SCB USD high account

[dreant]

u mean, if i want to move my USD from DBS to USD to SCB , vice versa, there is no charge? if i use cheq?

That is correct, if your USD account has a chequebook.

 

[limster]

SC is useful only if you die die want to buy SG stocks and/or keep their assets domiciled in SG, all other reasons are BS, period!

You have no investment track record and only opened your IB account this year, and you like had an SCB account for how long (1 week?) before you closed it.

But you seem to be dispensing a lot of advice like a seasoned professional Unfortunately, a lot of your responses show that you have a lot to learn.

 

[revhappy]

You have no investment track record and only opened your IB account this year, and you like had an SCB account for how long (1 week?) before you closed it.

But you seem to be dispensing a lot of advice like a seasoned professional Unfortunately, a lot of your responses show that you have a lot to learn.

It doesnt take too long to learn stuff. I share only what I have learnt and my own opinion. You can ofcourse disagree. Your advice is also heavily biased based on your own circumstances. How many people asking advice here have 200K to invest and become a priority customer and how many people care about USD debit card and USD cheque book?

 

[limster]

It doesnt take too long to learn stuff. I share only what I have learnt and my own opinion. You can ofcourse disagree. Your advice is also heavily biased based on your own circumstances. How many people asking advice here have 200K to invest and become a priority customer and how many people care about USD debit card and USD cheque book?

S$200k AUM in SCB which counts both foreign and local stocks + savings account, is arguably more achievable than US$100k in IB for only foreign stocks.

But you are not Singaporean, so investing in Singapore shares is not that important to you, but most here are Singaporeans with a preference to start off in the local market first, and 0.18% no minimum commission is a big deal for Singapore stock investors.

Every month, i can maintain/rebalance my own DIY REIT ETF by buying 100 shares of each of the REITs I hold. If I did this in regular broker with $10 min comm, I would be paying a lot more comms.

 

[doody_]

S$200k AUM in SCB which counts both foreign and local stocks + savings account, is arguably more achievable than US$100k in IB for only foreign stocks.

But you are not Singaporean, so investing in Singapore shares is not that important to you, but most here are Singaporeans with a preference to start off in the local market first, and 0.18% no minimum commission is a big deal for Singapore stock investors.

Every month, i can maintain/rebalance my own DIY REIT ETF by buying 100 shares of each of the REITs I hold. If I did this in regular broker with $10 min comm, I would be paying a lot more comms.

That is a point that I realised too. It's easier to achieve 200k AUM with SCB as you have both local and foreign stocks + cash savings, versus 100k in IB with foreign stocks only.

If one is following the ES3/A35/IWDA plan, you get the additional benefit of ES3 and A35 contributing to your AUM for SCB. Assuming someone is 40 years old, the split of local:foreign would be 65:35. To achieve 100k in IWDA, the total stock portfolio would have to be 285k.

 

[foozgarden]

That is correct, if your USD account has a chequebook.

does DBS MCA have a cheque book? i dont recall being given one

 

[foozgarden]

S$200k AUM in SCB which counts both foreign and local stocks + savings account, is arguably more achievable than US$100k in IB for only foreign stocks.

But you are not Singaporean, so investing in Singapore shares is not that important to you, but most here are Singaporeans with a preference to start off in the local market first, and 0.18% no minimum commission is a big deal for Singapore stock investors.

Every month, i can maintain/rebalance my own DIY REIT ETF by buying 100 shares of each of the REITs I hold. If I did this in regular broker with $10 min comm, I would be paying a lot more comms.

That is a point that I realised too. It's easier to achieve 200k AUM with SCB as you have both local and foreign stocks + cash savings, versus 100k in IB with foreign stocks only.

If one is following the ES3/A35/IWDA plan, you get the additional benefit of ES3 and A35 contributing to your AUM for SCB. Assuming someone is 40 years old, the split of local:foreign would be 65:35. To achieve 100k in IWDA, the total stock portfolio would have to be 285k.

i have to agree with the above 2 posters.
the min comm works alot in favour for nibbling stocks.
and the calc of the AUM for achieving SCB PB.
i realise this along my investment journey

most importantly, its your money, so which ever makes it easier to for to stroke at night.

i mean, sleep at night..

