syfe funding and withdrawal guide through Wise and CIMB SG

Syfe: Deposit & Withdrawal via CIMB SG or Wise

Syfe is a robo-advisor based in Singapore with solid offerings for all investors alike. 

Reason being, Syfe offers the simplicity of investing via its Core portfolios to passive investors. Moreover, Syfe allows users the ability to customize an entire ETF portfolio from the ground up via Select Custom. 

As such, it goes without saying that I genuinely enjoy using Syfe. 

In this guide, we’ll see how you can fund and withdraw from your Syfe account as a Malaysian:

ALSO READ: Syfe Review - The Most Complete Robo-Advisor

 

Funding your Syfe Portfolio

As a whole, there are 3 ways for you to fund your Syfe portfolio:

Method 1: Foreign Telegraphic Transfer (FTT) from local bank account (Not recommended)

Since Syfe is regulated in Singapore, you will not be able to transfer money as simply as what we do with robo-advisors regulated in Malaysia (eg. StashAway Malaysia)

In this case, doing an FTT from a local bank account is the most straightforward way to fund your Syfe account. However, it is also the most expensive way to do so.

A typical FTT will incur FTT fees (~RM10), FX exchange rate (MYR to SGD), and intermediary banking fees (~SGD30-50), which are SUPER expensive and inefficient.

Personally, I do not recommend using FTT to fund your Syfe account. Instead, consider using remittance services like Wise or a Singapore bank account to fund your Syfe account.

Method 2: Fund your Syfe Portfolio via Wise

Wise is an app that provides low-cost remittance services. Using Wise is definitely one of the easiest (and cheapest) ways to fund your Syfe portfolio.

With Wise, you get better exchange rates compared to FTT. Even better, you get to save on the expensive intermediary banking fees from FTT as well.

BONUS: Use my Wise referral link HERE and get a fee-free transfer of up to 500 GBP (~RM2,900) in your first transfer!

Step 1: Log in to Syfe, and create a new portfolio if you have yet to create one.

Funding Syfe account via Wise

Step 2: Select your portfolio > ‘Manage Fund’ > ‘Add Funds’

Funding Syfe account via Wise

Step 3: Select ‘Online Remittance’.

Take note of the Portfolio Reference Code as you will need this code for Step 10 later.

Do not close the app as we’ll come back to the Syfe app later.

Funding Syfe account via Wise
You'll need this portfolio reference code later!

Step 4: Log in to your Wise account.

If you are new to Wise, you can sign up for a new Wise account using my referral link HERE, and get a fee-free transfer of up to 500 GBP (~RM2,900) in your first transfer!

Step 5: Click on ‘Send’. Then, indicate the amount you would like to transfer to Syfe.

Funding Syfe account via Wise

Funding Syfe account via Wise

Step 6: Select ‘Add a new recipient’ if this is your first transfer to Syfe.

Funding Syfe account via Wise

Step 7: Select 'Business or charity' as your new recipient.

Funding Syfe account via Wise

Step 8: Enter Syfe's account information as found below. 

  • Email: [email protected]
  • Recipient name: Syfe Pte Ltd Clients AC
  • Recipient bank: DBS Bank
  • Account number: 0720110196
  • Swift/BIC Code: DBSSSGSG
Funding Syfe account via Wise
Key in the bank details that Syfe provided accordingly

Step 9: Verification 

If you are setting up a Wise account for the first time, follow the instructions on the screen to upload your ID document.

Step 10: Enter your Portfolio Reference Code (from Step 3) as the reference for Syfe.      

Funding Syfe account via Wise
Enter the portfolio reference code from Syfe.

Step 11: Select the reason for transfer.

Any of the reasons should work equally fine.

Funding Syfe account via Wise

Step 12: Choose your transfer type and preferred payment method to complete your fund's transfer.

Funding Syfe account via Wise

Step 13: Go back to Syfe funding page and click ‘I have transferred’.

Funding Syfe account via Wise

Step 14: You’ll receive a confirmation email once Syfe has received your funds.

The funds will be reflected on your portfolio within 1 to 2 working days.

Method 3: Fund your Syfe portfolio via a Singapore bank account (CIMB SG)

If you have a Singapore bank account, funding Syfe is free and effortless.

Whether you are planning to use Syfe, or to open a foreign stock broker to invest overseas (eg. US/HK/SG market), I’d highly recommend opening a Singapore bank account.

Check out my step-by-step guide on how you can open a CIMB SG account online. For the following steps, I’ll assume that you have already opened and funded your CIMB SG account:

Step 1: Log in to Syfe, and create a new portfolio if you have yet to create one.

Funding Syfe account via Wise

Step 2: Select your portfolio > ‘Manage Fund’ > ‘Add Funds’

Funding Syfe account via Wise

Step 3: Select ‘FAST/GIRO’.

Take note of the Bank details as this is where you’ll have to transfer your money to. Also, take note of the Portfolio Reference Code as you will need this code for Step 6 later.

Funding Syfe account via CIMB SG

Step 4: Log in to your CIMB SG account > ‘Local Transfer’ > ‘To Other Bank Account’ > ‘Via FAST/Non-FAST’

 

Step 5: Select ‘Via FAST’, and choose ‘DBS POSB’ for bank

Funding Syfe account via CIMB SG

Step 6: Key in the Bank details that Syfe provided from Step 3.

Remember to Enter your Portfolio Reference Code as the reference for Syfe.

Funding Syfe account via CIMB SG

Step 7: Once you are done with the transfer, go back to Syfe funding page and click ‘I have transferred’.

Funding Syfe account via CIMB SG

Step 8: You’ll receive a confirmation email once Syfe has received your funds.

The funds will be reflected on your portfolio within 1 to 2 working days.

READ: How to open a CIMB SG account online

Withdrawal from your Syfe portfolio

There are 2 main ways to withdraw from your Syfe account:

Method 1: Direct withdrawal to a local bank account (Not Recommended)

The first withdrawal method is via Telegraphic Transfer (TT) from Syfe to your local bank account.

I do not recommend this method as it takes longer (5-7 business days). Moreover, there will be fees charged on both DBS bank’s side (Syfe’s trustee bank), as well as from our local bank:

  • TT charges by DBS: Cable fee of SGD25 + Commission of 0.125% on the transferred amount
  • FX rates + Intermediary banking fee from local bank

As you can see, this is an expensive withdrawal method and I highly recommend you to use the next method for withdrawal.

Method #2: Withdrawal from Syfe to a Singapore bank account (CIMB SG)

Withdrawal from Syfe is best done through a Singapore bank account as it is faster (2-4 business days). Furthermore, there are no charges on withdrawal.

In fact, I highly recommend that you open a Singapore bank account online if you are planning to fund Syfe, or to open a foreign stock broker to invest overseas. Reason being, many overseas brokers have the banking facilities to accept funding & withdrawal via a Singapore bank account.

Below, you’ll find the steps to withdraw from Syfe to an SG bank account:

Step 1: Select the portfolio that you want to withdraw your fund from.

Withdrawal from Syfe to CIMB SGStep 2: Select ‘Manage Funds’ > ‘Withdraw Funds’

Step 3: Choose a reason for withdrawal.

It can be any from the list – it’ll not impact the withdrawal.

Withdrawal from Syfe to CIMB SG

Step 4: Decide if you want to do a full or partial withdrawal.

If this is your first time withdrawing from Syfe, select ‘Add New’ to setup your bank account.

Withdrawal from Syfe to CIMB SG

Step 5: Add the details of your SG bank account.

Note that the SG bank account must be under your own name.

Withdrawal from Syfe to CIMB SG

Step 6: Click ‘Submit’ and you should be able to receive your funds in 3-4 business days.

Withdrawal from Syfe to CIMB SG

Tips: Best way for Malaysian investors to use Syfe

Through Syfe Cash+ portfolio, you can set up automated recurring transfers to & from other Syfe portfolios.

This is a convenient feature that'll help you save on remittance fees if you are funding your Syfe portfolio via a local bank account or Wise. 

As an example, you'd like to invest SGD200 per month in your Syfe Core Equity100 portfolio. The thing is, there are fees involved when you remit funds via a local bank account or Wise. 

So, instead of transferring SGD200 per month, you can do a one-off SGD1,200 to Cash+ portfolio (with a projected 1.5% return per annum),  and set up an automated recurring transfer to your Core Equity100 portfolio for the next 6 months.

Use Cash+ to automate recurring transfer
Use Cash+ to automate recurring transfer to your selected portfolio.

Exclusive Syfe Promo Code – NOMONEYLAH

No Money Lah is now working with Syfe to bring the best deal for No Money Lah’s readers.

If you are keen to give Syfe a try, consider using my promo code ‘NOMONEYLAH’ to open a new account. Doing so, you’ll receive 100% off your management fees for the first 6 months.

[Disclaimer: If you use my promo code ‘NOMONEYLAH’, and make an initial deposit of SGD1,000 (or more) to your selected Syfe portfolio (Core/REIT+/Select/Cash+), No Money Lah will receive a small referral. This will help sustain the blog to keep producing quality content like this.

Of course, this is optional and you are free to use the promo code and deposit any amount you prefer.]

Open a Syfe Account Today!

No Money Lah’s Verdict

As someone that has tried different robo-advisors in the past, Syfe is certainly the most complete robo-advisor when it comes to offerings and customizability.

Regardless of your investment needs & preferences, I am almost certain that you’ll find a portfolio that suits your need via Syfe.

If you don’t mind the slight hassle with the funding and withdrawal process, I can certainly recommend giving Syfe a try.

Disclaimers:

Past return is not indicative of future performance.

This post may contain affiliate links that afford No Money Lah a small amount of referral (and help support the blog) should you sign up through my referral link.

by Chin Yi Xuan

SYFE USER REVIEW

Syfe Review: The most complete & customizable robo-advisor. Period.

Syfe is an established robo-advisor in Singapore that I’ve been wanting to try for some time.

From my research and time using Syfe, I can attest that Syfe is the most complete robo-advisor that I’ve come across so far. Regardless if you are a beginning investor, or one that requires complete control & customization, Syfe has something just for you.

In this post, let’s have a detailed look at Syfe, and whether it is a robo-advisor that you should be trying out!

Highlights of Syfe

  • Regulated: Syfe is a robo-advisor based in Singapore, regulated by the Monetary Authority of Singapore (MAS).
  • Unique offerings: Syfe offers a diverse selection of Exchange-Traded Fund (ETF) portfolios for different investors. Of all, Syfe’s Core Equity100, REIT+, and Select portfolios are truly unique and definitely worth checking out.
  • Flexible: Anyone 18 year-old and above can open a Syfe account. There is no minimum investment amount for Syfe. In addition, users can deposit & withdraw anytime without any fees and lockup penalties.

READ: What is ETF and how to invest in it?

Regulation & Security: Is Syfe safe?

