Trading account in Singapore for non-residents

[mikemcd]

Hi everyone,

New in the forum. Tons of good information here, thank you for sharing.

I was about to open a trading account with OCBC (https://portal.iocbc.com/iwov-resources/sg/ocbc/ospl/PDF/individual-application-form.pdf), but I see that an account with the CDP (Retail Investor - Singapore Exchange (SGX)) is required, that in turn requires a local bank account.

Is it even possible to open a trading account in Singapore without being a resident?

I've also checked Saxo Markets SG, which apparently doesn't work with the CDP (they are the custodians of the assets). Any non-resident with an account there?

Thanks agian.
Mike

 

[BlueMist]

I opened a trading account at Standard Chartered Singapore being non resident, however this was in addition to the bank accounts. I am not sure if it is possible to open trading account only without having a bank account. Just open a bank account too.

 

[Silvio]

BlueMist said:
I opened a trading account at Standard Chartered Singapore being non resident, however this was in addition to the bank accounts. I am not sure if it is possible to open trading account only without having a bank account. Just open a bank account too.
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Can you elaborate on how\when you opened in SC Singapore? Any minimum requirements or special documents they asked for?
I'm trying to open but it's very hard to get in touch with anybody there, they never call you back.

 

[troubled soul]

Do you try interactive Broker ?

 

[BlueMist]

maxmmm said:
Can you elaborate on how\when you opened in SC Singapore? Any minimum requirements or special documents they asked for?
I'm trying to open but it's very hard to get in touch with anybody there, they never call you back.
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I opened it last year. I already had a bank account with them, so it was online application for trading platform. They need to review it, which took 7 days in my case to finally approve. Undoubtedly SCB SG has one of the best range of trading markets available from all SG banks (and no custody fees), it's a pity they have such a limited options available on XETRA though.

 

[Silvio]

BlueMist said:
I opened it last year. I already had a bank account with them, so it was online application for trading platform. They need to review it, which took 7 days in my case to finally approve. Undoubtedly SCB SG has one of the best range of trading markets available from all SG banks (and no custody fees), it's a pity they have such a limited options available on XETRA though.
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Yep that was what attracted me as well, no custody fees and overall ultra solid bank in great jurisdiction.

 

[HeyBKK]

I opened my bank account with OCBC about 5 years ago, they handled opening with CDP too and the whole process was straightforward and required just one day in Singapore. I'm not a Singapore resident. Saying that I'm also considering opening an account with Saxo or Interactive Brokers as I don't like all eggs in one basket 🙂

 

[BlueMist]

I would definitely keep all me eggs with OCBC vs Saxo or IB. We are talking here about top 15 safest rated bank in the world.

 

[Fred]

+1 for SC SG with UAE residence - straight forward process. And even faster if you already bank with them in other country.

Interactive Brokers even opened under the Dubai company name.

As already mentioned SC SG asks with increasing volume of the deposits for supporting documents.

IBKR never asked questions for deposits or withdraws so far.

Both tried with mid 6 figures.

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[mikemcd]

Hi everyone,

Thanks for your answers. Travel to Singapore is highly restricted right now, so I'll wait until the situation improves to go to a local branch of OCBC.

In the meantime, I'm opening a trading account remotely with Galt & Taggart trader in Georgia (Galt And Taggart). I don't really have any reference about non-residents operating with them, but the account opening process looks pretty straightforward.

Mike

 

[Fred]

mikemcd said:
Hi everyone,

Thanks for your answers. Travel to Singapore is highly restricted right now, so I'll wait until the situation improves to go to a local branch of OCBC.

In the meantime, I'm opening a trading account remotely with Galt & Taggart trader in Georgia (Galt And Taggart). I don't really have any reference about non-residents operating with them, but the account opening process looks pretty straightforward.

Mike
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Hi Mike,

Galt and Taggart is a white label of Interactive Brokers.

For personal account or even trading account - you can open remote in OCBC.

Just had a call with them this week.

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[mikemcd]

Hi @Fred,

I've just sent OCBC Securities an e-mail.

Is G&T being a white label of interactive brokers something positive?

 

[Fred]

mikemcd said:
Hi @Fred,

I've just sent OCBC Securities an e-mail.

Is G&T being a white label of interactive brokers something positive?
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Go for it and keep us updated.

It's neutral some people like the Interactive Brokers platform - some not.

If you have the choice go with OCBC - by myself I wouldn't hold any significant amount in Georgia.

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