Standard Chartered - Only Online Trading in town with no minimum commission

Status
Not open for further replies.

unclebutcher

Senior Member
Joined
Mar 12, 2007
Messages
905
Reaction score
0
Took 15-20 days to get my trading acct live, so be prepared to wait hor
 

g3tback0r

Member
Joined
Jul 2, 2006
Messages
438
Reaction score
0
Applied today!!

Have credit card acc previously, applied for internet account as well.

Efficient. eSaver was opened and activated immediately once I put in $1000 in the branch.

Went home and applied settlement acc online. Shall wait for 3-4 days.

Haha.
 

Mayhem69

Arch-Supremacy Member
Joined
Jan 14, 2004
Messages
10,629
Reaction score
0
The W8 Ben form

About the Claim of tax treaty benefits , how do i fill in those ?
 

strangerjun

Greater Supremacy Member
Joined
Mar 25, 2008
Messages
96,244
Reaction score
1
Before opening the online trading account?

Do I have to opening a saving account with SCB for the purpose of funding? What are the different accounts?




:s12::s12::s12:
 
Last edited:

takishi

Senior Member
Joined
Jun 24, 2006
Messages
1,755
Reaction score
0
Before opening the online trading account?

Do I have to opening a saving account with SCB for the purpose of funding? What are the different accounts?




:s12::s12::s12:
You need to have at least a esaver acct, the rest will will fall into place once the acct is open and you can apply the online trading. fund transfer from other bank have to be set up if you need to.
 

Panerex

Supremacy Member
Joined
Nov 29, 2010
Messages
5,153
Reaction score
10
The W8 Ben form

About the Claim of tax treaty benefits , how do i fill in those ?

Does this form allowed us not to be taxed at 30% for capital gains arising from trading in the US market?
 

comeonshowme

Member
Joined
Jun 22, 2009
Messages
197
Reaction score
0
Transfer of existing shares from CDP to SCB

I had confirmed with CDP and SCB on this matter.

1. The transfer is $10.70 per counter regardless of the number of shares per counter. This will be charged by CDP. There is NO charge by SCB.

2. The billing however, comes from SCB. That is, CDP will charge it to SCB, which in turn will deduct from your SCB account.

3. Print out both forms (CDP and SCB) below and go to any SCB branch. The bank officer there will assist with the paperwork of both forms.

CDP FORM:
http://www.sgx.com/wps/wcm/connect/3a3a458047ab69bda4c1a5b5eac0cac8/transfer_form.pdf?MOD=AJPERES

SCB FORM:
http://www.mediafire.com/download.php?lddwhzyj74ephgh



Why should we transfer existing shares to SCB?

  • SCB is attractive to both small and big timers. For small timers, you can benefit from the no minimum commission part. Cost-averaging will be cheap. For big timers, see illustration point #2 below.
  • The commission savings using SCB will offset the stock transfer cost from CDP to SCB, this is provided if your selling contract value is <$7150 or >$13375. I will not show how I get the numbers here*.

For illustration purpose,
1. If your selling contract value is $5000, the commissions incurred by other brokerages and SCB will be $25 and $10 respectively. After offsetting the transfer fees, you get to save a few dollars.

2. If your selling contract value is $50000, the commissions incurred by other brokerages and SCB will be $140 and $100 respectively. After offsetting the transfer fees, you get to save quite a fair bit.

*Assumption: Other brokerages charge at 0.28% with a minimum charge of $25. To simplify problem, the calculation does not include clearing fees.

The charges for other brokerage is not same throughout.

If base on $50000, the comm charge will be base on 0.22% already, so doesn't mean the higher the contract value, the more you save.

Any contract value above $100k, the comm is 0.18%
 

strangerjun

Greater Supremacy Member
Joined
Mar 25, 2008
Messages
96,244
Reaction score
1
You need to have at least a esaver acct, the rest will will fall into place once the acct is open and you can apply the online trading. fund transfer from other bank have to be set up if you need to.

apart from esaver account? what else are there?

:s12::s12::s12:
 

takishi

Senior Member
Joined
Jun 24, 2006
Messages
1,755
Reaction score
0
apart from esaver account? what else are there?

:s12::s12::s12:


There are many type of accounts, you just need one and have internet banking in order to apply for online trading. Once you apply, they will set up the securities trading account for you to transfer funds in, then you can trade liao.

Check out their website to see which account type suits you.
 

chopra

High Supremacy Member
Joined
Apr 15, 2003
Messages
46,778
Reaction score
13
The charges for other brokerage is not same throughout.

If base on $50000, the comm charge will be base on 0.22% already, so doesn't mean the higher the contract value, the more you save.

Any contract value above $100k, the comm is 0.18%

That's why I highlighted my assumption.

