Alternative bank choice

[reddevil0728]

IIRC, a prepaid number cannot be converted to a postpaid number right? It's a one way street.

I thought is postpaid cannot change to prepaid

 

[cassowary18]

I thought is postpaid cannot change to prepaid

Prepaid can be changed to postpaid but only with the same telco.

 

[McFadden]

Most local banks % are similiar... close to zero... CIMB offer quite decent interest rate for any amount below $100k. For FD, dont need to be bank loyal, whenever there are good %, you can approach any banks (need not to be their banking customer) to enjoy the FD.

then how to transfer money from one bank to another?cashiers order?

 

[reddevil0728]

Prepaid can be changed to postpaid but only with the same telco.

Ya. Can always change first then switch

 

[cassowary18]

then how to transfer money from one bank to another?cashiers order?

FAST? 10char

 

[BBCWatcher]

where did they say you can extend by 180 days by just paying $2.40?

M1 says that here. Click on the + symbol next to "Validity Extension."

IIRC, a prepaid number cannot be converted to a postpaid number right? It's a one way street.

You can convert a prepaid number to a postpaid number. M1 will even do that with any carrier's Singapore prepaid number (via a two step process if necessary). As far as I know none of the carriers will convert a postpaid to a prepaid number, although I don't know what TPG's policy is. (TPG is Singapore's new 4th carrier.)

This particular scenario (a long overseas stint) doesn't necessarily require number portability. It'd just be for maintaining a notional Singapore mobile number for SMS-based 2FA, and you wouldn't really use this prepaid phone number for anything else. The idea is to set up this low cost prepaid mobile number, switch your various 2FA logins to this new/separate number, and probably terminate whatever existing postpaid number you have. Then you'd set off on your long voyage outside Singapore.

Note that you don't need SMS-based 2FA with a Singapore +65 mobile number for SingPass. You can use the SingPass mobile app on a smartphone instead, even one without a +65 SIM. You might still be able to do whatever you need to do from overseas without a +65 mobile number. "It depends."

On the other hand, if you want to maintain a +65 mobile number with full voice service, you can and rather affordably, actually. For example, MyRepublic Mobile offers a mobile app (MyRepublic Talk) that works over WiFi in conjunction with their plans. They have a S$10/month plan that includes 300 minutes per month, so when you're outside Singapore and use their mobile app that ends up translating to 300 incoming minutes per month (calls received in the app) and S$0.05/minute for outgoing calls to Singapore from the app. Not too bad, really. That's just one example; there are probably some others.

 

[reddevil0728]

M1 says that here. Click on the + symbol next to "Validity Extension."

Ah this is nice

 

[BBCWatcher]

Ah this is nice

Yes, ~S$5 per year to maintain a +65 mobile SIM that can receive SMS text messages in practically every country is really pretty reasonable. That's what M1 is offering. (Thanks, M1.)

The prepaid SIM card itself costs $8 and includes a S$10 main balance with 90 days of validity. So for S$8 you're good for more than two years, as long as you're careful to extend the validity just before the deadlines and not to place any outgoing calls or text messages. That includes not allowing your iPhone (for example) to send that text message to activate FaceTime or iMessage. (You probably don't want to put this particular SIM in an iPhone anyway.)

If you're willing to give up the +65 part you can do even better if all you need (or mostly what you need) is a roaming SMS receiver.

 

[lzydata]

Depends on what u are looking for. Higher interest rates? Better services? Prettier RMs?

They're pretty much the same. The big banks, that is, not the RMs.

 

[BBCWatcher]

Singtel's prepaid SIM might be even slightly better depending on the length of your overseas voyage. That's because Singtel sells a prepaid SIM for S$4 that includes S$10 of main balance credit valid for 30 days. You can then pay S$1.40 from your main balance to extend validity by 90 days. You can do that 7 times without a top up, so that gets you up to nearly 660 days total...for S$4 all-in. (Call it ~650 days, really, because you really get 89 real days per extension.) Not bad!

