Standard Chartered - Only Online Trading in town with no minimum commission

Status
Not open for further replies.

see_what_see

Senior Member
Joined
May 5, 2010
Messages
806
Reaction score
0
try to clear cache and purge cookies on your browsers and try again. Ensure that the url points correctly.

the url is a bookmark on my chrome. i cannot remember whether i did log in during the day at home but in all honesty, i had really thought they were doing maintenance at night for the past 2 weeks!
 

teckgamer

Senior Member
Joined
Jun 25, 2012
Messages
1,283
Reaction score
1
1) Yup, but be aware of tax issues on dividends and capital gains - this is usually handled by your custodian.

2) IB as in Interactive Brokers? Never used it before, but SCB is a good idea as there is no minimum commission, whereas the rest of the local brokerage houses, you're charged a minimum of $25 (unless you're a "somebody" to them, haha)

For USA tax on dividends and capital gains, does SCB automatically handle it? like straightaway deduct the amount of money after we sell our stocks?

I have heard SCB has worse FX USD/SGD conversion as compared to other brokerage. Anyone has examples? like how much other brokerage are charging for the conversion?
 

stam

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
18,884
Reaction score
84
For USA tax on dividends and capital gains, does SCB automatically handle it? like straightaway deduct the amount of money after we sell our stocks?

I have heard SCB has worse FX USD/SGD conversion as compared to other brokerage. Anyone has examples? like how much other brokerage are charging for the conversion?

yes, they auto deduct the tax amount.
 

Perisher

Greater Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
84,276
Reaction score
10,137
For USA tax on dividends and capital gains, does SCB automatically handle it? like straightaway deduct the amount of money after we sell our stocks?

I have heard SCB has worse FX USD/SGD conversion as compared to other brokerage. Anyone has examples? like how much other brokerage are charging for the conversion?

Refer to post #3600
 

teckgamer

Senior Member
Joined
Jun 25, 2012
Messages
1,283
Reaction score
1
the FX spread is very wide

local brokerage house FX spread normally 60 basis points, but for SCB i think its above 200 bps

Refer to post #3600

SCB exchange
1000 SGD at 1.377654 to USD. So you get 725.87USD from 1k SGD
1000 USD at 1.352902 to SGD. So you get 1,352.90SGD from 1k USD.

Convert SGD to USD, then USD to SGD again.
it is like 1.8% loss in F/X exchange :s22::s22:
That's pretty huge...
Any example of local brokerage FX spread?
 

limster

Arch-Supremacy Member
Joined
Oct 31, 2000
Messages
11,407
Reaction score
2,416
Convert SGD to USD, then USD to SGD again.
it is like 1.8% loss in F/X exchange :s22::s22:
That's pretty huge...
Any example of local brokerage FX spread?

You can always open a US$ Foreign currency account with SCB.
If you are regular banking customer, you have to maintain US$2,000 in the account otherwise there is a fall-below fee.

Frankly, I don't see any problem with that. If you are a big customer doing a lot of US$ transactions, the US$2,000 minimum in the account is small change and you can avoid the unfavourable forex (you can withdraw the US$ and change it elsewhere). Alternatively, become priority customer, get US$ account with no fees and lower brokerage commissions.

On the other hand if you are a small time customer, then why complain about such things. SCB is already doing you a favour by subsidising your small trades. Like I said earlier, you can do trades for less than $1 commission, but after deducting cost of paper and printing of the confirmation note, the envelope and postage, SCB where got any profit? To survive, they need to take a little from the forex.
 

Shiny Things

Supremacy Member
Joined
Dec 13, 2009
Messages
9,415
Reaction score
607
Hello,

Sorry. Not trying to scare people or sth.

Just a question about SCB online trading platform. I understand that the custodian is SCB itself so SCB will hold our shares. If Stand Chart goes down like lehman brothers, what happens to our shares?

EDIT: Okay nvm. Found the answer here.
http://forums.hardwarezone.com.sg/s...-why-you-might-lose-everything-4945607-4.html

No. No no no no no. That article is 100% wrong. It's so wrong the authors ended up being ordered to pull it down.

The shares are held in a ringfenced subsidiary, so Stanchart can't touch them. If Stanchart went down, which is not going to happen anyway, then the subsidiary would hand the shares over to you. Shares in Stanchart are as safe as cash in Stanchart - maybe even safer.
 

Sinkie

Greater Supremacy Member
Deluxe Member
Joined
Jan 20, 2009
Messages
86,078
Reaction score
21
No. No no no no no. That article is 100% wrong. It's so wrong the authors ended up being ordered to pull it down.

The shares are held in a ringfenced subsidiary, so Stanchart can't touch them. If Stanchart went down, which is not going to happen anyway, then the subsidiary would hand the shares over to you. Shares in Stanchart are as safe as cash in Stanchart - maybe even safer.

Standchart can touch, but it's very inethical and a massive fraud
 

Tornesoul

Master Member
Joined
Nov 29, 2008
Messages
3,380
Reaction score
8
is it advisable to do scrip/drip thru sc? read something bout them rounding down shares. to what extent is this done?
 
Status
Not open for further replies.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top