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

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Perisher

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Just want to check if i made 3 buy transactions and 3 sell transactions before. Will i be able to open a stan chart account?

The 3 buy + 3 sell qualifies as 6 trades but if I did not recall wrongly it must be done within 6 months.

I last time open as soon as I made 6 trades, 4 buy, 2 sell. I think mostly US counters.
 

Shiny Things

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Just want to check if i made 3 buy transactions and 3 sell transactions before. Will i be able to open a stan chart account?

Yes. If you tell them you've made 3 buys and 3 sells, you can open the account.
 
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Perisher

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Standard Chartered said former JPMorgan (NYSE:JPM) investment bank boss Bill Winters will take over as chief executive in June to replace Peter Sands, after investors demanded a change in leadership following problems ranging from a U.S. fine for breaking sanctions to a jump in losses from commodities loans. StanChart (OTCPK:SCBFF) also announced that Chairman John Peace will leave next year, and named other changes to its board in a massive management overhaul.
 

marc_cheng

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I'm a bit lost with trading thru SCB...

My USD currently parked in DBS, interested to use SCB to trade US stocks due to no min commission.

Please let me know if this makes sense:
1. I only need to open SCB trading account, don't need to open FCY$saver account, hence no need to maintain min balance.
2. I get DBS USD cashier order and transfer USD to the SCB FCY settlement account, no charge, park USD there to buy/sell. Can the account be used this way?
3. SCB commission 0.25% for US stocks, there's SEC fee, but I din see any for dividend collection and custodian fee.
4. If I want to transfer USD out of SCB FCY settlement account, what is the most cost-effective way?
 

Perisher

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I'm a bit lost with trading thru SCB...

My USD currently parked in DBS, interested to use SCB to trade US stocks due to no min commission.

Please let me know if this makes sense:
1. I only need to open SCB trading account, don't need to open FCY$saver account, hence no need to maintain min balance.
2. I get DBS USD cashier order and transfer USD to the SCB FCY settlement account, no charge, park USD there to buy/sell. Can the account be used this way?
3. SCB commission 0.25% for US stocks, there's SEC fee, but I din see any for dividend collection and custodian fee.
4. If I want to transfer USD out of SCB FCY settlement account, what is the most cost-effective way?

1) You need a esaver account, $0 maintenance. Then you need to open USD FCY Securities Settlement account(SSA), also no need maintenance, I have a dozen FCY SSA all sitting at $0, no fall below fee, nothing.

2) you can't transfer foreign currency to scb SSA in anyway.

3) dividend will be taxed 30% by US, trading commission, SEC fees and gst yes otherwise again I emphasize no fees, no custodian fees, no maintenance fee, nothing.

4) no way. You need to absorb the lousy exchange rate. But, you can choose when to exchange, again I emphasize, no fees no nothing when your USD is sitting in your USD FCY SSA.

The only way I heard is if you buy in 1 large sum of $$ in 1 counter(i.e. use all the USD you wanna put into SCB into this counter) using USD in DBS, then ask for a transfer of your this particular DBS US stock to SCB trading account to hold this particular US stock. After that, sell away and you get your USD in SCB without the exchange rate issue. But this is a long and risky moves, anything can happen to your US counter, and the transfer of stocks from CDP to SCB is long... like 2weeks or more. Anything happens to that US counter you bought, and you will end up suffering even a bigger lost.
HIGHLY not recommended. DON'T TRY.

edit: somebody in the next page has told me that it's possible to TT HKD to SCB FCY SSA thereby skipping the horrible exchange rate of SCB.
 
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marc_cheng

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Hmmm.... But if I get FCY$aver account, the equivalent of eSaver but in foreign currency, I should be able to transfer direct to FCY SSA in USD, right? Though I need to maintain 2000USD balance.
 

Perisher

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Can do a TT into the SCB USD SSA. i've done before for HKD.

Woah. That's a new one. May I know how does that work? From which bank to TT to scb?
 

Perisher

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Hmmm.... But if I get FCY$aver account, the equivalent of eSaver but in foreign currency, I should be able to transfer direct to FCY SSA in USD, right? Though I need to maintain 2000USD balance.

As mentioned, there is $0 maintenance, where did you get the idea from?
In fact, why so many people keep saying that? Did scb rules changed and I got special privileges? So many guys asking the same question for so many pages. I'm not blaming you or anything, just wondering out loud.

Let me repeat,
I have $0 in euro, pound and all other FCY SSA. I open them all, all the market, and I have $0 in all of them except SGD n USD. No charge, no nothing. And I have this account for nearly 3 years already. 3 years $0 in those FCY SSA which I already opened and can trade in.
 

naro

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Woah. That's a new one. May I know how does that work? From which bank to TT to scb?
Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.
 

Perisher

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Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.

