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

Status
Not open for further replies.

Gribber

Banned
Joined
Apr 6, 2012
Messages
11,563
Reaction score
0
I just clarified some things with SC over the phone.


Indeed, minimum age to open a trading account is 21. The SGX online quiz is totally unnecessary according to them. What is most important is the CAR, of which you have to pass at least 1 criteria in order for successful opening of your trading account. Even if any 1 criteria is met, whether your account is to be opened or not is still subject to their consideration.


To be honest, their customer service wasn't very good. I called twice. First time I called, a woman told me there is no minimum age for opening an account, contrary to what I read here, so I called again and another customer servicer told me that indeed the minimum age is 21.


Hope this has helped.

https://www.sc.com/sg/personal-banking/investment/online-trading/en/tnc.html

already written in here... Part B > 6.2 > (a)

You must be a legal resident of the place where you open the Securities Settlement Account and 21 years of age or over.
 

liemsc

Member
Joined
Oct 28, 2009
Messages
304
Reaction score
6
hi liemsc,

I did give you a heads-up regarding scb rejecting outright even after you've passed the sgx quiz. they just do not have that as the requirement. people still go for scb simply for the fact that its 0.2% flat commission is attractive for small time investors probably buying etfs (rebalancing or dca methods). if that is what you want, it would still be good if you can open an scb trading account. cheers

Hi reinphd - yes, I didn't forget that. But as per Sinkie's suggestion to just try getting an RM who is willing to open it, I thought I'd just try my luck.

xRenol, moozmoow, Bedokian - yes, I will consider doing that (6 transactions in OCBC first, then open SC account). Even the SC person told me the same thing (to open account with somebody else first :s22:)

But honestly, my personal experience with SC's other banking matter is not very good ; their administration somehow feels messy for me (or am I just unlucky to be dealing with lousy staff).
 

reinphd

Senior Member
Joined
Nov 8, 2014
Messages
1,022
Reaction score
0
Hi reinphd - yes, I didn't forget that. But as per Sinkie's suggestion to just try getting an RM who is willing to open it, I thought I'd just try my luck.

xRenol, moozmoow, Bedokian - yes, I will consider doing that (6 transactions in OCBC first, then open SC account). Even the SC person told me the same thing (to open account with somebody else first :s22:)

But honestly, my personal experience with SC's other banking matter is not very good ; their administration somehow feels messy for me (or am I just unlucky to be dealing with lousy staff).

my first visit i submitted the sgx online quiz result and was rejected after a few hours (a call was given to me).

my second visit to another branch i declared i did 6 trades and without further questioning, the rm opened the account for me.

as stated by others, scb would be rather good for etf related tradings mostly. I feel unjust for you to 'pay' 6 trades to open an scb account if you already know what you're going to do.
 

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,564
Reaction score
425
noob question as I am new to Standard Chartered online trading.

Before I make a foreign currency trade, I must transfer $$ to the SSA in the correct foreign currency eg: GBP.

However, it seems that the amount to be transferred is stated in S$. Is there any way to find out the conversion rate at the time of transfer to make sure that I transfer the correct amount of S$ in order for it to be correctly converted to GBP?

Because I understand that the exchange rate for SCB is not so good, so I should avoid transferring between the GBP and S$ accounts too often, so best if I can transfer in the exact amount each time...
 

Bedokian

Senior Member
Joined
Apr 5, 2007
Messages
2,197
Reaction score
1
noob question as I am new to Standard Chartered online trading.

Before I make a foreign currency trade, I must transfer $$ to the SSA in the correct foreign currency eg: GBP.

However, it seems that the amount to be transferred is stated in S$. Is there any way to find out the conversion rate at the time of transfer to make sure that I transfer the correct amount of S$ in order for it to be correctly converted to GBP?

Because I understand that the exchange rate for SCB is not so good, so I should avoid transferring between the GBP and S$ accounts too often, so best if I can transfer in the exact amount each time...

For transfer from your SGD eSaver account to the foreign currency settlement account, they will prompt you the exchange rate and the amount converted, before you confirm. Same goes if you want to transfer out of the foreign currency back to the eSaver SGD account.

And yes, try not to transfer to and fro SGD and foreign currency too often.
 

Bedokian

Senior Member
Joined
Apr 5, 2007
Messages
2,197
Reaction score
1
But honestly, my personal experience with SC's other banking matter is not very good ; their administration somehow feels messy for me (or am I just unlucky to be dealing with lousy staff).

