FSMOne web platform

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Converged

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Brown24 said:
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.
Click to expand...

Can i create FSMOne just to convert sgd to usd then transfer the usd back to SCB for purchasing of stocks? Are there any hidden fees other than the fx spread?
 
GhostZM

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Converged said:
Can i create FSMOne just to convert sgd to usd then transfer the usd back to SCB for purchasing of stocks? Are there any hidden fees other than the fx spread?
Click to expand...

The fx rate on FSMOne isn't worth it.

You may consider to use Transferwise instead..I believe the fx rate is better and fees are lower.


CheerS!!!;)
 
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GhostZM said:
The fx rate on FSMOne isn't worth it.

You may consider to use Transferwise instead..I believe the fx rate is better and fees are lower.


CheerS!!!
;)
Click to expand...

Have u tried transferring usd from transferwise to scb usd trading acc before? Heard the wire fees from the bank is quite significant

https://transferwise.com/us/blog/fees-changing-usd-jan-18-sgd

Posted from PCWX using Nokia 3310
 
GhostZM

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Converged said:
Have u tried transferring usd from transferwise to scb usd trading acc before? Heard the wire fees from the bank is quite significant

https://transferwise.com/us/blog/fees-changing-usd-jan-18-sgd

Posted from PCWX using Nokia 3310
Click to expand...

I dun have a SCB USD trading account. I just transfer it back to my DBS USD account. The fee is just US$1.40.


CheerS!!!;)
 
wutawa

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GhostZM

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wutawa said:
Transferwise charges 0.44% for sgd to usd? Isnt it higher than fsm?
https://transferwise.com/sg/multi-currency-account/#pricing

Dbs fx spread is 0.7%?
https://www.dbs.com.sg/personal/rates-online/foreign-currency-foreign-exchange.page

Not sure about the transfer fees though
Click to expand...

Even after taking into account the conversion fee , the FX rate on TW is still better than what FSM is offering..

I came to this conclusion after trying out the conversion on both platforms. But if you have doubts, just stick to FSM ;)


CheerS!!!;)
 
klanddt

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GhostZM said:
I dun have a SCB USD trading account. I just transfer it back to my DBS USD account. The fee is just US$1.40.


CheerS!!!;)
Click to expand...

Can I just confirm that your DBS USD account did not charge the 1/8% commission? Thanks.
 
5408854088

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there is a minimum 2.50 USD as dividend handling fee for US stocks. what happens if the dividend is less than 2.50 USD? will the minimum still apply or will they just take whatever that comes in?
 
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5408854088 said:
there is a minimum 2.50 USD as dividend handling fee for US stocks. what happens if the dividend is less than 2.50 USD? will the minimum still apply or will they just take whatever that comes in?
Click to expand...

If it is less than US$2.50, they will deduct whatever that was issued... That's what happened to my RSP on VT which issued dividends last month or 2 months back...
 
5408854088

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makav31i said:
If it is less than US$2.50, they will deduct whatever that was issued... That's what happened to my RSP on VT which issued dividends last month or 2 months back...
Click to expand...

thanks! hope they can enable LSE trading in due time too.
 
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makav31i

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5408854088 said:
thanks! hope they can enable LSE trading in due time too.
Click to expand...

If they added LSE and introduce some of the ETF for RSP, FSM will be the go to broker for most Singaporean investors so you don't have to open so many different broker accounts to handle different kind of transactions...
 
5408854088

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Is FSMOne down for everyone? Why do I see a maintenance msg on the site but it's stated that they're doing scheduled maintenance on Sat, 9 May. A bit worried because my RSP money got deducted on the 8th but I did not see an increase in my invesment holdings on that day. Was going to see if it gets updated today but then now it's down during trading hours???

EDIT: message on their website was edited to remove the date of maintenance. seems like really just website down...
 
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