Just opened an account. How come all my statement is in USD?
I think you are still confused but it's pretty simple.
You only need to open 2 account.
Esaver or Dash
SSA.
If you look at the above, you will see 4 accounts under 2 heading,
A) Accounts
B) Investments
Under (B) Investments is the Securities Trading account which is just to tell you what's the total you have invested, it's not an actual account, more for reference only. You can ignore it. It's automatically created by default when you open a SCB online trading account.
Now for the meat.
Under (A) Accounts you have
1. Securities Settlement Account (SSA)
2. FCY Securities Settlement Account (FCY SSA)
3. Esaver/Dash
Esaver or Dash account acts as a saving/current account. It also acts as a bridge for you to transfer funds to 1 and 2. You cannot direct transfer funds to 1 and 2 from other banks. No way no how. You need either Esaver or Dash to transfer funds to 1 and 2.
What is SSA?
1 and 2 SSA are accounts in different currencies for you to buy/sell stocks.
This is your trading account.
As you can tell from the picture, 1 is in SGD, 2 is in USD. You can open as many different currency account as you want and I encourage you to open all the available currencies, it doesn't cost a thing. Just tell the person you want to trade all the markets and need all the FCY SSA open. The person will be lazy sometimes because it's a lot of paperwork.
So once you open a Esaver/Dash and a Trading Account(SSA), you can start to trade. All you need to do is transfer $$ into either Esaver or Dash and then transfer $$ from Esaver/Dash into the SSA. Use the SSA to buy/sell.
You need to use the right currency to buy the stock.
In SGX, most stocks are denoted in SGD, some are in other currency like USD. Hong Kong Land Holdings is one, Dairy Farm is another.
You can also use the USD to buy US stocks!
I encourage you to open at least USD FCY SSA.
So that's about it, hope it's clearer with the picture.
Have just received my first monthly statement which includes dividends. Can I just check how come there is an extra transaction under the account movement which debits the dividend amount "Transfer to bank A/C xxx" <- not my account. Did not touch the dividends either so shouldnt there be no movement? Thanks
I did not make any $ transfer between accounts for this month at all. The amount transferred is the dividends amount credited, which I did not even touch
seems no way to check how much the commission and GST costs on my past transactions ?
Just opened an account. How come all my statement is in USD?
seems no way to check how much the commission and GST costs on my past transactions ?
Go to Online Trading > Fees and Services > Cost Calculator
After inputting the parameters, they will show you the breakdown, but no GST is included.
To calculate actual, use this formula:
Trade Consideration + [(Client Commission + SG Clearing Fee) x 1.07], round up any cents. That should give you a more accurate picture.
Hi Guys,
may i know what is the charges for transferring from CDP to Standard chartered? is it free? no clearing charges from CDP? i understand that there is no fees charges charge by standard chartered but are there from CDP?
When opening the trading accounts, we have to fill up another form for trading US stocks, right? I cant find the form online. Was thinking to fill up the forms then go down, save time at the branch.
Or should i just go down and they will have all the forms?
Anyone tried transferring US stocks into scb from a US brokerage before?
No, but you could just sell the stocks then buy back from market?
Can't directly deposit USD into scb' securities account.
When opening the trading accounts, we have to fill up another form for trading US stocks, right? I cant find the form online. Was thinking to fill up the forms then go down, save time at the branch.
Or should i just go down and they will have all the forms?