for you to be domiciled somewhere, you need to demonstrate reasons. Eg. studies in the UK (domicile in UK). In our case, we are PRs of Australia, so they accepted the transfer, although we are still based and work in Singapore

I'm normal status with Citibank, SCB

I bank privately with UOB, Maybank and DBS

I have priority/premier/privilege status with:

1. OCBC (Premier Dividend Private) - it's a step up from Premier, but a step down from full Private banking - that's only in Singapore, and AFAIK, OBCB Wing Hang in HK does not have any automatic tie up access with OCBC in Singapore.

2. HSBC (you choose your country to base the minimum AUM, and the minimum AUM varies per country. In Singapore, it's SGD250,000 for in Australia, it's only AUD200,000 - so I transferred from being domiciled in Singapore, to being domiciled in Australia). However, for HSBC, in order for you to be domiciled somewhere, you need to demonstrate reasons. Eg. studies in the UK (thus you can be domiciled in UK). In our case, we are PRs of Australia, so they accepted the transfer of primary Premier account to Australia, although we are still based and work in Singapore.

I'm normal status with Citibank, SCB - hence I don't know if you can open an SCB account in HK from Malaysia, and whether you'll need to maintain the minimum required AUM separately, or does SCB do it like how HSBC does.

If anyone has the answer to this, I'm sure the forum user would be grateful.
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I got answer from SCB Malaysia. Your priority does not extend beyond the country your account is in.
If you have priority with SCB Malaysia, they can help you open SCB account. But it must be priority with SCB Singapore as well.

How true. I don't know. Maybe they are bluffing me also.

Anyway I will never use any priority banking as I see no reason to park money with the banks.

This post has been edited by Ramjade: May 6 2024, 02:28 PM
Ramjade
post May 6 2024, 11:21 PM

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QUOTE(hksgmy @ May 6 2024, 09:01 PM)
It seems then that HSBC offers a better Premier program compared to SCB’s.
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For me, I don't know and don't care. I have priority like service for my banking with other financial like institutions, it's good enough.
Spot exchange rate with Interactive Broker.
Multicurrency acocunt with DBS
Money match/Sunway money for my remittance at close to money changer rates.

All without needing to park my money with the banks. biggrin.gif

This post has been edited by Ramjade: May 7 2024, 03:04 AM
Ramjade
post May 7 2024, 03:09 AM

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QUOTE(sairay @ May 7 2024, 12:34 AM)
Not that I want it but just wondering how they select? Some ppl tell me u have loan with them >500k then auto. I don't want to diverge too much info but even if you got SGD300K AUM they auto call u to invite or u need to flash in front of them?
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If you have SGD300k, you qualify for OCBC sg premier.
DBS and UOB require 350k.

Usually you call have to call them. Unless you are banking with them, they might offer you if it's large enough.
Ramjade
post May 7 2024, 03:47 AM

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QUOTE(hksgmy @ May 7 2024, 03:35 AM)
I can’t speak for everyone but I was invited by virtue of the total assets I hold with the bank, which was all cash initially.

I’m not as savvy as Ramjade and my foray into investment started with my premier/prestige/privilege RMs who saw that I was getting a pittance from the funds I parked in the banks.
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They saw the amount, they saw they can make some money from you so they invited you in.

No way I am getting invited as I leave my SG account with only SGD0.10 and I don't have SGD300k biggrin.gif

This post has been edited by Ramjade: May 7 2024, 03:47 AM

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