*OFFICIAL* Standard Chartered Bank Online Equities Trading

M

mango_car

Member
Joined
Sep 23, 2014
Messages
373
Reaction score
36
Oppa380 said:
Ibkr better with spot rates but got monthly fees irrc but no min commissions
Scb got 0.8% forex charges but no monthly fees and min commissions

https://forums.hardwarezone.com.sg/...red-sc-investing-internationally-4342929.html

2013 thread but not sure if anything changed now
Click to expand...

Thank you sir.

limster said:
Anyone who is actually using SCB now will know what is the forex charge (just login to see the SCB rate and use google to check the spot rate), there's no need to go back to 2013 thread.
Click to expand...

thank you sir
 
H

HMAN

Supremacy Member
Joined
Jan 6, 2002
Messages
5,103
Reaction score
602
I have this SCB Bonus saver account for long, it is in dormant state, recently SC automatically adding multi currencies support. Just for fun, i did an initial transfer of any amount of USD to activate the USD account.

This account also support USD cheque deposit and I did USD 1 transfer to the USD settlement account, all work.
Quite wide range of foreign currencies are supported ,pound,euro,USD,hkd...

It is just handy.

One question: I have FCY USD account setup done , but I have not submitted the EAN8 form, if I proceed to purchase USA share, can I sell the shares without restrictions? I know there will have 30% withholding tax for dividends.

Sent from Samsung SM-T830 using GAGT
 
Last edited:
wutawa

wutawa

Arch-Supremacy Member
Joined
Jan 25, 2003
Messages
11,993
Reaction score
3,594
HMAN said:
I have this SCB Bonus saver account for long, it is in dormant state, recently SC automatically adding multi currencies support. Just for fun, i did an initial transfer of any amount of USD to activate the USD account.

This account also support USD cheque deposit and I did USD 1 transfer to the USD settlement account, all work.
Quite wide range of foreign currencies are supported ,pound,euro,USD,hkd...

It is just handy.

One question: I have FCY USD account setup done , but I have not submitted the EAN8 form, if I proceed to purchase USA share, can I sell the shares without restrictions? I know there will have 30% withholding tax for dividends.

Sent from Samsung SM-T830 using GAGT
Click to expand...

1. You mean scb auto created all the fcy settlement accts?
2. Do u have an scb trading acct too?
3. For trading in us markets, u need to go to a branch and submit w8ben. For sgx, just online submit rws and car.
 
wutawa

wutawa

Arch-Supremacy Member
Joined
Jan 25, 2003
Messages
11,993
Reaction score
3,594
Yes, u can do that. I dun have any usd or usd saving acct mah. Haha
 
scudettoz7

scudettoz7

Senior Member
Joined
Jul 8, 2008
Messages
588
Reaction score
5
I got my e$aver and those fcy account setup, however I tried to explore the "online trading" option, it prompts me to register for online trading again.
Any pros here can advise if my trading account is not yet fully setup or some glitch going on?
 
H

HMAN

Supremacy Member
Joined
Jan 6, 2002
Messages
5,103
Reaction score
602
wutawa said:
1. You mean scb auto created all the fcy settlement accts?
2. Do u have an scb trading acct too?
3. For trading in us markets, u need to go to a branch and submit w8ben. For sgx, just online submit rws and car.
Click to expand...
1.Yes FCY account is created ,I have put USD 10 to it.
2. Have been trading with SCB account on sgx.
3. Perhaps I just go buy 1apple so share to try the validity of the USA trading
When I signed up the trading account, it was quoted to call hotline, SCB will collect the w8EN form from me but ** period,I did not call.

I am with priority banking.

Sent from Samsung SM-T830 using GAGT
 
wutawa

wutawa

Arch-Supremacy Member
Joined
Jan 25, 2003
Messages
11,993
Reaction score
3,594
HMAN said:
1.Yes FCY account is created ,I have put USD 10 to it.
2. Have been trading with SCB account on sgx.
3. Perhaps I just go buy 1apple so share to try the validity of the USA trading
When I signed up the trading account, it was quoted to call hotline, SCB will collect the w8EN form from me but ** period,I did not call.

I am with priority banking.

Sent from Samsung SM-T830 using GAGT
Click to expand...

Without w8ben, u cant buy us shares. U can try to see if u can select naqdas or nyse.

I get it now. I suspect scb getting too many requests to open fcy settlement accts from existing trading acct holders, so decided to auto open them for priority. I priority but no change though :p
 
Last edited:
wutawa

wutawa

Arch-Supremacy Member
Joined
Jan 25, 2003
Messages
11,993
Reaction score
3,594
scudettoz7 said:
I got my e$aver and those fcy account setup, however I tried to explore the "online trading" option, it prompts me to register for online trading again.
Any pros here can advise if my trading account is not yet fully setup or some glitch going on?
Click to expand...
Yup, u still need a trading acct, which may take wks to be opened.

scb.png
 
Last edited:
K

Kenghead

Junior Member
Joined
Oct 25, 2014
Messages
17
Reaction score
1
Hi guys, new to forum here. I hope experts here who encounter the same problem as me are able to give me some advice.

I am a Singaporean staying in Singapore using Standard Chartered online trading account for US trading. I bought and hold a US stock call Allergan, and it just went into a merger with AbbVie in May2020. I was given cash and AbbVie stock as a result of the merger.

I received the full cash offer initially, but after a few days the brokerage did a reversal of the cash and credited me a much lower amount. Apparently it applied a 30% dividend tax on my cash offering. I understand that there is a 30% dividend tax on dividends for non-US citizen but this is not a dividend payout.

I have contacted the online trading support team and is still pending answer from them. Am i able to get back my full amount of cashing offering? Many Thanks!!
 
klanddt

klanddt

Member
Joined
Nov 15, 2016
Messages
303
Reaction score
0
Could that be 30% Witholding Tax and not dividend tax as you described?

I understand that US Tax Law requires WHT for Non-US person at 30% rate on payments of US source share dividends, capital gain and whatever profitable payment you get from the shares.

Kenghead said:
Hi guys, new to forum here. I hope experts here who encounter the same problem as me are able to give me some advice.

I am a Singaporean staying in Singapore using Standard Chartered online trading account for US trading. I bought and hold a US stock call Allergan, and it just went into a merger with AbbVie in May2020. I was given cash and AbbVie stock as a result of the merger.

I received the full cash offer initially, but after a few days the brokerage did a reversal of the cash and credited me a much lower amount. Apparently it applied a 30% dividend tax on my cash offering. I understand that there is a 30% dividend tax on dividends for non-US citizen but this is not a dividend payout.

I have contacted the online trading support team and is still pending answer from them. Am i able to get back my full amount of cashing offering? Many Thanks!!
Click to expand...
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top