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

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Old 22-06-2012, 11:00 PM   #796
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requested to open scb acct but totally no news :S
how long since you applied to open it?

to my knowledge it normally takes 3-10 working days. after that you can call their hotline and spit words
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Old 23-06-2012, 12:19 AM   #797
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how long since you applied to open it?

to my knowledge it normally takes 3-10 working days. after that you can call their hotline and spit words
oo really? haha...it was only 1 day.
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Old 23-06-2012, 12:35 PM   #798
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Protip if you want to transfer your shares between CDP and SCB hassle-free:

1. take queue number for "financial service", not "counter service"
2. have your CDP account number in hand
3. have your SCB securities trading account number in hand (not your securities settlement account!)
4. Know the full name of the share your are transferring
5. Know the SGX stock code of your share
6. Know the Sedol/ISIN code of your share
7. Know the exact number of shares you are transferring (avoid odd lots, they will get stuck with SCB since they don't offer odd lot trading)
8. Bring your NRIC (a photocopy will be taken)
9. Be mentally prepared to spend 30 minutes of your time filling up two very unfriendly forms with the above information.

Notes: SCB will not charge any fee, but CDP may or may not (i will report back whether they do once my transfer succeed). I am told that the transfer process may take up to 2 weeks...

But well... their no minimum commission fee won me over. Else i need spend a lot more to dispose of my IPO shares.
It's $10.70 per counter per transfer iirc when I called Cdp to ask.. Still cheaper with like around $15 saving per counter per sales..

http://www.cdp.com.sg/fee/index.html

For off market transfer S$10.70 (inclusive of GST) per 1,000 share per counter transferred, up to a maximum of S$107 (inclusive of GST) per counter

--> but not sure why Cdp website say per 1000 shares per counter now.. Do let us know how much u were charged

Last edited by Sinkie; 23-06-2012 at 12:42 PM..
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Old 23-06-2012, 12:54 PM   #799
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anyone tried using SCB to buy the 7 ETFs that recently got secondary listing in SGD?

All my orders for the SGD listing got rejected though i have sufficient cash.
You cannot buy ETF unless you pass certain relevant tests.
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Old 23-06-2012, 12:56 PM   #800
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Not much use in transferring as after transfer, you can only sell thro SCB.

The only good point is if you can accumulate $50k value of shares transfer, SCB will give you $100 worth of shopping vouchers.
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Old 23-06-2012, 01:27 PM   #801
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You cannot buy ETF unless you pass certain relevant tests.
Does SCB have their CKA declaration somewhere online? else i need to go down to their branch again...

Last edited by imwarren; 23-06-2012 at 01:29 PM..
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Old 23-06-2012, 01:38 PM   #802
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It's $10.70 per counter per transfer iirc when I called Cdp to ask.. Still cheaper with like around $15 saving per counter per sales..

Fees @ CDP

For off market transfer S$10.70 (inclusive of GST) per 1,000 share per counter transferred, up to a maximum of S$107 (inclusive of GST) per counter

--> but not sure why Cdp website say per 1000 shares per counter now.. Do let us know how much u were charged
The $10.70 is if there is a change in beneficiary (i.e. off-market sale or gift). I remember reading somewhere that if you are just transferring CDP-Custodian or Custodian-Custodian with no change in beneficiary, it is waived (but i can't find the black-and-white now).

Anyway for small shareholdings, the $10.70 + SCB's commission charge of 0.2%, will still be cheaper than the $25 minimum charge by others.

Will update how long it takes, and much they charge once my transfer succeed.
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Old 23-06-2012, 02:20 PM   #803
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The $10.70 is if there is a change in beneficiary (i.e. off-market sale or gift). I remember reading somewhere that if you are just transferring CDP-Custodian or Custodian-Custodian with no change in beneficiary, it is waived (but i can't find the black-and-white now).

Anyway for small shareholdings, the $10.70 + SCB's commission charge of 0.2%, will still be cheaper than the $25 minimum charge by others.

Will update how long it takes, and much they charge once my transfer succeed.
Ya, that's what the Cdp Helpdesk tell me, say by right custodian to cdp is $10.70 each side, so it's up to the other side (scb in this case) to waive but sgx will still charge $10.70 per counter.

Ya work out to around per counter less than $7500 to make it worth while the time and effort to transfer to scb

Last edited by Sinkie; 23-06-2012 at 02:26 PM..
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Old 23-06-2012, 03:23 PM   #804
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when I applied for the trading account, I didn't have any facility with SCB so i was told I need to open an account with them. So i open the esaver acc with no min deposit. But i read somewhere on their site that the settlement account and other SCB accounts are treated separately. So when I'm doing fund transfer from other banks, do I have to transfer it to my esavers account first then do an internal transfer of funds or I could do the transfer from other banks directly to the settlement account?
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Old 23-06-2012, 10:06 PM   #805
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Hi guys, a short question. Do i need to have a CDP account setup to begin trading through SCB esaver account?
Intending to buy nikkoam STI ETF.
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Old 23-06-2012, 10:18 PM   #806
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Hi guys, a short question. Do i need to have a CDP account setup to begin trading through SCB esaver account?
Intending to buy nikkoam STI ETF.
No.

SCB trading has nothing to do with CDP
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Old 23-06-2012, 11:50 PM   #807
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i hope other banks and secureties firms start waking their f@cking idea up! Stop charging minimum commissions and stop being such a greedy fag.

All shall use SCB eventually and its them who lose out, haha, not us consumer!

Want to monopoly? hahah. lucky SCB came and pawn them all!
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Old 24-06-2012, 02:47 AM   #808
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i hope other banks and secureties firms start waking their f@cking idea up! Stop charging minimum commissions and stop being such a greedy fag.

All shall use SCB eventually and its them who lose out, haha, not us consumer!

Want to monopoly? hahah. lucky SCB came and pawn them all!
Is there any catch with the no minmium commission thing?
Must i have a savings account with them?
Else where will the dividends go and how to make the payment for filled orders?
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Old 24-06-2012, 10:28 AM   #809
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Is there any catch with the no minmium commission thing?
Must i have a savings account with them?
Else where will the dividends go and how to make the payment for filled orders?
The catch is you can only buy and sell through scb since cdp is not the custodian for your shares. Theres no contra or shorting alllow. You want to buy stock, you must have the sufficient money in account first. Yes, you need to have a savings account with them. But if you have none, they will apply for a no frills Esaver account for you. That account allows you to transfer your money externally from other banks, and subsequently fund your securities tradind/settlement account for you to buy shares.

Dividends will automatically go to securities account in scb, but it will only be 1 working day later than that stock declared payout date. Say stock zxc indicates that payment for dividends will be on 25 June, you will receive it on 26 June instead.

You will need to fund your securities account first before you can buy any stocks.
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Old 24-06-2012, 11:01 AM   #810
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Hi all,

Any one know what the minimum Qty ( Share ) purchase for HK stock.

Exp. SG Stock to be purchase minimum 1 lot ( 1000 share )

Thank
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