For me, I just need the RM to open the equity account and that's it. I have never spoken to him since then. ;)

For me I opened mine at the Serangoon Nex branch. The guy who opened for me is quite ok. You could try there.
 

blackie83

Supremacy Member
Joined
Sep 23, 2001
Messages
8,944
Reaction score
19
Anyone know how to force desktop mode for android or iphone.

It keeps redirecting to breeze. Can't trade with it. But ipad is fine.
 

Gribber

Banned
Joined
Apr 6, 2012
Messages
11,563
Reaction score
0
Anyone know how to force desktop mode for android or iphone.

It keeps redirecting to breeze. Can't trade with it. But ipad is fine.

all you need is to save the URL of the online banking page.

before loading into the page, use chrome request desktop site and run the bookmark.

i mentioned this posts ago.

it works for any phones i've used. Android or iOS
 
Last edited:

magnesium1

Senior Member
Joined
Oct 24, 2013
Messages
2,080
Reaction score
0
all you need is to save the URL of the online banking page.

before loading into the page, use chrome request desktop site and run the bookmark.

i mentioned this posts ago.

it works for any phones i've used. Android or iOS

yup, works for me too.

Save/bookmark the url : https://ibank.standardchartered.com.sg/nfs/login.htm

Sent from GAGT Android App
 

winguy

Arch-Supremacy Member
Joined
Jun 10, 2001
Messages
20,758
Reaction score
0
Hi all,

Not sure if this has been posted before. Recently I had to do the CAR again as mine is up for renewal. However, I find it strange that SCB requires customers to pass the CAR in order to continue trading using their platform.

I thought CAR is applicable only if you wish to trade Specified Investment Products (SIPs)?

From their FAQ:
What is an Listed Specified Investment Product (LSIP)?

The list of capital markets products which are Excluded Investment Products (EIP) are prescribed pursuant to local regulatory requirements (the Securities and Futures Act). Capital markets products which are listed AND do not fall within the definition of EIP will be considered listed Specified Investment Products. Examples of listed Specified Investment Products include foreign-listed stocks, all exchange-traded funds and any other listed securities with embedded derivatives. Intermediaries who are able to identify EIP-equivalent investment products listed on foreign exchanges are permitted to treat these products as EIPs. On the part of Standard Chartered Bank (Singapore) Limited, we will continue to treat all foreign-listed capital markets products (such as foreign-listed shares, all exchange traded funds) as Specified Investment Products. This means that customers who wish to trade using their Standard Chartered's online equities trading accounts will have to complete and pass the Customer Account Review (CAR).

...

I received a letter requesting that I complete a Customer Account Review (CAR) Form prior to the deadline set out in the letter. What are the implications if I do not complete or meet the criteria of CAR before such deadline?

The CAR for our customers have to be re-evaluated every 3 years to ensure that their knowledge and experience remained relevant for the sale or purchase of Specified Investment Products. If the customers do not complete or meet the criteria of CAR before the deadline stipulated in the letter, we regret that these customers’ online securities trading accounts would be terminated about 2 to 10 working days after the deadline.

To reinstate online securities trading account thereafter, the customer may complete the CAR Form. Once the customer is assessed to continue to possess the relevant investment knowledge and experience, the online securities trading account would be re-instated within 3 to 5 working days.

We strongly encourage our customers to complete the CAR Form and submit it to us before the stipulated deadline to avoid any disruption to their trading activities.
If I understand correctly, this means all customers of SCB have to pass the CAR to access their online trading account.

I initially failed the CAR and my account was suspended but fortunately I recalled that I do have experience in trading SIPs and so re-submitted the CAR form. My question is, what about those customers who do not have the financial education/experience, and do not trade SIPs but only local stocks and EIPs? They cannot use/continue to use SCB?

Any comments from the rest of SCB users? All of you have either financial education/experience or experience in trading SIPs?

I'm considering moving out of SCB due to this unpleasant experience.
 

Sinkie

Greater Supremacy Member
Deluxe Member
Joined
Jan 20, 2009
Messages
85,959
Reaction score
12
Hi all,

Not sure if this has been posted before. Recently I had to do the CAR again as mine is up for renewal. However, I find it strange that SCB requires customers to pass the CAR in order to continue trading using their platform.

I thought CAR is applicable only if you wish to trade Specified Investment Products (SIPs)?

