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

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jujuhippo

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Transfer out charges:$10.70 (inclusive of GST) per 1000 share per counter transferred, up to a cap of $107 (inclusive of GST) per counter; transfer charges may be levied depending on incoming banks.

Probably gotta head down and get their staff to fill in a form!

okay thanks. sucks that i am unable to do it via the online ibanking.
 

Perisher

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why waste $$?

Ya, I would recommend going down to the scb branch to do it if you wish to transfer as they will handle everything.
Waste $$ because you transfer liao, cost $10.70 per counter per 1000 shares(not sure if it's per 1000 shares) , later if you wanna sell, it cost $25++...

Don't remember if hold in cdp, still got quarterly holding fees? Anyone?
 
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jujuhippo

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Ya, I would recommend going down to the scb branch to do it if you wish to transfer as they will handle everything.
Waste $$ because you transfer liao, cost $10.70 per counter per 1000 shares(not sure if it's per 1000 shares) , later if you wanna sell, it cost $25++...

Don't remember if hold in cdp, still got quarterly holding fees? Anyone?

serious. i didnt know it would costs $25++ to sell if i transfer my shares to CDP
 

Sinkie

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Ya, I would recommend going down to the scb branch to do it if you wish to transfer as they will handle everything.
Waste $$ because you transfer liao, cost $10.70 per counter per 1000 shares(not sure if it's per 1000 shares) , later if you wanna sell, it cost $25++...

Don't remember if hold in cdp, still got quarterly holding fees? Anyone?

Share held in Cdp has no quarterly charges or dividend charges

Only custodian account charges and so far scb has not charge such fee at all till further notice only
 

Lex1989

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without CDP, can straight away open a trading account with SCB?

Thank you for answering.
 

Bedokian

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But it is better to open a CDP account, just in case, and it is free.
 

potatoe8

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Yep thats right!!

Commission (.2%) and Clearing Fee (.0325%) are charged on top of Contract Value (ie. Share Price x No. of Shares).

GST charged on top of Commission and Clearing Fee.

So effectively its [ Contract Value*(0.002325)*1.07 ] for the total amount of extra charges!

I believe the GST part is wrong.

Total Fees = contract value x 0.002325 only.

I have never been charged for this GST before, unless it is already factored in the fees.

On the trading platform itself and under 'Fees and Services', click on 'Cost Calculator'. I used an arbitrary amount of $5,040. The Fee calculator gave me $11.72 in total fees. If you do the math yourself: $5,040 x 0.002325 = $11.72 also.

Please correct me if I am wrong. This was done for a local counter.
 

ston12345

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I believe the GST part is wrong.

Total Fees = contract value x 0.002325 only.

I have never been charged for this GST before, unless it is already factored in the fees.

On the trading platform itself and under 'Fees and Services', click on 'Cost Calculator'. I used an arbitrary amount of $5,040. The Fee calculator gave me $11.72 in total fees. If you do the math yourself: $5,040 x 0.002325 = $11.72 also.

Please correct me if I am wrong. This was done for a local counter.

Quite sure it's right. GST is charged regardless of which broker you choose. Like what hyperbole mentioned, GST is not included in the fees calculator, which is probably why some people have trouble when they transfer exact into the SSA. Your contract note definitely has GST, that I'm pretty sure.
 

Bedokian

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Not possible that GST is not charged. The paper statement should reflect the correct amount.

The total amount would be:
Contract value + 1.07[(contract value x 0.002325)]
 

ston12345

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I thought the GST is charged on the commission plus clearing fee? Not the stock that you are buying?

That's right. GST is charged on commission plus clearing fee, which is a function of the contract value.

Look at Bedokian's Formula ^ for the formula to calculate the final cost you have to pay.

For selling, just change the "+" in the formula to "-" for the amount you'll receive.
 

teckgamer

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Has anyone encountered where you have enough balance in your securities settlement account but your order get rejected saying insufficient funds?
 

hyperbole

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Yes, someone mentioned they called SCB and was told still got some buffer added. Transfer exact cannot.
 
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