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

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Old 26-02-2015, 02:08 PM   #3511
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yup. not worth it. just sell and buy. Unless your per counter holdings is huge.
It's not per counter but S$10+ per 1,000 shares.

And they refused to waive even when the value of the counter is in 6 digits.

Doesn't make sense to sell/buy just to "earn" that 0.07%
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Old 26-02-2015, 02:15 PM   #3512
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It's not per counter but S$10+ per 1,000 shares.

And they refused to waive even when the value of the counter is in 6 digits.

Doesn't make sense to sell/buy just to "earn" that 0.07%
Wor, for real?
Last time I exchanged some from cdp to scb, but my counters are mostly US counters with less than 1000 shares per counter.
I pay by a per counter basis though. As for the 1000 shares cap I dunno.
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Old 26-02-2015, 02:31 PM   #3513
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Just checked at SCB branch, they'll charge transfer fee for CDP to SCB.
my bad, it's $10.70 per 1,000 shares.

but they don't charge any fees for transferring in to SCB as seen in the T&C below

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Old 26-02-2015, 02:35 PM   #3514
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my bad, it's $10.70 per 1,000 shares.

but they don't charge any fees for transferring in to SCB as seen in the T&C below

Will check at another branch tonight.

According to the branch I went to, SCB doesn't charge anything for transfer in but CDP charges (S$10.70/1,000 shares). They will in turn back charge me

EDIT: Also the value in securities account isn't considered under the AUM for their priority banking... so 0.2% commission is actually lousier than most other brokerages for larger sums
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Old 26-02-2015, 02:51 PM   #3515
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Will check at another branch tonight.

According to the branch I went to, SCB doesn't charge anything for transfer in but CDP charges (S$10.70/1,000 shares). They will in turn back charge me

EDIT: Also the value in securities account isn't considered under the AUM for their priority banking... so 0.2% commission is actually lousier than most other brokerages for larger sums
True that, 0.2% is higher than others, but unless you are buying/selling say $10k+ each time, you are better off using scb.
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Old 26-02-2015, 02:57 PM   #3516
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True that, 0.2% is higher than others, but unless you are buying/selling say $10k+ each time, you are better off using scb.
Yup, transactions <$50k standard chartered is worth it; but their service/platform is terrible as is their support for corporate actions.

Price point is their only advantage, and even in that area you better not accidentally accumulate past the S$50k mark
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Old 26-02-2015, 03:10 PM   #3517
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Yup, transactions <$50k standard chartered is worth it; but their service/platform is terrible as is their support for corporate actions.

Price point is their only advantage, and even in that area you better not accidentally accumulate past the S$50k mark
Accumulate 50k? what do you mean? I mean on a per transaction basis. That is buy/sell per trade less than 10k.
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Old 26-02-2015, 03:32 PM   #3518
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Accumulate 50k? what do you mean? I mean on a per transaction basis. That is buy/sell per trade less than 10k.
I mean if you accumulate >50k in one stock and sell it off in one shot... you'll pay back the savings u made buying on SCB's platform in the first place. Of course, u can always wait 24 hours to sell again at a possibly lower price. Effectively there's a financial penalty for big trades on top of its other negatives.
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Old 26-02-2015, 03:41 PM   #3519
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I mean if you accumulate >50k in one stock and sell it off in one shot... you'll pay back the savings u made buying on SCB's platform in the first place. Of course, u can always wait 24 hours to sell again at a possibly lower price. Effectively there's a financial penalty for big trades on top of its other negatives.
Wrong on timing.

You don't need to wait 24 hours. As was said, buying or selling in more than 10k will cost higher and there's no 2 way about it. Whether you sell that 10k in 1 shot, or split into mutiple shot in 1 day, or over several day, you will incur the same cost.