  • Syfe is regulated by the Monetary Authority of Singapore (MAS). This ensures that Syfe is operating under the best practices and guidelines set by the Singaporean authorities.
  • In addition, Syfe takes the security of funds seriously. All users’ funds in Syfe account are held in a Trust Account in DBS Bank. Meanwhile, the investments are kept in a Custodian Account through Saxo Capital Markets.
  • Most importantly, all of these are held separately from Syfe’s assets. Meaning, Syfe will not have access to users’ funds and assets, ensuring clear transparency to avoid fraud.

Syfe Portfolios (& Which Portfolio Should You Choose)

In this section, let’s look at the offerings from Syfe:

#1 Syfe Core Growth, Core Balanced, Core Defensive

The first offering from Syfe is the Core Growth, Balanced, Defensive portfolios.

Essentially, these Core portfolios are made up of a combination of Equities, Bonds, and Gold.

From how I see it, the Core Growth, Balanced, Defensive portfolios are very similar to what’s usually offered by other robo-advisors like StashAway and Wahed.

Generally, the more risk you are willing to take, the more allocation will be placed on equities within the portfolio (Core Growth). On the other hand, lower risk portfolios (Core Balanced & Core Defensive) will have more allocation towards bonds.

Syfe Core Portfolios
Syfe Core Portfolios

(i) Core Growth Portfolio Overview (I am investing in this):

  • Higher allocation to equities (~69%). Key allocations to equity ETFs such as the QQQ (tracks the NASDAQ 100 index) and RSP (tracks the S&P500 index with equal weightage).
  • Mainly invested in the US market (~75%), followed by China (~9%)
  • For who: Investors that are looking to grow their investment, and is willing to withstand bigger fluctuations along the way.

 

Syfe Core Growth Portfolio Returns over the past 5 years (Source : Syfe)
Syfe Core Growth Portfolio Returns over the past 5 years (Source : Syfe)

(ii) Core Balanced Portfolio Overview:

  • A balanced allocation between equities (~39%), bonds (~50%), and gold (~11%). Key allocations to bond & gold ETFs such as TLT (US gov. bond) and GLD (tracks the price of gold).
  • Mainly invested in the US market (~73%), followed by China (~5%)
  • For who: Investors that are looking to grow their investment with less volatile swings in returns during the process.
Syfe Core Balanced Returns over the past 5 years
Syfe Core Balanced Portfolio Returns over the past 5 years (Source: Syfe)

(iii) Core Defensive Portfolio Overview:

  • Heavy allocation to bonds (~71%) to ensure stable returns. Key allocations to bond ETFs such as TLT and IEF (US gov. bonds).
  • Mainly invested in the US market (~71%), followed by Japan (~3%) and China (~2.5%)
  • For who: Investors that are looking to grow their investment consistently with the least fluctuations, but do not mind an overall lower return.
Syfe Core Defensive Portfolio Returns over the past 5 years (Source : Syfe)
Syfe Core Defensive Portfolio Returns over the past 5 years (Source : Syfe)

#2 Syfe Core Equity100 (I am investing in this)

The Core Equity100 portfolio is a unique offering from Syfe, as you get a portfolio with 100% allocation to equities.

This is truly different from other robo-advisors which, even at their most aggressive portfolios, still have some allocation to low-risk instruments like bonds and gold.

  • The Core Equity100 gives investors a 100% exposure to equity ETFs.
  • Key allocations to QQQ (tracks the NASDAQ 100 Index), RSP (tracks the S&P500 index with equal weightage), CSPX (tracks the S&P500), and more.
  • Mainly invested in the US market (~76%) and China (~13%)
  • For who: Investors that are looking to aggressively grow their investment, and do not mind taking bigger than usual swings in the market.
Syfe Core Equity100 returns over the past 5 years. (Source: Syfe)
Syfe Core Equity100 returns over the past 5 years. (Source: Syfe)

With the Core Equity100 portfolio, Syfe employs a smart beta methodology. This methodology optimizes for outperformance by considering different factors and risk elements.

Simply put, the Core Equity100 portfolio is the most aggressive (and risky) among all Core portfolios from Syfe.

#3 Syfe REIT+ Portfolios

REIT+ is another offering unique from Syfe. Through Syfe REIT+ portfolios, investors get to invest in a basket of Singapore’s Real Estate Investment Trusts (SREITs).

  • REIT+ tracks the SGX’s iEdge S-REIT Leaders Index, which measures the performance of the most liquid SREITs.
  • REIT+ invests in the 20 largest SREITs, such as Mapletree Commercial Trust and Ascendas REIT.
  • For who: Singapore’s REIT market is one of the most mature REIT markets in Asia. SREIT’s 0% withholding tax on dividends is especially attractive for dividend investors. In other words, investors that seek consistent passive income via dividends can consider giving REIT+ a try.

Another thing to note is there are 2 REIT+ offerings from Syfe:

(i) 100% REIT portfolio:

100% allocation on SREITs.

  • 2020 Dividend Yield: 4.5%
  • Performance from 2012 – 2021 (year-to-date)
Syfe 100% REIT Returns (2012 - 2021) (Source: Syfe)
Syfe REIT+ 100% REIT portfolio returns (2012 - 2021) (Source: Syfe)

(ii) REITs with Risk Management:

A minimum 50% allocation to SREITs, while the rest is being allocated to Singapore Gov. Bonds (Nikko AM's ABF Singapore Bond Index Fund) to cushion for market fluctuations.

  • 2020 Dividend Yield: 3.3%
  • Performance from 2012 – 2021 (year-to-date)
Syfe REIT+ with risk management portfolio returns (2012 - 2021) (Source: Syfe)
Syfe REIT+ with risk management portfolio returns (2012 - 2021) (Source: Syfe)

READ MORE: What is REIT and why invest in it?

READ MORE: Introduction to Singapore REIT (SREIT)

#4 Syfe Cash+

Syfe Cash+ is extremely similar to the likes of StashAway Simple and Versa in Malaysia. It is a flexible alternative to conventional Fixed Deposit (FD), with a projected return of 1.5% per annum.

  • Cash+ is a portfolio made up of low-risk instruments like Money Market Funds and Bonds.
  • No management fee: Unlike other portfolios, Syfe does not charge a management fee to save your money on Cash+.
  • Automated Recurring Transfer: Through Cash+, investors can set up automated recurring transfers to & from other Syfe portfolios. This is very convenient for investors with a sum of money, but prefer to dollar-cost average instead of invest one-off into their Syfe portfolios.

#5 Syfe Select (Themes)

Syfe Select Themes allow investors to choose a portfolio around specific themes, namely:

(i) ESG & Clean Energy:

Invest in companies that are at the forefront of all environmental, social, and corporate governance (ESG) criteria. ETFs aligned to clean energy and water sustainability make up half of the portfolio.

  • Annual Returns over the past 5 years: 20.23%/year
  • Key Allocations: ESGE (exposure to large & mid-cap ESG companies in emerging markets), ESGD (exposure to ESG companies in developed markets), and more.
  • Risk rating: 4 (High)
  • For who: Investors looking to tap into the trending awareness towards ESG companies.
Syfe Select - ESG Portfolio 3Y & 5Y returns (Source: Syfe)
Syfe Select - ESG Portfolio 3Y & 5Y returns (Source: Syfe)

(ii) Disruptive Technology:

Invest in companies with leading-edge technologies such as AI, robotics, cloud computing, and more.

  • Annual Returns over the past 3 years: 25.22%/year
  • Key Allocations: ESPO (exposure to companies involved in video game & eSports development), BOTZ (exposure to companies involved in robotics & AI), and more.
  • Risk rating: 5 (Very High Risk)
  • For who: Investors looking to ride the huge growth potential of the disruptive tech industry, while do not mind taking larger risks.
Syfe Select - Disruptive Tech Portfolio 3Y returns (Source: Syfe)
Syfe Select - Disruptive Tech Portfolio 3Y returns (Source: Syfe)

(iii) Healthcare Innovation:

Invest in companies that are at the forefront of healthcare technologies such as genomics, biotech, and more.

  • Annual Returns over the past 5 years: 20.23%/year
  • Key Allocations: XLV (exposure to companies involved in healthcare equipment, biotech, and more), IBB (exposure to companies involved in biotech for new cures for diseases), and more.
  • Risk rating: 4 (High Risk)
  • For who: Investors looking to tap into the increasing demand of health/medical tech advancement.
Syfe Select - Healthcare Innovation Portfolio 3Y & 5Y returns (Source: Syfe)
Syfe Select - Healthcare Innovation Portfolio 3Y & 5Y returns (Source: Syfe)

(iv) China Growth:

Invest in the huge growth potential of China consumer & tech sectors.

  • Annual Returns over the past 5 years: 17.23%/year
  • Key Allocations: CNYA (exposure to domestic Chinese companies traded on Shanghai or Shenzhen Stock Exchange), MCHI (exposure to companies in the top 85% in market cap of the Chinese equity market), and more.
  • Risk rating: 4 (High Risk)
  • For who: Investors looking to tap into the huge growth potential in China, while also accepts the risks involved in investing in China.
Syfe Select - China Growth Portfolio 3Y & 5Y returns (Source: Syfe)
Syfe Select - China Growth Portfolio 3Y & 5Y returns (Source: Syfe)

(v) Global Income:

Invest in high-yield bonds for consistent income.

  • Annual Returns over the past 5 years: 5.01%/year
  • Target gross dividend yield of 4.25% per annum
  • Key Allocations: CEMB (exposure to emerging market corporate bonds), SHYG (exposure to US short-duration corporate bonds), and more.
  • Risk rating: 3 (Moderate Risk)
  • For who: Investors looking to generate consistent income from the market.
Syfe Select - Global Income Portfolio 3Y & 5Y returns (Source: Syfe)
Syfe Select - Global Income Portfolio 3Y & 5Y returns (Source: Syfe)

#5 Syfe Select (Custom)

If you are looking to 100% take charge of your ETF selections, then you are going to love Syfe Select Custom.

Essentially, you get to construct your own portfolio by choosing 8 ETFs out of 100+ ETFs offered by Syfe. In addition, you get to decide on the weightage/% allocation of each ETF in the portfolio.

In other words, this is as close as you can get to construct your own ETF portfolio without opening a broker!

You may be wondering: 

Why not just open a broker and build my portfolio myself? 

I've reached out to Syfe to inquire about this. Apparently, Syfe invests our funds into the institutional share class of the underlying funds, which retail investors do not normally have access to. Essentially, the institutional share class of these funds has lower management fees and expense ratios.

In other words, when you construct your portfolio via Syfe, your investing cost should be lower compared to buying your own ETFs via a broker. (according to Syfe)

Both Syfe Select Custom and Themes are new offerings from Syfe and they totally deserve an expanded discussion in my future articles.

Users can build their customized portfolio from the 100+ ETFs & funds offered by Syfe. (Source: Syfe)
Users can build their customized portfolio from the 100+ ETFs & funds offered by Syfe. (Source: Syfe)

Syfe Pricing & Fees

Syfe pricing is clear and transparent: the more you invest, the more affordable it gets. These fees are deducted monthly from a small cash component set aside by Syfe when you deposit your funds.

