Consolidated thread for Priority/Privilege Banking

[Masters16]

Hi everyone,

I'm a newbie in the scene and hope experienced brudders can help with some of my queries. I'm primarily considering SCB Priority banking as stock trading has no min fees nor custody fees.

-If i transfer my current stock holdings from IBKR to SCB, will SCB (or any other Priority bank) absorb the transfer out fees (charged by IBKR) for me?

-Will the SCB Priority RM earn from my stocks trading revenue? (if they don't benefit from it, then i guess overall i won't be given much service either)

-For dual currency investments / ELN (equity linked note), what is the minimum amount to place per trade?

-Can i choose my own RM?

Thanks

 

[elvintay07]

Hi everyone,

I'm a newbie in the scene and hope experienced brudders can help with some of my queries. I'm primarily considering SCB Priority banking as stock trading has no min fees nor custody fees.

-If i transfer my current stock holdings from IBKR to SCB, will SCB (or any other Priority bank) absorb the transfer out fees (charged by IBKR) for me?

-Will the SCB Priority RM earn from my stocks trading revenue? (if they don't benefit from it, then i guess overall i won't be given much service either)

-For dual currency investments / ELN (equity linked note), what is the minimum amount to place per trade?

-Can i choose my own RM?

Thanks

From IBKR to Standard Chartered is FOC. Very easy to transfer and I have did it many times (I only transfer US and UK position). Standard Chartered now trading is FOC because I think they waive all fees for a year (Don’t know till when). Personally I like IBKR platform and their system. One of the best I have used after trying SC, DBS and Poems. I don’t mind paying $0.35 or $1 as transaction fees (take it as support IBKR) although I make a few hundred transactions a year.
You can choose ur RM (male/ female, which branch etc). You song can already as you are the client. Client is king for SC. They have a dedicated RM who will liaise and coordinate your investment for you unlike DBS treasures who claimed they have a team to service you. I don’t like those wayang group because if things goes wrong, there will be no ownership.
Sorry I didn’t try any dual currency and ELN before because I don’t know. Lol! Hope to learn from you

 

[Masters16]

Thanks @elvintay07 for the info

I wasn't aware SCB trading is FOC at the moment! I just looked through IBKR transfer fees again..seems like no mention of US counters, hence they're free (most of my positions in US stocks/ETFs too). For SG/HK stocks, there's a charge of USD 50..though i'm not sure if it's per counter or per transfer request. Probably per counter..

I'm a self-directed investor hence mainly looking for a chiobu RM and experience the Priority service..though it's a pity SCB doesn't have any lounges like other Priority banks?

dual currency / ELN, basically you sell a Put option on FX or a stock and they give you a coupon interest. If you get the direction wrong, then they deliver the baby to you (you get delivered the falling FX or stock that tanked 20% for eg.) but you earned the interest still, and pray for a rebound.

 

[stiwipl]

Standard Chartered now trading is FOC because I think they waive all fees for a year (Don’t know till when).

This promo seems to be finished now. They were waiving 12 months trading fees (buying) for Priority and 24 months for Priority Private I think.

 

[elvintay07]

Thanks @elvintay07 for the info

I wasn't aware SCB trading is FOC at the moment! I just looked through IBKR transfer fees again..seems like no mention of US counters, hence they're free (most of my positions in US stocks/ETFs too). For SG/HK stocks, there's a charge of USD 50..though i'm not sure if it's per counter or per transfer request. Probably per counter..

I'm a self-directed investor hence mainly looking for a chiobu RM and experience the Priority service..though it's a pity SCB doesn't have any lounges like other Priority banks?

dual currency / ELN, basically you sell a Put option on FX or a stock and they give you a coupon interest. If you get the direction wrong, then they deliver the baby to you (you get delivered the falling FX or stock that tanked 20% for eg.) but you earned the interest still, and pray for a rebound.

Depends on what you want. If you want a place to stash ur cash and investment, I think SC is good.
if you want lounge then it is DBS, OCBC and UOB.
Not sure why you want chio RM. lol! Everyday also have chio RM. lol!

 

[Masters16]

This promo seems to be finished now. They were waiving 12 months trading fees (buying) for Priority and 24 months for Priority Private I think.

Wow that's free 2yrs for Priority Private. Much more attractive than private banking

 

[Masters16]

Depends on what you want. If you want a place to stash ur cash and investment, I think SC is good.
if you want lounge then it is DBS, OCBC and UOB.
Not sure why you want chio RM. lol! Everyday also have chio RM. lol!

Why do you say "everyday also have chio RM".. ? I don't have one to service me so far. But they'll be busy with their biggest customers anyway I reckon.

How about UOB Wealth banking (not privilege) ? Are the lounges at Orchard nice?

Citigold is giving out more cash than SCB for new sign ups but stock trading has min fees so less inclined with them

 

[elvintay07]

Why do you say "everyday also have chio RM".. ? I don't have one to service me so far. But they'll be busy with their biggest customers anyway I reckon.

