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Old 02-07-2019, 08:22 PM   #1291
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IB doubles the Monthly Activity Fee for not meeting minimum commissions to US$20 when your total account value is under US$2,000. So, to avoid that, keep the total account value at or above US$2,000.




Yes, that account should be well protected. Double check your plan documents, of course.

The employer match is still obviously valuable as long as it's being paid, so it'd be in your financial interest to max out all employer matches for as long as you're allowed (and the company is paying). If you can boost contributions to collect the same matching funds sooner rather than later, I would, provided you feel comfortable with your emergency reserve. Some plans let you do that.

ahh.. i didnt realise there was a min 2k..
thanks for the heads up...

yes, the contributtions are maxed out to the same amount as the employer.
its a decent sum (free) , so why not.. as long as the money wont be absconded!
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Old 02-07-2019, 11:23 PM   #1292
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speaking of the idle money ...

i have a sum of USD which is parked in FCY FD generating 1.9+% (depending on tenor)
if i move this to IB, is there an Singapore SSB equivilent on IB?
capital guaranteed, minimal transaction cost ($2 for SSB) and still yield higher than our local FCY FD
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Old 03-07-2019, 07:12 AM   #1293
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U.S. Treasuries are available through IB (and Schwab).
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Old 03-07-2019, 08:55 AM   #1294
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Hi BBW, been reading ur thread and found it very informative. Just a question - I'm interested to purchase in IWDA thru SCB. I am not sure what accounts that are needed to be open and how do I buy (over the counter or online)? Thank you in advance
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Old 03-07-2019, 09:49 AM   #1295
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Just a question - I'm interested to purchase in IWDA thru SCB. I am not sure what accounts that are needed to be open and how do I buy (over the counter or online)?
Assuming Standard Chartered is the correct choice for your circumstances, you can open a Securities Settlement Account by filling out this form and bringing it to a Standard Chartered branch in Singapore with your documentation. For IWDA you need a U.S. dollar Securities Settlement Account, so tick the box next to USD. You don't need to tick any other currency boxes, and you can add currencies later if need be. Don't sign the application form until you're meeting with the bank employee at the branch, and the bank employee has the opportunity to witness it.

It's likely the bank employee will try to persuade you to open other accounts, such as a current or savings account or even a credit card. You're not required to do that, and you can change your mind and apply in the future if you wish. Those other products will have their own fees and charges that you should research and understand before deciding whether to open one.

You need to use Standard Chartered's Internet or mobile online banking to transfer funds to or from a Standard Chartered Securities Settlement Account. A currency conversion cost will apply if, as a notable example, you're transferring Singapore dollars into your U.S. dollar Securities Settlement Account. Regardless of currency, paper check deposits are not accepted directly into a Standard Chartered Securities Settlement Account. Paper checks have to go through the banking system, i.e. they must be deposited into a bank account (at Standard Chartered or elsewhere), not a Securities Settlement Account.
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Old 03-07-2019, 10:16 AM   #1296
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Assuming Standard Chartered is the correct choice for your circumstances, you can open a Securities Settlement Account by filling out this form and bringing it to a Standard Chartered branch in Singapore with your documentation. For IWDA you need a U.S. dollar Securities Settlement Account, so tick the box next to USD. You don't need to tick any other currency boxes, and you can add currencies later if need be. Don't sign the application form until you're meeting with the bank employee at the branch, and the bank employee has the opportunity to witness it.

It's likely the bank employee will try to persuade you to open other accounts, such as a current or savings account or even a credit card. You're not required to do that, and you can change your mind and apply in the future if you wish. Those other products will have their own fees and charges that you should research and understand before deciding whether to open one.

You need to use Standard Chartered's Internet or mobile online banking to transfer funds to or from a Standard Chartered Securities Settlement Account. A currency conversion cost will apply if, as a notable example, you're transferring Singapore dollars into your U.S. dollar Securities Settlement Account. Regardless of currency, paper check deposits are not accepted directly into a Standard Chartered Securities Settlement Account. Paper checks have to go through the banking system, i.e. they must be deposited into a bank account (at Standard Chartered or elsewhere), not a Securities Settlement Account.
Small detail, you have to at least open an esaver account at the same time as opening the trading account so you can fund the settlement account from the esaver. (The esaver has a monthly fall below fee if the average daily balance is less than 1000 sgd.)

(source: I opened scb trading account at the branch last week and specifically asked whether opening the esaver account was required, which the representative said yes. Note that I had no previous banking relationship with scb)
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Old 03-07-2019, 11:06 AM   #1297
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What is the counter name?Or what is it called under IB?

U.S. Treasuries are available through IB (and Schwab).
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Old 03-07-2019, 02:19 PM   #1298
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Small detail, you have to at least open an esaver account at the same time as opening the trading account so you can fund the settlement account from the esaver. (The esaver has a monthly fall below fee if the average daily balance is less than 1000 sgd.)