Pricing Tier

Blue

Black

Gold

Private Wealth

Min. investment sum

< SGD 20,000

SGD 20,000

SGD 100,000

SGD 500,000

Management fee per year

0.65%

0.5%

0.4%

0.35%

Some other perks include:

  • No additional charges are needed to open a new portfolio.
  • No charges on deposits and withdrawals.
  • Dividends are automatically re-invested.

Aside from Syfe management fee, there are 4 other fees that you should be aware of. These fees are not charged by Syfe, but by 3rd parties (it’s the same for all other robo-advisors too):

  • ETF management fee by ETF providers (0.15 – 0.24%/year)
  • Currency conversion fees
  • US SEC charges during sell transactions
  • SGX clearing & trading access fees for REIT+ portfolios

3 things I like about Syfe

#1 Diverse selection of portfolios

One thing that’s truly unique to Syfe is you are almost certain to find something that suits your investing needs:

  • For beginners, or investors that would like to have a hands-off approach to investing, Syfe’s Core portfolios are a great start.
  • For investors looking to invest for passive income, Syfe REIT+ and Global Income thematic portfolios are perfect.
  • For investors with higher risk preferences, Syfe Core Equity100 and thematic portfolios can be a good choice.
  • If you are looking to have some or complete customization, you’ll like Syfe Select’s Theme and Custom portfolios.

Of all the robo-advisors that I’ve used and reviewed, Syfe is no doubt at the forefront when it comes to offerings and customizability.

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#2 Flexible & Low Barrier of Entry

With Syfe:

  • There is no restriction on the minimum investment amount. This means Syfe is especially beginner-friendly to investors with small capital.
  • Syfe is also extremely flexible. There is no lockup on your investments and you are free to deposit & withdraw at any time.
  • Furthermore, there is no limit on how many Syfe portfolios that you can open.

This gives great flexibility for users to invest or save for different financial goals using multiple portfolios on Syfe.

As an example, you may want to invest in a travel fund and also a car fund, but you do not want to mix these funds up. With Syfe, you can create multiple portfolios to differentiate the funds from each other.

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#3 Affordable fees

Investing via Syfe is affordable. The management fees charged by Syfe is much lower relative to conventional unit trusts.

3 things I wish Syfe could improve on:

As much as I like Syfe, it is not perfect. There are things that I hope they can improve on when it comes to convenience for Malaysian users.

#1 Malaysians can only open an account with a valid passport

Since Syfe is a Singaporean-based company, Malaysian users will have to use a valid passport to open an account (or Employment Pass (EP)/S Pass/Work Pass if you work in Singapore).

There is no option to open an account via a Malaysian IC (I hope they allow this in the future).

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#2 It’s expensive to fund Syfe with a local bank account (Use Wise/CIMB SG instead)

Funding Syfe account via local banks’ Foreign Telegraphic Transfer (FTT) can be expensive.

A typical FTT will incur FTT fees (~RM10), FX exchange rate (MYR to SGD), and intermediary banking fees (~SGD30-50), which is SUPER expensive and inefficient.

Nevertheless, I have come out with a guide on how you can fund your Syfe account via Wise, or a Singapore bank account, where you can skip the expensive intermediary banking fees.

READ: Detailed guide on how to fund your Syfe account via Wise or a Singapore bank account.

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#3 It’s expensive to withdraw from Syfe directly to a local bank account 

Likewise, withdrawing from Syfe directly to a local bank account is also expensive. FX exchange rate (SGD to MYR) and Telegraphic Transfer fees will be charged (SGD35 Cable fees + 0.125% commission), which is not a good deal by any means.

In addition, while it is possible to fund your Syfe account with Wise, it is not possible to withdraw funds from Syfe to Wise.

The only free alternative here is to execute withdrawal to a Singapore bank account, and if required, initiate a transfer back to your Malaysia bank account.

READ: How to withdraw your funds from Syfe to a Singapore bank account

READ: Detailed guide on how to open a CIMB SG bank account online

How to open a Syfe account in under 5 mins

Opening a Syfe account is simple and straightforward. To start, prepare the documents below to make the account opening experience smoother:

  1. For Malaysians, you’ll need a picture (front & back) of your passport (must be a valid passport)
  2. Utility bill (eg. Phone bill/water or electricity bill) as proof of residency.
  3. Tax Identification Number (TIN) (if you don’t have one you can justify why – more on this in Step 7).

Step 1: Install the Syfe app

Click HERE to install the Syfe app. Once you are done, open the Syfe app and you’ll be prompted to open an account.

Step 1: Install and create a Syfe account

Step 2: Start by selecting a portfolio of your choice.

Don’t worry if you haven’t made up your mind as you can still change the portfolio after that.

Step 2: Select a portfolio to start with. you can always change this later after you open your account.

 Step 3: You’ll be asked for your personal info (eg. Age) and investment preferences (investment goal).

Step 3: Select 'Foreign national residing outside of SG' if you are from Malaysia.

Step 4: You’ll be shown the details of your chosen portfolio.

Again, don’t worry as you can always set up a new portfolio after opening your account.

Syfe Account Opening Guide
Step 4: You'll be shown the details of your selected portfolio.

Step 5: Create an account and click ‘Sign Up’

p.s. Use my exclusive promo code 'NOMONEYLAH' and enjoy 100% off your management fees for the first 6 months!

Syfe Account Opening Guide
Use my Syfe promo code 'NOMONEYLAH' to enjoy 100% off your management fees for the first 6 months!

Step 6: Key in your personal details (name, address, employment status, income details)

Syfe Account Opening Guide
Since we are not from SG, we need to verify our identity manually.

Step 7: Upload documents & provide your Tax Identification Number (TIN)

Don't worry if you do not have a TIN number. Let's say you are a student, just justify that you are still a student and you are not required to have a TIN number.

Syfe Account Opening Guide
Upload the documents that you have prepared at the start as proof of your identity.

Step 8: Sign Customer agreement and W-8BEN* form

*W-8Ben form: Filling in the W-8 Form is a requirement by the US Inland Revenue Service for account holders to declare that the beneficiary owner of the amount received from US sources is not of US origin. For clients who want to trade the U.S. markets, they will need to complete this form.

Syfe Account Opening Guide
Accept the customer agreement and W-8BEN form.

And that’s it! You have opened your Syfe account. In the next section, I'll share a step-by-step guide on how to fund your Syfe portfolio.

How to Fund & Withdraw Funds from Syfe

Funding and withdrawing from your Syfe account can be done either via your local bank account (not recommended), Wise (funding only), or a Singapore bank account.

Check out my step-by-step guide on how to fund your Syfe account, and how to withdraw funds from Syfe. 

Exclusive Syfe Promo Code – NOMONEYLAH

No Money Lah is now working with Syfe to bring the best deal for No Money Lah’s readers.

If you are keen to give Syfe a try, consider using my promo code ‘NOMONEYLAH’ to open a new account. Doing so, you’ll receive 100% off your management fees for the first 6 months.

[Disclaimer: If you use my promo code ‘NOMONEYLAH’, and make an initial deposit of SGD1,000 (or more) to your selected Syfe portfolio (Core/REIT+/Select/Cash+), No Money Lah will receive a small referral. This will help sustain the blog to keep producing quality content like this.

Of course, this is optional and you are free to use the promo code and deposit any amount you prefer.]

Open a Syfe Account Today!

No Money Lah’s Verdict

So, what do you think? Are you impressed by the offerings from Syfe? 

I sure do! As someone that has tried different robo-advisors in the past, Syfe is certainly the most complete robo-advisor when it comes to offerings and customizability.

Regardless of your investment needs & preferences, I am almost certain that you’ll find a portfolio that suits your need via Syfe. Personally, I am starting to invest a consistent amount into my Syfe portfolios (Core Growth and Core Equity100) monthly - so I will certainly follow up with any new updates moving forward!

If you don’t mind the slight hiccup with the funding and withdrawal process, I am sure you will find Syfe extremely flexible and reliable. 

Disclaimers:

Past return is not indicative of future performance.

This post may contain affiliate links that afford No Money Lah a small amount of referral (and help support the blog) should you sign up through my referral link.

by Chin Yi Xuan

HOW TO OPEN A cimb fastsaver sg ACCOUNT IN MALAYSIA

Guide: How to open a CIMB Singapore account for Malaysians

In this guide, I want to share how you can open a Singapore bank account online, without visiting physical branches in Malaysia or Singapore. In particular, this guide is about opening a CIMB Singapore FastSaver account online.

So, let’s get straight into the topic!

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Highlights of CIMB SG FastSaver Account:

Why open a Singapore Bank Account?

There are many reasons why one would have access to a Singapore bank account:

  1. It could be that your work requires you to receive or transact via SGD.
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  2. Most international stock brokers accept deposits/funding via SGD, and not Malaysian Ringgit (MYR). While you can still fund your broker via foreign telegraphic transfer (FTT) on your local bank account, it incurs expensive FX conversion and intermediary banking fees.

Documents Needed & Expectation

To start, it is best for you to have the following details with you:

  1. Your Malaysia IC
  2. Your Tax Identification Number (TIN)
  3. A CIMB Malaysia account
  4. SGD1,000 worth of MYR

If everything is smooth, the whole registration process will take about 2 weeks. Hence, be patient and please note that this is not something you can settle in a day.

Opening a CIMB Malaysia Account

To open a CIMB SG FastSaver account, you will first need an existing CIMB Malaysia account.

If you already have a CIMB Malaysia account, skip this part and move on to the next section.

Otherwise, you can open a CIMB Savings account easily online. Check out my step-by-step guide to register for a CIMB Savings Account below. 

READ: Step-by-step guide to open a CIMB Savings Account (without going to bank!)

 

How to open a Malaysia savings account online

Opening a CIMB SG FastSaver Account

Step #1: Register for your account online

i. Check out the details of CIMB FastSaver account. Once you are done, proceed to complete the application form online.

 

CIMB SG FastSaver Account Step 1 Registration
Use your Malaysia NRIC to open a CIMB SG FastSaver Account

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ii. During the registration process, you are required to:

  • Upload a copy of your IC.
  • Provide your Tax Identification Number (TIN) if you are a taxpayer (ie. You pay tax to LHDN).
  • Upload your e-signature.

 

CIMB SG FastSaver Registration
CIMB FastSaver: You are required to upload your IC copy and e-signature.

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iii. Once you are done, you’ll receive an email containing (1) a password-protected PDF, and (2) the next action steps.

CIMB FastSaver Registration
CIMB FastSaver: You'll receive an email with a PDF file & the next action steps.

At the same time, you’ll also receive an SMS from CIMB SG containing the password to unlock the PDF file. Once you open the PDF, you’ll find details of your account number.

CIMB FastSaver Registration
You'll receive an SMS with password to unlock the PDF file.

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Step #2: Link your Singapore account

i. Proceed to link your CIMB SG FastSaver account to your CIMB Clicks Malaysia. Once you log in to CIMB Clicks, under ‘Services’, select ‘Singapore Account’ under the Account Linking section.

