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

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Old 28-02-2015, 01:01 AM   #3526
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Hmmm.... But if I get FCY$aver account, the equivalent of eSaver but in foreign currency, I should be able to transfer direct to FCY SSA in USD, right? Though I need to maintain 2000USD balance.
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Old 28-02-2015, 01:47 AM   #3527
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2) you can't transfer foreign currency to scb SSA in anyway.


Can do a TT into the SCB USD SSA. i've done before for HKD.
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Old 28-02-2015, 01:48 AM   #3528
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Can do a TT into the SCB USD SSA. i've done before for HKD.
Woah. That's a new one. May I know how does that work? From which bank to TT to scb?
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Old 28-02-2015, 01:52 AM   #3529
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Hmmm.... But if I get FCY$aver account, the equivalent of eSaver but in foreign currency, I should be able to transfer direct to FCY SSA in USD, right? Though I need to maintain 2000USD balance.
As mentioned, there is $0 maintenance, where did you get the idea from?
In fact, why so many people keep saying that? Did scb rules changed and I got special privileges? So many guys asking the same question for so many pages. I'm not blaming you or anything, just wondering out loud.

Let me repeat,
I have $0 in euro, pound and all other FCY SSA. I open them all, all the market, and I have $0 in all of them except SGD n USD. No charge, no nothing. And I have this account for nearly 3 years already. 3 years $0 in those FCY SSA which I already opened and can trade in.
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Old 28-02-2015, 01:59 AM   #3530
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Woah. That's a new one. May I know how does that work? From which bank to TT to scb?
Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.
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Old 28-02-2015, 02:15 AM   #3531
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Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.
I finally get it!!
You actually mean that FCY SCB account instead of SCB FCY SSA.
These are 2 different account. One is for trading, the other isn't.
SCB FCY SSA has no minimum requirement or any other thing.
So are you actually trading using SCB FCY SSA which you TT your HKD into?
So you are saying you TT HKD into SCB FCY SSA directly?
or you are saying you TT HKD into SCB FCY account?
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Old 28-02-2015, 08:43 AM   #3532
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Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.
naro, thanks. If u can TT to the FCY SSA, I believe I can transfer using USD CO as its complimentary at DBS for issuance and apparently free for SCB for inward FCY cheque drawn in local banks. This way I avoid paying any fees.
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Old 28-02-2015, 08:48 AM   #3533
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I finally get it!!
You actually mean that FCY SCB account instead of SCB FCY SSA.
These are 2 different account. One is for trading, the other isn't.
SCB FCY SSA has no minimum requirement or any other thing.
So are you actually trading using SCB FCY SSA which you TT your HKD into?
So you are saying you TT HKD into SCB FCY SSA directly?
or you are saying you TT HKD into SCB FCY account?
Perisher, that's correct. I was asking whether the FCY$aver account is necessary or I can tuse the FCY SSA to hold the USD and avoid needing the USD 2000 balance as required by the FCY$aver.

Since naro can TT to FCY SSA, I believe that outward TT is possibly too, but at 1/8 % comms.
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Old 28-02-2015, 08:54 AM   #3534
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I think cannot do cash order deposits into FCY SSA. TT is the only way.

TT fees applicable.
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Old 28-02-2015, 10:00 AM   #3535
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I think someone else here has mentioned it. That person (cant' remember the thread), also confirmed that cannot TT direct to US$ SSA. So he had to open a separate SCB US$ account.

SCB has a US$ bank account that has no minimum balance required.

https://www.sc.com/sg/save/current-u...h-account.html


You just TT to this account, and then transfer to US$ SSA. You avoid their forex charges, but you have to pay TT charges.
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Old 28-02-2015, 10:03 AM   #3536
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I think cannot do cash order deposits into FCY SSA. TT is the only way.

TT fees applicable.
It seem like they are bent on getting commission on that transfer. Outward TT ok?
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Old 28-02-2015, 10:04 AM   #3537
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I think someone else here has mentioned it. That person (cant' remember the thread), also confirmed that cannot TT direct to US$ SSA. So he had to open a separate SCB US$ account.

SCB has a US$ bank account that has no minimum balance required.

https://www.sc.com/sg/save/current-u...h-account.html


You just TT to this account, and then transfer to US$ SSA. You avoid their forex charges, but you have to pay TT charges.
USD High account only for priority banking.
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Old 28-02-2015, 10:33 AM   #3538
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No wonder, go one big round, conclusion is the same, it's not really possible to avoid the currency spread. If you are rich enough to be a priority client, you are already paying for that service in other ways. Just bite the bullet and use the exchange.

Next time really need to clarify, USD FCY account and USD FCY SSA. Doing the TT requires one to have priority banking USD high account. =/

From SCB priority banking,
2)
Eligibility criteria for Priority Banking

To enjoy the exclusive Priority Banking membership and all the benefits and privileges that come with it, simply maintain a minimum of S$200,000 in deposits and/or investments, or maintain S$1.5 million in housing loans with us.

3)
Fees and charges

3.1Fees and charges may be charged for the provision of selected Priority Banking services. The fees are set out in the Priority Banking Pricing Guide and may change from time to time. You can request for a copy of the Priority Banking Pricing Guide or the specific charges for a particular Priority Banking service by contacting your Relationship Manager, via phone banking, visiting our branches or from the Standard Chartered Bank (Singapore) Limited website at www.standardchartered.com.sg

3.2Priority Banking membership is subject to you meeting our eligibility criteria. If the eligibility criteria are not met, we may at our discretion either:

(a) Impose a fee (which the fees will be deducted from any of your
account(s) with us and you expressly authorise us to do so); or

(b) Downgrade any or all of your household members, if any, who were accorded Priority Banking membership by us through the Household Recognition; or

(c) Cease to or suspense the provision of any Priority Banking Services until you meet the eligibity criteria.

Last edited by Perisher; 28-02-2015 at 10:37 AM..
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Old 28-02-2015, 10:42 AM   #3539
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Can do a TT into the SCB USD SSA. i've done before for HKD.
Can you help confirmed this? Direct TT into SCB USD FCY SSA.
No need to have priority banking status, or USD High account?
Because limster says someone has confirmed that direct TT isn't possible, it's only through the USD High account.

Thank.

Last edited by Perisher; 28-02-2015 at 10:57 AM..
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Old 28-02-2015, 10:47 AM   #3540
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Hi Perisher, paiseh if u got confused by me. I was asking the FCY$aver ( which is SC FCY account) vs FCY SSA account as mentioned in my first msg.

However, you still do not need to suffer the exchange rates of SC if u open FCY$aver, you can still TT in USD but need min balance of USD2000. I wanted to avoid the min balance, as mentioned earlier. When u need to make settlement in FCY SSA, you just do iBank transfer.

Thanks for sharing!
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