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

Status
Not open for further replies.

pustefix

Senior Member
Joined
Feb 6, 2012
Messages
523
Reaction score
0
Thanks for boe7874 & Asphodeli replies, POEMS does have custody, dividend and other 'dumb' fees. It seems that more calculations are needed :)
 

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,299
Reaction score
32
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
 

roz_sid

Supremacy Member
Joined
Dec 30, 2006
Messages
6,158
Reaction score
6
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?
 

Asphodeli

Arch-Supremacy Member
Joined
Jul 8, 2001
Messages
16,702
Reaction score
21
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?

No way around it, and no point even opening a USD account as the rates should be the same, unless you intend to withdraw USD in cash, or earn the interest rate (if any)
 

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,299
Reaction score
32
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?

It may not be possible to avoid the forex charges for small amounts. And if you had a big amount, you would be using IBKR.

This has been discussed earlier in this thread and i don't have the exact post, but the SCB accounts don't accept cash (or there is a charge if you deposit cash). Which means you have to do TT or fund transfer and there are some sort of fund transfer charges involved.
 

roz_sid

Supremacy Member
Joined
Dec 30, 2006
Messages
6,158
Reaction score
6
No way around it, and no point even opening a USD account as the rates should be the same, unless you intend to withdraw USD in cash, or earn the interest rate (if any)

It may not be possible to avoid the forex charges for small amounts. And if you had a big amount, you would be using IBKR.

This has been discussed earlier in this thread and i don't have the exact post, but the SCB accounts don't accept cash (or there is a charge if you deposit cash). Which means you have to do TT or fund transfer and there are some sort of fund transfer charges involved.

thks both for ur response. :)
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
hi limster. im using scb too. will be moving on to usd market soon. i will like to know the best way to bypass the horrible spread using scb.
1. FCY$aver
2 USD High Account

which acct better to open?

any idea wats the best rate to convert sgd to usd? then ownself deposit into fcy acct in scb, trf to usd settlement n trade. possible?

u transfer USD into SCB got fees too..... hard to avoid the extra cost if u wanna trade US in small amounts
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
If you invest US$1k a month, you can start to consider IBKR instead of SCB as IBKR is slightly cheaper. Less than that, SCB is ok.

This is the current GBP spread in SCB: 2.207063 / 2.156582 (I just logged in to check).

You have to pay $22,070.63 to buy GBP$10k

Then when you convert the GBP back to SGD, you get $21,565.82.

So both ways, total loss is $504.81. So roughly, one way conversion, the loss is $252.40, which is actually not that bad though IBKR is slightly cheaper (Note: IBKR you have to convert SGD to US$, US$ to GBP).


wah the spread seems very big... at over 2%, but no choice if u tend to trade in smaller amounts

I using iocbc, spread usually 0.3 to 0.6% only... their iocbc platform will show a default fx rate
but if u trade in bigger amount, say 20k-50k or higher~ can call into your broker to book a better rate if possible
 
Last edited:

roz_sid

Supremacy Member
Joined
Dec 30, 2006
Messages
6,158
Reaction score
6
u transfer USD into SCB got fees too..... hard to avoid the extra cost if u wanna trade US in small amounts
thx for ur advice on this. if more than 100k than i move to IB.
anyways any advice on this?

decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%

Anything else sld i look out for. all lse using usd.
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
Rate at SCB as of now is 2.207063 SGD to GBP.

Eh, well I'm not too bothered by it, given that I will save a lot more on brokerage, corporate action fees, custodian and inactivity fees as compared to using other foreign brokerages or even local brokerages (yucks).

actually can discuss with your broker one... if u really trade foreign shares regularly, they earn your commission already happy, can waive all the other fees for u
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
thx for ur advice on this. if more than 100k than i move to IB.
anyways any advice on this?

decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%

Anything else sld i look out for. all lse using usd.

do u have a USD account already? if not can open one first lor

then when u have 100k USD or higher go open account with IB

meanwhile, just use SCB first and slowly build up your portfolio

good luck
 

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,299
Reaction score
32
do u have a USD account already? if not can open one first lor

then when u have 100k USD or higher go open account with IB

meanwhile, just use SCB first and slowly build up your portfolio

good luck


No need to wait for 100k USD. As long as you are investing more than US$1k per month can switch to IBKR.
 

pustefix

Senior Member
Joined
Feb 6, 2012
Messages
523
Reaction score
0
decide to keep it simple & use 3 funds only.

1 VDEM- emerging - 10%
2 VUSD- sp500 - 60%
3 VWRD-world - 30%

Just a small comment, VWRD is already 50+% in US, so you might not need VUSD or else your exposure to US is very big. Maybe just VDEM and VWRD?
 

94855998

Senior Member
Joined
Aug 24, 2005
Messages
1,012
Reaction score
0
Is it normal to wait 20-30mins after u submit ur "BUY"?

Do it really take 20mins to change from Acknowledge to Filled?

Or it is that SCB are lag in submitting ur order...?
 

Perisher

Great Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
62,397
Reaction score
417
Is it normal to wait 20-30mins after u submit ur "BUY"?

Do it really take 20mins to change from Acknowledge to Filled?

Or it is that SCB are lag in submitting ur order...?

It can be within seconds. Do you understand what is acknowledge and what is filled? If not, you probably shouldn't be buying stocks...

Acknowledge means they are trying to execute your order in the market.

Filled means your orders has been transacted/executed.

Unles the price you buy/sell founds a match on the market, otherwise it can't be filled.
That is to say, for 20mins, there was no buyer/seller at that price you wanted and that's why it isn't filled.

Some of my orders goes through the second I submit my order because the price was matched.
Some of my orders expire at the end of the day because the price never matched any buyer/seller's buy/sell price.
 
Last edited:

hyperbole

Master Member
Joined
Oct 10, 2004
Messages
3,473
Reaction score
0
Is it normal to wait 20-30mins after u submit ur "BUY"?

Do it really take 20mins to change from Acknowledge to Filled?

Or it is that SCB are lag in submitting ur order...?

It's not a lag. You want to buy someone must want to sell then can fill.
 

limster

Supremacy Member
Joined
Oct 31, 2000
Messages
9,299
Reaction score
32
It's not a lag. You want to buy someone must want to sell then can fill.

I worry that people who don't understand this concept are trading in shares.

Seriously, go library and borrow books to read. Lots of beginners guides available :)
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
Is it normal to wait 20-30mins after u submit ur "BUY"?

Do it really take 20mins to change from Acknowledge to Filled?

Or it is that SCB are lag in submitting ur order...?

do u even know what is market order or limit order?

do u know taking the ask vs queuing at the bid?
 

ValueInvestor

Banned
Joined
Jul 2, 2015
Messages
5,252
Reaction score
0
nowadays sibei jialat.... people who doesn't even know about bid/ask are playing the stock market LOL

I wonder how they pass the CAR to trade on SCB sia...

must be listen to wahkao's harmful advise to fake 6 trades...........
 
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