 

[celtosaxon]

You can extend the validity of a M1 prepaid SIM by 180 days for a charge of S$2.40 deducted from the main balance. You can top up a M1 SIM in (as small as) S$2 increments via Qoo10.sg. So there you go: about S$5/year all-in to maintain a Singapore mobile number that can receive SMS text messages, if that's what you wish to do.

I don’t know all of the details, but usually prepaid SIM plans don’t include roaming unless you do larger top ups of at least $10 (last time I checked anyway, for Singtel). If outside Singapore needing 2FA that would be a problem.

One concern with credit cards is they tend to frequently change terms. The UOB Singtel card has been pretty stable over the years (at least 20 years if I’m not mistaken), CIMB is a relative newcomer, but has stuck to it’s no annual fee for life policy so far.

 

[BBCWatcher]

I don’t know all of the details, but usually prepaid SIM plans don’t include roaming unless you do larger top ups of at least $10 (last time I checked anyway, for Singtel). If outside Singapore needing 2FA that would be a problem.

That's correct...for calls in either direction, data, and outbound text messages. For inbound text messages, no problem.

One concern with credit cards is they tend to frequently change terms. The UOB Singtel card has been pretty stable over the years (at least 20 years if I’m not mistaken), CIMB is a relative newcomer, but has stuck to it’s no annual fee for life policy so far.

CIMB reserves the right to charge new applicants an annual fee starting from some date, but they've been very good about honoring "grandfathered" T&Cs from what I can tell. For example, there was a period of time when they discontinued their $500 limit credit card, but they allowed existing cardholders to keep it. (CIMB has since reintroduced their $500 limit credit card, and it's a good one, actually.) I think the only way existing cardholders could see an annual fee is if CIMB sells their whole credit card business, as ANZ Singapore did (to DBS) a few years ago.

 

[cassowary18]

Another no annual fee credit card is the HSBC Revolution card. But I think CIMB is the safest because they've stuck to their no annual fee policy for quite a long time.

 

[CrashWire]

As far as I know none of the carriers will convert a postpaid to a prepaid number, although I don't know what TPG's policy is. (TPG is Singapore's new 4th carrier.)

Probably because IMDA didn't mandate its implementation: https://www.straitstimes.com/forum/...mand-for-post-paid-to-pre-paid-number-porting

I am hoping that IMDA will eventually wise up and require telcos to implement it. It's far cheaper to maintain prepaid numbers.

 

[havetheveryfun]

Probably because IMDA didn't mandate its implementation: https://www.straitstimes.com/forum/...mand-for-post-paid-to-pre-paid-number-porting

I am hoping that IMDA will eventually wise up and require telcos to implement it. It's far cheaper to maintain prepaid numbers.

and thats why they wont do it until they have no other choice.

just like SIM only plans could have been implemented long ago but people still had to pay very high prices for a plan which they only used 5% of it just to maintain a postpaid number .

 

[backsight]

thanks how does this work? i read the site but don’t understand still the difference between this and having my savings account

DBS/POSB offers their My Account with zero minimum balance, so there's no harm in keeping a minimal ongoing relationship with DBS/POSB even if you end up preferring another bank.

 

[tiertime]

DBS/POSB offers their My Account with zero minimum balance, so there's no harm in keeping a minimal ongoing relationship with DBS/POSB even if you end up preferring another bank.

This is good.... any other banks also offering such accounts with 0 min required ?

 

[cassowary18]

This is good.... any other banks also offering such accounts with 0 min required ?

CIMB Fastsaver and Starsaver

 

[testingabc]

This is good.... any other banks also offering such accounts with 0 min required ?

RHB High Yield savings is currently better than CIMB Fastsaver and SIF GoSavers for those with no requirements saving accounts

 

[BBCWatcher]

RHB High Yield savings is currently better than CIMB Fastsaver and SIF GoSavers for those with no requirements saving accounts

That’s a good one. HSBC has also started offering a zero minimum balance savings account: eFlexi.