From their FAQ:

If I understand correctly, this means all customers of SCB have to pass the CAR to access their online trading account.

I initially failed the CAR and my account was suspended but fortunately I recalled that I do have experience in trading SIPs and so re-submitted the CAR form. My question is, what about those customers who do not have the financial education/experience, and do not trade SIPs but only local stocks and EIPs? They cannot use/continue to use SCB?

Any comments from the rest of SCB users? All of you have either financial education/experience or experience in trading SIPs?

I'm considering moving out of SCB due to this unpleasant experience.

Their system is not sophiscated enough to set certain permissioning for specify clients who pass car and those who don't pass car especially since etf is considered as an unlisted sip

Or maybe you can feedback to Scb, and tell them to remove totally etf and only allow shares to be purchased?

SIPs include:
On SGX securities market
-Certain Exchange-traded funds (ETFs) and notes (ETNs)
-Futures (extended settlement contracts)
-Structured warrants
-Certificates
-Callable bull / bear contracts (not available on SGX yet)
 
Last edited:

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,564
Reaction score
425
For transfer from your SGD eSaver account to the foreign currency settlement account, they will prompt you the exchange rate and the amount converted, before you confirm. Same goes if you want to transfer out of the foreign currency back to the eSaver SGD account.

And yes, try not to transfer to and fro SGD and foreign currency too often.


Thanks for the answers!
 

Bedokian

Senior Member
Joined
Apr 5, 2007
Messages
2,197
Reaction score
1
Hi all,

Not sure if this has been posted before. Recently I had to do the CAR again as mine is up for renewal. However, I find it strange that SCB requires customers to pass the CAR in order to continue trading using their platform.

I thought CAR is applicable only if you wish to trade Specified Investment Products (SIPs)?

From their FAQ:

If I understand correctly, this means all customers of SCB have to pass the CAR to access their online trading account.

I initially failed the CAR and my account was suspended but fortunately I recalled that I do have experience in trading SIPs and so re-submitted the CAR form. My question is, what about those customers who do not have the financial education/experience, and do not trade SIPs but only local stocks and EIPs? They cannot use/continue to use SCB?

Any comments from the rest of SCB users? All of you have either financial education/experience or experience in trading SIPs?

I'm considering moving out of SCB due to this unpleasant experience.

If you can still pass the CAR and continue with SCB, why not? For local shares, besides them, I can't think of any other brokerage that offers a low commission. If this is your only unpleasant experience with SCB, then I suggest to swallow it, on account of the low transaction costs. After all, we view them as a platform, a tool, unless you are one of their premier/private banking customer, then they probably might "accommodate" you somewhat.
 

Bedokian

Senior Member
Joined
Apr 5, 2007
Messages
2,197
Reaction score
1
Their system is not sophiscated enough to set certain permissioning for specify clients who pass car and those who don't pass car especially since etf is considered as an unlisted sip

Or maybe you can feedback to Scb, and tell them to remove totally etf and only allow shares to be purchased?

SIPs include:
On SGX securities market
-Certain Exchange-traded funds (ETFs) and notes (ETNs)
-Futures (extended settlement contracts)
-Structured warrants
-Certificates
-Callable bull / bear contracts (not available on SGX yet)

I don't think their platform is that sophisticated for that.

I remembered when I opened it, the RM even told me about their platform, and he admitted that it is better to use other platforms for live prices.
 

winguy

Arch-Supremacy Member
Joined
Jun 10, 2001
Messages
20,758
Reaction score
0
Is my understanding correct, that every SCB users must pass CAR in order to use their platform, even if you only trade local shares/EIPs?
 

Sinkie

Greater Supremacy Member
Deluxe Member
Joined
Jan 20, 2009
Messages
85,959
Reaction score
12
Is my understanding correct, that every SCB users must pass CAR in order to use their platform, even if you only trade local shares/EIPs?

Correct, but there are some who don't need to pass car and yet able to open the account but 3 years later they will send u another car form to fill and review in.

I don't know what will happen or will u be able to sell your shares if 3 years later they send u a review and found that u are not qualify to use their platform so suggest is to just follow what people do here lah and close one eye
 

Cometdevil

Master Member
Joined
Dec 19, 2008
Messages
4,646
Reaction score
126
when the platform first open last time no need do CAR. think was before lehman brother
I opened during that time but didnt use to trade at all. Then CAR comes.. now got account but cant trade cause did not do trading on other platforms before too
 
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