[toe]

Some_body wrote:

If I take USD cash and deposit into my FCY settlement account via counter, is there any transaction fees?

1) FCY and any securities settlement accounts are NOT transactional accounts. they are internal accounts, therefore you would need a transactional account (eg e$aver/Xtrasaver) to fund the accounts. That is the reason why you need to open an account to fund them.

2) You cannot deposit directly into a securities settlement account. Only way to do that is to open a FCY Savings account (which has got a minimum amount and fall below fee).

3) Deposit foreign currency into any bank would incur you a 1.5% charge upfront. ( I heard of some banks waiving it, but they are the exception rather than then norm)

4) Transferring funds from e$avers to any FCY Security Settlement accounts will be done at board rate. Which is not the best of rates, only $50k and above can the RM call the trader for a better rate.


Hope the above helps.

[Some_body]

toe wrote:

1) FCY and any securities settlement accounts are NOT transactional accounts. they are internal accounts, therefore you would need a transactional account (eg e$aver/Xtrasaver) to fund the accounts. That is the reason why you need to open an account to fund them.

2) You cannot deposit directly into a securities settlement account. Only way to do that is to open a FCY Savings account (which has got a minimum amount and fall below fee).

3) Deposit foreign currency into any bank would incur you a 1.5% charge upfront. ( I heard of some banks waiving it, but they are the exception rather than then norm)

4) Transferring funds from e$avers to any FCY Security Settlement accounts will be done at board rate. Which is not the best of rates, only $50k and above can the RM call the trader for a better rate.


Hope the above helps.

Thanks for the reply.

I was looking at this USD High A/C (http://www.standardchartered.com.sg/...gh-account/en/) this morning and it has wavier of 1.5% commission and no min deposit requirement etc. Then I saw it is only for priority customers. So no solution for me.

[The_Davis]

huh so i don't transfer money to the securities settlement account?

damn, i just transferred some money over to that account

[toe]

Some_body wrote:

Thanks for the reply.

I was looking at this USD High A/C (http://www.standardchartered.com.sg/...gh-account/en/) this morning and it has wavier of 1.5% commission and no min deposit requirement etc. Then I saw it is only for priority customers. So no solution for me.

Actually, the simple way to go around it is just to go by a USD cheque.

[sms_bro]

Just got my trading account active.

When login to ebanking,
beside my Esaver account there are 2 more account,
SECURITIES TRADING ACCOUNT
SECURITIES SETTLEMENT ACCOUNT

Do any of the bro know or use the account already?

If i wish to trade then i deposit the money in my Esaver or which account.

[godsdoom]

sms_bro wrote:

Just got my trading account active.

When login to ebanking,
beside my Esaver account there are 2 more account,
SECURITIES TRADING ACCOUNT
SECURITIES SETTLEMENT ACCOUNT

Do any of the bro know or use the account already?

If i wish to trade then i deposit the money in my Esaver or which account.

Trading is the one they will store the stocks in, settlement is where you must transfer money in before you can make any purchase.

[S1rius]

Hi,

Is there any way I can purchase sheng siong ipo thru scb trading platform? If not, what are the other ways I can do it?

Sorry, 1st time trader here

[MikeDirnt78]

just in time to get my small shares transferred into SCB. pay a few dollars of commission only. very huge savings

[unclebutcher]

MikeDirnt78 wrote:

just in time to get my small shares transferred into SCB. pay a few dollars of commission only. very huge savings

What is the procedure like? Go to cdp and request to transfer to scb nominees? I oso have penny stock that I want to sell but scared to queue incase BB buy 1 lot nia

[Panerex]

godsdoom wrote:

Trading is the one they will store the stocks in, settlement is where you must transfer money in before you can make any purchase.

i would think this would be the procedure:

1) transfer $ into the Settlement Account, not the Trading Account. YOu can transfer $ from E-saver or X-trasaver for example.

2) make the purchase on the trading platform, and you pay via the Settlement Account.


One question:
Will i be able to buy and sell on the same day, considered that i have enough $ inside the Settlement account?

[The_Davis]

can transfer direct to settlement account from dbs posb savings?

[MikeDirnt78]

The_Davis wrote:

can transfer direct to settlement account from dbs posb savings?

you cant do that.

[Panerex]

Will i be able to buy and sell the same counter (at the same qty) on the same day, considered that i have enough $ inside the Settlement account?

or do i need to wait till the next business day before i can sell the counter at the same qty that i bought today?

my concern here is that i do not want to land myself in a naked short situation. PLs advise. thanks

[MikeDirnt78]

Panerex wrote:

Will i be able to buy and sell the same counter (at the same qty) on the same day, considered that i have enough $ inside the Settlement account?

or do i need to wait till the next business day before i can sell the counter at the same qty that i bought today?

my concern here is that i do not want to land myself in a naked short situation. PLs advise. thanks

if you dont hold shares in SCB, you cannot sell. the system wouldnt allow you to sell.

SCB platform came in at the very best time when market is bleeding. My advice to all is to buy in small quantities and spread your purchases. You dont have to worry about minimum commission.

[The_Davis]

MikeDirnt78 wrote:

you cant do that.

so only way to do so is:

1. transfer from other banks to standchart savings account
2. transfer internally from SC savings account to settlement account
3. buy from market using standchart platform