Singlife Account

[andregoiano]

Did anyone manage to open an account successfully on the app? After keying in mobile number, I got stuck since I do not have a password (or username).

Hi @linuskltan, you should be able to proceed normally now. We had a waitlist function implemented in the app until last week. Cheers.

 

[peppermint7]

Ive open on 7/3 and put $500 inside. 8th midnight can see $0.03 accrued interest. Thanks!

 

[andregoiano]

Ive open on 7/3 and put $500 inside. 8th midnight can see $0.03 accrued interest. �� Thanks!

That's great to hear @peppermint7.

 

[fairylord]

Hi Andre, what is the recipient name when I transfer fund into Singlife DBS account?

Or the bank account number shown inside my apps is actually my Singlife account number (in DBS?) , so just put my name as receipient?

 

[andregoiano]

Hi Andre, what is the recipient name when I transfer fund into Singlife DBS account?

Or the bank account number shown inside my apps is actually my Singlife account number (in DBS?) , so just put my name as receipient?

Hi @fairylord, the recipient name can be your real name. The funding routing is based solely on the account number itself. Each customer has a unique number.

We are adding a bit more clarity about that on the top up function soon.

 

[andregoiano]

For those that recently completed our Singlife Account application, and opted in for a Singlife Visa Platinum debit card, here's how it looks like:

We issue it for free, and works anywhere in the world where Visa is accepted.

 

[linuskltan]

Hi @linuskltan, you should be able to proceed normally now. We had a waitlist function implemented in the app until last week. Cheers.

@andregoiano, I was able to create an account on 15 Feb 2020, but I cannot get pass the "Source of Funds" step. When I submit, I get an Red error page. I have raised this issue on the Singlife WhatsApp on 15 Feb 2020, but it has been more than 3 weeks and I still have not gotten an update or resolution yet.

 

[andregoiano]

@andregoiano, I was able to create an account on 15 Feb 2020, but I cannot get pass the "Source of Funds" step. When I submit, I get an Red error page. I have raised this issue on the Singlife WhatsApp on 15 Feb 2020, but it has been more than 3 weeks and I still have not gotten an update or resolution yet.

Hey @linuskltan, thanks for raising that, and sorry for the delay in response. We did indeed have an issue/bug at at screen, which was fixed in our 2.0.0 app version. Can you please DM me your mobile number please? I will take a look for you.

Edit: don't worry, found the support ticket already, am on it.

 

[slurpy0099]

Our current and public commitment is to provide the 2.5% p.a. interest to the first 20K customers, for the duration of their policies with us (singlife.com/manage). There isn't ANY scenario in which that interest rate will change (up or down) without the customers being properly notified about it, so please rest assured sudden and unexpected changes to that won't ever happen.

As a company regulated by the MAS (here is our license by the way: https://eservices.mas.gov.sg/fid/institution/detail/201139-SINGAPORE-LIFE-PTE-LTD), we do have to make sure we can serve all our customers on our product promises, without any exception.

Is 2.5% guaranteed?

 

[andregoiano]

Is 2.5% guaranteed?

Hey @slurpy0099, the Singlife Account returns are not guaranteed. There are no lock-ins and your policy is protected under SDIC's Policy Owners’ Protection Scheme. For the complete view on the product spec, please check out www.singlife.com/manage.

 

[BBCWatcher]

Sorry about that BBCWatcher. FATCA rules bind us on that front.

No, they really don't actually -- and they haven't for at least half a decade.

Please don't perpetuate mythologies. There are enough of them already.

 

[andregoiano]

No, they really don't actually -- and they haven't for at least half a decade.

Please don't perpetuate mythologies. There are enough of them already.

Would you like me to connect you with one of our compliance officers so that they can give you the whole background to why Singlife doesn't accept US tax residents into our product?

 

[BBCWatcher]

Would you like me to connect you with one of our compliance officers so that they can give you the whole background to why Singlife doesn't accept US tax residents into our product?

No, you can post your compliance officer's purported rationale here. It won't actually have any legal or regulatory merit given that Singapore and the United States long ago concluded their FATCA Intergovernmental Agreement (IGA) (linked previously), and everything in the IGA is bog standard KYC stuff you already collect. Your compliance and reporting requirements with respect to U.S. persons residing in Singapore are exactly the same as they are for any/every other customer you sign up residing in Singapore. That's the whole point of the now half decade old IGA.

Unless your product is registered with the U.S. Securities and Exchange Commission (SEC) you are not (per U.S. law) legally allowed to solicit business from U.S. persons -- no ads in any U.S. edition of the Wall Street Journal, for example -- but if a U.S. person knocks on your door, that's perfectly legal. Other countries have similar laws or regulations.

I would add that your competitors, at least most of them, seem to understand the facts I've outlined above.

Fix this, please. It's embarrassing.

 

[bjornng]

hi andre,

may i ask, assuming i put in $10K sgd into the account. if halfway through i need to withdraw for eg. $2K sgd, will i still earn interest on the $8k sgd (prorated)?

or does this work like a fixed deposit, where i must put in $10k for 1 year.

thankyou

 

[andregoiano]

Fix this, please. It's embarrassing.

You seem to really really want to join our product. I appreciate that. Will try to help you there.

 

[bright_84]

No, you can post your compliance officer's purported rationale here. It won't actually have any legal or regulatory merit given that Singapore and the United States long ago concluded their FATCA Intergovernmental Agreement (IGA) (linked previously), and everything in the IGA is bog standard KYC stuff you already collect. Your compliance and reporting requirements with respect to U.S. persons residing in Singapore are exactly the same as they are for any/every other customer you sign up residing in Singapore. That's the whole point of the now half decade old IGA.

Unless your product is registered with the U.S. Securities and Exchange Commission (SEC) you are not (per U.S. law) legally allowed to solicit business from U.S. persons -- no ads in any U.S. edition of the Wall Street Journal, for example -- but if a U.S. person knocks on your door, that's perfectly legal. Other countries have similar laws or regulations.

I would add that your competitors, at least most of them, seem to understand the facts I've outlined above.

Fix this, please. It's embarrassing.

Hahahhaha. The model 1 and 2 are so misunderstood and every time fatca shows up people get so paranoid, so you need to be a bit more forgiving.

I would appreciate SingLife's response to this though.

 

[andregoiano]

hi andre,

may i ask, assuming i put in $10K sgd into the account. if halfway through i need to withdraw for eg. $2K sgd, will i still earn interest on the $8k sgd (prorated)?

or does this work like a fixed deposit, where i must put in $10k for 1 year.

thankyou

Hi @bjornng, the interest is automatically calculated based on the amount you hold in your balance on that day. You are able to withdraw your S$2K at any time you want, without fees or lock-ins. We will continue calculating your interest based on what remained.

 

[andregoiano]

I would appreciate SingLife's response to this though.

Hi @bright_84, will ask the team to share one.

 

[bjornng]

Hi @bjornng, the interest is automatically calculated based on the amount you hold in your balance on that day. You are able to withdraw your S$2K at any time you want, without fees or lock-ins. We will continue calculating your interest based on what remained.

dear andre,

thanks for your prompt response. may i ask if the 2.5% is only for the first policy year?

 

[Sethisfy]

Hi @bjornng, the interest is automatically calculated based on the amount you hold in your balance on that day. You are able to withdraw your S$2K at any time you want, without fees or lock-ins. We will continue calculating your interest based on what remained.

When is the interest credited?