(source: I opened scb trading account at the branch last week and specifically asked whether opening the esaver account was required, which the representative said yes. Note that I had no previous banking relationship with scb)
Same for me. I was told by the staff that at least one sc account must be opened. In the end i choose esaver
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Old 03-07-2019, 08:14 PM   #1299
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Small detail, you have to at least open an esaver account at the same time as opening the trading account so you can fund the settlement account from the esaver. (The esaver has a monthly fall below fee if the average daily balance is less than 1000 sgd.)
Same for me. I was told by the staff that at least one sc account must be opened. In the end i choose esaver
OK, that could be. Standard Chartered doesn't actually mention that requirement (or "requirement") in their Securities Settlement Account T&Cs that I can see while they see fit to mention everything else you can imagine, and more. I tend to be skeptical (cynical?) when bank employees claim there are requirements or rules that don't seem to be published in writing anywhere.

Note that if you opened a Singtel Dash account in the past, during the period when Singtel had its partnership with Standard Chartered, I think you should still have the free paired Standard Chartered basic savings account with no minimum balance/no fall below fee. That should be enough for these purposes.

What is the counter name?Or what is it called under IB?
U.S. Treasuries each have unique 9 digit CUSIP identifiers. Just look for the specific U.S. Treasuries you're interested in holding -- the U.S. Treasury publishes them on its Web sites, mostly at TreasuryDirect.gov -- find the CUSIP numbers, and match them up on IB's platform. For example, U.S. T-bills currently have CUSIPs that start with the 6 digits 912795 and 912796.
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Old 03-07-2019, 08:42 PM   #1300
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Assuming Standard Chartered is the correct choice for your circumstances, you can open a Securities Settlement Account by filling out this form and bringing it to a Standard Chartered branch in Singapore with your documentation. For IWDA you need a U.S. dollar Securities Settlement Account, so tick the box next to USD. You don't need to tick any other currency boxes, and you can add currencies later if need be. Don't sign the application form until you're meeting with the bank employee at the branch, and the bank employee has the opportunity to witness it.

It's likely the bank employee will try to persuade you to open other accounts, such as a current or savings account or even a credit card. You're not required to do that, and you can change your mind and apply in the future if you wish. Those other products will have their own fees and charges that you should research and understand before deciding whether to open one.

You need to use Standard Chartered's Internet or mobile online banking to transfer funds to or from a Standard Chartered Securities Settlement Account. A currency conversion cost will apply if, as a notable example, you're transferring Singapore dollars into your U.S. dollar Securities Settlement Account. Regardless of currency, paper check deposits are not accepted directly into a Standard Chartered Securities Settlement Account. Paper checks have to go through the banking system, i.e. they must be deposited into a bank account (at Standard Chartered or elsewhere), not a Securities Settlement Account.
Hi BBCW, thks for ur reply. I'm deciding btw the SCB and IB, leaning more twds SCB as it mayb more convenient to use Internet banking and also from Wat I read, the difference in charges are negligible in the long run. May I ask if one is better than the other? Many thanks in advance
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Old 03-07-2019, 08:44 PM   #1301
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Small detail, you have to at least open an esaver account at the same time as opening the trading account so you can fund the settlement account from the esaver. (The esaver has a monthly fall below fee if the average daily balance is less than 1000 sgd.)

(source: I opened scb trading account at the branch last week and specifically asked whether opening the esaver account was required, which the representative said yes. Note that I had no previous banking relationship with scb)
Many thanks for sharing. Only that esaver has a fall below amount of 1k and the rest do not?
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Old 03-07-2019, 09:42 PM   #1302
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IB is lower cost in most scenarios, including scenarios involving monthly IWDA buys. One big difference is the currency conversion cost.
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Old 04-07-2019, 12:10 AM   #1303
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IB is lower cost in most scenarios, including scenarios involving monthly IWDA buys. One big difference is the currency conversion cost.
Hi BBCW,

Is it true that everyone on IB should always choose tiered commission for investing into IWDA? The commission is 0.05% with a minimum of USD1.7 per order (tiered). For fixed, its also 0.05% but with minimum of USD5. Under tiered pricing, we should do trades >=USD3.4k to enjoy the lowest commission?
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Old 05-07-2019, 05:34 PM   #1304
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Hi BBW, been reading ur thread and found it very informative. Just a question - I'm interested to purchase in IWDA thru SCB. I am not sure what accounts that are needed to be open and how do I buy (over the counter or online)? Thank you in advance
Hi, just to share. I had my account opened at SCB branch at Plaza Sing. Fuss free. Just need to bring along your NRIC. Esaver account minimum balance of SGD1000,othereise a fall below fee will apply (I did not check the amount).
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Old 05-07-2019, 07:45 PM   #1305
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Hi, just to share. I had my account opened at SCB branch at Plaza Sing. Fuss free. Just need to bring along your NRIC. Esaver account minimum balance of SGD1000,othereise a fall below fee will apply (I did not check the amount).
It is $5 per month
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