HWZ Forums

Login Register FAQ Mark Forums Read

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

Like Tree964Likes
Closed Thread
 
LinkBack Thread Tools
Old 07-09-2015, 08:55 PM   #4486
Guest
 
Join Date: Mar 2015
Posts: 1,308
Send liao...

Eh, it's just 1.4%, 1.4%, 2.35%, very tempting?
2% fuss free using SGS SSB easier right?
Most people should stick with FDs or SSB, because the yield is actually higher. Rotation is a hassle, but good for people who need liquidity and the yield is reasonable.
Perisher likes this.
shareholder is offline  
Old 07-09-2015, 09:18 PM   #4487
Arch-Supremacy Member
 
deathman91's Avatar
 
Join Date: May 2007
Posts: 15,362
Rotation a hassle but only once a month ma so quite manageable IMO.

Salaried workers can easily get 1.2%+0.5%+0.05%+1% = 2.75% on the OCBC 360.
On alternate months, rotate the fresh fund with SCB esaver of 1.25% to 1.4% while the rest keep with OCBC 360 to earn 1.75%.

I think it's not bad considering you need to hold for 4 years on the SSB to get such rate.

Cons is there is limit of 60k to earn the 1.75% on OCBC360 and are on the mercy to any promotion changes.
Perisher and af7680 like this.
deathman91 is offline  
Old 07-09-2015, 10:50 PM   #4488
Arch-Supremacy Member
 
coloumbiaGames's Avatar
 
Join Date: Feb 2008
Posts: 14,946
Why is this being a sticky thread?
__________________
.
coloumbiaGames is offline  
Old 07-09-2015, 10:54 PM   #4489
Great Supremacy Member
 
Perisher's Avatar
 
Join Date: Jan 2015
Posts: 50,180
Why is this being a sticky thread?
Good point. Did not notice...

There are brand issues here. It's not actually allowed to be stickied.
(I have asked if this thread can be sticky, will sticky this if possible.)
__________________

Last edited by Perisher; 07-09-2015 at 11:08 PM..
Perisher is offline  
Old 08-09-2015, 10:05 AM   #4490
Member
 
af7680's Avatar
 
Join Date: Sep 2015
Posts: 204
Thank you Perisher. just one more question on the ocbc bonus saving account interest rate for rotating fund.
I read from ocbc web that the account will give 2.35% on 3rd month IF fund is not withdrawn for 1st &2nd month in the quarter... so that means fund has to come into that account on 1st month and have to stay until 3rd month. so if fund stay in ocbc account for one month, interest will be 0.55%.....
af7680 is offline  
Old 08-09-2015, 10:42 AM   #4491
Great Supremacy Member
 
Perisher's Avatar
 
Join Date: Jan 2015
Posts: 50,180
Thank you Perisher. just one more question on the ocbc bonus saving account interest rate for rotating fund.
I read from ocbc web that the account will give 2.35% on 3rd month IF fund is not withdrawn for 1st &2nd month in the quarter... so that means fund has to come into that account on 1st month and have to stay until 3rd month. so if fund stay in ocbc account for one month, interest will be 0.55%.....
will pm u later.
__________________
Perisher is offline  
Old 08-09-2015, 01:06 PM   #4492
Supremacy Member
 
Join Date: Nov 2006
Posts: 8,528
Hi guys, dash saving easy account have to go down personally to the plaza sing branch to open?
natsuoto is offline  
Old 08-09-2015, 08:15 PM   #4493
Member
 
Join Date: Feb 2012
Posts: 480
Does anyone use SCB for trading in London? I am asking because I wanted to know the exchange rate for SGD to GBP, which I can't find on their website (I am not a customer yet). I am thinking of investing 10k GBP, although the comission is low but if the exchange rate is no good, it will add to the cost.
pustefix is offline  
Old 08-09-2015, 08:23 PM   #4494
Great Supremacy Member
 
Perisher's Avatar
 
Join Date: Jan 2015
Posts: 50,180
Does anyone use SCB for trading in London? I am asking because I wanted to know the exchange rate for SGD to GBP, which I can't find on their website (I am not a customer yet). I am thinking of investing 10k GBP, although the comission is low but if the exchange rate is no good, it will add to the cost.
Basically, not good at all. Something like 0.02-0.03 in and out so X2, IIRC.
Why not try Interactive Brokers? It might suit you better.
__________________
Perisher is offline  
Old 08-09-2015, 08:33 PM   #4495
Arch-Supremacy Member
 