CIMB FastSaver Account linking
Initiate account linking via CIMB Clicks.

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ii. Next, key in your IC number.

CIMB FastSaver Account linking
Key in your IC number to initiate account linking.

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iii. Upon submission of your account linking request, it’ll take about 1-2 working days to get approved. To check the approval status, click ‘Singapore Account’. 

CIMB FastSaver linking approved
CIMB FastSaver account linking approved

Note: If you check your linking request it shows you the input screen again (like what you saw in Step 2ii), this means your application has been rejected.

In this case, contact the customer service of CIMB Malaysia and let them know that you need to have this account linked in order to perform an ASEAN Transfer for e-KYC verification requested by CIMB SG.

Credits to RinggitFreedom for the tips!

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Step #3: Perform an initial transfer

Once your account linking is approved in Step 2, move on to perform an initial transfer of SGD1,000 via your CIMB Malaysia account. It is a MUST to perform this initial transfer using your CIMB Malaysia account in order to activate your CIMB SG account.

[Update 17/7/2021: From an update from a reader, it is also possible to perform a small initial transfer of, say, SGD10 via your CIMB Malaysia account, and the rest (SGD990) via platforms like Wise (details HERE). This will help you save on the FX rates.]

CIMB FastSaver Transfer SGD1000
Transfer an initial deposit of SGD1,000 to your CIMB FastSaver account.

Once you are done, you can view your CIMB SG account balance by clicking the Singapore flag icon.

CIMB FastSaver
Click on the SG flag icon to view your account details and balance.

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Step #4: Application verification

Once you have done your initial deposit in Step #3, the next thing to do is to wait for verification on CIMB SG's end. Meaning, you'll have to:

  1. Expect a call from CIMB SG (ie. +65 number) to verify your identity and the purpose of opening an account. They'll ask questions like your IC number and how are you planning to use the CIMB SG account.
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    It took about 3 business days for me to receive this verification call from the day I performed my initial deposit in Step #3.
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  2. After the call, you'll have to wait for CIMB SG's end to process your verification. This wait is longer as it took about 7 business days for me to receive my (a) account activation email & (b) SMS for my CIMB SG activation code (more  on this in Step #5).
CIMB SG Account Activation Email
Account activation email from CIMB SG

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CIMB Clicks SG first time login
CIMB Clicks SG first time login activation code

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All in all, be prepared that Step #4 will take about 10 business days of waiting. During this period, I got several email reminders from CIMB SG that I have not completed my CIMB SG application, claiming that (1) I have yet to transfer my initial deposit (I have done so), or (2) I did not provide valid documents for account opening (I did). 

If you have done everything mentioned in the email, just ignore the email and wait for the verification call from CIMB SG. If the wait is too long be sure to call or email CIMB SG for help. 

cimb sg application reminder
CIMB SG application reminder email.

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Step #5: CIMB SG First-time login

Finally, now that your CIMB FastSaver account is activated, it is time to log in to CIMB SG to initiate your first-time login. In Step #4, you should have received an SMS containing an activation code for CIMB Clicks (SG). Now:

  1. Go to CIMB Clicks SG. Click 'First Time Login'.
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  2. Create your username & password for CIMB Clicks SG, and key in the activation code that you got from Step #4 here.
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    CIMB Clicks SG - Create username & password
    CIMB Clicks SG - Create username & password

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  3. Once you are done, download the CIMB Clicks SG app to activate your Digital Token. Setting this up is important so you can proceed with future transactions.
CIMB Clicks SG - Setup digital token
CIMB Clicks SG - Setup digital token

OKAY, now you have a fully functional Singapore bank account! The CIMB SG Clicks interface has a really outdated design but it gets the job done for any simple transfers and transactions. 

CIMB SG has a poor interface, but it gets the job done.
CIMB SG has a poor interface, but it gets the job done.

Withdrawing funds from CIMB SG to CIMB Malaysia

Withdrawing funds from CIMB SG back to your CIMB Malaysia account is easy. 

Step 1: Link your CIMB Malaysia account with CIMB SG

link cimb sg to cimb my

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Step 2: Wait about 3 working days for the linking to be approved.

link cimb sg to cimb my - pending approvalp

Step 3: Head over to 'CIMB Malaysia Transfer' > 'To My CIMB A/C' and proceed with your withdrawal.

link cimb sg to cimb my - withdrawal

Wise: A cheaper way to add funds to your CIMB SG Account (+ Referral Link!)

Now that you have opened your CIMB SG account, it is likely you'll need to keep transferring funds to this account in the near future. During our initial deposit, we are required to fund our CIMB SG account via CIMB Malaysia, which incurs a more expensive FX conversion rate.

For future funding, you can go through platforms like Wise to get a cheaper FX rate. Use my Wise referral link and get a fee-free transfer of up to 500 GBP (~RM2,900) in your first transfer!! 

Open a Wise account and get a free transfer today!

FX Rate Comparison: CIMB RM3,148.50 = SGD1,000 vs Wise RM3122.14 = SGD1,000

CIMB MYR to SGD FX Rate
CIMB MYR to SGD more expensive FX Rate

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Wise MYR to SGD FX Conversion
Wise MYR to SGD cheaper FX Conversion

Rate Comparison: Check out the rates between Wise and our local banks below:

The true cost of sending MYR to SGD

Open a Wise account and get a free transfer today!

How to use your Singapore bank account to fund your foreign stock broker/accounts

One major benefit of having a Singapore bank account is many foreign brokers accept the SGD currency compared to MYR. In other words, you can save on the expensive FX and intermediary banking fees by funding your broker via a Singapore bank account.

Check out this guide on how I fund (and withdraw) my go-to foreign stock broker, Tiger Brokers and Singapore robo-advisor Syfe with my CIMB SG account!

ALSO READ: Tiger Brokers review

ALSO READ: Syfe Robo-Advisor Review

No Money Lah's Verdict

So here you have it - a detailed guide on how to open a Singapore bank account for Malaysians!

CIMB FastSaver is the easiest way for you to open a Singapore bank account at the moment, and I highly recommend opening an account especially if you look to fund your overseas stock brokerage account.

Before you go, remember to use my Wise referral link and get a fee-free transfer of up to 500 GBP (~RM2,900) in your first transfer! As a disclaimer, No Money Lah will get a small referral reward if you use my referral link, which will help the blog and keep producing useful content like this one! 

If you find this guide useful, please share it with your friends & family too! 

Disclaimer:

This article is accurate as of the time of writing. Please let me know if you notice any changes to the process and I'll update this guide accordingly.

This article also contains referral link that will reward No Money Lah on every successful referral. This will help sustain the blog so I can keep producing quality guides and content like this. 

by Chin Yi Xuan

Cara membuka akaun CDS online di Malaysia

Panduan: Cara buka akaun CDS & akaun saham secara online

Anda nak mula melabur dalam pasaran saham di Malaysia?

Aspek yang paling penting sebelum anda bermula melabur saham di Malaysia adalah untuk membuka akaun CDS dan akaun perdagangan saham anda.

Sebenarnya, pembukaan akaun CDS dan akaun saham di Malaysia adalah senang & ringkas. Dalam artikel ini, fahami perkara penting yang anda kena tahu sebelum membuka akaun perdagangan saham di Malaysia seperti pemilihan Akaun CDS and Broker Saham, dan panduan ‘step-by-step’ dalam proses pembukaan akaun!

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Langkah 1: Putuskan sama ada anda hendak membuka akaun ‘Direct CDS’ atau ‘Nominee CDS’

Akaun ‘Central Depository System’ (CDS) adalah akaun yang merekodkan hak milik saham dan sejarah transaksi anda dalam pembelian and penjualan saham. Secara ringkasnya, anda boleh kaitkan akaun CDS seperti ‘security box’ yang menjaga keselamatan saham anda.

Sebelum membuka akaun CDS, ada 3 perkara yang anda perlu tahu:

  1. Anda perlu berumur 18 tahun ke atas untuk membuka akaun CDS.
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  2. Caj RM10 dikenakan untuk pembukaan akaun CDS. Namun, broker saham seperti Rakuten Trade menampung caj tersebut untuk pengguna. 
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  3. Broker saham akan membuka akaun CDS secara serentak untuk anda semasa anda mendaftar untuk akaun perdagangan saham. Dalam ayat lain, anda tidak perlu membuka akaun CDS secara berasingan.

Terdapat 2 jenis akaun CDS, iaitu Direct CDS dan Nominee CDS. Bezanya adalah seperti berikut:

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 Direct CDSNominee CDS
Nama pemegang akaunPemegang Saham (Mr./Ms.)Broker (eg. Rakuten Trade Nominees for Mr./Ms.)
Pendaftaran untuk melabur dalam IPOBolehTidak Boleh
Pembayaran DividenKredit ke akaun bank andaKredit ke akaun perdagangan saham anda
Kertas kerja untuk corporate action (eg. Rights Issue, Dividen)Diuruskan oleh pemegang sahamDiuruskan oleh broker bagi pihak pemegang saham. Biasanya caj servis dikenakan*.

[*Percuma di Rakuten Trade]
Laporan tahunan & Koupon DividenAkan dikirim oleh RegistrarTidak akan dikirim oleh Registrar

[Laporan tahunan boleh dimuat turun dengan senang dari laman web Bursa Malaysia]
Kelayakan untuk menghadiri AGMBolehBoleh, dengan surat dari broker
Shares TransferSaham boleh dipindahkan ke akaun keluarga andaSaham hanya boleh dipindahkan ke akaun sendiri

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Akaun CDS mana yang lebih baik? Direct CDS atau Nominee CDS?

Secara amnya, pilihan sama ada untuk membuka akaun Direct CDS atau Nominee CDS tiada beza dan impak besar dalam proses pelaburan anda.

Namun, jika anda baru nak bermula untuk melabur saham, cadangan saya adalah untuk membuka akaun Nominee CDS, khususnya Rakuten Trade, kerana:

  • Kemudahan Nominee CDS: Broker saham anda akan menguruskan semua ‘paperwork’ bagi pihak anda dalam ‘corporate action’ seperti pembayaran dividen dan rights issue.Bagi saya, ini adalah kemudahan yang besar sebab paperwork boleh merupakan sesuatu yang lebih rumit untuk pelabur yang baru atau kurang pengalaman.
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  • Biasanya, sesetengah broker saham yang menawarkan akaun CDS Nominee mengenakan caj pengurusan. Tapi, ianya percuma di Rakuten Trade (betul tiada caj!).

Tapi, satu perkara yang anda kena tahu mengenai akaun Nominee CDS ialah pelabur yang menggunakan akaun Nominee CDS tidak boleh mendaftar untuk Initial Public Offering (IPO), iaitu syarikat yang bakal disenaraikan di Bursa Malaysia.

