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

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Old 29-06-2012, 10:05 PM   #826
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They dont allow me to open, need to fufil requirement to open account.degree in fiance or trade before or ....mhow?
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Old 29-06-2012, 10:15 PM   #827
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They dont allow me to open, need to fufil requirement to open account.degree in fiance or trade before or ....mhow?
Legit way: trade with other broker and get the necessary experience before applying again. However, waste $25 x 6 commission fee in the process.

Non-legit way: look at http://www.fundsupermart.com/main/faq/faq.svdo?id=121#7 get the hint?

**********************************
Update:

For the trading account if you don't meet the pre-requisite but would still like to open the account, you may still do so but you'll need to fill up an additional declaration form that states that frees SCB of any liability

Last edited by imwarren; 01-07-2012 at 02:29 PM..
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Old 04-07-2012, 10:21 AM   #828
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Here comes my update

Working Day 0: Submitted both forms to SCB branch

Working Day 4: CDP called me to verify my transfer instruction over the phone (NRIC, Mailing Address, Share name, and number of Shares). I also took the chance to ask about the charges involved. The officer replied that an undisclosed amount will be billed to SCB (who may or may not pass on the cost to me).

Working Day 5: My CDP account was debited of the shares i am transferring

Working Day 9: SCB credited me with the transferred shares on their online trading platform

(If SCB passes on the CDP charges to me, i will update again)

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 05-07-2012, 10:38 AM   #829
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i understand that txf from scb online to CDP of your own name is wavied. Not sure whether this is still valid.

Any updates?
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Old 05-07-2012, 11:08 AM   #830
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I am tranaferring, from CDP to SCB, not SCB to CDP.

Standard Chartered has not billed me for the transfer so far. No news, good news. Saved $20+ off my brokerage charge to sell my IPO shares.

i understand that txf from scb online to CDP of your own name is wavied. Not sure whether this is still valid.

Any updates?
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Old 05-07-2012, 01:12 PM   #831
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Can enlighten me on what's the catch to scb's no min commission?
I understand scb will be the custodian of the shares and not transferred to your cdp acc.
What are the cons of using scb?
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Old 05-07-2012, 01:45 PM   #832
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Since the shares are held in SCB custody, instead of CDP, you:

1) cannot attend and vote at AGMs (unless you request SCB to nominate you as proxy for your shares)

2) will not receive hardcopy annual reports (but that's not a problem, can always read them online)

3) cannot sell your shares at other brokers (but that's hardly a concern, since your SCB is one of the cheapest broker)

4) You are still entitled to dividends, rights issue, etc. Just that you go through SCB, instead of CDP directly

5) Transfer of shares between CDP and SCB is allowed, but involves lengthy paperwork and processing time, and possibly charges.

Can enlighten me on what's the catch to scb's no min commission?
I understand scb will be the custodian of the shares and not transferred to your cdp acc.
What are the cons of using scb?
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Last edited by imwarren; 05-07-2012 at 01:51 PM..
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Old 05-07-2012, 02:07 PM   #833
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That's not too bad at all..
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Old 05-07-2012, 08:57 PM   #834
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1) cannot attend and vote at AGMs (unless you request SCB to nominate you as proxy for your shares)
Just to add, if this works the same way as shares held in CPFIS and SRS accounts, then you at most can attend AGMs as an observer, and you will still not be able to vote your shares.

SCB's commissions are the lowest for now, but it's quite possible that in future this will not be true. Then it will be expensive and hard to get your shares back from them.
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Old 05-07-2012, 09:12 PM   #835
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Just to add, if this works the same way as shares held in CPFIS and SRS accounts, then you at most can attend AGMs as an observer, and you will still not be able to vote your shares.

SCB's commissions are the lowest for now, but it's quite possible that in future this will not be true. Then it will be expensive and hard to get your shares back from them.
Transfer out fee is currently only $10.70 per lot, capped at $107 aka 10 lots. SCB commission is around 0.25% - to hit the min charge of $25 that is levied by other people, you would have to make a single trade of at least 10k. I think people using SCB don't typically make such large trades
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Old 06-07-2012, 06:39 PM   #836
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Just went to their website and saw that they have stop loss order, anybody used this yet?
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Old 06-07-2012, 06:41 PM   #837
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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.
Is this cash only account, or can we trade with CPF through SC?
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Old 07-07-2012, 09:16 PM   #838
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Is this cash only account, or can we trade with CPF through SC?
Cah only. You can only buy with what you have.
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Old 10-07-2012, 04:44 PM   #839
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can any kind soul here tell me what i can invest in with 500SGD ? thanks!
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Old 10-07-2012, 04:52 PM   #840
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can any kind soul here tell me what i can invest in with 500SGD ? thanks!
Keep it in the bank. Can't invest in anything much with such a small capital.
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