Asphodeli's Avatar
 
Join Date: Jul 2001
Posts: 15,746
Does anyone use SCB for trading in London? I am asking because I wanted to know the exchange rate for SGD to GBP, which I can't find on their website (I am not a customer yet). I am thinking of investing 10k GBP, although the comission is low but if the exchange rate is no good, it will add to the cost.
You will be presented a confirmation screen with the rates before you do the conversion, no worries.
Perisher likes this.
__________________
Get spot PSI readings @ Community Online Haze Index
http://www.cohi.sg/
Asphodeli is offline  
Old 09-09-2015, 08:42 AM   #4496
Member
 
Join Date: Feb 2012
Posts: 480
Basically, not good at all. Something like 0.02-0.03 in and out so X2, IIRC.
Why not try Interactive Brokers? It might suit you better.
Well, Interactive seems to have monthly activity fee and is stated that it is more for frequent traders. I am investing the most half-yearly.
pustefix is offline  
Old 09-09-2015, 09:16 AM   #4497
Member
 
Join Date: Mar 2010
Posts: 108
I've been choosing between SCB and Interactive Brokers (IBKR) also.
I opened an account with IBKR and I did a comparison. Maybe this info will help you a little:

At about 4pm yesterday:
SCB: USD.SGD BUY RATE: 1.441458 | SELL RATE: 1.416084
IBKR: USD.SGD was 1.4266.
So to change SGD1000 to USD with SCB, you would have lost S$14.80 right away.
For IBKR, your loss is USD10 per month for activity fee, plus about S$3 for each forex change.

What I suggest what you can do is:
- Compare the forex loss by using SCB. (For every S$1000 to USD, expect to lose S$10-15 if you use SCB, instead of IBKR. I've done this comparison a few times through the past 2-3 weeks.)
- Estimate the number of times you will be doing this forex change. (SCB no comm charge vs IBKR ~S$3 for each forex change.)

So... if you intend to change large amounts infrequently, the forex loss through SCB may actually cost more than the USD10/month with IBKR.
ValueInvestor likes this.
boe7874 is offline  
Old 09-09-2015, 09:16 AM   #4498
Member
 
Join Date: Feb 2012
Posts: 480
This is the rate on POEMS (I am a customer), the difference between bid and offer is only 0.0088. If the spread on SCB is 0.05, then it is too high.

British Pound 2.1763 2.1851

Assuming a spread of 0.05, then SCB rate is 2.1557, 2.2057. If investment is 10K GBP,

SCB cost in GBP = 100.25%*10k = 10025
SCB cost in SGD = 10025*2.2057 = 22112
POEMS cost in GBP = 100.4%*10k = 10040
POEMS cost in SGD = 10040*2.1851 = 21938

If my calculations are correct, it is not cheap to invest using SCB if there is currency conversion.
pustefix is offline  
Old 09-09-2015, 09:29 AM   #4499
Arch-Supremacy Member
 
Asphodeli's Avatar
 
Join Date: Jul 2001
Posts: 15,746
This is the rate on POEMS (I am a customer), the difference between bid and offer is only 0.0088. If the spread on SCB is 0.05, then it is too high.

British Pound 2.1763 2.1851

Assuming a spread of 0.05, then SCB rate is 2.1557, 2.2057. If investment is 10K GBP,

SCB cost in GBP = 100.25%*10k = 10025
SCB cost in SGD = 10025*2.2057 = 22112
POEMS cost in GBP = 100.4%*10k = 10040
POEMS cost in SGD = 10040*2.1851 = 21938

If my calculations are correct, it is not cheap to invest using SCB if there is currency conversion.
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).
pustefix likes this.
__________________
Get spot PSI readings @ Community Online Haze Index
http://www.cohi.sg/
Asphodeli is offline  
Old 09-09-2015, 09:33 AM   #4500
Member
 
Join Date: Mar 2010
Posts: 108
The spread in SCB for USD is about 0.025-0.030, not really 0.05.

For POEMS, I think it's better to check if there is any foreign stock custody fees. And they may have other dumb charges like dividend fees etc. I think Maybank-KE has those charges.
SCB don't have those charges, just that the forex sucks.
pustefix likes this.
boe7874 is offline  
Closed Thread
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On