Consolidated thread for Priority/Privilege Banking

[elvintay07]

I am stuck with UOB for SRS because my company insists — or else they won’t contribute. I invest all of my SRS money into SGX listed S27, even cheaper than Lion Global.

My very first account was with OCBC back in 1996. They definitely are the least rigid of the 3 local banks. However, they can be a bit fast and loose in their operations. After a few years with them I suddenly saw an unexpected fee. I went in to the branch to find out why. Turns out they changed their T&C and increased the monthly minimum without telling me. I told them, since you didn’t inform me about the new T&C you should waive the fee. At first they absolutely refused… only after I raised a stink, they finally agreed (grudgingly) to waive it. After that I closed my account and moved to DBS. DBS is like dealing with a government agency, very slow and rigid, they don’t try very hard and just don’t care… but at least they are reliable most of the time.

Never hear before company contribute ur SRS. Non Singaporean?

 

[celtosaxon]

Never hear before company contribute ur SRS. Non Singaporean?

My employer contributes SRS to all locally hired employees (Singaporean or non, it makes no difference) once you earn enough. For every dollar you earn over the $6,000 CPF wage ceiling, the company kicks in a 10% contribution to SRS (up to statutory limits).

 

[elvintay07]

My employer contributes SRS to all locally hired employees (Singaporean or non, it makes no difference) once you earn enough. For every dollar you earn over the $6,000 CPF wage ceiling, the company kicks in a 10% contribution to SRS (up to statutory limits).

Wow! Got such requirement one ah. Ok ok

 

[sohguanh]

My employer contributes SRS to all locally hired employees (Singaporean or non, it makes no difference) once you earn enough. For every dollar you earn over the $6,000 CPF wage ceiling, the company kicks in a 10% contribution to SRS (up to statutory limits).

Can reveal your employer name? This is first time I read employer contribute SRS to employees. Very good!

 

[saintgtril]

Actually the 3 local banks suck like ****. Are you going to leave your SRS in cash or intend to invest? In order of shittiness

UOB (sibei ultra old school and ****. Ang Pow also buay kan. Their slogan should be “ The bank that does nothing right”)
DBS (freaking yaya papaya. They think that they are the biggest **** in SG. Ang Pow design is ultra **** also. Their mission statement should be “We don’t know whether we can make you rich but you will make us rich”)
OCBC (seriously the least shitty of the 3. Ang Pow design very high end. Their slogan is more like “Don’t serve and nothing can go wrong”)

Since you need to use $100k (SRS) + $100k cash, I think ocbc is the most cincai. They usually don’t disturb you, they don’t charge you any fees if you fall below (close 1 eye), they have some good investment for SRS (like exclusive infinity Lion global S&P500 or Lion global equity fund etc). You can also use their BCIP to invest in SGX

UOB wealth banking is ok and have nice lounges but the staff ****ing old school, use a lot of paper for this and that.

DBS I tried. Quite **** up. No good funds. Strange thing is you buy their funds can buy online but can only sell through agent (simi logic). Using their wealth banking platform so expensive etc…(custodian fees expensive). Their RM is yaya papaya and is team based (all wayang and wait for their peers to answer). Their reasoning is team is good because there is a whole army to serve you. The real truth is no accountability. Not sure why their CEO can accept this kind of wayang. Lol! Initially lim peh thought he is some general because only army can wayang like that.

To be honest, ppl always tell you good things about premier banking. This video tells you the truth about all these premier banking. Personally I prefer foreign banks like Citibank, Standard Chartered, HSBC, Maybank. The RM chio!

These RM can only see - maintain relationship with their clients on a professional level.

 

[1l92041H]

hi. a complete tour means getting all ur kampong to join.

each member just need to put approx 1 mth


Read HWZ Forum Rules!

how long do u guys typically keep the citigold account until closure?

i intend to just get the rewards if the products not attractive

 

[nuvision]

I have been reading about people here jumping between different banks for premiere/private banking accounts.

Can l ask how do you transfer your existing fund (assume at least $250k) from one bank account to another? As online banking transfer limit is usually lesser than $150k.

Or is it because premiere/private banking accounts have much higher online banking transfer limit?

 

[elvintay07]

I have been reading about people here jumping between different banks for premiere/private banking accounts.

Can l ask how do you transfer your existing fund (assume at least $250k) from one bank account to another? As online banking transfer limit is usually lesser than $150k.

Or is it because premiere/private banking accounts have much higher online banking transfer limit?