 

[dreant]

does DBS MCA have a cheque book? i dont recall being given one

No. Only eMCA+ and MCA+ have cheque facilities.

 

[sgdividends]

No. Only eMCA+ and MCA+ have cheque facilities.

Hmm dreamt, did u try it before with no charges?
I recalled calling SCB hotlines asking for a way to transfer out USD without charges and they say no way, including usage of cheque book. But they have been wrong so this is good news if what u write is correct.

 

[sgdividends]

Maybe because SCB high account has no cheque book..no wonder

 

[limster]

Maybe because SCB high account has no cheque book..no wonder

Two people with PB have confirmed that SCB High account have free cheque book if you ask your RM. It's not advertised in the website.

http://forums.hardwarezone.com.sg/110351115-post3791.html

 

[foozgarden]

No. Only eMCA+ and MCA+ have cheque facilities.

i see. should have changed to MCA +..
useful to move money in/out

Maybe because SCB high account has no cheque book..no wonder

confirm + chop have.
coz i have it, and its free. ask nicely.

 

[kehyi4]

...most importantly, its your money, so which ever makes it easier to for to stroke at night.

i mean, sleep at night..

I vote this for "Freudian Slip of the Year" award

On second thoughts it's starting to look intentional, in that case, well played sir

 

[kehyi4]

Two people with PB have confirmed that SCB High account have free cheque book if you ask your RM. It's not advertised in the website.

http://forums.hardwarezone.com.sg/110351115-post3791.html

I didn't even have to ask, they just mailed it to me ... i actually don't want it

 

[sgdividends]

i see. should have changed to MCA +..
useful to move money in/out



confirm + chop have.
coz i have it, and its free. ask nicely.

Thank you foozgarden.
That's helpful!

 

[dreant]

Hmm dreamt, did u try it before with no charges?
I recalled calling SCB hotlines asking for a way to transfer out USD without charges and they say no way, including usage of cheque book. But they have been wrong so this is good news if what u write is correct.

I don't bank with SCB. My initial experience with them was dismal enough for me to close all my accounts with them within months of opening.

I've been able to move USD between other banks (*) at no charge, with the use of locally drawn USD cheques. (* except HSCB)

For you to move USD out of SCB, you'll need a USD account with them that has cheque facilities. Such an account usually has a fall-below fee, so you'll need to maintain a minimum amount of USD with them if you wish to avoid paying that fee every month.

SCB does not charge to clear USD cheques drawn from local banks, so there is no charge to move USD into SCB that way. However, they do have a charge to clear other FCY cheques from local banks, as well as for cheques from foreign banks.

i see. should have changed to MCA +..
useful to move money in/out

You can always change it at the branch. The main difference with the "+" accounts is they have a monthly service fee, and cheque facilities.

DBS *used* to have a USD current account with no monthly fee, but they stopped offering it for quite some time now.

 

[sgdividends]

I don't bank with SCB. My initial experience with them was dismal enough for me to close all my accounts with them within months of opening.

I've been able to move USD between other banks (*) at no charge, with the use of locally drawn USD cheques. (* except HSCB)

For you to move USD out of SCB, you'll need a USD account with them that has cheque facilities. Such an account usually has a fall-below fee, so you'll need to maintain a minimum amount of USD with them if you wish to avoid paying that fee every month.

SCB does not charge to clear USD cheques drawn from local banks, so there is no charge to move USD into SCB that way. However, they do have a charge to clear other FCY cheques from local banks, as well as for cheques from foreign banks.



You can always change it at the branch. The main difference with the "+" accounts is they have a monthly service fee, and cheque facilities.

DBS *used* to have a USD current account with no monthly fee, but they stopped offering it for quite some time now.

Thank you dreamt ..didn't know that

 

[SBC]

Can make use of this USD & SGD esaver to change FX?

What’s the Rate & other cost?

 

[SBC]

Transfer some $ from my USD esaver to SGD esaver?
Obj is to change USD to SGD. possible ?

 

[revhappy]

Transfer some $ from my USD esaver to SGD esaver?
Obj is to change USD to SGD. possible ?

Certainly possible. But may not be the most efficient way to do it, depending upon your purpose of the transfer and the amount.

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