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Does anyone know if i can open a brokerage account using overseas bank?

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JasonSoh
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Does anyone know if i can open a brokerage account using overseas bank?

Post by JasonSoh » Fri, 03 Nov 2023 1:46 am

anyone tried using a Hong kong bank or China bank to open an account with brokerage app like tiger brokers or Moomoo app? Or must have a local SG bank to start an account?
by malcontent » Sat, 04 Nov 2023 11:56 pm
JasonSoh wrote:
Fri, 03 Nov 2023 1:46 am
anyone tried using a Hong kong bank or China bank to open an account with brokerage app like tiger brokers or Moomoo app? Or must have a local SG bank to start an account?
Assuming you qualify for an account here and are able to set it up, you can usually wire funds into the account from overseas, but this might require proof that you are the account holder to that overseas account and also, if the amount is significant, you may need to prove where the money came from. This is all standard protocol in today’s KYC, CYA world.
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abbby
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Re: Does anyone know if i can open a brokerage account using overseas bank?

Post by abbby » Fri, 03 Nov 2023 11:37 am

I would think you can, but you'll need Singpass to setup.
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malcontent
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Re: Does anyone know if i can open a brokerage account using overseas bank?

Post by malcontent » Sat, 04 Nov 2023 11:56 pm

JasonSoh wrote:
Fri, 03 Nov 2023 1:46 am
anyone tried using a Hong kong bank or China bank to open an account with brokerage app like tiger brokers or Moomoo app? Or must have a local SG bank to start an account?
Assuming you qualify for an account here and are able to set it up, you can usually wire funds into the account from overseas, but this might require proof that you are the account holder to that overseas account and also, if the amount is significant, you may need to prove where the money came from. This is all standard protocol in today’s KYC, CYA world.
It is impossible for a man to learn what he thinks he already knows - Epictetus

JasonSoh
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Re: Does anyone know if i can open a brokerage account using overseas bank?

Post by JasonSoh » Sat, 11 Nov 2023 12:50 am

Thanks all for the reply. Think will try out tiger brokers to start an account first, since recently i just read about that they got to win the best retail broker award.
https://ttm.financial/post/237436634980512

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malcontent
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Re: Does anyone know if i can open a brokerage account using overseas bank?

Post by malcontent » Sat, 11 Nov 2023 4:52 pm

JasonSoh wrote:
Sat, 11 Nov 2023 12:50 am
Thanks all for the reply. Think will try out tiger brokers to start an account first, since recently i just read about that they got to win the best retail broker award.
https://ttm.financial/post/237436634980512
Best is highly subjective.

You can’t access many markets with Tiger, so it depends what you are trying to do. However, Tiger is not a place I would put my money, even if I was just punting local stocks.

Interactive Brokers (IBKR) has been around since 1978 and consistently ranks the highest among investing enthusiasts in Singapore, primarily because they offer razor thin spreads on exchange rates, extremely competitive fees and access to nearly every stock market in the world - the most important one for serious investors here: London (which Tiger doesn’t offer), because that is where you get the lowest fee investment products that are the most tax effective for most investors here (the only exception is US persons, who should stick to US based investment products for tax reasons).
It is impossible for a man to learn what he thinks he already knows - Epictetus

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