FSMOne web platform

[klanddt]

From this $500. Nothing else.

So the GST and other chargers will be from this $500 or out of this $500 RSP amount?

 

[Mecisteus]

Any platforms/brokers to recommend for buying ETFs? Say for US and other Asian ETFs. Would POEMs work fine as well?

Thanks!

Standard Chartered and Interactive Brokers are some other options.

POEMs also can but do take note of the dividends handling charges.

 

[Brown24]

My first ES3 subscription was done on 8 Dec.

The trade is transacted at 3.229.
Total fees breakdown:
Transaction fees: $1.07 ($1 plus GST)
Trading fees: 0.0075% plus GST
Clearing fees: 0.0325% plus GST

Example:$400 RSP-123 units x 3.229=$397.167
Transaction fees: $1.07
Trading fees: 0.0075% x $397.17 x 1.07 = $0.032
Clearing fees: 0.0325% x $397.17 x 1.07 = $0.138
Total fees = $1.24
Total refund = $1.59

 

[Mecisteus]

Total refund = $1.59

So the CSO told me wrongly.

I was wondering how can there be no refund.

 

[assiak71]

Is there platform fee for etf rsp?

 

[Brown24]

Is there platform fee for etf rsp?

Don't have

 

[assiak71]

The date for RSP subscription is the 8th of every month (or next working day if the 8th is a non-business day) from the Cash Account

When is the latest you can change the instruction?

 

[intime]

Yes this is true.

If you keep for long term, it is good. ALL your money will be invested instead of refunding.

Little little fractional units will end up become whole units.

I just reread the faq q2. Seems like fractional shares only for hk and us etfs. Sgx etfs minimal 1 share.

 

[Mecisteus]

I just reread the faq q2. Seems like fractional shares only for hk and us etfs. Sgx etfs minimal 1 share.

Yeah that means can go to <1 for US ETFs?

This was what I understand from the chat with FSM.

Based on the post above, SG ETFs will be in the denomination of 1 share.

 

[gmonster]

Let's say if I will like to purchase US ETF with small lump sum of $1k per month, will it be advisable to use FSM or IBKR?

 

[LordDeathZ]

The date for RSP subscription is the 8th of every month (or next working day if the 8th is a non-business day) from the Cash Account

When is the latest you can change the instruction?

Money deduction for the RSP is also on the 8th?

 

[Sadisticnoob]

The yield of the auto sweep account is getting lower and lower.

Starting next year I will pull out all my spare monies from the account. Will only keep the monies from trading

Sent from HUAWEI INE-LX2R using GAGT

 

[Mecisteus]

why wait until next year? after they deducted $500 admin fee from me, i transfer all over to phillip liao. higher rates and no fee.

Why $500 admin fee?

Anyway, there isn't any need for a sweep account.

Extra cash just put in high interest rate bearing savings account.

 

[Sadisticnoob]

why wait until next year? after they deducted $500 admin fee from me, i transfer all over to phillip liao. higher rates and no fee.

My no admin fee

Sent from HUAWEI INE-LX2R using GAGT

 

[littleredboy]

What is this admin fee? They never charged me any admin fees before.

why wait until next year? after they deducted $500 admin fee from me, i transfer all over to phillip liao. higher rates and no fee.

 

[Mad_Stranger]

I set up my linkage for my FSM account to the CDP account. But under the CDP trading account linkage (from SGX login), the iFAST account seem to be different from my FSM account number. Anyone has this issue? Or can I see that account number somewhere else?

 

[heaveboy]

Does rsp works with srs?

 

[skybluegerald]

Am i doing this right?
i have just started a RSP for a USD ETF.

i am going to do a CAT/RSP.
is the selection correct? to convert all SGD into USD? as shown in the picture.

Thanks in advance!

https://ibb.co/sg9gXbB - if the image is not working

 

[Brown24]

After much consideration, i hv decided to switch my IWDA (SCB) to VT (FSMOne RSP). I'm fully aware of the witholding tax and estate tax issue with US ETF, but the cost saving is quite significant.

As I am investing S$800/mth for IWDA/VT, this is my comparison.

1) SCB forex spread = 0.4%, FSMOne forex spread = 0.25%
2) SCB brokerage fees = $10.7 * 4 (batch 3 mths), FSM brokerage fees = $1.07 * 12
3) IWDA witholding tax = 15%, VT witholding tax = 30%. Assuming dividend at 2% pa, the saving from IWDA is 0.3%. (corrected)
4) IWDA TER = 0.2%, VT TER = 0.09%
5) FSMOne has dividend handling fees of $2.5 per dividend. So its $10 per year of dividend loss.

Based on the above number, I use the spreadsheet created by another forummer, VT annual fees is S$43 (include dividend handling fees) vs IWDA S$96 (didn't include opportunity cost).
However, this comparison only applicable to my case.

 

[linuskltan]

After much consideration, i hv decided to switch my IWDA (SCB) to VT (FSMOne RSP). I'm fully aware of the witholding tax and estate tax issue with US ETF, but the cost saving is quite significant.

As I am investing S$800/mth for IWDA/VT, this is my comparison.

1) SCB forex spread = 0.4%, FSMOne forex spread = 0.25%
2) SCB brokerage fees = $10.7 * 4 (batch 3 mths), FSM brokerage fees = $1.07 * 12
3) IWDA witholding tax = 15%, VT witholding tax = 30%. Assuming dividend at 2% pa, the saving from IWDA is 0.003%. Is witholding tax saving at LSE overated?
4) IWDA TER = 0.2%, VT TER = 0.09%
5) FSMOne has dividend handling fees of $2.5 per dividend. So its $10 per year of dividend loss.

Based on the above number, I use the spreadsheet created by another forummer, VT annual fees is S$43 (include dividend handling fees) vs IWDA S$96 (didn't include opportunity cost).
However, this comparison only applicable to my case.

Think you made a calculation mistake @ 3. The IWDA dividend withholding tax saving is 2% * 15% = 0.3%.