Can transfer in 2 days

 

[nuvision]

Can transfer in 2 days

What if the fund is 1-2 million?

 

[CrashWire]

What if the fund is 1-2 million?

MEPS can transfer unlimited amounts for $10.

 

[stiwipl]

What if the fund is 1-2 million?

TT form submitted via your RM or in the branch. At Citibank you can submit TT via online banking messaging system. They call next day to confirm.

 

[elvintay07]

What if the fund is 1-2 million?

If you can song song transfer $1-2 mil around, I think they will send entourage to pick you then ask you go to their private banking centre to slowly do. Ppl with this kind of wealth level won’t change bank here and there to get free iPad, Microsoft Surface. Their opportunity cost and relationship building is damn power.
The world operates based on relationship one la. If you are those ultra high net worth, you say they listen. This kind of premier banking etc is lup sup banking. Anyone also admit and today $200k is nothing
Adam Khoo shows one of his stock account (inside $2.8mil), everyday can move up and down by $100-200k. If one day (if it ever happens) he post 1 video don’t sign up DBS treasures, I think their CEO balls also shrink and drop like grapes. . Nowadays social media more power than newspaper

 

[nuvision]

Thanks all for replying to my questions.

Pretty obvious that I don't have 1-2M to move around haha.... But been curious how the banking system works for those big amount.

 

[stiwipl]

Ppl with this kind of wealth level won’t change bank here and there to get free iPad, Microsoft Surface.

I think you would be surprised. If one bank (e.g. SCB) offers 2 years trading (buying) fees waiver + S$3500 free cash and you have cash sitting at e.g. DBS which you want to invest, there is no harm in doing that. Especially that with SCB in addition to the nice perks, there are no custody fees, while at DBS 0.2% per annum with less markets access than SCB. S$2m transferred from DBS to and invested through SCB that's easy S$7500 saved and it doesn't include custody fees savings.

 

[elvintay07]

I think you would be surprised. If one bank (e.g. SCB) offers 2 years trading (buying) fees waiver + S$3500 free cash and you have cash sitting at e.g. DBS which you want to invest, there is no harm in doing that. Especially that with SCB in addition to the nice perks, there are no custody fees, while at DBS 0.2% per annum with less markets access than SCB. S$2m transferred from DBS to and invested through SCB that's easy S$7500 saved and it doesn't include custody fees savings.

That is why someone say F DBS. We shouldn’t even be in DBS treasures in the first place. Many ppl have equity position than cash position. For example, ppl equity position is in hundreds of thousands only $75-100k is in cash. It is not easy to move the equity position. You go DBS treasures then u kana custodian fees. In fact I move from DBS treasures over to standard chartered. Lol

 

[stiwipl]

That is why someone say F DBS. We shouldn’t even be in DBS treasures in the first place. Many ppl have equity position than cash position. For example, ppl equity position is in hundreds of thousands only $75-100k is in cash. It is not easy to move the equity position. You go DBS treasures then u kana custodian fees. In fact I move from DBS treasures over to standard chartered. Lol

Well, I guess it is best to diversify. While I feel SCB being much more attractive for the long term investor, DBS is definitely the bank to keep large cash balances in multiple currencies. It is easy and free of charge to transfer FCY using DBS Remit, while with SCB it costs a lot if we don't do FX conversion. With DBS you can send EUR to Europe free of charge or USD to US. You can't do that for free with SCB. Going further DBS does allow EU residents investors, SCB doesn't. So if one move to Europe for work and become a resident, SCB will most likely close such trading account.

If you compare a bit SG banks with CH or UK banks you will see that this 0.2% custody fee charged by DBS is not that much really. Standard practice in fully fledged CH / UK banks is 0.5% to 1% of the total investment portfolio.

 

[CrashWire]

It is easy and free of charge to transfer FCY using DBS Remit, while with SCB it costs a lot if we don't do FX conversion. With DBS you can send EUR to Europe free of charge or USD to US. You can't do that for free with SCB.

SC Remit has always had lower spread than DBS Remit for me, but the funds usually take longer to transfer.

 

[stiwipl]

SC Remit has always had lower spread than DBS Remit for me, but the funds usually take longer to transfer.

SC Remit is essentially useless if you actually hold foreign currency.

 

[CrashWire]

SC Remit is essentially useless if you actually hold foreign currency.

Why?

 

[ersatz]

DBS Treasures imposes a fall below fee at $200. does this mean it is possible to join with $200? or $350 is a must?