Walaupun demikian, saya tidak rasa ini perkara yang membawa impak besar sebab kebanyakan pelabur seharusnya fokus pada syarikat yang mempunyai ‘track record’ yang lebih panjang.p

Rakuten Trade Nominee CDS vs Akaun Nominee CDS Biasa

Penting: Bukan semua akaun Nominee CDS direka sama antara satu sama lain! Bagi saya, daripada Nominee CDS yang ditawarkan oleh broker-broker saham di Malaysia, saya menggunakan akaun Nominee CDS dari Rakuten Trade kerana:

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 Akaun Nominee CDS Rakuten TradeAkaun Nominee CDS Biasa
Caj Pengurusan Corporate Action (eg. Rights Issue, Dividen)PercumaDikenakan
Shares TransferSaham juga boleh dipindahkan ke akaun keluarga anda selain daripada akaun sendiriSaham hanya boleh dipindahkan ke akaun sendiri
Kelayakan untuk menghadiri AGMBoleh. Prosesnya ringkas, iaitu hanya dengan email-kan permintaan anda ke customer service Rakuten Trade 10 hari sebelum tarikh AGM. Boleh, dengan surat dari broker saham.
Caj Pembukaan Akaun CDSPercumaRM10

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BACA: Review Pengguna Jangka Panjang Rakuten Trade: 5 Sebab Kenapa ia merupakan broker saham pilihan saya

Referral Link EXCLUSIF: Gunakan referral link saya untuk buka akaun Rakuten Trade anda hari ini, dan terima 500 Rakuten Trade (RT) Points (bernilai RM5) yang anda boleh gunakan sebagai rebat untuk caj broker semasa melabur!  

Buka Akaun Rakuten Trade Anda Hari Ini!

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Langkah 2: Pilih Broker Saham anda

Setakat ini, saya rasa anda dah faham apa tu akaun CDS. Sekarang, kita kena tentukan broker saham yang kita ingin guna untuk membuka akaun perdagangan saham.

Secara ringkasnya, broker saham menyediakan platfom untuk memudahkan para pelabur membeli dan menjual saham.

Ingat: Bila anda mendaftar untuk akaun perdagangan anda, broker saham akan membuka akaun CDS secara serentak bagi pihak anda. Jadi, apa yang penting ialah untuk memilih broker saham yang dipercayai.

Dalam pemilihan broker saham, terdapat 2 pertimbangan yang anda kena lakukan, iaitu (1) caj brokerage (atau komisen), dan (2) sama ada anda hendak membuka akaun Cash Upfront atau akaun Margin/Contra.

(1) Perbandingan Komisen Broker Saham di Malaysia

Komisen yang dicaj oleh broker saham merupakan pertimbangan yang penting, terutamanya untuk para pelabur yang mempunyai saiz kapital yang kecil:

Nilai transaksi & Komisen < RM1,000 RM1,000 – 10,000 RM10,000 – 50,000 RM50,000 – 100,000
Rakuten Trade RM7 RM9 0.10% 0.10%
M+ Silver Cash Upfront Account 0.08%/RM8, yang mana lebih tinggi 0.05%
Hong Leong HLE Value Trade Account 0.10%/RM8, yang mana lebih tinggi
Maybank 0.42%/RM12, yang mana lebih tinggi
UOB UTrade 0.42%/RM28, yang mana lebih tinggi
CIMB Clicks Trader

0.0388%/RM8.88, yang mana lebih tinggi

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Dari perbandingan di atas, adalah jelas bahawa broker-broker saham mempunyai komisen yang berbeza. Sebagai contoh, katakan saya membeli 100 unit saham pada RM1.00/unit:

  • Maybank Investment Account (0.42% or RM12, yang mana lebih tinggi): Jumlah Komisen = RM100 + RM12 = RM112
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  • Rakuten Trade (0.1% or RM7): Jumlah Komisen = RM100 + RM7 = RM107

Selain itu, apa yang anda kena faham ialah komisen ini dicaj 2 kali dalam proses transaksi saham: sewaktu pembelian DAN penjualan saham. Jelasnya, adalah penting bagi pelabur untuk memilih broker saham yang menawarkan komisen yang berpatutan!

TERKINI: Dapatkan rebat untuk komisen di Rakuten Trade! Klik SINI untuk maklumat lanjut.

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(2) Akaun Cash Upfront atau Akaun Margin/Contra

Seterusnya, timbangkan sama ada anda hendak membuka akaun ‘Cash Upfront’ atau akaun ‘Margin/Contra’.

Ringkasnya, akaun Cash Upfront adalah akaun di mana anda hanya melabur dengan kapital yang dideposit dalam akaun anda. (macam kad prepaid)

Sebagai perbandingan, akaun Margin membolehkan pelabur untuk membeli saham dengan nilai lebih daripada jumlah kapital dalam akaun. Dalam kata lain, broker saham anda meminjam wang kepada anda untuk melabur melebihi saiz kapital anda. (ie. Invest in Margin)

Dengan membeli saham melalui akaun Margin, keuntungan pelabur akan berganda sewaktu harga saham menaik. Akan tetapi, kerugian juga akan berganda sewaktu harga saham jatuh.

Cadangan saya: Elakkan melabur melalui akaun Margin, terutamanya pelabur yang baru atau kekurangan pengalaman.

BACA: Apakah perbezaan antara akaun Cash Upfront dan akaun Margin?

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Panduan Pembukaan Akan Perdagangan Saham dengan Rakuten Trade secara Online

Rakuten Trade merupakan ‘joint venture’ antara Kenanga Investment Bank (Malaysia) dan Rakuten Securities (Jepun) dan dikawal selia oleh Suruhanjaya Securiti Malaysia. Ia merupakan broker saham pilihan saya sebagai seorang pelabur di pasaran saham Malaysia.

Jom fahami Rakuten Trade dengan lebih lanjut:

#1 Salah satu broker saham yang menawarkan komisen yang paling rendah

Rakuten Trade menawarkan komisen yang amat berpatutan apabila dibanding dengan kebanyakan broker saham di Malaysia. Oleh sebab itu, Rakuten Trade merupakan pilihan yang rasional untuk pelabur baru dan berpengalaman.

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Nilai TransaksiKomisen
< RM1,000RM7 bayaran tetap
RM1,000 hingga RM9,999RM9 bayaran tetap
RM10,000 hingga RM99,9990.10%
> RM100,000RM100 bayaran tetap

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#2 Proses Pembukaan Akaun yang Ringkas & Senang

Rakuten Trade adalah broker saham pertama di Malaysia yang menawarkan pembukaan akaun secara online.

Ia hanya mengambil 15 minit untuk mendaftar akaun baru melalui Rakuten Trade. Yang best sekali, pendaftaran anda diproses dengan cepat dan anda boleh mula melabur lepas tu.

Ingat: Rakuten Trade merupakan akaun Nominee CDS. Maksudnya, pelabur tidak perlu menangani ‘paperwork’ dalam seluruh proses pelaburan.

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Panduan ‘Step-by-Step’ untuk membuka akaun Rakuten Trade (Cash Upfront Account)

Step 1 Rakuten Trade Registration
Langkah 1- 3 Pendaftaran Rakuten Trade

Langkah 1: Klik link di bawah untuk membuka page pendaftaran Rakuten Trade. Dalam ‘Account Type’, pilih ‘Cash Upfront’. 

Buka Akaun Rakuten Trade Anda Hari Ini!

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Langkah 2: Masukkan Nama, IC dan maklumat Warganegara.

Langkah 3: Muat naik foto IC anda (depan & belakang)

Select 'NoMoneyLah' under 'Educator' to get your RT points!
Di bawah 'Educator', pilih 'NoMoneyLah' untuk dapatkan 500 RT points PERCUMA!

Ingat: Pilih ‘NoMoneyLah’ di bawah ‘Educator’, dan anda akan mendapat 500 Rakuten Trade (RT) Points PERCUMA (bernilai RM5), di mana ia boleh diggunakan sebagai rebat komisen, atau ditukar kepada Big Points atau Boost Coins!

Langkah 4: Masukkan Contact, Email, Username dan Security Question.

Langkah 5: Sebagai langkah keselamatan, anda kena mencipta ‘trading pin’ 6-angka untuk meluluskan sebarang transaksi saham. Pin ini PENTING sebab anda perlu masukkan pin untuk semua transaksi saham di Rakuten Trade!

Langkah 6: Masukkan maklumat persendirian untuk seksyen seterusnya.

Langkah 7: Masukkan maklumat perbankan anda dan upload penyata bank sebagai bukti.

Langkah 8: Bayar RM10 sebagai caj pembukaan akaun CDS. (Percuma untuk pengguna Rakuten Trade pada masa ini)

Langkah 9: Anda akan menerima email dan anda diperlukan untuk membuat verifikasi untuk email anda.

Langkah 10: Siap! Anda akan menerima notifikasi apabila akaun Rakuten Trade anda diluluskan. Seterusnya, anda boleh mula menambah dana dalam akaun Rakuten Trade dan mula belabur!

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Kesimpulannya…

Pilihan platfom broker saham yang dipercayai adalah penting sekali untuk setiap pelabur. Sebagai pengguna Rakuten Trade, saya boleh mengesyorkan Rakuten Trade dengan yakin disebabkan applikasi yang mudah dan platfom pelaburan yang ‘user-friendly’.

  • Suka artikel ini dan nak buka akaun Rakuten Trade? Gunakan ‘referral link’ saya (atau masukkan ‘NoMoneyLah’ di bawah ‘Educator’ sewaktu anda mendaftar)! Dapatkan 500 Rakuten Trade (RT) Points (bernilai RM5) yang anda boleh gunakan sebagai rebat untuk caj broker semasa melabur!    

Buka Akaun Rakuten Trade Anda Hari Ini!

ANDA MUNGKIN BERMINAT:

(1) How to Make Your First Trade Using Rakuten Trade?

(2) Have a question about Rakuten Trade? Click HERE to get your solution!

(3) 4 Powerful Features on Rakuten Trade that’ll help you invest better!

(4) How to create your own powerful Bursa stock screener via Rakuten Trade?

(5) NEW: Rakuten Trade Long-Term User Review: 5 Reasons Why it is my go-to Stock Broker!

by Chin Yi Xuan

[Sponsored Post] GoGold with GoPayz: Buy gold from as low as RM5!

Gold has always been a great asset as a store of value. In fact, this precious commodity has always been part of my portfolio as a diversification tool to offset volatilities in my portfolio.

The question is, is there a way for you to buy & own gold even with a small capital, and without having to worry about the safety of your gold?

In this post, let me introduce you to GoGold. GoGold is in partnership with ACE Capital Growth. Through GoGold, now anyone can start owning gold from just RM5!

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5 GoGold with GoPayz Features

There are 5 main features that make GoGold your go-to platform if you are keen to own gold:

#1 Low barrier of entry

With GoGold, you can start owning gold from as low as RM5. In comparison, most platforms out there only sell gold in grams, kilograms or ounces.

In other words, GoGold gives users the flexibility to own gold regardless of how big or small their budget is. Personally, I think this is perfect for people that have a small capital but would like to own gold. 

