hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.
This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).
You have to pay $22,070.63 to buy GBP$10k
Then when you convert the GBP back to SGD, you get $21,565.82.
So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account
which acct better to open?
any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
dbs vickers cash upfront cheaper right? 0.18%
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account
which acct better to open?
any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
No way around it, and no point even opening a USD account as the rates should be the same, unless you intend to withdraw USD in cash, or earn the interest rate (if any)
It may not be possible to avoid the forex charges for small amounts. And if you had a big amount, you would be using IBKR.
This has been discussed earlier in this thread and i don't have the exact post, but the SCB accounts don't accept cash (or there is a charge if you deposit cash). Which means you have to do TT or fund transfer and there are some sort of fund transfer charges involved.
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account
which acct better to open?
any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.
This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).
You have to pay $22,070.63 to buy GBP$10k
Then when you convert the GBP back to SGD, you get $21,565.82.
So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
thx for ur advice on this. if more than 100k than i move to IB.u transfer USD into SCB got fees too..... hard to avoid the extra cost if u wanna trade US in small amounts
Rate at SCB as of now is 2.207063 SGD to GBP.
Eh, well I'm not too bothered by it, given that I will save a lot more on brokerage, corporate action fees, custodian and inactivity fees as compared to using other foreign brokerages or even local brokerages (yucks).
thx for ur advice on this. if more than 100k than i move to IB.
anyways any advice on this?
decide to keep it simple & use 3 funds only.
1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%
Anything else sld i look out for. all lse using usd.
do u have a USD account already? if not can open one first lor
then when u have 100k USD or higher go open account with IB
meanwhile, just use SCB first and slowly build up your portfolio
good luck
decide to keep it simple & use 3 funds only.
1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%
Is it normal to wait 20-30mins after u submit ur "BUY"?
Do it really take 20mins to change from Acknowledge to Filled?
Or it is that SCB are lag in submitting ur order...?
Is it normal to wait 20-30mins after u submit ur "BUY"?
Do it really take 20mins to change from Acknowledge to Filled?
Or it is that SCB are lag in submitting ur order...?
It's not a lag. You want to buy someone must want to sell then can fill.
Is it normal to wait 20-30mins after u submit ur "BUY"?
Do it really take 20mins to change from Acknowledge to Filled?
Or it is that SCB are lag in submitting ur order...?