[shareholder]

Perisher wrote:

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.

[deathman91]

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.

[coloumbiaGames]

Why is this being a sticky thread?

[Perisher]

coloumbiaGames wrote:

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.)

[af7680]

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I read from ocbc web that the account will give 2.35% on 3rd month IF fund is not withdrawn for 1st &2nd month in the quarter...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%.....

[Perisher]

af7680 wrote:

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I read from ocbc web that the account will give 2.35% on 3rd month IF fund is not withdrawn for 1st &2nd month in the quarter...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.

[natsuoto]

Hi guys, dash saving easy account have to go down personally to the plaza sing branch to open?

[pustefix]

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.

[Perisher]

pustefix wrote:

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.

[Asphodeli]

pustefix wrote:

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.

[pustefix]

Perisher wrote:

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.

[boe7874]

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.

[pustefix]

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.

[Asphodeli]

pustefix wrote:

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).

[boe7874]

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.