GoGold is a new feature in GoPayz, which allows users to purchase digital gold easily.
GoGold is a new feature in GoPayz, which allows users to purchase digital gold easily.

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#2 Secure & Shariah compliant

GoGold ensures the gold that you purchase is genuine, safe, and secured. This is because GoGold is in partnership with ACE Capital Growth.

ACE Capital Growth is an established local & international gold bullion trader. Their parent company - ACE Innovate Asia Berhad is  listed in the Bursa LEAP market.

In addition, your gold is also stored securely in a well-established security vault locally via Safeguard G4S, a leading provider of cash & security services in Malaysia.

GoGold is Shariah compliant, which makes it friendly for all Malaysians alike to buy digital gold via GoGold.

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#3 Buy & sell gold within a single app

GoGold is neatly located within the GoPayz app. With its intuitive interface, GoGold provides users the convenience to buy and sell gold within the GoPayz app.

In other words, you can buy or sell your gold online, without having to visit physical bank branches or stores to do so.

GoGold with GoPayz app
Buy and sell gold easily via GoGold with GoPayz.

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#4 Convert your digital gold into physical gold

An exciting feature for GoGold is it allows users to convert their digital gold into physical gold from as low as 1 gram.

Convert gold in GoGold easily from 1 gram.
Convert gold in GoGold easily from 1 gram.

2 things to know about converting your digital gold to physical gold:

  1. The fulfillment (or delivery) of the physical gold will take between 3 to 7 working days depending on where you are from.
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  2. There’ll be a fulfillment fee for the conversion to physical gold. This fee includes courier and insurance charges for the physical gold fulfillment, as shown below.
GoGold Fulfillment Fee
GoGold Fulfillment Fee

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#5 Latest gold price notification & tight spread

Within the GoGold interface, you can stay up-to-date with the latest gold price. In other words, you can monitor the price of gold live via GoGold, whereas other similar platforms usually have a delay when displaying the price.

In addition, you can also set alerts on prices so you are notified when the price of gold hits a particular level.

Set price alert on GoGold
Set price alert on GoGold

Furthermore, GoGold users get to experience one of the lowest price spreads. A spread is the difference between the buying and selling price of gold on the platform.

Through GoGold, users can enjoy tighter spreads compared to competitors!

GoGold tight spread
GoGold's tight spread makes it cheaper to buy gold vs other platforms.

 

GoGold Gold Spread vs other platforms
GoGold's spread vs other platforms

GoGold with GoPayz Eligibility & Fees

GoGold is open for individuals age 18-year-old and above (Malaysians & non-Malaysians). This ensures that even young buyers are able to start owning gold.

There’ll be a small storage fee when you use GoGold to buy gold. This fee is to ensure that the gold that you own is safely stored within the vault.

In this case, the storage fee is 1.5% per year – calculated daily and charged monthly to your gold account balance, with a minimum charge of RM1.00 equivalent in gram per month.

GoGold with GoPayz Promotion – Buy & Get FREE Gold!

Until 21st September 2021, RM75,000 worth of FREE Digital GOLD awaits you when you register & buy gold with GoGold:

  • First 5,000 users who register a GoGold account will get RM5 FREE digital gold.

Here’s how you can participate in this promotion:

Step 1: Download & sign up for GoPayz via Play Store, App store or Huawei AppGallery.

Step 2: Upgrade to GoPayz Premium Wallet once you have signed up for your account (“Wallet” > “Upgrade Wallet”). You are required to upload your IC and share your occupation & income details in order to verify your identity.

GoGold Wallet Upgrade

Step 3: Register for a GoGold account

  • Launch the GoPayz app.
  • Go to “Services" > "Financial Services” > "GoGold".
  • GoGold with GoPayzRegister for a GoGold account.

Register GoGold Account

Once you are done, buy a minimum of RM20 with GoGold and stand to win additional digital gold!

Check out the details of this promotion HERE.

Win FREE Digital Gold when you buy gold via GoGold!
Win FREE Digital Gold when you buy gold via GoGold!

No Money Lah’s Verdict

So here you have it – the new GoGold with GoPayz, where you can start owning gold from as low as RM5!

From how I see it, GoGold is a simple & easy way to start owning gold without having to worry about the safety of your gold. In other words, it’s a no-frills and convenient way to own this precious commodity.

Sign up with GoPayz and register your GoGold account today!

Disclaimers:

Buying & selling of gold involves market risk. Please conduct your own due diligence and/or consult a licensed financial planner before making any financial decisions.

The selling & buying of gold is not regulated by Bank Negara Malaysia (BNM), hence does not fall under the Banking and Financial Institutions Act 1989. However, ACE Capital Growth Sdn. Bhd. is required to comply under the practice of know-your-customer [KYC] and anti-money laundering.

by Chin Yi Xuan

Tiger Brokers Review: Affordable & Reliable Way to Invest in the Singapore, US and Hong Kong Stock Market!

In this article, let's look at my review on Tiger Brokers, a broker that provides affordable access to foreign stock market, while having strong regulations in place.

As an investor, I have always been looking for the most affordable way to invest in overseas stock market.

This is especially true for me as a Real Estate Investment Trust (REIT) enthusiast, as having affordable access to Singapore, Hong Kong and the US stock market will allow me to invest in many attractive REITs globally.

At the same time, I also have concerns about the regulatory issue of foreign brokers, which of course relates to the safety of my funds.

Tiger Brokers come in to fit my needs nicely. Here's my updated review of Tiger Brokers after using it for more than a year:

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Tiger Brokers Highlights:

  • Exposure to different markets & instruments with just one account. (Singapore, US, Hong Kong, Australia & China stock market, Futures, Warrants & Options)

     

  • Highly competitive and attractive fees. No minimum brokerage fee for Singapore stocks until 31/12/2021.

     

  • 100% online account opening & management. No visit to branch needed.

     

  • Strong regulatory background + company is publicly listed on NASDAQ .

     

  • Planning to open an account? Click the button below to use my Tiger Brokers referral link, and get the following when you open a new account (promo ending on 30/9/2021)!

    • a. Account Registration

      500 Tiger Coins which can be exchanged for various rewards within the app.

    • b. Account Opening rewards

      60 commission-free trades (within 180 days)

    • c. Account Funded
      (i) 1 Free APPLE share (First deposit SGD2,000 or more, added to your account in 7 business days upon successful deposit)
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Open A Tiger Brokers Account Today!

Tiger Brokers Regulation – How is Your Money Protected?

Let’s address the main concern of most investors when it comes to choosing a foreign broker – is it regulated by a proper/respected authority?

When it comes to their operation in Southeast Asia, Tiger Brokers is regulated by the Monetary Authority of Singapore (MAS), with a Capital Markets Services License to operate a legal brokerage business. Globally, Tiger Brokers is also regulated by the respective authorities from the US (SEC), Australia (ASIC), and New Zealand (FSPR) as well.

In short, Tiger Brokers is a well-regulated broker by proper authorities and is definitely way better than the brokers registered in some random African countries.

In regard to money/capital protection, there is strict segregation of clients’ capital and assets apart from Tiger Brokers’ own capital:

  • Clients’ Capital: Kept by DBS Commercial Bank
  • Clients’ Investment Assets:

- Singapore Stocks: Held by DBS Custodian Bank

- US Stocks: Held by Interactive Brokers

- HK Stocks: Held by Interactive Broker

To summarize, Tiger Brokers is held by a high standard of regulations and accountability towards clients’ assets and capital. As such, I have no problem recommending Tiger Brokers to fellow investors looking to invest in foreign markets.

Tiger Brokers Fees/Commission Comparison – Amazing Value & Highly Competitive Fees

Ultimately, what landed me on Tiger Brokers is its highly competitive commission.

While there are local brokers that offer exposure to foreign markets, they are super expensive (high barrier of entry), and the fee details are rarely available on their official websites (not transparent at all). As someone looking to invest affordably in the Singapore, US, and Hong Kong market, Tiger Brokers is certainly worth considering.

Below is the commission comparison table of Tiger Brokers alongside some other equally regulated (by MAS of Singapore) alternatives:

Commission/Rates charged by respective broker*

Tiger Brokers (SG)

FSMOne (SG)

POEMS Starter by Phillip Securities (SG)

Maybank Global Investing (Malaysia)***

Singapore Market

0.08%, or a minimum of SGD 2.88/trade**. (**No minimum charge until 31/12/2021)

Flat SGD 8.80/trade.

0.08%, or a minimum of SGD 10/trade**. (**No minimum charge until 31/12/2021)

SGD25, or minimum 0.40%/trade – whichever is higher.

US Market

USD 0.01/share, or a minimum of USD 1.99/trade.

0.08%, or a minimum of USD 8.80/trade.

Flat USD 3.88/trade

SGD25, or minimum 0.40%/trade – whichever is higher.

Hong Kong Market

0.06%, or a minimum of HKD 15/trade.

0.08%, or a minimum of HKD 50/trade.

0.08%, or a minimum of HKD 30/trade.

N/A

*Stated are fees charged by the brokers themselves. Please note that there are also additional (albeit minimal) fees charged by the respective exchanges in a transaction. (More details HERE) ***Based on my best research since I cannot find any official foreign stock fee structure from local brokers’ website. If you are interested, do approach your respective local brokers for more info.

Open A Tiger Brokers Account Today!

How to Open a Tiger Brokers Account?

a. Account Types

There are 2 types of trading accounts offered by Tiger Brokers, namely:

    • Margin Account (eligibility: 21 – 65 y/o)

Margin Account supports margin trading and short selling (intraday leverage up to 4x; overnight leverage up to 2x).

    • Cash Upfront Account (eligibility: 18 – 75 y/o)

Cash Account only allows trading stocks with cash. Margin trading and short selling are unavailable.

In short, you invest or trade with what you have deposited in your account.

If you are below 21 y/o currently, you can open a Cash Upfront Account first, then upgrade to a Margin Account once you reach 21, along with a full-time job.

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b. Account Opening Process

The account opening process does take some time, but it is simple & straightforward. Spare around 15 – 20 minutes to prepare the documents needed to smoothen your account-opening process.

If this is your first time opening a foreign brokerage account, I highly recommend you to follow the steps below – as I’ll explain some potential terms that you may not be familiar with:

Step 1: Prepare for the Documents/Details

    • Nationality/Full Name/Current Residential Address/Citizenship/Date of Birth/IC Information
    • Employer’s name and address
    • Details of assets and income
    • Investment objectives and experience
    • Proof of Identity (IC/Passport)
    • Proof of Residential Address (IC/Residential Estate Certification/Utility Bills - eg. Water/Phone Bill within the past 6 months, showing your full name & address)
    • Bank Statement (issued within the past 6 months, showing your full name & address)

Step 2: Open a Tiger Brokers Account 

Click HERE to use my Tiger Brokers referral link so you can enjoy account opening rewards!

When you click on the referral link, the rewards will be automatically applied and you can start your account opening process.