I finally get it!!
You actually mean that FCY SCB account instead of SCB FCY SSA.
These are 2 different account. One is for trading, the other isn't.
SCB FCY SSA has no minimum requirement or any other thing.
So are you actually trading using SCB FCY SSA which you TT your HKD into?
So you are saying you TT HKD into SCB FCY SSA directly?
or you are saying you TT HKD into SCB FCY account?
 

marc_cheng

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Any bank can do a TT transfer. U just need the swift code and bank account number.
but you'll incur TT fees.
I transferred HKD from Citibank to SCB.

However, this TT fee is better than minimum requirement for maintaining at minimum amount for at FCY SCB account.

naro, thanks. If u can TT to the FCY SSA, I believe I can transfer using USD CO as its complimentary at DBS for issuance and apparently free for SCB for inward FCY cheque drawn in local banks. This way I avoid paying any fees.
 

marc_cheng

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I finally get it!!
You actually mean that FCY SCB account instead of SCB FCY SSA.
These are 2 different account. One is for trading, the other isn't.
SCB FCY SSA has no minimum requirement or any other thing.
So are you actually trading using SCB FCY SSA which you TT your HKD into?
So you are saying you TT HKD into SCB FCY SSA directly?
or you are saying you TT HKD into SCB FCY account?

Perisher, that's correct. I was asking whether the FCY$aver account is necessary or I can tuse the FCY SSA to hold the USD and avoid needing the USD 2000 balance as required by the FCY$aver.

Since naro can TT to FCY SSA, I believe that outward TT is possibly too, but at 1/8 % comms.
 

naro

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I think cannot do cash order deposits into FCY SSA. TT is the only way.

TT fees applicable.
 

limster

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I think someone else here has mentioned it. That person (cant' remember the thread), also confirmed that cannot TT direct to US$ SSA. So he had to open a separate SCB US$ account.

SCB has a US$ bank account that has no minimum balance required.

https://www.sc.com/sg/save/current-usd-high-account.html


You just TT to this account, and then transfer to US$ SSA. You avoid their forex charges, but you have to pay TT charges.
 

marc_cheng

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I think someone else here has mentioned it. That person (cant' remember the thread), also confirmed that cannot TT direct to US$ SSA. So he had to open a separate SCB US$ account.

SCB has a US$ bank account that has no minimum balance required.

https://www.sc.com/sg/save/current-usd-high-account.html


You just TT to this account, and then transfer to US$ SSA. You avoid their forex charges, but you have to pay TT charges.

USD High account only for priority banking.
 

Perisher

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No wonder, go one big round, conclusion is the same, it's not really possible to avoid the currency spread. If you are rich enough to be a priority client, you are already paying for that service in other ways. Just bite the bullet and use the exchange.

Next time really need to clarify, USD FCY account and USD FCY SSA. Doing the TT requires one to have priority banking USD high account. =/

From SCB priority banking,
2)
Eligibility criteria for Priority Banking

To enjoy the exclusive Priority Banking membership and all the benefits and privileges that come with it, simply maintain a minimum of S$200,000 in deposits and/or investments, or maintain S$1.5 million in housing loans with us.

3)
Fees and charges

3.1Fees and charges may be charged for the provision of selected Priority Banking services. The fees are set out in the Priority Banking Pricing Guide and may change from time to time. You can request for a copy of the Priority Banking Pricing Guide or the specific charges for a particular Priority Banking service by contacting your Relationship Manager, via phone banking, visiting our branches or from the Standard Chartered Bank (Singapore) Limited website at www.standardchartered.com.sg

3.2Priority Banking membership is subject to you meeting our eligibility criteria. If the eligibility criteria are not met, we may at our discretion either:

(a) Impose a fee (which the fees will be deducted from any of your
account(s) with us and you expressly authorise us to do so); or

(b) Downgrade any or all of your household members, if any, who were accorded Priority Banking membership by us through the Household Recognition; or

(c) Cease to or suspense the provision of any Priority Banking Services until you meet the eligibity criteria.
 
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Perisher

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Can do a TT into the SCB USD SSA. i've done before for HKD.

Can you help confirmed this? Direct TT into SCB USD FCY SSA.
No need to have priority banking status, or USD High account?
Because limster says someone has confirmed that direct TT isn't possible, it's only through the USD High account.

Thank.
 
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marc_cheng

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Hi Perisher, paiseh if u got confused by me. I was asking the FCY$aver ( which is SC FCY account) vs FCY SSA account as mentioned in my first msg.

However, you still do not need to suffer the exchange rates of SC if u open FCY$aver, you can still TT in USD but need min balance of USD2000. I wanted to avoid the min balance, as mentioned earlier. When u need to make settlement in FCY SSA, you just do iBank transfer.

Thanks for sharing!
 
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