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 09-09-2015, 10:05 AM   #4501
Senior Member
 
Join Date: Feb 2012
Posts: 519
Thanks for boe7874 & Asphodeli replies, POEMS does have custody, dividend and other 'dumb' fees. It seems that more calculations are needed :-)
pustefix is offline  
Old 09-09-2015, 10:08 AM   #4502
Supremacy Member
 
Join Date: Oct 2000
Posts: 8,991
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
limster is offline  
Old 09-09-2015, 08:24 PM   #4503
Supremacy Member
 
roz_sid's Avatar
 
Join Date: Dec 2006
Posts: 6,118
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
__________________
Careless talk cost lives~!
roz_sid is offline  
Old 09-09-2015, 09:05 PM   #4504
Arch-Supremacy Member
 
Asphodeli's Avatar
 
Join Date: Jul 2001
Posts: 16,566
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
No way around it, and no point even opening a USD account as the rates should be the same, unless you intend to withdraw USD in cash, or earn the interest rate (if any)
__________________
Get spot PSI readings @ Community Online Haze Index
http://www.cohi.sg/
Asphodeli is offline  
Old 09-09-2015, 09:06 PM   #4505
Supremacy Member
 
Join Date: Aug 2015
Posts: 7,411
dbs vickers cash upfront cheaper right? 0.18%
Dbs upfornt best

U kum gong
kannis_ng is offline  
Old 09-09-2015, 09:20 PM   #4506
Supremacy Member
 
Join Date: Oct 2000
Posts: 8,991
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
It may not be possible to avoid the forex charges for small amounts. And if you had a big amount, you would be using IBKR.

This has been discussed earlier in this thread and i don't have the exact post, but the SCB accounts don't accept cash (or there is a charge if you deposit cash). Which means you have to do TT or fund transfer and there are some sort of fund transfer charges involved.
Perisher likes this.
limster is offline  
Old 09-09-2015, 09:22 PM   #4507
Supremacy Member
 
roz_sid's Avatar
 
Join Date: Dec 2006
Posts: 6,118
No way around it, and no point even opening a USD account as the rates should be the same, unless you intend to withdraw USD in cash, or earn the interest rate (if any)
It may not be possible to avoid the forex charges for small amounts. And if you had a big amount, you would be using IBKR.

This has been discussed earlier in this thread and i don't have the exact post, but the SCB accounts don't accept cash (or there is a charge if you deposit cash). Which means you have to do TT or fund transfer and there are some sort of fund transfer charges involved.
thks both for ur response.
__________________
Careless talk cost lives~!
roz_sid is offline  
Old 09-09-2015, 09:55 PM   #4508
Order 66'd
 
Join Date: Jul 2015
Posts: 5,252
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
u transfer USD into SCB got fees too..... hard to avoid the extra cost if u wanna trade US in small amounts
ValueInvestor is offline  
Old 09-09-2015, 09:56 PM   #4509
Order 66'd
 
Join Date: Jul 2015
Posts: 5,252
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).

wah the spread seems very big... at over 2%, but no choice if u tend to trade in smaller amounts

I using iocbc, spread usually 0.3 to 0.6% only... their iocbc platform will show a default fx rate
but if u trade in bigger amount, say 20k-50k or higher~ can call into your broker to book a better rate if possible

Last edited by ValueInvestor; 09-09-2015 at 09:59 PM..
ValueInvestor is offline  
Old 09-09-2015, 09:56 PM   #4510
Supremacy Member
 
roz_sid's Avatar
 
Join Date: Dec 2006
Posts: 6,118
u transfer USD into SCB got fees too..... hard to avoid the extra cost if u wanna trade US in small amounts
thx for ur advice on this. if more than 100k than i move to IB.
anyways any advice on this?

decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%

Anything else sld i look out for. all lse using usd.
__________________
Careless talk cost lives~!
roz_sid is offline  
Old 09-09-2015, 09:58 PM   #4511
Order 66'd
 
Join Date: Jul 2015
Posts: 5,252
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).
actually can discuss with your broker one... if u really trade foreign shares regularly, they earn your commission already happy, can waive all the other fees for u
ValueInvestor is offline  
Old 09-09-2015, 10:00 PM   #4512
Order 66'd
 
Join Date: Jul 2015
Posts: 5,252
thx for ur advice on this. if more than 100k than i move to IB.
anyways any advice on this?

decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%

Anything else sld i look out for. all lse using usd.
do u have a USD account already? if not can open one first lor

then when u have 100k USD or higher go open account with IB

meanwhile, just use SCB first and slowly build up your portfolio

good luck
ValueInvestor is offline  
Old 09-09-2015, 10:10 PM   #4513
Supremacy Member
 
Join Date: Oct 2000
Posts: 8,991
do u have a USD account already? if not can open one first lor

then when u have 100k USD or higher go open account with IB

meanwhile, just use SCB first and slowly build up your portfolio

good luck

No need to wait for 100k USD. As long as you are investing more than US$1k per month can switch to IBKR.
Perisher and ValueInvestor like this.
limster is offline  
Old 10-09-2015, 08:48 AM   #4514
Senior Member
 
Join Date: Feb 2012
Posts: 519
decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%
Just a small comment, VWRD is already 50+% in US, so you might not need VUSD or else your exposure to US is very big. Maybe just VDEM and VWRD?
pustefix is offline  
Old 11-09-2015, 01:01 AM   #4515
Senior Member
 
94855998's Avatar
 
Join Date: Aug 2005
Posts: 1,012
Is it normal to wait 20-30mins after u submit ur "BUY"?

Do it really take 20mins to change from Acknowledge to Filled?

Or it is that SCB are lag in submitting ur order...?
94855998 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