need help with dbs vickers

[donnygg]

hi all, kinda new in investing, i have just bought US stocks using dbs vickers, but somehow i cannot use my cash upfront to make the purchase of US stock. some error came up. so i purchased the stock using Cash. I dont have enough cash in the Cash account, but the purchase went through.

Now there is outstanding unsettled payment. How do i make the deposit?

Reading the FAQ, i still dont understand which method to use, there are EPS, giro and cheque. i just applied for the giro but dont think it will work that soon.

preferably i can settle the deposit via ibanking.

TIA

Can't really help you with your problem but hope you're aware of the fees that DBSV charges for US stocks, especially the custodian fees. If you don't trade frequently, you might want to consider other brokerages.

https://www.dbs.com.sg/vickers/en/mca-fee-schedules.page

https://blog.seedly.sg/how-to-buy-us-shares-in-singapore-and-open-brokerage-account/

 

[ahgua1]

You do not need to have multiplier account to link to dbsvickers to buy US stock. I am using my old sch posh squirrel account to pay for my USD trade.

 

[wutawa]

But there again. Is it even possible to have a trading acc without linkage to multiplier acc?

Yes, i have dbsv (opened long ago) linked to posb saving. I dun have my acct, multipler or emca. But pls dun ask me to try buying us stocks

Can't really help you with your problem but hope you're aware of the fees that DBSV charges for US stocks, especially the custodian fees. If you don't trade frequently, you might want to consider other brokerages.

I heard dbs fx spread quite high too.

I'm confused too. The information on different pages contradicts.

This is what i deduce. If dbsv links to sgd acct, cash upfront only sgx. If dbsv links to multipler acct, cash upfront for all mkts.

You do not need to have multiplier account to link to dbsvickers to buy US stock. I am using my old sch posh squirrel account to pay for my USD trade.

So if ts is using the old dbsv, then he just needs to ensure he has enough money in his sgd acct right?

 

[reddevil0728]

I'm confused too. The information on different pages contradicts.

https://www.dbs.com.sg/vickers/en/mca-fee-schedules.page

One is pre MCA era. One is after

 

[deadrick]

You do not need to have multiplier account to link to dbsvickers to buy US stock. I am using my old sch posh squirrel account to pay for my USD trade.

i have CDP, linked to dbs vickers for Singapore stock buying.

but a month ago i applied the W8 Ben form and ytd tried to purchase a US stock. Its abit like testing. lol. somehow it got filled and now its under my payment unsettled contract, balances is showing negative amount.

can ask if you need to do anything to pay for your US stock like deposit to the your Cash account in dbs vickers? or DBS vickers will auto deduct from your dbs bank amount? somehow FAQ doesnt mention about auto deduction.

 

[deadrick]

ok, i have just applied for Payment Facility for EPS under vickers account management.
I think it will auto deduct if you have applied for Giro.
But since Giro application gonna take 2-3 weeks, im gonna try EPS first. need to call vickers hotline man, but the wait time 30min no answer.

 

[anytime]

use stan chart, abit higher 0.25% but if you do not trade about min. $10 comm, it is good. No custodian fee. If you are trading, may not be good, but if you buy and hold, longer term will safe. Only is SC platform is crap! the delay quote sucks too!

 

[ahgua1]

i have CDP, linked to dbs vickers for Singapore stock buying.

but a month ago i applied the W8 Ben form and ytd tried to purchase a US stock. Its abit like testing. lol. somehow it got filled and now its under my payment unsettled contract, balances is showing negative amount.

can ask if you need to do anything to pay for your US stock like deposit to the your Cash account in dbs vickers? or DBS vickers will auto deduct from your dbs bank amount? somehow FAQ doesnt mention about auto deduction.

For my case, it will auto deduct from my saving account if the cash balance in Vickers is not enough. Anyway, the CSO will call you if by T+2 or 3 if the cash balance is still not enough for settlement.

 

[todayisgood]

Someone did mention DBS will not auto convert within multiplier from sgd to USD. So u have to do your own conversion and place the $ in USD acc

Cannot just leave the $ in sgd acc

Correct me if im wrong

Yes correct, Vickers not very smart de. You need to have enough USD in the multiplier for them to deduct. even if you have a ton of SGD, still cannot. I also kana this situation before. Not like their comm is specially low, even poems is smarter to accept settlements in SGD.

 

[deadrick]

Just to share my experience guys, i have solved the paying for foreign stock liao without having a foreign currency account.

you dont need any multiplier account or USD account.

after you buy via dbs vickers using " cash " option, you will see the total amount in unsettled balance.

call in dbs vickers hotline to lock in the currency rate. then they ask if want to giro from the my local dbs SGD account, thats all.

 

[wutawa]

Thanks for sharing. Sry for all the wrong advices i had given

 

[reddevil0728]

Just to share my experience guys, i have solved the paying for foreign stock liao without having a foreign currency account.

you dont need any multiplier account or USD account.

after you buy via dbs vickers using " cash " option, you will see the total amount in unsettled balance.

call in dbs vickers hotline to lock in the currency rate. then they ask if want to giro from the my local dbs SGD account, thats all.

But that would mean you can’t use CUT that way.

 

[supersnail0]

just my personal opinion, dbsv UI is very "newbie". lags often, not smooth etc. it is also pretty troublesome to just open the account and buy a stock itself. if can go for others

 

[reddevil0728]

just my personal opinion, dbsv UI is very "newbie". lags often, not smooth etc. it is also pretty troublesome to just open the account and buy a stock itself. if can go for others

What matters is the $.

Can get $10 and goes to CDP?