Yes Nedbank doesn’t have SEPA. Still not sure why I should prefer to pay them 0.1% of my portfolio. On €1M it’s €1000 per annum vs €180 at SQ LU, especially that I find SQ LU trading fees acceptable without the need of transferring in/out to IBKR.
Offshore bank account for GCC Resident
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So a South African bank with Channel Isles private banking operations like Nedbank should do custody for free?
I get your point if you are self directed investor under personal name.
So depending on your requirements SQ is maybe a better fit then IBKR or Saxo but can't be compared to a private bank.
You have with Nedbank Private Wealth a good one-stop shop solution even for complex structures like trusts︀ and foundations. They are one of few private banks that offer own trustee services with︁ a subsidiary company.
Don't forget about private placements and other leverage products they can give︂ you access to as soon you are qualified for with your wealth.
However I agree︃ that SQ could be better fit then Citi Gold with 0.5% or HSBC Expat /︄ Barclays Int. Account with high custodian fees and no Private Banking below 5m$ at all.︅
So depending on your requirements SQ is maybe a better fit then IBKR or Saxo but can't be compared to a private bank.
You have with Nedbank Private Wealth a good one-stop shop solution even for complex structures like trusts︀ and foundations. They are one of few private banks that offer own trustee services with︁ a subsidiary company.
Don't forget about private placements and other leverage products they can give︂ you access to as soon you are qualified for with your wealth.
However I agree︃ that SQ could be better fit then Citi Gold with 0.5% or HSBC Expat /︄ Barclays Int. Account with high custodian fees and no Private Banking below 5m$ at all.︅
You made the mistake of comparing a discount broker with a banking license like SQ to a full fledged private bank like Nedbank. Your comparing apples and oranges 😕
I understand. To be honest I have never heard of Nedbank until it was mentioned on the forum. There are fully fledged banks in extremely reputable jurisdictions which neither charge custody fees nor negative rates on EUR deposits. Standard Chartered Singapore comes to my mind. Why would I prefer Nedbank to SC SG I have no idea. Perhaps I am a simple guy with simple needs and don’t understand how Nedbank︀ offerings could be useful to me.
Maybe because Nedbank is still cheaper than SC....lol. SC charges 0.20% per a transaction (with no cap) on all stock exchanges outside Singapore. While Nedbank Charge 0.5% with min of £50 and max of £100 (capped) a transaction.
If I invested £1,000,000 into stocks I would pay with SC £2000 for the year including free custody. I would pay with Ned £1850 for transaction and custody for the year old)(#.
For sure I agree with you smi(&%
If I invested £1,000,000 into stocks I would pay with SC £2000 for the year including free custody. I would pay with Ned £1850 for transaction and custody for the year old)(#.
For sure I agree with you smi(&%
Just to be transparent on all sides, Nedbank is also charging custody movement fee of GBP 40. So any additional investment would be GBP 140, not GBP 100. Now︀ what if we take minimum 10 years life span of this investment? We are losing︁ about GBP 18.000 and that's assuming that our portfolio value will remain the same. I︂ understand that 0.1% custody fee is not much but if you throw in some EUR︃ cash for safekeeping, SC SG won't slap you with 0.5% negative interest rates.
Now let's︄ say that you are retired and you want to live off from your investments by︅ paying yourself monthly. On paying EUR 10.000 per month you will pay Nedbank EUR 50︆ + GBP 40. Almost 1%... With SC the same will cost you EUR 20 (0.2%).︇
Now let's︄ say that you are retired and you want to live off from your investments by︅ paying yourself monthly. On paying EUR 10.000 per month you will pay Nedbank EUR 50︆ + GBP 40. Almost 1%... With SC the same will cost you EUR 20 (0.2%).︇
Ok now your creating "what if" scenarios which can be changed to suit any fee structure...lol. I can create a scenario also that can prove the opposite...lol.
I had the same thing few days ago: check bounced for invalid signature... (signature is the same as on all previous checks I have photocopies of the checks)
I was outside of UAE got a call from the agency and have transferred the money to the buy by bank transfer same day...
Even if it wasn't my fault I apologized for the inconvenience.
So far - so good... (I guess)
I'm about to renew the contract so I guess the guy won't︀ do anything crazy...
I was outside of UAE got a call from the agency and have transferred the money to the buy by bank transfer same day...
Even if it wasn't my fault I apologized for the inconvenience.
So far - so good... (I guess)
I'm about to renew the contract so I guess the guy won't︀ do anything crazy...
