964Likes
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06-03-2015, 09:57 PM
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#3601
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Supremacy Member
Join Date: Apr 2007
Posts: 9,285
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Sinkie wrote:
No minimun commission of $25 is apparently the only advantage of using Scb trading and no custodian fee.
Disadvantage is can't contra and must cash upfront, shares cannot go Cdp, can't sell when system down, one day later for dividend, very simple platform, no dedicated broker, can't do oddlot, no mobile app (unless desktop mode), must use Standchart bank account, no research report, weak financial and fundamental of Standchart bank, uncertainty of when no min comm promotion will end, no good till month order type, no stop loss order type, cannot short, free to transfer in shares but expensive to transfer out, no sophisticated tools provided, cannot go egm/agm, need to pass client profiling test every 3 years etc, huge usd Fx spread, cannot use credit card to make payment for shares, cannot apply for ipo, cannot sell early for right issues etc
Sinkie, can use credit card pay for shares?? If that's the case, people earn credit card points like crazy! Did I misunderstand you..
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06-03-2015, 10:15 PM
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#3602
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High Supremacy Member
Join Date: Mar 2005
Posts: 26,840
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kenpachi82 wrote:
Sinkie, can use credit card pay for shares?? If that's the case, people earn credit card points like crazy! Did I misunderstand you..
can use credit card for other broker?!??!?!?!?!? 
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06-03-2015, 10:21 PM
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#3603
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Greater Supremacy Member
Join Date: Jan 2009
Posts: 85,776
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kenpachi82 wrote:
Sinkie, can use credit card pay for shares?? If that's the case, people earn credit card points like crazy! Did I misunderstand you..
Can use credit card to pay for shares or hold ipo placement but no credit card point because it's not a recurring bill payment for valid payee, maybe DBS altitude card can (never try before) since its local spending
But can chalk Ntuc link point (for limtan) and tapformore/Krisflyer points (cimb) with the commission incur
Last edited by Sinkie; 06-03-2015 at 10:24 PM..
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06-03-2015, 10:30 PM
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#3604
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Great Supremacy Member
Join Date: Jan 2015
Posts: 61,017
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Sinkie wrote:
Can use credit card to pay for shares or hold ipo placement but no credit card point because it's not a recurring bill payment for valid payee, maybe DBS altitude card can (never try before) since its local spending
But can chalk Ntuc link point (for limtan) and tapformore/Krisflyer points (cimb) with the commission incur
wah, then did anyone did calculation to see how many points one can get with let's say a $1000 trade? Also how many points = $1?
The points would earn like mad if it works with scb online trading, lolx. Too bad, cannot.
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06-03-2015, 10:59 PM
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#3605
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High Supremacy Member
Join Date: Mar 2005
Posts: 26,840
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Perisher wrote:
wah, then did anyone did calculation to see how many points one can get with let's say a $1000 trade? Also how many points = $1?
The points would earn like mad if it works with scb online trading, lolx. Too bad, cannot.
the credit card ppl are smart.
They restrict you from using credit card for high value purchase  
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07-03-2015, 12:05 AM
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#3606
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Master Member
Join Date: Jan 2015
Posts: 3,522
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Perisher wrote:
Right now, 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.
Is there a reason why u r using SCB instead of IB?
I went to check the usdsgd spot rate at your time of posting and it is 1USD at 1.3645 SGD. This means that u wil get 732USD from 1k SGD if u wan to buy US shares and 1,364SGD if u cash out ur 1k USD worth of US shares.
The cost savings are more than the USD10 inactivity fee IB charges per month, and will be even greater for larger transaction amounts.
Is there sth that i have missed out as to why u use SCB?
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07-03-2015, 12:41 AM
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#3607
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Great Supremacy Member
Join Date: Jan 2015
Posts: 61,017
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S1mpleGuy wrote:
Is there a reason why u r using SCB instead of IB?
I went to check the usdsgd spot rate at your time of posting and it is 1USD at 1.3645 SGD. This means that u wil get 732USD from 1k SGD if u wan to buy US shares and 1,364SGD if u cash out ur 1k USD worth of US shares.
The cost savings are more than the USD10 inactivity fee IB charges per month, and will be even greater for larger transaction amounts.
Is there sth that i have missed out as to why u use SCB?
To put it simply, you are right, but I don't exchange my $$ to USD every month. In fact, I exchanged a large amount just a few months ago, excluding the even bigger amount I exchanged when I first started years ago.
You can call me lazy, but I wanna read the IB thread first which is about a hundred pages?
I'm still building my USD to $100k. It's getting there. I will switch a few years down or when I'm energetic enough to understand how IB works?
