It will probably affect my decision to use it (when I have yet to execute one trade, not to mention I took the trouble to go down and opened the accounts =\) now that there is not that large of a price difference, especially because it is custodian, to choose considering I'll be transferring it to CDP anyway.
To make it harder, CDP brokers seems to be offering such promotions often as well, not to mention SCB is kinda lagging behind by having no mobile app (mobile browser doesn't seem to work well either).
So as of current, I'll keep to using Lim&Tan Brokerage with a CDP account then (hopefully the $10 brokerage would eventually be a norm too :D ).
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I recently decided to open a Standard Chartered SGX brokerage account
Why?
- Very low commissions (0.20% brokerage+0.0325% market fee), makes it really awesome for small trade sizes like mine (kinda like US discount brokers), potentially high cost savings
- Not CDP account but custodian account, however, there is an option to transfer your holdings to CDP for a fee of ~$10.70 for 1000 shares of each counter (which I aim to transfer every year)
- More troublesome if I wish to attend AGMs, receive annual reports
and participate in rights issues and DRIPs. - EDIT (16 Mar 16) "Actually for scripts/rights, it
is not too troublesome. You still can do that except the procedure is
slightly different from CDP. For SCB, you will receive an sms and mail
and if you want to subscribe you will just need to give them a call.
Default is cash, no action on your part.
The issue price will be only be known from the call." (Thanks Anonymous!)
Also, in order to open a Standard Chartered Brokerage account, one must have an account with them, there was 2 options, eSaver (purely online but poor interest rates) and Dash accounts.
I decided on the Dash account, some reasons why:
- No minimum balance (just for transferring funds in and out, and receiving dividends)
- Bank interest of 0.5% p.a. vs 0.1% (eSaver)
- Required for the Standard Chartered Brokerage (like I said above)
Not to mention, like CIMB, I was able to open the account completely online too :D
In addition, Success Resources sent me an email about the wealth of mindset from the Millionaire Mind Intensive, so I thought I share with you guys.
Just 3 simple ideas as a quick refresher and realignment of why you want to achieve FI :)
I did a transfer to CDP in 2015 and there is no charge fee. When is this $10/counter implemented?
ReplyDeleteHi Anonymous,
DeleteThis was told to me by a friend who has an account, I also found the information here:
https://www.sc.com/sg/promotion/securities-trading/promotnc.html
I didn't know it was per 1000 share too, updated my post. Guess I have to be careful buying counters with each account then ^^"
I must be blessed then as I thought I will have to pay too as I am also aware of the promotion link that you mentioned.
DeleteI just submitted a transfer out forms. I will see whether there is a charge fee or not.
That's awesome, some nice savings here and there adds up :)
DeleteDo let me know if there's no charges, or it could be based on relationship with the broker (due to more trades etc).
how does shares with SCB custodial work?
ReplyDeletecan you sell/buy shares still with CDP? or, do you have to transfer them to SCB first?
You have to transfer to SCB first before you can trade them. Transferring them in is free :)
Deletei see.. thanks!
ReplyDeletebut that means, you need to plan in advance? coz you need to transfer first, then you can sell right? how long does tranfering take?
Good question, my estimate has 3 days but don't quote me on that, I think it is better to ask SCB.
DeleteI'm more interested in transferring out because I wanna get cheap brokerage and go AGMs etc ^^"
which brings me to my next point =)
ReplyDelete"More troublesome if I wish to attend AGMs, receive annual reports and participate in rights issues and DRIPs."
does this mean, we cannot participate in scrips/rights/etc/etc?
Quite troublesome to be honest. Thus I wanted to transfer them to CDP ^^"
DeleteActually for scripts/rights, it is not too troublesome. You still can do that except the procedure is slightly different from CDP. For SCB, you will receive an sms and mail and if you want to subscribe you will just need to give them a call. Default is cash, no action on your part.
DeleteThe issue price will be only be known from the call.
Anonymous, thanks for clarifying!
DeleteUpdating my post :)