@JimBeam How do you know that the cheque bounced? Do you get some sort of SMS notification from the bank? If not, I wonder if there is any way to cancel the cheque or make it invalid, just to not get charged twice whether accidentally or on purpose. That's why I don't like cheques and all these signature things not matching with your signature on banking records from 10 years ago 🙂
Don't worry, Martin lived in stone ages here. A lot has changed since then. Nobody goes to court over bounced cheque immediately. Human beings try to communicate first with each other and see what︀ could be the potential issue. Imagine if you have a joint account and your e.g.︁ wife paid something from the current acc or transferred from current to saving without knowing.︂
One way to avoid this is to issue manager's / banker's cheque. It is deducted︃ by the bank and bank issue the cheque. I wish there was a simple, electronic︄ way to do it. Perhaps it is, because I saw it in the online banking︅ but I have never used it.
Don't worry, Martin lived in stone ages here. A lot has changed since then. Nobody goes to court over bounced cheque immediately. Human beings try to communicate first with each other and see what︀ could be the potential issue. Imagine if you have a joint account and your e.g.︁ wife paid something from the current acc or transferred from current to saving without knowing.︂
One way to avoid this is to issue manager's / banker's cheque. It is deducted︃ by the bank and bank issue the cheque. I wish there was a simple, electronic︄ way to do it. Perhaps it is, because I saw it in the online banking︅ but I have never used it.
I got SMS that the check was cleared... So, I didn't even login to my e-Banking to check... Later on that day I got the call from the agency saying that my check bounced and was confused. Check the e-Banking and I saw that I was debited and then credited the check amount with the note "signature irregular"... I didn't got SMS saying that the check bounced and that I got credited back...
I emailed bank asking to send me more details and the copy of the check (to see if the LL screwed the check, spilled coffee or wrote something on it just for︀ it to bounce - so he could bitch about check bounce fee) but the bank︁ didn't respond yet...
I emailed bank asking to send me more details and the copy of the check (to see if the LL screwed the check, spilled coffee or wrote something on it just for︀ it to bounce - so he could bitch about check bounce fee) but the bank︁ didn't respond yet...
Your lucky as times and law I believe have changed in Dubai otherwise off to jail you go if you were in Dubai or traveled there. Anyway sounds like a simple issue that can be resolved quickly but if things go pear shaped which they often do in Dubai keep︀ in mind detainedindubai.org if you need help.
https://detained-in-dubai.prowly.co...i-for-sons-bounced-cheques-desperate-for-help
And people wonder why I left the︁ country half naked conf/(%. It's no joke until it happens to you....lol.
https://detained-in-dubai.prowly.co...i-for-sons-bounced-cheques-desperate-for-help
And people wonder why I left the︁ country half naked conf/(%. It's no joke until it happens to you....lol.
My bad so Iran not backing Houthi's then I guess and no proxy war exists...lol 🙄. The Houthi's built ballistic missiles and drone technology themselves I guess 🙄. And a very small attack is nothing serious in which case three dead people from attack in UAE is nothing serious too? I am with you now. Good luck.
https://bbc-edition.com/internation...es-in-a-drone-attack-blamed-on-houthi-rebels/
US seems to think its something serious...lol.
https://nationalinterest.org/blog/b...s-f-22s-uae-after-surge-houthi-attacks-200621
https://bbc-edition.com/internation...es-in-a-drone-attack-blamed-on-houthi-rebels/
US seems to think its something serious...lol.
https://nationalinterest.org/blog/b...s-f-22s-uae-after-surge-houthi-attacks-200621
@Martin Everson
The internet and news are full of conspiracies especially when it is about wars. Yes three dead people from the attack in UAE is nothing serious. Check countries with the lowest number of deaths by terrorism and tell me the result.
I know you like Dubai bashing but the thing is I live in Dubai and I can tell the truth. 2022 is most probably the best year of Dubai so far. No one expecting a missile to their head as you imagined smi(&%
Dubai is booming, tourists are queueing in front of stores. You need a reservation one week in advance for restaurants︀ or beach clubs because they're packed with tourists. Real estate prices going up, I made︁ a sweet 35% profit from my unit which is I bought 2 years ago. UAE︂ economy and stock market are going up. All of them happened in the middle of︃ the pandemic and one more thing, I pay zero taxes.
The internet and news are full of conspiracies especially when it is about wars. Yes three dead people from the attack in UAE is nothing serious. Check countries with the lowest number of deaths by terrorism and tell me the result.
I know you like Dubai bashing but the thing is I live in Dubai and I can tell the truth. 2022 is most probably the best year of Dubai so far. No one expecting a missile to their head as you imagined smi(&%
Dubai is booming, tourists are queueing in front of stores. You need a reservation one week in advance for restaurants︀ or beach clubs because they're packed with tourists. Real estate prices going up, I made︁ a sweet 35% profit from my unit which is I bought 2 years ago. UAE︂ economy and stock market are going up. All of them happened in the middle of︃ the pandemic and one more thing, I pay zero taxes.
These are some very entertaining comments in this thread, especially the last ones. But, how can it help OP and others with the question that was asked?ange¤%&
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