I get what you are trying to say is don't accumulate more than 10k worth of stocks and sell in 1 go. But the savings from that build up should save you enough to make that 1 shot negligible.
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Old 26-02-2015, 07:51 PM   #3520
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Just want to check if i made 3 buy transactions and 3 sell transactions before. Will i be able to open a stan chart account?
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Old 26-02-2015, 08:08 PM   #3521
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Just want to check if i made 3 buy transactions and 3 sell transactions before. Will i be able to open a stan chart account?
The 3 buy + 3 sell qualifies as 6 trades but if I did not recall wrongly it must be done within 6 months.

I last time open as soon as I made 6 trades, 4 buy, 2 sell. I think mostly US counters.
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Old 27-02-2015, 12:19 AM   #3522
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Just want to check if i made 3 buy transactions and 3 sell transactions before. Will i be able to open a stan chart account?
Yes. If you tell them you've made 3 buys and 3 sells, you can open the account.

Last edited by Shiny Things; 27-02-2015 at 12:29 AM..
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Old 27-02-2015, 01:14 AM   #3523
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Standard Chartered said former JPMorgan (NYSE:JPM) investment bank boss Bill Winters will take over as chief executive in June to replace Peter Sands, after investors demanded a change in leadership following problems ranging from a U.S. fine for breaking sanctions to a jump in losses from commodities loans. StanChart (OTCPK:SCBFF) also announced that Chairman John Peace will leave next year, and named other changes to its board in a massive management overhaul.
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Old 28-02-2015, 12:06 AM   #3524
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I'm a bit lost with trading thru SCB...

My USD currently parked in DBS, interested to use SCB to trade US stocks due to no min commission.

Please let me know if this makes sense:
1. I only need to open SCB trading account, don't need to open FCY$saver account, hence no need to maintain min balance.
2. I get DBS USD cashier order and transfer USD to the SCB FCY settlement account, no charge, park USD there to buy/sell. Can the account be used this way?
3. SCB commission 0.25% for US stocks, there's SEC fee, but I din see any for dividend collection and custodian fee.
4. If I want to transfer USD out of SCB FCY settlement account, what is the most cost-effective way?
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Old 28-02-2015, 12:52 AM   #3525
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I'm a bit lost with trading thru SCB...

My USD currently parked in DBS, interested to use SCB to trade US stocks due to no min commission.

Please let me know if this makes sense:
1. I only need to open SCB trading account, don't need to open FCY$saver account, hence no need to maintain min balance.
2. I get DBS USD cashier order and transfer USD to the SCB FCY settlement account, no charge, park USD there to buy/sell. Can the account be used this way?
3. SCB commission 0.25% for US stocks, there's SEC fee, but I din see any for dividend collection and custodian fee.
4. If I want to transfer USD out of SCB FCY settlement account, what is the most cost-effective way?
1) You need a esaver account, $0 maintenance. Then you need to open USD FCY Securities Settlement account(SSA), also no need maintenance, I have a dozen FCY SSA all sitting at $0, no fall below fee, nothing.

2) you can't transfer foreign currency to scb SSA in anyway.

3) dividend will be taxed 30% by US, trading commission, SEC fees and gst yes otherwise again I emphasize no fees, no custodian fees, no maintenance fee, nothing.

4) no way. You need to absorb the lousy exchange rate. But, you can choose when to exchange, again I emphasize, no fees no nothing when your USD is sitting in your USD FCY SSA.

The only way I heard is if you buy in 1 large sum of $$ in 1 counter(i.e. use all the USD you wanna put into SCB into this counter) using USD in DBS, then ask for a transfer of your this particular DBS US stock to SCB trading account to hold this particular US stock. After that, sell away and you get your USD in SCB without the exchange rate issue. But this is a long and risky moves, anything can happen to your US counter, and the transfer of stocks from CDP to SCB is long... like 2weeks or more. Anything happens to that US counter you bought, and you will end up suffering even a bigger lost.
HIGHLY not recommended. DON'T TRY.

edit: somebody in the next page has told me that it's possible to TT HKD to SCB FCY SSA thereby skipping the horrible exchange rate of SCB.

Last edited by Perisher; 28-02-2015 at 01:54 AM..
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