Anyway, thanks for pointing out. You can work out the sums from there.
And I believe the main attraction is still no mimimum commission. It's a no-brainer switch. :)
 

stealth0128

Senior Member
Joined
Feb 7, 2003
Messages
2,495
Reaction score
0
It's faster if you have an existing Esaver account. My trading account took 3 days to activate via online application. No signature required.

No fuss at all.
 

stealth0128

Senior Member
Joined
Feb 7, 2003
Messages
2,495
Reaction score
0
I have a qns, if the SCB website is buggy and I urgently have to make some transactions. Can I call up SCB and is there a broker to do it?
 

takishi

Senior Member
Joined
Jun 24, 2006
Messages
1,755
Reaction score
0
I have a qns, if the SCB website is buggy and I urgently have to make some transactions. Can I call up SCB and is there a broker to do it?

There is a fee & services tab on the left of your trading page. There is a FAQ over there. But no specific mention of a broker to do the trade for you. Just say speak to your Relationship Manager.
 

stealth0128

Senior Member
Joined
Feb 7, 2003
Messages
2,495
Reaction score
0
There is a fee & services tab on the left of your trading page. There is a FAQ over there. But no specific mention of a broker to do the trade for you. Just say speak to your Relationship Manager.

Oh i think i missed that. Will check it out thanks!
 

ngeo12

High Supremacy Member
Joined
Oct 10, 2005
Messages
27,010
Reaction score
0
Anybody noticed the chart in the SCB's trading account looks inaccurate? Or is it my settings wrong?


Uploaded with ImageShack.us

Late July the stock was 14+-.. It doesnt look like exchange rate prob since 14/1.22 would be in $11.6+-.
 

Azzizz81

High Supremacy Member
Joined
May 4, 2001
Messages
44,195
Reaction score
270
Does this form allowed us not to be taxed at 30% for capital gains arising from trading in the US market?

Yeah..it's to inform them whether you are a US resident or not

http://www.investopedia.com/ask/answers/06/nonusresidenttax.asp#axzz1WWnY8qVB
The tax implications for a foreign investor will depend on whether that person is classified as a resident alien or a non-resident alien. To be considered a non-resident alien, a person must meet several guidelines. First of all, the person cannot have had a green card at any time during the relevant tax reporting period (e.g 2005) and cannot have resided in the U.S. for more than 183 days in the past three years, including the current reporting period. However, non-U.S. citizens who hold green cards and have been in the U.S. for more than 183 days are classified as resident aliens for tax purposes and are subject to different guidelines than non-resident aliens.

If you fall under the non-resident alien category and the only business you have in the U.S. is in investments (stocks, mutual funds, commodities) within a U.S. dollar-denominated brokerage firm or other agent, you are subject to the following tax guidelines. In terms of capital gains, non-resident aliens are subject to no U.S. capital gains tax, and no money will be withheld by the brokerage firm. This does not mean, however, that you can trade tax free - you will likely need to pay capital gains tax in your country of origin. In terms of dividends, non-resident aliens face a dividend tax rate of 30% on dividends paid out by U.S. companies. However, they are excluded from this tax if the dividends are paid by foreign companies or are interest-related dividends or short-term capital gain dividends. This 30% rate can also be lower depending on the treaty between your home country and the U.S., so it is important that you contact your brokerage firm to verify the rate. If you are a resident alien and hold a green card or satisfy the resident rules (183 days), you are subject to the same tax rules as any U.S. citizen.

Read more: http://www.investopedia.com/ask/answers/06/nonusresidenttax.asp#ixzz1WWnlNpon
 
Last edited:

lasnoblur

Master Member
Joined
Mar 9, 2008
Messages
3,400
Reaction score
7
Hi all,

Sharing a few cons of SCB platform:

1. SCB at times submit orders late to SGX.
Did a sell order the previous day at counter X today's buy price, trade only take place 20++ secs later. i gt the 1st trade for this counter FYI.

2. Orders entered after 12am midnight may / may not be successful?
Order status did not reflect new inputs after 12am midnight. now im nt even sure whether my inputs will be entered until tml morning.

Thumbs down for SCB in this case but as mentioned, its no commission is a plus for 1 to have.
 

MikeDirnt78

High Supremacy Member
Joined
Jun 16, 2002
Messages
30,518
Reaction score
354
Hi all,

Sharing a few cons of SCB platform:

1. SCB at times submit orders late to SGX.
Did a sell order the previous day at counter X today's buy price, trade only take place 20++ secs later. i gt the 1st trade for this counter FYI.

2. Orders entered after 12am midnight may / may not be successful?
Order status did not reflect new inputs after 12am midnight. now im nt even sure whether my inputs will be entered until tml morning.

Thumbs down for SCB in this case but as mentioned, its no commission is a plus for 1 to have.

1) very subjective point. it depends on the demand/supply of the shares. if you buy at the market price, it will get executed quite fast.

2) yes there is a certain window period you cant submit to queue overnight.
 
Status
Not open for further replies.
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 Terms of Service for more information.
Top