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

[JasonSoh]

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?

[abbby]

I would think you can, but you'll need Singpass to setup.

[malcontent]

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.

[JasonSoh]

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

[malcontent]

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).