 

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Step 3: Key in Your Nationality & Tax Residency Country.

Tax Identification Number (TIN) is your local tax number. If you are still studying, or do not have an account yet, just tick ‘I don’t have a TIN’ and state your reasoning.

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Step 4: Key in Your Personal Info & Employment Details.

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Step 5: Decide if you want to open a Margin Account or a Cash Account.

Also, decide if you need access to instruments like Futures and Warrants (p.s. just tick ‘No’ if you don’t know what these are).

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Step 6: Read and proceed after you agree to the conditions of the W8-Ben form*.

*What is W-8Ben form?

Filling in the W-8 Form is a requirement by the US Inland Revenue Service for account holders to declare that the beneficiary owner of the amount received from US sources is not of US origin. For clients who want to trade the U.S. markets, they will need to complete this form.

Step 7: Upload the necessary documents.

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Step 8: Verify your identity by scanning your face. Follow the steps as shown below:

Step 9: You are done!

Generally, the account will be opened within 1 to 3 business days after the account opening application is submitted.

You will receive an SMS & email notification upon a successful account opening. Alternatively, you may log in to Tiger Brokers' official website to check your account opening status.

How to Fund Your Tiger Brokers Account

After your account is approved and opened, the next thing that you’d want to do is to fund your account. There are 2 main ways for you to fund your Tiger Brokers account:

Method 1 (recommended): Funding Tiger Brokers via a Singapore Bank Account (CIMB SG)

The first, and my recommended way to fund your Tiger Brokers account is through a Singapore bank account. 

The deposit experience is fast, and you'll also save on the expensive intermediary banking fees (SGD20/USD30) that incur when you use FTT via a local bank. 

Check out my detailed guide on:

The whole process may take some time but trust me, the savings are going to be worth it.

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Method 2: Funding Tiger Brokers via Foreign Telegraphic Transfer (FTT) through local banks

In the following section, I'll show you how to fund your Tiger Brokers account via FTT through local banks. That said, I do not recommend this method due to expensive intermediary banking fees (SGD20/USD30) per transfer. 

If this is your first time, the process may be a little intimidating for you so I’ve created a step-by-step for you below:

Step 1: Open your Tiger Brokers app

Step 2: Select ‘Me’ at the bottom right corner > Tiger Account

Step 3: Select ‘Deposit’

Step 4: Select to deposit in the currency of your choice (SGD/USD/HKD).

Step 5: Select ‘Other Overseas Bank Accounts’

Step 6: You’ll be shown the remittance/transfer details.

Remember to key in the payment reference correctly when you do your transfer in Step 7!

 

Step 7: Do the remittance from your bank via FTT.

A standard FTT fee will be charged for every FTT transfer. Aside from that, there are 2 things to take note of:

  • Generally, the transfer will take between 1 – 3 days but from my experience, it only took several hours for my deposit to reflect in my Tiger Brokers account.
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  • For all these FTT transfers, Tiger Brokers do not charge for the whole funding process. However, our banks’ appointed intermediary bank will be charging a clearance fee (varies according to banks). For me (Maybank FTT), it is SGD20 for SGD transfers and $30 for USD transfers.

In short, the total cost for my FTT transfer via Maybank is (1) Standard FTT fee + (2) SGD20 (SGD transfer)/$30 (USD transfer). Again, this is NOT a fee from Tiger Brokers but it's a clearance fee charged by the banks. 

As you can see, this is the reason why I do not recommend funding your Tiger Brokers account via local FTT. Instead, save on these fees by checking out my guide on how to fund your Tiger Brokers account through a Singapore bank account. 

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Step 8: Inform Tigers Broker to check for your deposit upon transfer + upload transfer receipt

 

Step 9: You are done! You will receive an email once your deposit is accepted.

How to withdraw from Tiger Brokers

Personally, I'd recommend withdrawing your funds from Tiger Brokers via a Singapore bank account, for several key reasons:

  • Direct withdrawal to a local bank (non-SG banks) will incur an expensive intermediary banking fee of around SGD35 (SGD withdrawal) or USD25 (USD withdrawal). In comparison, there are no fees on withdrawal to a Singapore bank account.
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  • Direct withdrawal to a local bank (non-SG banks) can take about 1 - 3 days. On the other hand, withdrawal to a Singapore bank account (during business hours) can happen within the same day (though officially it mentions 1-3 business days). 

Again, if this is your first time planning to open a foreign stock account, just know that these caveats (fees) on deposit & withdrawals apply to all foreign stock brokers, not just Tiger Brokers. That's why I highly recommend opening a Singapore bank account if you are planning to invest overseas. 

READ: How to withdraw funds from Tiger Brokers to a Singapore bank account 

Who Should Open a Tiger Brokers Account?

As a whole, Tiger Brokers offers investors exposure to various foreign markets at an affordable package, while retaining the much-needed regulatory aspects at the same time.

As such, Tiger Brokers is suitable for:

1. Investors with some experience in the local stock market, and are looking to diversify to (either/or) the Singapore, US, Hong Kong, China, and Australia market at an affordable rate.

2. Investors that are currently using expensive local brokers to invest overseas, and are looking for a more competitive rate to reduce investing cost.

3. Investors that are ready to invest in foreign markets that want their broker to be regulated by proper authorities.

My Tiger Brokers Experience + Things to Improve

Having used Tiger Brokers for more than a year now, my experience with them has been largely decent.

Execution of trades is smooth and fund transfers are also easy. That aside, I’d want to focus this discussion on 3 particular parts of Tiger Brokers: the mobile app, desktop app & customer support.

(a) Tiger Trade Mobile App

For the most part, I love the mobile app from Tiger Brokers. The interface is relatively simple and intuitive, and most of the functions you need are easy to navigate and find.

Personally, even as someone that does not execute trades on mobile apps (I still prefer web/desktop), I find the design language of the mobile app better than the desktop interface.

(b) Tiger Trade Desktop App

Personally, when it comes to execution, I still prefer to stick with the desktop/web app of my brokers.

That said, at first glance, Tiger Brokers' desktop app can be a tad more daunting than its mobile counterpart. This is because the layout tends to be more informative compared to the mobile app.

In other words, new investors may get overwhelmed at first. There is some learning curve involved, but it is definitely manageable – and you’ll come to appreciate the layout once you are familiar with how everything works.

The desktop app of Tiger Brokers

(c) Customer Support

There are 2 ways to reach out for help to Tiger Brokers, namely via their hotline (tel:+65 6950 0591) or email support ([email protected]).

I have been using the email support service for inquiries many times (personal inquiries & also in preparation for this article), and the response time has been decent. Generally, most of my emails during working hours are responded to within an hour or 2, or else they’ll be replied to on the next day.

One thing that I hope could be improved though, is how they explain/clarify questions. There are instances where when I asked about a more technical issue/jargon, and was replied with a more expanded (not simplified) explanation.

With businesses going online nowadays, I think it is more important than ever for companies to invest in improving customer support, especially in understanding customers’ perspectives and providing simplified support to inquiries.

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(d) Can't access or log in to your Tiger Brokers account/platform? 

Lately, several readers have reached out to me with an issue where they are unable to log in to their Tiger Brokers account/platform.

Personally, I do not have this problem but I am made aware that this is an issue with selected internet providers (eg. Unifi) that randomly blocked out certain sites for no logical reasons. 

To solve this problem, simply download a VPN application on your computer and phone (eg. Proton VPN, Windscribe, and many more). Then use the VPN software to connect to another country.

Once you have done that, accessing your account shouldn't be a problem anymore.

Singapore Stocks No Minimum Commission Promo (ending on 31/12/2021!)

If you are keen to invest in Singapore stocks (like myself), you’d love this current promotion by Tiger Brokers.

Until 31/12/2021, Tiger Brokers will be running a No Minimum Commission promo for Singapore stocks. This means that the minimum commission requirement of SGD 2.88 will be lifted only the 0.08% commission rate will apply.

Simply put, assuming you are buying into a stock worth SGD500, your commission paid to Tiger Brokers would be:

  • SGD 0.40 (SGD500*0.08%) during promotional period (ending 31/12/2021).
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  • SGD 2.88 after the promotional period (which to be fair, is still the most affordable in the industry).

For me, Tiger Brokers is a no-brainer since I have been looking around for an affordable way to invest in Singapore REITs with the intention to expand my portfolio.

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Tiger Coins - Tiger Brokers' Built-In Reward System

Tiger Brokers has recently launched its built-in reward system - Tiger Coins, where you can collect when you complete certain tasks. 

With Tiger Coins, you can redeem attractive rewards from Stock Vouchers to commission-free trades!


Tiger Brokers has just released its built-in reward system - tiger Coins.
Tiger Brokers has just released its built-in reward system - Tiger Coins.

No Money Lah’s Verdict

So here you go – my in-depth review of Tiger Brokers!

As someone looking to gain exposure in foreign markets, Tiger Brokers is truly a decent overall package that offers highly competitive fees with solid regulatory backing.

Having invested via Tiger Brokers for more than a year now, Tiger Brokers is my go-to broker for foreign stock investments and I have no problem recommending them to investors that is keen to gain foreign market exposures – all without paying expensive commissions.

If you have any questions on Tiger Brokers, feel free to leave a question in the comment section below! Constructive feedbacks are welcomed as well :)

Keen to open a Tiger Brokers account?

If you find this guide useful and are planning to open an account, consider clicking on the button below to use my Tiger Brokers referral link! You'll get the following when you open a new account (promo ending on 30/9/2021)!

    • a. Account Registration

      500 Tiger Coins which can be exchanged for various rewards within the app.

    • b. Account Opening rewards

      60 commission-free trades (within 180 days)

    • c. Account Funded
      (i) 1 Free APPLE share (First deposit SGD2,000 or more, added to your account in 7 business days upon successful deposit)
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Open A Tiger Brokers Account Today!

READ: How to make your first trade on Tiger Brokers?

Disclaimer:

This post contains affiliate link(s). As always, I’d only recommend tools and financial solutions that I personally use AND/OR are interesting & provide unique value to my readers. Every article takes a long time and effort to write and when it comes to financial solutions, I’ll only invest time in writing about good and relevant products.

by Chin Yi Xuan

Guide: How to Buy Your First Overseas Share via Tiger Brokers

In this article, I am going to guide you step-by-step on how to navigate and buy your first overseas shares, be it from the US, Singapore, or Hong Kong stock market.

For this, I am going to demonstrate the process using Tiger Brokers, a broker that I am personally using to invest in the overseas market (SG, US, HK etc). If you haven't done it yet, definitely check out my Tiger Brokers review for more info on fees, user experience, and how to open and fund your account.

  • Planning to open an account? Click the button below to use my Tiger Brokers referral link, and get the following when you open a new account (promo ending on 30/9/2021)!
    • a. Account Registration: 500 Tiger Coins which can be exchanged for various rewards within the app.
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    • b. Account Opening rewards: 60 commission-free trades (within 180 days)
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    • c. Account Funded: 1 Free APPLE share (First deposit SGD2,000 or more, added to your account in 7 business days upon successful deposit)
      p

Open A Tiger Brokers Account Today!