Please tell me it's damn simple to use? From what I understand, the transferring of funds around is a tad complicated? Like I need a citibank account, need to wire my money from citi to IB? How's the charges?
Also, I would need to manage 2 account since my sg counters are in scb.
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07-03-2015, 12:46 AM
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#3608
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High Supremacy Member
Join Date: Mar 2005
Posts: 26,840
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Perisher wrote:
To put it simply, you are right, but I don't exchange my $$ to USD every month. In fact, I exchanged a large amount just a few months ago, excluding the even bigger amount I exchanged when I first started years ago.
You can call me lazy, but I wanna read the IB thread first which is about a hundred pages?
I'm still building my USD to $100k. It's getting there. I will switch a few years down or when I'm energetic enough to understand how IB works?
Please tell me it's damn simple to use? From what I understand, the transferring of funds around is a tad complicated? Like I need a citibank account, need to wire my money from citi to IB? How's the charges?
Also, I would need to manage 2 account since my sg counters are in scb.
how do you keep track of your winnings and losing on an excel sheet for 2 currencies? rather complicated sia....
i been fumbling with that
and to add to the complication, if you exchange SGD=> USD you have different exchange rates.
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07-03-2015, 12:55 AM
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#3609
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Great Supremacy Member
Join Date: Jan 2015
Posts: 61,017
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wahkao3 wrote:
how do you keep track of your winnings and losing on an excel sheet for 2 currencies? rather complicated sia....
i been fumbling with that
and to add to the complication, if you exchange SGD=> USD you have different exchange rates.
Just have 2 excel sheet?
The total P/L can just times 1.38 or whatever is the exchange rate now?
I use spot as until I really exchange I won't know what rate it is. It is a moving thing, like how you record your stock price.
BTW, scb has FCY account which seperates by currency, don't need to exchange currency immediately, can store power.
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07-03-2015, 12:59 AM
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#3610
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Master Member
Join Date: Jan 2015
Posts: 3,522
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Perisher wrote:
I'm still building my USD to $100k. It's getting there. I will switch a few years down or when I'm energetic enough to understand how IB works?
Please tell me it's damn simple to use? From what I understand, the transferring of funds around is a tad complicated? Like I need a citibank account, need to wire my money from citi to IB? How's the charges
Transferring funds is quite ez.. u do not need to open a citibank account.. all u need is fast transfer ur funds from any bank to the designated citibank account provided by IB n the funds wil be reflected in your ib account. No charges at all
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07-03-2015, 12:47 PM
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#3611
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Junior Member
Join Date: Jan 2015
Posts: 44
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Just curious, what is the interest rate for the security settlement accounts in SGD and USD? The FAQ says 'nominal interest rate' will be paid but how much is it actually?
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07-03-2015, 12:55 PM
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#3612
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Arch-Supremacy Member
Join Date: Aug 2004
Posts: 12,104
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Perisher wrote:
Here we go again.
No min US$2 or $2k FCY account necessary
Just use ESAVER. It's free, no min, no charges, nothing.
You can use it to transfer between your various SSA account for free, the only charges is the lousy exchange rate.
For trading, only buy/sell cost commission, sec, gst. Other than that, no fees, no nothing. Often, those 3 thing only cost at most a few dollars unless you do trades of 10k++.
Once again, I emphasize, no need USD FCY saver account.
USD FCY SSA is not USD FCY saver account.
You need USD FCY SSA for trading US stocks and keep your USD in it for free, no min, no cost.
Thanks for the info.
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07-03-2015, 02:15 PM
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#3613
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Great Supremacy Member
Join Date: Jan 2015
Posts: 61,017
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nickky wrote:
Just curious, what is the interest rate for the security settlement accounts in SGD and USD? The FAQ says 'nominal interest rate' will be paid but how much is it actually?
Usual bank interest rate. quite negligible unless you have a huge sum.
Also, place your sgd in the scb Esaver is better, because it earns 1.2% on fresh fund. There is a technique to always earn 1.2% but not every month and it's quite a chore. Anyway, this promo renews itself every 3month. Been using that for 3 years.
Last edited by Perisher; 07-03-2015 at 07:08 PM..
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07-03-2015, 07:12 PM
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#3614
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High Supremacy Member
Join Date: Apr 2003
Posts: 30,531
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can we use sc to trade index????
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07-03-2015, 07:13 PM
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#3615
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Great Supremacy Member
Join Date: Jan 2015
Posts: 61,017
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TiOnGSquare wrote:
can we use sc to trade index????
U mean buying/selling STI etf like ES3 or G3B? Yes.
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