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

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Old 28-02-2015, 10:51 AM   #3541
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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!
Yup, it's my bad. I kept thinking you are referring to FCY SSA.

Is it possible to just go to money exchange and get USD and deposit into this USD FCY$aver instead of TT?

Last edited by Perisher; 28-02-2015 at 10:55 AM..
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Old 28-02-2015, 10:57 AM   #3542
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Yup, it's my bad. I kept thinking you are referring to FCY SSA.

Is it possible to just go to money exchange and get USD and deposit into this USD FCY$aver instead of TT?
No worries. We are all learning. Deposit of USD cash is the worst as it charges 1.5% commission for deposit.

TT charges 1/8% comms for outward, ie from the other non SC bank and SC charges sgd10 equivalent for the same but inward TT
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Last edited by marc_cheng; 28-02-2015 at 10:59 AM.. Reason: add TT info
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Old 28-02-2015, 11:35 AM   #3543
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how to do trading and view stock market?? I log in and want to buy singapore stock but I am stuck. anyone can advise
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Old 28-02-2015, 11:48 AM   #3544
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Perisher, do note that in my case, I already have USD in other bank and I am finding a cost effective way of soon the transfer.

In your case, it's more of finding the best exchange rates and then finding again, a cost effective way of transferring.
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Old 28-02-2015, 11:51 AM   #3545
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Thanks to all that have shared valuable information. I dropped by SC a min ago. I can directly TT to SC FCY SSA. Likewise, when I want to transfer USD out of SSA, I can only use TT
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Old 28-02-2015, 11:52 AM   #3546
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how to do trading and view stock market?? I log in and want to buy singapore stock but I am stuck. anyone can advise
Do you see 'online trading' on the left hand list of stuff when you log in?
Click that and you are in the online trading page.
on the left again, there is a place a trade, click that and you can made your trade.

choose buy or sell
choose the market you wanna buy or sell (note that you need to have $$ in your securities Settlement account in their respective currency in their market.)

enter the stock code/ticker
enter how many shares
enter the price you wish to buy/sell
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Old 28-02-2015, 03:58 PM   #3547
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It seem like they are bent on getting commission on that transfer. Outward TT ok?
TT fees applies for sender and receiver. I habe not tried outward TT from my HKD SCB SSA account.

For SCB, inward TT fees apply for same currency TT. So, sender send USD and SCB receiver receives in USD, TT fees apply. but if currency is different, its free. So, sender send in SGD, SCB receiving account is a USD account, its free.
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Old 28-02-2015, 04:00 PM   #3548
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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.
Dun think need priority banking status. I only have a normal personal banking with SCB.
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Old 28-02-2015, 04:22 PM   #3549
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So, I have sorted out how to get the transfer done at a cost effective manner after visiting SCB earlier in the morning and then calling DBS.

USD from DBS to SCB USD FCY SSA
1. Outward TT from DBS to SCB FCY SSA. DBS CSO confirms TT free.
2. SCB will then charge inward TT of SGD 10 equivalent.

USD from USD FCY SSA to DBS
1. Outward TT at 1/8% comms
2. DBS will then charge Inward TT at SGD 10 equivalent.

SCB SSA - don't accept cashier orders, only TTs or transfers to/from SCB savings/current accounts.
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Last edited by marc_cheng; 28-02-2015 at 04:24 PM.. Reason: better clarity
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Old 28-02-2015, 05:36 PM   #3550
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So, I have sorted out how to get the transfer done at a cost effective manner after visiting SCB earlier in the morning and then calling DBS.

USD from DBS to SCB USD FCY SSA
1. Outward TT from DBS to SCB FCY SSA. DBS CSO confirms TT free.
2. SCB will then charge inward TT of SGD 10 equivalent.

USD from USD FCY SSA to DBS
1. Outward TT at 1/8% comms
2. DBS will then charge Inward TT at SGD 10 equivalent.

SCB SSA - don't accept cashier orders, only TTs or transfers to/from SCB savings/current accounts.
This is such an awesome discovery. Thank a lot, marc_cheng and naro, Gonna save so much more with this knowledge.
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Old 28-02-2015, 06:26 PM   #3551
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Really a good method if one have USD$ account. But there's still no way of doing the manual way right? Through cash and deposit.

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Old 28-02-2015, 07:28 PM   #3552
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Now the problem becomes which bank has the best conversion rate for SGD to USD and the best USD Currency savings account(i.e. lowest minimum daily balance which trigger fall below fee), and best TT rates... Still is a headache to compare.
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Old 28-02-2015, 08:37 PM   #3553
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How much is the lousy rates if just transfer sgd from esaver to become USD in scb fcy ssa?
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Old 28-02-2015, 08:59 PM   #3554
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How much is the lousy rates if just transfer sgd from esaver to become USD in scb fcy ssa?
it's just not worth it.
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No1 said it'll be this easy, but no1 said it was this hard either.
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Old 28-02-2015, 09:00 PM   #3555
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Now the problem becomes which bank has the best conversion rate for SGD to USD and the best USD Currency savings account(i.e. lowest minimum daily balance which trigger fall below fee), and best TT rates... Still is a headache to compare.
Convert at arcade money exchange then go malacca st to deposit into DBS mutli currency trust lor
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