Alright, are you ready?

Let’s get started:

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Fund your Tiger Brokers Account

Before we proceed, I'd assume that you have already funded your Tiger Brokers account. 

If you have funded your account, proceed to the next section.

If not, check out my guide on how to fund your Tiger Brokers account without paying expensive intermediary banking fees (~SGD30/USD20). 

Step-by-Step Guide to Buy a Stock on Tiger Brokers (US, Singapore & Hong Kong Stocks)

Read this before proceeding:

  • For this guide, I’ll be using the desktop app (Tiger Trade) from Tiger Brokers. Call me old school or whatever, but I feel things like investing money in a stock deserve a proper execution on desktop.

You can download and install the Tiger Trade desktop app HERE.

  • For the sake of simplicity, I WILL NOT go over trading on margin/leverage and shorting shares in this guide. Please read them up on your own if you are into these. For most people, I’d recommend investing with only the cash you have in your brokerage account.

Step 1: Log in to your Tiger Trade desktop app.

Under ‘Assets’, proceed to check out your fund balance so you know how much you have to invest.

  • Your fund balance should be reflected after successful funding. If you have not funded your Tiger Brokers account, click HERE for a comprehensive funding guide.
  • If you fund your account with SGD, your fund balance will be reflected in SGD. If you fund your account with USD, that fund will be reflected under USD.

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Step 2: Under the search bar, search for the stock that you want to invest in.

As an example, search for ‘Apple’ if you want to invest in Apple.

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Step 3: Click ‘Buy/Long’

Step 3 (i): Familiarize Yourself with the Buy/Sell Interface in Tiger Brokers

  • 1: Current market value of the share.
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  • 2: Depth of market – shows you the order flow from buyers and sellers. (will write about how it works soon)
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  • 3: Order direction – if you are buying a stock, then retain the direction at ‘Buy’.
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  • 4: Order types – There 4 order types: Limit order, Market order, Stop-Loss Order & Stop Limit order. (more below)
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  • 5: Decide the Quantity/Size of your order – Generally, a Full-size position implies that you are buying at a full unit of a share. For most stocks, a full unit of a share could mean 1 unit or 100 units of shares, which is normally the minimum size you have to buy.
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    There are some stocks that allow investors to buy at ½ and even ¼ of units, but generally, I’d not recommend it since the market doesn’t usually transact at odd units like these.
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  • 6i: Validity Period – If you are putting a limit order on a US or Hong Kong stock, you get to decide how long the order gets to stay in the market.

As an example, if Apple is at $110.44 now you want to buy an Apple share at a lower price of $110.25, you can either set the order validity at ‘Day’ where the $110.25 order will be deleted IF the order is not fulfilled by the end of market close of that day.

If you set the order validity at ‘GTC’ (Good-Till-Cancel) instead, your $110.25 order will stay valid either until your order is fulfilled, OR after 90 days, whichever comes first.
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  • 6ii: Fill outside RTH hour – RTH stands for Regular Trading Hours. If you allow an order to be filled outside RTH hour, this means that your order can be fulfilled before market opens. For most people, just keep the setting at ‘Not Allowed’ as liquidity can be low before RTH hour, potentially leading to high volatility.
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  • 7: After you decide your order types and position size, click ‘Submit’. You’ll be required to key in your trade password and your order should go into the system after that.
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Step 4: Check Your Orders.

  • Limit order: If you are putting in a limit order, your order will go under the ‘Pending’ section and will stay submitted until it is fulfilled by the market or canceled.

  • Market Order: If you are buying under market order, your order will very likely be fulfilled almost instantly at market price, and will be recorded under the ‘Filled’ section. Check the ‘Details’ tab to find out the fees involved in your stock transaction.

And that’s it! You are done with your first overseas stock purchase!

For selling, the process is pretty much the same – except you click ‘Sell’ instead of ‘Buy’.

Order Types + Setting Stop Loss in Tiger Brokers

There are 4 order types in Tiger Brokers, namely, Limit Order, Market Order, Stop Loss Order, and Stop Limit Order.

As shown in the table below, Limit Order and Market Order are available to all markets. On the other hand, Stop Loss and Stop Limit orders are only available in the US, Hong Kong, and China market.

What do all these orders mean, exactly?

Tiger Brokers Order Types
Source: Tiger Brokers official site.

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  • a. Market Order: 

    A market order is the most straightforward and simple to understand. Essentially, buying a share at market order means you are buying it at the current market price.
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    Unless there is any liquidity issue, a market order would normally be fulfilled almost instantly.
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  • b. Limit Order: 

    A limit order is also quite simple. Simply put, buying a share at a limit order means you are planning to enter at a lower price than the market price.
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    As an example, if Apple costs $110.44/share and you only plan to invest when the price drops to $110.25/share, then you can set a limit order at $110.25. The downside of a limit order is that your order at $110.25 may never get fulfilled until the market price goes in your favor.
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Limit order transaction interface.

  • c. Setting Stop Loss via Stop Order (Stop-Loss Order) or Stop Limit Order

If you are day-trading short term in the US, Hong Kong and China stock market, there is an option for you to set a stop loss to your trades.

    • c (i). Stop-Loss Order (or Stop order)

Stop-loss order is one way you can set stop loss to your trades. In essence, a stop-loss order will help protect your downside by triggering an opposite order of your trade at the best market price once it hits a certain price level.

As an example, let’s say I went into a buy (or long) position at $100/share and set a sell stop-loss order at $90. Suddenly, the market price gapped down to $86 and triggered my stop-loss order.

Since $86 is the best market price after my $90 Stop-loss level is triggered, then the system will stop me out at $86/share.

The downside of Stop-Loss order is if the price goes back up to $89 after I am stopped at $86, I’m actually being stopped at a less ideal price level.

In short, Stop-Loss order ensures that you are being stopped out, BUT it does not ensure that you’ll get the best price while you are being stopped.

How a Stop-Loss Order work in real life.

    • c (ii). Stop-Limit Order

A stop-limit order helps in mitigating the issue brought up by a stop-loss order. How exactly does it work?

When you set a stop-limit order, you are needed to set 2 things: a stop-loss price (just like above) AND a stop-limit order.

Using the example above, if you set your stop-loss price similarly at $90, AND also a stop-limit order at $87, then your stop-loss will only be triggered when the price breaches below $90, and is within the range of $87 and above (eg. $88).

Using a stop-limit order ensures that you are stopped at a price that is equal or better than your stop limit price ($87 - $90).

The downside is, if the price breaches $90 and sits at a market price of $86 and keeps going lower ($85, $84…), your stop-limit order WILL NOT be triggered since it is a worse price than $87.

Simply put, a Stop-Limit order ensures that you are stopped at a better price, but it does not guarantee that it’ll be fulfilled.

Hopefully this explains how each order types work and feel free to let me know if you have any questions!

Can I Buy a Stock using a Different Currency?

Say that you fund your Tiger Brokers account with SGD, can you still invest in US stocks (or vice versa)?

Yes, you can.

This is because Tiger Brokers offer a built-in loaning facility that allows you to invest in shares that are different from your funded currency.

This is how it works:

  • Step 1: If you fund your Tiger Brokers account with SGD and you want to invest in a stock denominated in USD, it will inform you that this particular transaction will incur a loan with daily interest.

  • Step 2: Suppose you went ahead with the transaction, and want to settle your loan right away so you’ll not be charged interest. Head over to 'Assets' > 'Cash' and you will see an option for ‘Repayment’. Click on the ‘Repayment’ button to proceed.

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  • Step 3: A window will appear explaining the exchange rate and how much will be converted out of your main funded currency. In this case, I am repaying my USD transaction with SGD, hence the details below. Just click on the ‘Repayment’ button and you are done.

 

Is Tiger Brokers’ currency exchange facility a good idea for investors?

The question is, should you use this function in Tiger Brokers? Is the currency exchange rate worth it?

Let’s address the first question: Should you use this facility in Tiger Brokers?

If you are only using Tiger Brokers to invest in a single market (eg. the US stock market), then you probably should fund your account with just USD. Thus, this facility may not be super useful to you. However, if you are investing in multiple markets like I do (eg. SG and US market), then Tiger Brokers’ currency exchange facility may come in handy when you are short of a particular currency while investing.

For example, if I have 1000 SGD and 200 USD deposited in my Tiger Brokers account. I can exchange my 1000 SGD into USD if I ever need more capital to invest in USD-denominated stocks.

In terms of the exchange rates, I find that if you are in need of a quick currency change to invest in stocks, the difference in cost is negligible:

  • Scenario A: I fund my account in USD to invest in the US market. Here’s the rate of my transfer:

Maybank FTT -> Tiger Brokers (USD)

4.22 -> 1 USD (equivalent to 3.098 (exchange rate)* -> 0.7342 USD)

  • Scenario B: I have SGD deposited in Tiger Brokers via Maybank, and now I need some USD to invest. So, I opt to use Tiger Brokers Exchange Facility to exchange my existing SGD to USD:

Maybank FTT -> Tiger Brokers (SGD) -> Tiger Brokers Exchange Facility (USD)

3.099 (exchange cost)* -> 1 SGD -> 0.7342 USD

*Maybank forex rate as of the time of writing.

In short, for me, I do not mind doing my currency exchange within Tiger Brokers if I am in need of a quick exchange.

Market Open Hours (GMT +8)

· Singapore Stock Exchange: 9am – 5pm (Mid-Day Break 12pm – 1pm)

· US Stock Exchange: 9:30pm – 4am (Daylight-Saving), 10:30pm – 5am (Non-Daylight Saving)

· Hong Kong Stock Exchange: 9am – 4pm (Mid-Day Break 12pm – 1pm)

No Money Lah’s Verdict

So here you go: a comprehensive Tiger Brokers’ step-by-step guide for you to invest in your first overseas stock, be it the US, Singapore, or Hong Kong stock market!

Hopefully this guide has been useful in helping you to make your first overseas stock investment!

Have any questions? Just purchased your first stock? Feel free to let me know in the comment section below so we can address your question or celebrate your progress together!

Keen to open a Tiger Brokers account?

If you find this guide useful and are planning to open an account, consider clicking on the button below to use my Tiger Brokers referral link!

You'll get the following when you open a new account (promo ending on 30/9/2021)!

    • a. Account Registration: 500 Tiger Coins which can be exchanged for various rewards within the app.
    • b. Account Opening rewards: 60 commission-free trades (within 180 days)
    • c. Account Funded: 1 Free APPLE share (First deposit SGD2,000 or more, added to your account in 7 business days upon successful deposit)
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READ MORE: Tiger Brokers Review

Disclaimer:

This post contains affiliate link(s). As always, I’d only recommend tools and financial solutions that I personally use AND/OR are interesting & provide unique value to my readers. Every article takes a long time and effort to write and when it comes to financial solutions, I’ll only invest time in writing about good and relevant products.

by Chin Yi Xuan