How about UOB Wealth banking (not privilege) ? Are the lounges at Orchard nice?

Citigold is giving out more cash than SCB for new sign ups but stock trading has min fees so less inclined with them

Wealth banking also got some chio bu and the lounges are nice. The problem is you won’t have so much time to go into the lounge and drink their Orange juices. Unless you are damn free or your gf/ wife is shopping and you just happen to be near the lounge. For me, if I got 1 hour to spare, I would head down to orchard to have a foot massage instead of gg to their lounges. They serve u a glass of 200ml Orange juices where you can buy a 1 litre pack at sheng siong for $2.
Maybe I study business so I know many chio women. The chio RM doesn’t interest me much because (1) rarely meet them anywhere (2) I would ask my ex classmates for dinner if I want to have some eye candies.
Many of the chio rm are married also and nothing much we can do apart from listening to their investment pitch.

 

[Masters16]

Wealth banking also got some chio bu and the lounges are nice. The problem is you won’t have so much time to go into the lounge and drink their Orange juices. Unless you are damn free or your gf/ wife is shopping and you just happen to be near the lounge. For me, if I got 1 hour to spare, I would head down to orchard to have a foot massage instead of gg to their lounges. They serve u a glass of 200ml Orange juices where you can buy a 1 litre pack at sheng siong for $2.
Maybe I study business so I know many chio women. The chio RM doesn’t interest me much because (1) rarely meet them anywhere (2) I would ask my ex classmates for dinner if I want to have some eye candies.
Many of the chio rm are married also and nothing much we can do apart from listening to their investment pitch.

Your orange juice example tells me you're a great value investor bro. Un-emotional & logical makes bank

For the SCB mobile trading app, are there live prices? For US or other markets

 

[elvintay07]

Your orange juice example tells me you're a great value investor bro. Un-emotional & logical makes bank

For the SCB mobile trading app, are there live prices? For US or other markets

Unfortunately no live price. I don’t know why. IBkR has but can pay. Is tiger app live? I know TD is

 

[tour_de_forcez]

How long do you have to hold your funds in the Citigold account to (1) get the bonuses from Citi, and (2) get the free gift from Singsaver? My interpretation of the various TnCs is (1) two months from the point of deposit (I'm depositing right at the end of the Welcome Period), and (2) up to four months. Does this align with your experience?

 

[stiwipl]

omg. finally found someone who faced this issue. DBS remit screwed me up too by sending EUR via Visa and my European bank rejected and took 2 weeks to refund. Even worse my account number was not even in the text. After DBS SG sender / name was random system texts..

Would you mind sharing what’s the best way to transfer EUR in our name?

Good to hear you got the refund. DBS should clearly inform the customers that DBS Remit may cause issues to the recipients which are not accepting 3rd party transfers. They should clearly state that this whole DBS Remit is in partnership e.g. with Visa and Visa will appear as a sender, so it will look like a 3rd party transfer. The problem is also that DBS Remit bank transfers confirmations are very minimalistic. If they would show your name, address etc and clearly mention that the transfer is in partnership with 3rd party Visa who will appear as a sender, then such proof could be worth something perhaps.

But I am not sure why would your EU bank reject this transfer if it was your own bank account, unless it was some kind of brokerage bank linked account that would not accept 3rd party transfers (e.g. SwissQuote Luxembourg).

Unfortunately you would have to submit the transfer as International TT via DBS to be sent in your name as a sender and pay the fees. Or find a bank or EMI which accepts 3rd party transfers such as Wise (EMI), Revolut (EMI) or Swiss Flowbank (they have Swiss banking licence), free EUR account and free SEPA transfers (also free debit / credit card top ups, so in theory you could load EUR via DBS MCA debit card for free). I do not have any issues with using DBS Remit when it comes to sending money to my own EUR accounts overseas.

 

[ihuazai2]

is maybank mspace in orchard back to serving free coffee?

 

[Sarav_Suarez]

How long do you have to hold your funds in the Citigold account to (1) get the bonuses from Citi, and (2) get the free gift from Singsaver? My interpretation of the various TnCs is (1) two months from the point of deposit (I'm depositing right at the end of the Welcome Period), and (2) up to four months. Does this align with your experience?

For Citi rewards, it's two months after the welcome period. Welcome period is the first three months commencing from the date you have opened an account with them. For singsaver, you will receive a redemption form 4 months after you have funded your Citigold account. Hit me up if you need any other clarifications. Cheers!

 

[Sarav_Suarez]

Citi Wealth Hub offers free coffee

 

[Extremme]

trying to see if there is any good sign up deals for priority banking..does not seem like many going on now

 

[edens_guards]

is maybank mspace in orchard back to serving free coffee?

Yes, Cappuccino or Latte sir?

 

[1l92041H]

Citi Wealth Hub offers free coffee

still need to book appt with rm?

or can just walk in?

 

[elvintay07]

trying to see if there is any good sign up deals for priority banking..does not seem like many going on now

Standard chartered?

 

[Extremme]

I only saw HSBC and CITI Gold having promo